Calgary home sales drop in May as apartment prices slide
Questions about the city’s direction
Calgary’s residential resale market delivered its clearest signal yet in May 2026 that the city’s post-pandemic boom has given way to something more cautious.
The Calgary Real Estate Board (CREB) reported 2,162 transactions last month, a 15.5% decline from May 2025. Overall benchmark price slipped 3% year-over-year to $570,500.
New listings also retreated, falling 12.7% year-over-year to 4,226 in May, but that pullback was not enough to offset weakened demand. The sales-to-new-listings ratio slipped to 51%, and total inventory ticked up slightly to 6,752 units, still 11% above long-term norms for the month.
“The shift in supply is being felt in the market,” said Ann-Marie Lurie, chief economist at CREB.
No segment is feeling the correction more sharply than apartments. With 403 sales against 961 new listings in May, the sales-to-new-listings ratio dropped to 42%, pushing months of supply above five, firmly into buyer’s market territory.Double-digit year-over-year price declines have been recorded in the North East, North, and East districts.
The city’s detached segment is telling a different story. With supply falling 3% year-over-year and months of supply sitting at around two-and-a-half, conditions remain broadly balanced. The benchmark price dipped just 2.4% to $747,800, and year-to-date gains were recorded in both the under-$600,000 and over-$1.5 million brackets.
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