Apartment condominiums have been the weakest part of Calgary’s resale market for more than a year. CREB®’s July report, released August 4, 2026, puts a number on it: the apartment benchmark price of $297,600 is over 8% lower than last July and 13% below the peak reached in 2024.
Calgary apartment benchmark price: 2026 vs 2025
Why condos are under pressure
- New supply: CREB counts over 17,000 apartment-style units under construction, and many new buildings are purpose-built rentals.
- Less migration: CREB’s Chief Economist Ann-Marie Lurie points to “the sudden drop in mostly international migration,” which hit demand for rentals and higher-density homes.
- More choice: resale condo sales are down nearly 26% this year. Even with fewer new listings, the 1,999 units for sale in July remain high against long-term trends, and months of supply have favoured buyers since the end of spring 2025.
All districts have reported relatively steep price adjustments.
Who benefits
For first-time buyers, this is the best selection and pricing in years. A typical apartment now costs less than it did in 2024, and sellers are more open to conditions and negotiation. For owners who need to sell, pricing correctly from day one matters more than ever, because buyers compare dozens of similar units.
Our take: condo cycles in Calgary have been long. Buy for the location and building quality, check the reserve fund and condo documents carefully, and plan to hold.
District by district
Apartment benchmark price by district, change from July 2025
No district escaped. The smallest declines were in the North West (−7.2%, $291,700), the West (−7.7%, $326,500) and the South East (−7.8%, $315,600). The steepest were in the East (−13.8%, $213,100) and the North East (−13.6%, $253,400). The City Centre, where 161 of July’s 408 apartment sales took place, was down 8.0% at $304,400, with 872 units for sale.
How long can this last?
Supply is the key. CREB counts over 17,000 apartment-style units under construction, and many will be rentals, which compete with resale condos for the same tenants and first-time buyers. On the other side, CREB notes that new home construction is slowing. Fewer new projects today mean less new supply in a few years, but the units already under construction will keep coming to market until then.
Buy or keep renting?
For many first-time buyers the real alternative to a resale condo is a new rental. New buildings compete for tenants with move-in incentives, and with rents under pressure, renting for another year can be tempting. The case for buying now rests on price and choice: benchmark prices are lower than a year ago, you can negotiate, and you start building equity. The case for waiting is that prices may keep easing while so many units are under construction. A useful test is to compare the monthly cost of owning (mortgage, condo fees, property tax, insurance) with the rent for a similar unit, and to plan on owning for at least five years.
A checklist for condo buyers
- Read the documents: reserve fund study, budget, minutes from the last two years and any special assessments. A low price can hide a big repair bill.
- Compare with rentals: new rental buildings often offer incentives. Make sure buying makes sense compared with renting a similar unit.
- Think about resale: units with good layouts, parking and lower fees in well-run buildings sell better in a soft market.
- Negotiate: with nearly five months of supply, sellers expect offers below the asking price and conditions on financing and documents.
A checklist for condo sellers
- Price below the competition rather than chasing the market down with reductions.
- Have the condo documents ready before listing so buyers can firm up quickly.
- If you do not need to sell, renting the unit out and waiting can be an option, but run the numbers at today’s rents.
