Calgary’s current housing numbers paint a nuanced story for buyers, sellers, and investors. While this year’s housing starts are projected around 23,000—about 20% below last year—they’re still hovering near the pace needed to restore pre-pandemic affordability by 2036. Interestingly, purpose-built rentals are leading much of Calgary’s construction activity, accounting for 60% of new starts and also explaining 30% of the overall slowdown.
Sales activity has shifted: by mid-Q3, apartment sales were down 26%, semi-detached homes fell 18%, row homes 16%, and detached homes 12%. Yet despite these declines, new listings haven’t picked up enough to change the underlying buyer’s market feel.
Even with fewer starts, Calgary is expected to finish the year about 4,000 above its 10-year average. Competition remains strong, with overall housing competition up 9%, and apartments leading at 32%. One factor keeping the market dynamic: Calgary’s job growth, up 5% year-over-year, which continues to attract new residents and fuel construction, even as population growth is expected to stabilize and then rise again.
For those weighing their next move—whether it’s a first purchase, a new investment, or a strategic upgrade—understanding these market forces is essential. My approach always blends real data, mortgage strategy, and a clear-eyed view of long-term ROI, so you can make informed, confident decisions in a shifting landscape.
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