February Calgary Real Estate Market Update
By Dennis Plintz
Calgary reported 1,234 sales last month. That’s down 15 percent year over year. Noticeable? Yes. Panic? Not even close.
Context matters.
Compared to markets we track closely like Toronto, Victoria, Vancouver and parts of Ontario, Calgary is holding up very well. In some of those markets, sales are falling hard. That creates opportunity for Albertans looking outward. But here at home, Calgary is still steady.
Here’s where the real shift is happening.
High-density got hit.
Row homes. Apartments. Townhouses. Four-plexes. Six-plexes. Eight-plexes.
Supply showed up fast. Buyers didn’t keep pace. Renters did. Investors did. End users hesitated.
Drive around and you’ll see partially completed multi-family projects sitting there. We know why. We’ve been inside a few of those deals. Quality issues. Over-optimistic projections. Builders betting on urgency that cooled off.
The sales-to-new-listings ratio dropped to 44 percent. Sellers listed early. Buyers became selective. More options mean less pressure.
Inventory climbed to 4,391 units. Highest January level since 2020.
Detached homes? Still under three months of supply.
Apartments? Closer to five months.
Overall market? Roughly 3.5 to 4 months.
That’s not a crash. That’s normalization.
Benchmark prices are down about five percent year over year. Seasonally adjusted numbers show stability compared to late 2025. Softer than last year? Yes. Falling apart? No.
Here’s our call at Plintz:
• Detached prices will increase into 2026.
• Multifamily and condos will likely soften or stay flat.
• New construction in the suburbs stays fairly flat with heavy inventory pressure in certain segments.
Sales volume is shifting. Sentiment is shifting. That’s what drives activity.
Inventory and speculation drive price. We don’t have heavy speculation right now. Inventory has caught up in apartments and row homes. Detached is still tighter.
That’s the nuance most headlines miss.
Now let’s talk about the elephant in the room.
City tax assessments.
A client called last week.
“Plintz, what’s my place worth?”
I told him probably 750 to 800 thousand.
His assessment jumped 40 percent. Now just over a million.
That’s a problem. Mostly because taxes follow that number. It also confuses buyers who treat assessments like market value. They’re not the same.
An assessment is a formula using past data to calculate taxable value. Market value is what a ready, willing buyer will actually pay in today’s market.
Fighting assessments? Rarely worth the time and cost unless you have a strong case. You’re up against cycles, formulas and municipal budgets.
I respect the job the city has to do. Infrastructure, schools, growth — it all has to be funded.
But don’t confuse tax assessment with market value.
That’s where experience matters.
Zoom out.
Detached under three months of supply.
Total market near long-term averages.
Rents still strong, though easing slightly.
Population growth continues.
Calgary remains one of the most affordable major cities in North America relative to income and lifestyle.
We’re also seeing real strength in the $3 million to $4 million segment. Replacement cost is real. Long-term positioning is real. That activity tells you smart capital is still moving.
Headlines sound louder than the data.
The data says:
• Sales down 15 percent
• Inventory up
• Benchmark down about five percent year over year
• Seasonally stable
• Market close to long-term balanced conditions
If you’re buying, selling or investing in Calgary real estate, this is not a freeze moment. It’s a thinking moment.
Strategy matters more than speed.
For what it’s worth, we are buyers in this market. Money is tighter. Financing is stricter. But opportunities are showing up if you know where to look.
We have the data.
We have the relationships.
We know where the stranded inventory is.
We know which projects to avoid.
And I still haven’t seen a robot negotiate a multiple offer in Marda Loop.
If you want clarity on:
• Calgary real estate market trends
• Detached vs condo positioning
• Tax assessment vs market value
• Where to find leverage in 2026
Reach out.
Stay calm.
Use judgment.
Have strategy.
And let’s make smart moves in this Calgary real estate market.
Positively,
Dennis Plintz
ME Not a robot Not YET......
Calgary Real Estate Expert