A slower start to the year, especially for higher-density homes
As we moved into January, Calgary’s real estate market took on a more measured pace — which is actually quite typical for this time of year. We saw 1,234 total sales, down about 15% from January last year, but still very much in line with long-term seasonal norms. Where things really shifted was in higher-density homes, as buyers took a bit more time before jumping back in after the holidays.
What I’m seeing — and what the data confirms — is that buyers are feeling less urgency right now. Inventory has been building across most segments, giving buyers more choice and more confidence to pause, compare, and wait for the right fit. At the same time, sellers didn’t hesitate to list early in the year, which caused the sales-to-new-listings ratio to fall to 44%, driven largely by apartments and row homes.
This push and pull between buyer caution and seller activity led to inventory rising to 4,391 homes, the highest January level we’ve seen since 2020. That said, conditions vary significantly by property type. Detached homes remain much tighter, while row and apartment homes are carrying more supply than we’ve seen in recent years. Overall months of supply now range from under three months for detached homes to around five months for apartment-style properties.
Pricing has also adjusted. After declines in the latter part of 2025, benchmark prices are lower than where we started last year. However, when we look at seasonally adjusted numbers, prices actually stabilized in January compared to the end of 2025. Year over year, total residential benchmark prices are down close to 5%, largely due to continued softness in the oversupplied row and apartment segments.
Detached Homes
Detached properties continue to be one of the more balanced segments of the market. In January, we saw 657 sales and 1,243 new listings, similar to last year’s levels. Inventory rose to 1,753 homes, which is close to long-term averages for January.
With less than three months of supply and a 53% sales-to-new-listings ratio, conditions remain relatively balanced. The benchmark price came in at $724,000, slightly lower than December and just over 3% lower than last January. Price changes varied across the city, with minimal declines in the West and larger pullbacks — over 6% year over year— in the North East. Most of the month-to-month easing came from the City Centre and North West.
Semi-Detached Homes
Semi-detached homes made up about 10% of total market activity in January, with 118 sales and 251 new listings. While activity picked up compared to December, new listings rose faster than sales, easing the sales-to-new-listings ratio to 47%.
Inventory increased modestly, but with about 3.5 months of supply, this segment is still considered fairly balanced. Rising supply since late 2025 has helped bring more price stability. The benchmark price sat at $667,000, essentially unchanged from December and only 1% lower than last year. Prices remain higher year over year in the North West and West, while other districts have seen slight declines.
Row Homes
Row homes faced more pressure in January. Sales dropped to 186 units, nearly 25% lower than last year, while supply continued to build. This pushed months of supply above four months, shifting conditions more clearly in favor of buyers.
Despite the increased competition, prices held steady month over month, with the benchmark price similar to December. That said, prices are still 5% lower than January 2025. The strongest monthly gains were seen in the City Centre and West, while the largest year-over-year declines occurred in the North East and East, where resale homes are competing heavily with new construction.
Apartment Condominiums
Apartments continue to be the most challenged segment of the market. January brought 787 new listings compared to just 273 sales, pushing the sales-to-new-listings ratio down to 35%. Inventory climbed to 1,435 units, the highest January level ever recorded.
With over five months of supply, downward price pressure persisted. The benchmark price declined to $301,200, nearly 1% lower than December and 8% lower than last year. Prices fell across every district, with year-over-year declines ranging from 6% in the City Centre to 13% in the North East.
Regional Market Highlights
Airdrie
Sales in Airdrie softened compared to last year but remained relatively strong for January, with 106 sales and 227 new listings. The sales-to-new-listings ratio eased to 47%, leading to a slight increase in inventory. Months of supply now sit just above three months, in line with long-term norms.
The benchmark price edged up month over month to $513,900, reflecting normal seasonal trends. However, prices remain 5% lower than January 2025, following adjustments last year.
Cochrane
Cochrane saw a notable rise in new listings, reaching 149 homes, the highest January level on record. With just 54 sales, the sales-to-new-listings ratio dropped to 36%, pushing months of supply to five months.
Prices have now trended down month over month for three consecutive months. As of January, the benchmark price was $550,800, nearly 2% lower than both December and last year.
Okotoks
Okotoks continues to face limited inventory, which is restricting overall sales activity. January recorded 33 sales and 52 new listings, resulting in a strong 63% sales-to-new-listings ratio. Inventory remained tight at 79 homes, keeping months of supply just above two months.
Prices were stable month over month, but the benchmark price of $599,500 is still 2% lower than last year, following price adjustments in 2025.
My Takeaway
January feels like a reset month — more choice for buyers, less urgency, and a market that’s taking a breath before spring. Detached and semi-detached homes remain relatively balanced, while apartments and row homes are clearly offering more negotiating power for buyers. As we head toward the spring market, how inventory and buyer confidence evolve over the next couple of months will be key.
If you want to chat about what this means for your specific neighbourhood or your plans this year, I’m always happy to help.