January 2026 Calgary Housing Market Update
January is rarely the most exciting month in real estate. It never has been. But what January tells us — if you know how to read it — is something worth paying attention to. This year, the opening month arrived with more inventory, slower high-density sales, and benchmark prices that are lower than where we started 2025. That sounds like a lot. And yet, when you look at the seasonally adjusted figures, prices are actually holding steady relative to where December left off.
That distinction matters. It's the difference between a market in decline and a market that's finding its level.
I'm Marnie Campbell, Calgary REALTOR® and team lead at RE/MAX First. My goal with this update — as always — is to help you understand what the numbers actually mean so you can make decisions with confidence, not reaction.
January 2026 Calgary Market Snapshot
Source: CREB® City of Calgary Monthly Statistics, January 2026
- Sales: 1,234 (↓ 14.8% year-over-year) — but in line with typical January activity levels
- New Listings: 2,785 (↓ 3.8% YoY) — sellers were quick to list coming into the new year
- Inventory: 4,391 homes (↑ 20.6% YoY) — the highest January inventory level since 2020
- Sales-to-New-Listings Ratio: 44.3% — down from 50% last January, reflecting the supply shift
- Months of Supply (MoS): 3.56 — up significantly from 2.51 last January, but a continuation of the fall trend
- Days on Market: 53 (up from 41 last January) — buyers are taking more time
- Total Residential Benchmark Price: $554,400 (↓ 4.7% YoY)
- Sales to List Price Ratio: 97.68% — homes are still selling close to asking when priced correctly
The important context here: January's lower unadjusted benchmark reflects price declines that began in the latter half of 2025. When CREB® applied seasonal adjustments, prices were actually stable month-over-month relative to December. That's a meaningful distinction — it tells us the downward movement has largely plateaued, not accelerated.
Calgary Prices — January 2026
| Segment | Benchmark Price | MoM | YoY | MoS | Market Signal |
|---|---|---|---|---|---|
| Total Residential | $554,400 | ↓ ~flat | ↓ 4.7% | 3.56 | Balanced |
| Detached | $724,000 | ↓ 0.3% | ↓ 3.4% | 2.67 | Most stable |
| Semi-Detached | $667,000 | ↓ 0.1% | ↓ 1.1% | 3.54 | Balanced |
| Row / Townhome | $420,800 | ~flat | ↓ 5.2% | 4.22 | Buyer-leaning |
| Apartment | $301,200 | ↓ 0.8% | ↓ 7.7% | 5.26 | Buyer's market |
The spread here is what I want you to notice. Detached and semi-detached continue to hold far better than the high-density segments. The year-over-year gap between detached (−3.4%) and apartments (−7.7%) is wide — and it comes down to supply. When supply rises faster than demand, prices reflect that. Apartments are carrying the weight of that imbalance right now.
Property Type Breakdown
Detached — Still the Anchor
- Sales: 657 (↓ 2.2% — nearly flat)
- New Listings: 1,243 (SNLR 53%)
- Inventory: 1,753 — just shy of long-term January averages
- Months of Supply: 2.67 — the most balanced segment in the city
- Benchmark Price: $724,000 (↓ 3.4% YoY)
Detached is doing what it has done consistently through this cycle: holding steadier than everything else. Sales are essentially flat year-over-year. Supply is rising, but modestly. Prices have softened, but not collapsed. The West district barely moved — detached there is down just 0.3% from last January. The North East saw the steepest detached decline at 6.2%. Location is still doing a lot of the work here.
Semi-Detached — The Quiet Performer
- Sales: 118 (↓ 26% — but typical January softness)
- Inventory: 418
- Months of Supply: 3.54 — balanced
- Benchmark Price: $667,000 (↓ 1.1% YoY)
A 1.1% year-over-year price decline is the smallest of any segment. In the North West and West, semi-detached prices are actually higher than a year ago. Rising supply is creating more price stability, not instability — buyers have more to compare, which tends to keep things rational. Well-presented infill semis continue to move.
Row / Townhome — Choice Has Shifted the Dynamic
- Sales: 186 (↓ 25%)
- New Listings: 504 (↑ 6.6% YoY)
- Inventory: 785 (↑ 32.6% YoY)
- Months of Supply: 4.22 — buyer-leaning conditions
- Benchmark Price: $420,800 (↓ 5.2% YoY)
Row homes are under pressure from both sides of the ledger: supply is rising while sales fell sharply. Competition from new-build product is especially visible in the North East, East, North, and South East districts, where year-over-year declines are steepest. If you're a buyer in this category, you have real negotiating room right now. If you're a seller, presentation and realistic pricing aren't optional.
Apartment Condominiums — The Segment That Needs the Most Patience
- Sales: 273 (↓ 26%)
- New Listings: 787 — a significant jump over December
- Inventory: 1,435 — the highest January level ever recorded
- Months of Supply: 5.26 — firmly in buyer's market territory
- Benchmark Price: $301,200 (↓ 7.7% YoY)
The apartment market is carrying the full weight of supply-demand imbalance right now, and it shows. With over five months of supply and record January inventory, buyers have time, choice, and leverage. Prices are falling across every district — down 13% in the North East, 9.6% in the North, 6.4% in the City Centre. If you're buying, due diligence matters even more when conditions favour you: reserve funds, special assessments, and condo board history are worth scrutinizing carefully. A lower price that comes with deferred maintenance isn't a deal.
