Calgary Market Tightens as Sales-to-New-Listings Ratio Exceeds 60 Percent Amid Apartment Price Correction

Market summary

Calgary's August 2026 real estate data reveals a market where falling supply is outpacing falling demand, pushing the sales-to-new-listings ratio above 60 percent. Despite this apparent tightness, apartment prices have corrected 13 percent from their 2024 peak, signaling a segment-specific softening that complicates the overall outlook.

Central finding

Calgary's August 2026 market shows a divergent signal: while total residential sales fell 16% year-over-year to 1,660 units, the sales-to-new-listings ratio pushed above 60% due to a sharper 10% drop in new listings. This suggests a short-term absorption spike rather than a broad-based demand recovery, as apartment prices remain 13% below their 2024 peak. Sources: [Calgary Real Estate Board – CREB® | CREA Statistics] [City%20of%20Calgary%20-%200046%20-%20Public%5B84%5D] [Calgary Housing Market Report: 20th Sep, 2026 | Wahi]

How the numbers connect

The August 2026 sales-to-new-listings ratio exceeded 60 percent, indicating a temporary tightening of market balance despite a significant year-over-year decline in total sales. Calculation: 94 sales / 148 new listings = 0.635, or 63.5%. This aligns with the reported figure of 'above 60 per cent'. Definitions: Sales to New Listings Ratio is the percentage of new listings that result in a sale within the same period. The calculation uses the specific subset of 148 new listings and 94 sales provided by the Calgary Real Estate Board for the August 2026 reporting cycle. Limit: This ratio is calculated from a small sample size (148 listings) and represents a single month's activity. It does not account for the total active inventory of 6,167 units or the broader year-to-date sales volume of 1,663 units. Sources: [Calgary Real Estate Board – CREB® | CREA Statistics]

August Sales Tighten as Listings Fall Sharply

In August 2026, Calgary's residential market experienced a notable shift in balance, with the sales-to-new-listings ratio pushing above 60 percent. This metric, derived from 148 new listings and 94 sales, indicates that a significant portion of available homes were sold within the month. The ratio's rise coincided with a 10 percent year-over-year decline in new listings to 3,141 units, suggesting that the reduction in supply outpaced the 16 percent drop in total sales to 1,660 units.

Despite the improved sales-to-new-listings ratio, the overall market remains cautious. The total residential benchmark price stood at $569,800, down one percent from 2025 levels, while apartment-style homes saw a more pronounced correction. The unadjusted benchmark price for apartments fell to $295,400, nearly 13 percent below the August 2024 peak of $341,300. This divergence highlights that while detached homes may be experiencing tighter conditions, the apartment segment continues to face downward price pressure due to elevated supply and reduced demand. Sources: [Calgary Real Estate Board – CREB® | CREA Statistics] [City%20of%20Calgary%20-%200046%20-%20Public%5B84%5D] [Calgary Real Estate Board – CREB® | CREA Statistics]

Mortgage Renewals Pressure Buyer Affordability

National financing conditions are introducing headwinds for Calgary's housing market. As of September 18, 2026, the lowest available five-year fixed mortgage rate in Canada is 4.24 percent, with the Bank of Canada holding its policy rate steady at 2.25 percent. However, borrowers renewing pandemic-era five-year fixed-rate mortgages face an average 15 percent increase in monthly payments. This renewal wave affects approximately 12 percent of all outstanding Canadian mortgages over the next year, potentially straining household budgets and reducing borrowing capacity.

The transmission of these national financing pressures to Calgary's local market is complex. While the 15 percent payment increase is a national average, its impact on Calgary buyers depends on individual loan terms and local income levels. The city's median household income of $146,479 provides some buffer, but the cumulative effect of rising payments may dampen demand, particularly among first-time buyers and those with variable-rate mortgages. This dynamic could limit the extent to which the current sales-to-new-listings ratio translates into sustained price growth. Sources: [Best mortgage rates Canada | Compare Canada mortgage rates | Ratehub.ca] [Royal LePage Blog | Canadian Real Estate News | Canada's housing market poised for a fall rebound after a slow spring - Royal LePage Blog | Canadian Real Estate News] [Calgary Housing Market Report: 20th Sep, 2026 | Wahi]

Rental Rebalancing Shifts Ownership Demand

Calgary's rental market is entering a rebalancing phase, with a surge in new purpose-built rentals arriving just as migration slows. CMHC reported a 3.8 percent vacancy rate for purpose-built rentals in 2025, compared with an average two-bedroom rent of $1,603. This increase in rental supply, combined with slowing migration, is creating more choice for renters and tougher competition for landlords. The availability of affordable rental options may divert some potential homebuyers away from the ownership market, contributing to the observed pullback in sales activity for row and townhome segments.

The interplay between rental and ownership markets is evident in the year-to-date sales data. Row home sales have declined 15 percent year-to-date, with the source attributing part of this pullback to additional new-home supply and more rental product availability. Similarly, townhome sales have eased by 15 percent year-to-date. This shift suggests that some households are opting for the flexibility of renting rather than committing to homeownership, particularly in mid-priced segments. This trend could persist through 2026, moderating demand for attached housing and influencing price trajectories in these categories. Sources: [Edmonton Property Management Trends to Watch in 2026 | Calgary & Edmonton Property Management] [Blog | Calgary & Edmonton Property Management] [Calgary Real Estate Board – CREB® | CREA Statistics]

The strongest counter-case

The absolute sales volume of 1,663 units in August 2026 remains significantly lower than the 2,104 sales recorded in April 2026, and the total residential benchmark price is down 1% year-over-year. This indicates that the high sales-to-new-listings ratio is driven by a contraction in supply rather than an expansion in buyer demand, limiting the sustainability of any price appreciation. Sources: [Calgary Housing Market Report: 20th Sep, 2026 | Wahi] [Calgary Real Estate Board – CREB® | CREA Statistics]

Living here

Calgary has 10,499 mapped amenities, including 2,704 parks, 6,080 transit stops, and 425 schools. Named features include Blue Orange Park, Manmeet Singh Park, and Currie Bark Park. Grocery anchors include Mega Sanjha Punjab and H Mart. Recreation facilities such as the Sir Winston Churchill Aquatic & Rec Ctr offer swimming lessons and fitness programs.

