Market Insight
Calgary Condo Prices Are 13% Below Their 2024 Peak. Here Is What That Means.
One segment of this market is genuinely correcting, and it is the one most agents are quietly stepping around. The July numbers, what caused them, and what to do if you own a condo.
There is a version of a market update that reports the headline number, calls it “a shift toward balance,” and moves on.
The headline number for July was a benchmark price of $569,200 across all residential property in Calgary, about two per cent below last July. Read on its own, that is a mild, unremarkable year. Nothing to see.
It is also the wrong number to be reading if you own a condo.
Because that total residential figure is an average of four very different stories, and one of them is not mild at all.
Calgary Benchmark Prices, July 2026
The same city, the same month, four different markets.
| Property Type | Benchmark | vs. July 2025 |
|---|---|---|
| Detached | $743,900 | down about 2% |
| Semi detached | $691,000 | roughly flat |
| Row | $418,500 | down 6% |
| Apartment condominium | $297,600 | down over 8% |
| All residential | $569,200 | down about 2% |
Source: CREB® July 2026 monthly statistics, City of Calgary. Benchmark prices describe a typical home in each category, not any individual property.
Eight Per Cent In A Year. Thirteen From The Peak.
The apartment condominium benchmark in Calgary sat at $297,600 in July. That is down over eight per cent from July 2025, and 13 per cent below the peak reached in 2024.
Two other numbers sit underneath it, and they explain the price rather than repeat it.
Condo sales across the city are down nearly 26 per cent so far this year. And there were 1,999 apartment units sitting in resale inventory in July, which is high against both historical norms and the pace at which they are currently selling.
Fewer buyers. More units. Prices follow, every time.
CREB® has described the condo market as favouring buyers since the end of spring 2025. Not since May. Since last spring. This is not a wobble, and it is now well over a year old.
If you bought a Calgary condo in 2024, the honest starting point is that a typical unit is worth less today than what you paid. You cannot price around that. You can only plan around it.
This Is Not Happening To The Whole Market.
Look back at that table, because the contrast is the entire point.
Detached homes are down about two per cent on the year and still carrying a benchmark of $743,900. Semi detached is essentially flat. Detached inventory is actually tighter than it was, with new listings down nine per cent in July and months of supply sitting around three.
In Airdrie the detached benchmark eased to $603,100, four per cent below last July, with months of supply back under four months and the sales to new listings ratio above 55 per cent. Softer, yes. Correcting, no.
So when somebody tells you “the Calgary market is down,” ask them which market. A detached seller in Airdrie and a downtown condo seller are living in two different years.
Why It Happened.
Two forces, arriving at the same time, pulling the same direction.
We built a lot of them. Calgary ran several consecutive years of very high construction, and higher density housing carried a large share of it. Those completions do not arrive gently. They land as finished units, all at once, competing directly with resale.
Then the demand side changed. Migration into Alberta dropped sharply, and rental supply loosened at the same time. When renting is easier and cheaper than it was, the first buyer to step back from purchasing is the one at the entry point of the market. That buyer was going to buy a condo.
CREB® chief economist Ann-Marie Lurie put it plainly: “Several consecutive years of high construction levels and sudden migration drops shifted housing market conditions, particularly for higher-density homes.”
Neither of those is a Calgary problem or a bad news story about the city. They are supply and demand doing exactly what supply and demand do, on the segment most exposed to both.
A Note On Where This Comes From
Tara Molina is a REALTOR® CCS®, a Certified Condominium Specialist. That designation is the reason this post exists. Condominium ownership has moving parts that a detached sale simply does not have: reserve fund studies, estoppel certificates, special assessments, board minutes that tell you what is coming before the fee increase does. When the segment corrects, those documents stop being paperwork and start being the whole decision.
What This Means For You.
If you own a condo and you need to sell. Price to the market that exists, on day one. With this much inventory, a unit priced against 2024 does not sit quietly and wait for the market to come back to it. It goes stale, gets skipped, and then the reduction happens anyway, from a weaker position and after weeks you cannot get back. Presentation and documents both matter more than usual here, because a buyer with 1,999 choices does not have to overlook anything.
If you own a condo and you do not need to sell. Then the number on this page is on paper. It matters when you transact and not before. The more useful thing to do this year is read your reserve fund study and your last two sets of board minutes, so you know whether your building is carrying a cost you have not been told about yet.
If you are buying your first home. This is the most negotiating room a Calgary condo buyer has had in years, and that is a real advantage rather than a warning. Use it carefully. In a correcting segment the building matters more than the finishes: fee history, reserve fund health, rental ratio, what the board has been discussing. A cheap unit in a poorly funded building is not a bargain, it is a bill arriving later.
If you are moving up out of a condo. This is the one nobody says out loud. Yes, you will likely sell for less than you hoped. But the detached home you are buying has also eased, and it eased from a much larger number. Two per cent off $743,900 is worth considerably more in dollars than eight per cent off $297,600. Look at the gap between the two, not at either number alone.
Wondering Where Your Condo Actually Sits?
A benchmark describes a typical unit in a typical building. Yours is neither. Building, floor, exposure, fees and reserve fund all move the number, sometimes a long way. That is a conversation, not a form.
None of this is a comfortable post to publish. “Your condo is worth less than it was in 2024” is not a line that wins listings.
But it is what the numbers say, and you were going to find out eventually. Better here, in August, with time to plan around it, than in week seven of a listing that was never priced for the market it was in.
— Tara Molina
REALTOR® CCS®, Tara Molina Real Estate Group, brokered by Royal LePage Benchmark. Proudly serving Calgary, Airdrie & Surrounding Area.
All figures are from the CREB® July 2026 monthly statistics package and were accurate at the time of writing. Market data changes monthly and should be independently verified. This post is general information, not financial, legal or investment advice.