District Snapshot — January 2026
| District | Total Benchmark | YoY | What It Means |
|---|---|---|---|
| West | $698,400 | ↓ 1.4% | Most resilient — near flat YoY across most types |
| City Centre | $552,700 | ↓ 4.6% | Stable detached; apartment softness pulling total down |
| South | $561,800 | ↓ 3.5% | Balanced across most segments |
| North West | $603,700 | ↓ 4.4% | Semi-detached holding positive YoY in parts |
| South East | $541,500 | ↓ 5.8% | Row facing strong new-build competition |
| East | $411,500 | ↓ 5.7% | Most affordable entry point in the city |
| North | $518,800 | ↓ 6.9% | Apartment supply pressure notable across the district |
| North East | $472,100 | ↓ 7.9% | Steepest declines; row and apartment hardest hit |
The West district continues to hold its ground more than anywhere else in the city. Year-over-year detached prices in the West are down less than half a percent — effectively flat. The City Centre shows more apartment softness but detached and semi-detached remain relatively steady. The North and North East are absorbing the most pressure from oversupply across all property types.
What This Means for Buyers
January gave buyers something the last two years rarely offered: time. The urgency that defined 2022 and much of 2023 is gone. That's not a crisis — it's a recalibration.
- Use the time well. More days on market and more inventory means you can think clearly, compare carefully, and ask better questions. Don't let the availability of choice become paralysis, but do let it work for you.
- The detached market under $750K is the most stable entry point. With 2.67 months of supply and a sales-to-list ratio still near 98%, well-priced detached homes aren't sitting forever. You have room to think — but not unlimited time.
- Row and apartments offer the most negotiating room. Especially in the North East and East districts. If that's your price range, it's worth having a conversation about what conditions are possible right now.
- Think about what you're buying, not just what it costs today. Neighbourhood, layout, building quality, and long-term resale potential matter more than the current benchmark price. Price softness doesn't protect a bad decision.
- Spring is coming. Buyers who move in January and February tend to face less competition than those who wait until the spring market heats up. The data hasn't reversed yet — but it will.
What This Means for Sellers
Buyers are more patient, more selective, and better informed than they were two years ago. The listings they're comparing yours to are good. That's the reality.
- Your first ten days on market are your best ten days. A strong launch — professional photography, thoughtful staging, accurate pricing — creates the momentum that leads to offers. Relaunching after sitting rarely produces the same result.
- Pricing to the market protects you. Overpricing in hopes of negotiating down rarely works when buyers have options. Strategic pricing upfront tends to create competition and is the stronger play.
- High-density sellers need to stand out. With 5.26 months of apartment supply and record inventory, marketing quality, condo document accessibility, and fee history all become differentiators.
- Detached sellers are still in a reasonable position. Under three months of supply means you're not fighting the same battle. But 'reasonable position' still requires a well-prepared home and a realistic price.
Key Takeaways
- Overall MoS: 3.56 — balanced city-wide, with wide variation by property type
- Benchmark Price: $554,400 — down 4.7% YoY, but seasonally adjusted figures show stability vs. December
- Detached: Holding steadiest at 2.67 MoS and a 98% sales-to-list ratio
- Apartments: Record January inventory; buyers hold the most leverage here
- West district: Most resilient pricing in the city; North East absorbing the most pressure
- The story isn't the YoY decline — it's the plateau. Adjusted for season, prices held steady from December. That matters.
FAQ — January 2026
It depends entirely on what you're buying or selling. Detached is balanced, trending toward slight seller advantage. Semi-detached is balanced. Row is buyer-leaning. Apartments are firmly in buyer's market territory. One city, four different conversations. Year-over-year, yes — total residential is down 4.7%. But when CREB® applied seasonal adjustments, January prices held steady compared to December. The decline that happened through the second half of 2025 appears to have levelled off. We'll know more over the next two to three months. Historically, February brings the first wave of new listings and March marks the real pickup in buyer activity. For buyers, that means the window of lower competition is closing. For sellers, it's the moment to be ready — not still preparing. The South and North West are showing relative balance with sub-2.5 months of supply in detached. The West district is holding price the best. If affordability is the driver, the North and South East offer more accessible price points with less competition than the North East. With 5.26 months of supply in apartments, you have time and choice. But don't let favourable conditions shortcut your due diligence. Review reserve fund studies, special assessment history, monthly fee trends, and the building's age and management reputation carefully. The best decisions come from understanding the full picture — not just the listing price.Is Calgary in a buyer's or seller's market right now?
Are prices still falling?
When does spring market activity typically return?
Which districts are performing best for detached buyers?
What should condo buyers watch for right now?
Next Steps: Plan Your Move with Confidence
Even in a cooler season, opportunities are everywhere — the key is understanding where they are. Whether you’re preparing to buy, sell, or start planning for 2026, my team and I are here to guide you through every step with clarity and expertise.
Book a NO-OBLIGATION call.
We’ll help you understand your options, your numbers, and the smartest next step — whether you’re buying, selling, or relocating.
January 2026 isn’t a market to fear — it’s a market to understand. And clarity is where good decisions begin.
— Marnie
Marnie is a trusted Calgary REALTOR® with 18+ years of experience, over 800 real estate transactions, and 150+ five-star reviews. She leads a team dedicated to helping clients make confident, no-regret real estate decisions.
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