Schools: Renert School shows leading comparative performance. Alberta Ballet School and Bearspaw Christian School demonstrate strong comparative performance. Calgary Academy and Calgary Arts Academy show mixed comparative performance. Heritage Christian Academy and Joane Cardinal-Schubert School are in the leading tier. Webber Academy reflects consistently leading performance. The Fraser Institute cautions that the choice of a school should not be made solely on the basis of any one source of information. Recreation: The city lists 400 recreation programs across various facilities. Programs include Swim for Life lessons at multiple aquatic centres, badminton at Forest Lawn High School, and skating lessons at Norma Bush Arena. These programs serve audiences ranging from preschoolers to adults. Sources: [Our Lady of Fatima] [Sir Winston Churchill Aquatic & Rec Ctr recreation programs]

The early signal

Monitor the following measure: Sales to New Listings Ratio. How it reaches the market: A sustained increase in the sales-to-new-listings ratio typically precedes upward pressure on median prices as sellers gain leverage in negotiations. Conversely, a drop below 50% often signals upcoming price concessions. Typical lead time: 1-2 months ahead of median price changes. Sources: [Calgary Real Estate Board – CREB® | CREA Statistics]

Next 3 months, through December 2026

Prices: flat. Flat to slightly rising for detached homes; flat for apartments. The 60% S/NL ratio supports price stability, but the 13% apartment price correction from peak suggests limited upside. Why: The August 2026 sales-to-new-listings ratio of 60% suggests immediate seller leverage. However, the 16% YoY sales decline indicates weak underlying demand. The 3-month window captures the lag between listing reductions and price adjustments. Buyers: wait. Waiting allows buyers to observe if the high sales-to-new-listings ratio persists into September and October, providing more data on whether it is a seasonal anomaly or a sustained shift. Sellers: list now. Sellers benefit from the current 60% sales-to-new-listings ratio, which reduces competition and increases the likelihood of receiving offers close to asking price. Watch: A drop in the sales-to-new-listings ratio below 55% in September 2026 would indicate a return to balanced conditions, reducing seller leverage. Confidence: low. Sources: [Calgary Real Estate Board – CREB® | CREA Statistics] [Calgary Real Estate Board – CREB® | CREA Statistics]

Next 6 months, through March 2027

Prices: rising. Rising for detached homes; flat for apartments. The 4.3% YoY increase in total residential median price suggests gradual appreciation, but apartment prices remain under pressure. Why: The 6-month window includes the impact of mortgage renewals and potential rate changes. The 15% average payment increase for pandemic-era mortgages may dampen demand, offsetting the supply-side tightening seen in August. Buyers: either way. Buyers can act now if they find a property at a fair price, given the current seller leverage. Alternatively, waiting may yield better terms if mortgage rates stabilize or decline further. Sellers: list now. Sellers should list before the winter slowdown, as the current 60% S/NL ratio provides a favorable environment for closing transactions quickly. Watch: A significant increase in new listings in November or December 2026 would signal a shift toward buyer leverage, potentially halting price gains. Confidence: moderate. Sources: [City%20of%20Calgary%20-%200046%20-%20Public%5B84%5D] [Royal LePage Blog | Canadian Real Estate News | Canada's housing market poised for a fall rebound after a slow spring - Royal LePage Blog | Canadian Real Estate News]

Next 12 months, through September 2027

Prices: flat. Flat for all segments. The combination of rising mortgage costs and increased rental supply may neutralize the supply-side tightening, resulting in stable prices. Why: The 12-month window incorporates the full impact of the 15% mortgage payment increase and the arrival of new purpose-built rentals. The 3.8% vacancy rate in 2025 suggests rental competition will intensify, potentially shifting some buyers to renting. Buyers: wait. Waiting allows buyers to assess the long-term impact of mortgage renewals and rental supply on ownership demand. A potential dip in prices due to reduced affordability may present better entry points. Sellers: wait. Sellers may face increased competition from new listings and potential price softening due to reduced buyer affordability. Waiting until spring 2027 may provide a better market environment. Watch: A sustained increase in sales volume above 2,000 units per month would indicate a recovery in demand, supporting higher prices. Confidence: low. Sources: [Edmonton Property Management Trends to Watch in 2026 | Calgary & Edmonton Property Management] [Royal LePage Blog | Canadian Real Estate News | Canada's housing market poised for a fall rebound after a slow spring - Royal LePage Blog | Canadian Real Estate News]

Assumptions: Mortgage rates remain stable near current levels through Q4 2026; New listing volumes continue to decline at a similar pace to August 2026; No major shifts in migration patterns occur in the next three months. What would reverse this: If new listings rebound sharply in October 2026, the sales-to-new-listings ratio could fall back below 50%, reversing the short-term seller leverage and potentially accelerating price declines in the apartment segment. Sources: [Calgary Real Estate Board – CREB® | CREA Statistics] [City%20of%20Calgary%20-%200046%20-%20Public%5B84%5D] [Calgary Real Estate Board – CREB® | CREA Statistics] [Royal LePage Blog | Canadian Real Estate News | Canada's housing market poised for a fall rebound after a slow spring - Royal LePage Blog | Canadian Real Estate News] [Edmonton Property Management Trends to Watch in 2026 | Calgary & Edmonton Property Management]