By Shawn Lukacsy
Calgary had 1,234 home sales last month. That is about 15 percent lower than the same time last year.
That sounds like a big number. It does not mean the market is collapsing. It means the market is cooling after a strong run.
Other big cities in Canada are slowing down more than Calgary. In places like Toronto and Vancouver, sales have dropped harder. Calgary is still moving, but buyers are taking their time.
Where the slowdown is showing up the most is in high density homes.
That includes condos, townhomes, row homes, and small multifamily buildings.
A lot of new listings came up fast. Buyers did not rush in like they did last year. People are comparing options. Investors and renters are still active, but many end users are being careful.
You can see this around the city. Some projects are taking longer to sell. Some are taking longer to finish. In a few cases, the issue is quality. In other cases, the pricing made sense when demand was hotter, and it is harder to justify today.
Here are the key numbers.
The sales to new listings ratio dropped to about 44 percent. That tells us sellers brought more homes to the market, but buyers did not match that pace.
Inventory climbed to 4,391 homes. That is the highest January inventory since 2020.
But not every type of home is in the same position.
Detached homes are still tight. There is under three months of supply.
Apartments are looser. There is closer to five months of supply.
Overall, the market is around 3.5 to 4 months of supply.
That is close to a balanced market. Buyers have more choice. Sellers need better pricing and better presentation.
Prices are also softer than last year. Benchmark prices are down about five percent year over year. When you adjust for season, prices look steady compared to late 2025.
Here is what I think happens next.
Detached homes should hold up well in 2026, especially in strong neighbourhoods and for homes that show well.
Condos and townhomes may stay flat, and some may soften, because there is more supply and more competition.
New builds in the suburbs may stay flat too, but certain types will feel pressure if there is too much inventory.
Now, a big topic for homeowners is city tax assessments.
If your assessment jumped a lot, you are not alone. I have seen big increases.
Here is the key point.
Tax assessment is not market value.
Tax assessment is a number the city uses to calculate your property taxes. It is based on a formula and past sales data.
Market value is what a buyer will pay today.
Those two numbers can be very different.
Appealing an assessment can work in some cases, but many people do not have a strong enough reason to win. If you are thinking about appealing, I can help you check the numbers first so you do not waste time.
When you step back, Calgary still has strong basics.
Rents are still strong, even if some areas are calming down.
People are still moving to Calgary.
Calgary is still more affordable than many major cities when you compare income and lifestyle.
I am also seeing activity in the 3 million to 4 million range. That matters because it shows confident buyers are still buying when the home makes sense.
So what should you do right now?
If you are buying, you have more options than last year. You can negotiate more in certain areas. You still need to be careful with the condition of the home, condo documents, and financing.
If you are selling, you need to price it right and present it well. Buyers are comparing homes. They will skip listings that feel overpriced or poorly shown.
If you want help with your next move, reach out. I will give you a clear plan and straight answers, based on your home and your goals.
Shawn Lukacsy
Charles Real Estate
403-874-7267
homes@shawnlukacsy.com
www.shawnlukacsy.com
