January brought a more measured pace to the Calgary market, especially in the apartment and row-home segments. We saw 1,234 total sales, which is about 15% lower than last year, but honestly, that lines up pretty closely with what we typically see after the holiday slowdown.
What stood out most wasn’t the overall activity, but where the slowdown happened. Higher-density homes saw the biggest pullback. With more listings hitting the market and buyers having more choice, the urgency we saw last year has cooled a bit. The sales-to-new-listings ratio dropped to 44%, and inventory climbed to 4,391 homes. That’s the highest January level we’ve seen since 2020.
From my perspective, this isn’t a red flag. It feels more like buyers and sellers taking a breath before the spring market kicks into gear.
Detached Homes: Balanced Conditions
Detached homes continue to hold relatively steady. There were 657 sales and 1,243 new listings in January, keeping supply under three months, which is still a fairly balanced environment.
The benchmark price landed around $724,000, down slightly from last month and just over three percent lower than last year. Most of that softening reflects the market shifts we saw in the second half of 2025. Some areas held up better than others, with smaller declines in the west compared to larger adjustments in the northeast.
Semi-Detached: Stable and Steady
Semi-detached homes made up about 10% of overall activity. With 118 sales and 251 new listings, supply increased enough to bring a bit more balance to the segment.
Prices have remained relatively stable, with the benchmark sitting around $667,000, only about one percent lower than last January. Increased inventory is helping create a more predictable environment, which can be a good thing for both buyers and sellers.
Row Homes: More Competition
Row homes felt the pressure of rising supply. Sales dropped nearly 25% year over year, while new listings continued to grow. Months of supply pushed past four months, creating more competition.
Even with that added inventory, prices held steady month-to-month, though they’re roughly five percent lower than this time last year. Competition from new-build product, especially in the northeast and southeast, continues to influence this segment.
Apartment Condos: A Buyer’s Market Emerging
Apartments are where we’re seeing the biggest shift. With 787 new listings and only 273 sales, inventory climbed to 1,435 units, the highest January level ever recorded.
With over five months of supply, prices have continued to adjust. The benchmark price now sits around $301,200, down nearly eight percent year over year. Buyers have more options and more leverage right now, which is changing how this segment behaves compared to the past few years.
What’s Happening Outside of Calgary?
Airdrie saw solid activity despite a slight dip from last year. Inventory levels remain healthy, and prices are around $513,900, roughly five percent lower than last January.
Cochrane experienced a surge in new listings, pushing months of supply up to five months. Prices have softened slightly, with the benchmark at $550,800.
Okotoks continues to struggle with low inventory, which is limiting sales but helping keep prices stable. The benchmark price sits around $599,500, only about two percent lower than last year.
My Take
If there’s one theme from January, it’s balance returning to parts of the market. Detached homes remain relatively steady, while apartments and row homes are moving toward more buyer-friendly conditions. Increased supply means more choice and a little less pressure than we saw at the peak.
As always, the real story depends on the property type, price point, and location. If you’re curious how these trends affect your own plans, let’s connect and talk through it.