Calgary home sales drop in May as apartment prices slide, raising fresh questions about the city's direction
Calgary's residential resale market delivered its clearest signal yet in May 2026 that the city's post-pandemic boom has given way to something more cautious.
The Calgary Real Estate Board (CREB) reported 2,162 transactions last month, a 15.5% decline from May 2025. Overall benchmark price slipped 3% year-over-year to $570,500.
The figures mark the latest chapter in a downshift that has been building since late 2025. A wave of new construction, both rental and ownership, has broadened buyer choice considerably, while slower interprovincial migration and a higher cost of living have trimmed the pool of active purchasers.
New listings also retreated, falling 12.7% year-over-year to 4,226 in May, but that pullback was not enough to offset weakened demand.
The sales-to-new-listings ratio slipped to 51%, and total inventory ticked up slightly to 6,752 units, still 11% above long-term norms for the month.
"The shift in supply is being felt in the market," said Ann-Marie Lurie, chief economist at CREB.
"More supply choice in the new and rental markets has created a more competitive environment for potential buyers. At the same time, concerns over rising cost of living and slower migration are also weighing on consumers."
Apartment condos face the steepest headwinds
No segment is feeling the correction more sharply than apartments. Year-to-date sales have fallen nearly 28%, and the benchmark price now sits at $300,400, down 9% from a year ago and below January levels.
With 403 sales against 961 new listings in May, the sales-to-new-listings ratio dropped to 42%, pushing months of supply above five, firmly into buyer's market territory.
Double-digit year-over-year price declines have been recorded in the North East, North, and East districts.
Row properties are also under pressure, with the benchmark at $422,300, 6.4% below May 2025, and year-to-date sales off 16%.
Detached homes hold firmer ground
The city's detached segment is telling a different story. With supply falling 3% year-over-year and months of supply sitting at around two-and-a-half, conditions remain broadly balanced.
The benchmark price dipped just 2.4% to $747,800, and year-to-date gains were recorded in both the under-$600,000 and over-$1.5 million brackets.
This divergence deepens the two-speed dynamic in March when detached held firm as condos felt the strain.
Semi-detached properties have fared comparatively well, with the May benchmark reaching $691,100, a monthly gain from January's $667,000, though still 1% below year-earlier levels.
Outside the city, performance varied. Cochrane continued to stand apart: its benchmark climbed from $550,800 in January to $576,400 in May, supported by tighter supply and consistent demand.
Airdrie posted a 5% year-over-year price decline to $515,000, with new-home competition in surrounding areas weighing on resale values, while Okotoks held comparatively tight at just over two months of supply despite modest monthly softening.
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