APARTMENT PRICES EASE AS INVENTORY REMAINS ELEVATED
City of Calgary, Airdrie, Cochrane & Okotoks - Monthly Stats - May 2026
DETACHED
Detached new listings reached 2,195 units in May compared with 1,192 sales, causing the sales-to-new-listings ratio to ease to 54% compared to the higher levels reported over the past three months. This supported a monthly lift in inventory levels, but supply remained 3% lower than levels reported last year at this time.
With two-and-a-half months of supply, conditions remain relatively balanced and are supporting stability in seasonally adjusted prices.
Within the detached market, there is some significant variation. While year-to-date sales have slowed by 4%, there have been gains for the lowest-priced (under $600,000) and highest-priced ($1.5 million and up) homes.
Within each district, conditions ranged from a seller’s market in the West district to a buyer’s market in the North East district. The variation is also impacting price movements. The North East district is reporting the highest year-over-year decline at 7%. Meanwhile, thanks to recent gains, the West district has seen prices remain consistent with levels reported last year.
SEMI-DETACHED
Both sales and new listings in May remained at levels similar to the previous month. With 217 sales and 375 new listings, the sales-to-new-listings ratio was 58%, supporting some modest improvements in inventory levels.
Despite inventory improvements, conditions remained relatively balanced, with months of supply sitting at just under three months. Unadjusted benchmark prices continued to rise in May, reaching $691,100. This is an improvement over the $667,000 reported in January, but still 1% lower than levels reported in May 2025.
Like the detached sector, conditions vary significantly across the city. Prices have been trending up across most districts. Meanwhile, year-to-date new record-high prices have been reported in the North West and West districts.
ROW/TOWNHOUSE
Following April’s gains, May sales slowed, adding to the year-to-date decline of 16%. The 350 sales were met with 695 new listings, causing the sales-to-new-listings ratio to fall to 50% in May. This also resulted in slight gains in inventory levels, pushing the months of supply up above three months.
While there is more supply compared to several years ago, prices have still reported some modest gains compared with earlier in the year. The unadjusted benchmark price was $422,300 in May. Prices have improved since the beginning of the year but remain over 6% lower than last year’s levels.
The largest year-over-year declines occurred in the North East and East districts, where prices fell by more than 10%. The West district reported the smallest decline at nearly 4%.
APARTMENT
Additional supply choice in the rental and new-home markets is heavily weighing on resale condominiums. Sales continued to slow into May, contributing to a year-to-date decline of nearly 28%. At the same time, while new listings are not as high as last year, the 403 sales compared to 961 new listings caused the sales-to-new-listings ratio to fall to 42%, keeping inventories elevated.
With supply levels remaining elevated and demand easing, the months of supply has pushed above five months, creating conditions favourable to buyers. The excess supply is also weighing on prices, as the unadjusted benchmark price continues to decline.
In May, the unadjusted benchmark price was $300,400, lower than January levels and 9% below last year’s price. Prices have eased across each district, with double-digit declines occurring in the North East, North, and East districts. The lowest price decline occurred in the North West district at 6%.
REGIONAL MARKET FACTS
AIRDRIE
Sales activity continued to slow compared to last year, bringing levels more consistent with long-term trends. At the same time, new listings have started to ease compared to last year. Overall, with a sales-to-new-listings ratio of 53% and months of supply of just over three months, conditions in the resale market are relatively balanced.
The total residential benchmark price was $515,000 in May, an improvement compared to January levels, but still 5% lower than levels reported last year at this time.
Added competition from the new-home market and more supply in surrounding areas and the city are weighing on prices in the Airdrie market.
COCHRANE
Unlike other areas, sales in Cochrane continue to rise over last year’s levels and are higher than long-term trends. The 115 sales this month were met with 188 new listings. The improvement in new listings compared with sales did help bring the sales-to-new-listings ratio down from the previous month, but at 61%, it remains higher than many other areas.
Inventory levels have also remained relatively stable throughout the spring, keeping the months of supply just below three months. With less inventory build in the Cochrane market, prices continued to trend up, reaching $576,400.
While prices are still 1% lower than last year’s levels, they have continued to improve from the $550,800 price reported at the start of the year.
OKOTOKS
May reported 72 sales and 121 new listings, pushing the sales-to-new-listings ratio up to 60%. This limited the growth in inventory levels, which remain below long-term trends for the town.
While the months of supply has remained relatively low in Okotoks at a little over two months, additional supply just outside the town and in south Calgary has likely prevented some of the upward pressure on home prices.
The lower level of sales activity in Okotoks also tends to create more volatility in monthly price movements. In May, the benchmark price was $618,900, down over both April and last year, but still an improvement from levels reported at the beginning of the year.