Mortgage brokers face appraisal risk as condo and row prices extend their 2026 slide in Calgary
Calgary’s housing market recorded 1,592 residential sales last month, down 15.3% from October 2025, according to the Calgary Real Estate Board (CREB).
The year-to-date total has contracted nearly 11%, driven by apartment condominium and row-style declines, even as demand for homes priced above $1.5 million edged higher.
Total inventory fell 4.6% to 6,173 units, while new listings declined 9.4% to 2,928.
The months-of-supply ratio – how long all available homes would take to sell at the current pace – held just below four months, sustained by persistent oversupply in higher-density housing.
A market divided by property type
Apartment condominiums remain the most distressed segment, with October’s benchmark falling 7.9% to $288,800 – now 15% below the August 2024 peak – and more than five months of supply placing the sector firmly in buyer’s market territory.
Row-style homes tracked a similar path, with the benchmark down 5.1% to $407,500 as competing new construction and expanded rental supply continued to weigh on resale demand.
Detached and semi-detached segments held comparatively stable ground. The detached benchmark eased less than 1% to $735,100, while semi-detached edged 0.8% higher to $685,200 – the only property type to post a year-over-year price gain.
Both segments held at roughly three months of supply.
Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board in Alberta, tied the divergence to uneven supply conditions.
“Supply choice in the new, rental and resale markets has taken much of the pressure off prices this year. However, supply choice can vary significantly within the market, resulting in divergent impacts on prices,” she said.
“Much of the downward pressure on prices is occurring in the oversupplied higher-density segments of the market, while detached and semi-detached prices have remained more stable. Even within the detached market, we see variation as the City Centre and West districts continue to report price gains over 2025, while prices have declined by more than six per cent in the North East district.”
Aled ab Iorwerth of CMHC says greater certainty on trade could improve confidence among homebuyers and developers, supporting housing activity and construction at a time when higher rates and economic uncertainty continue to weigh on the market. https://t.co/3d7Cu3TCov
— Canadian Mortgage Professional Magazine (@CMPmagazine) November 3, 2026
What the data means for brokers
The condo segment’s sustained decline carries direct risk for Calgary mortgage professionals working in higher-density financing.
Earlier in 2026, mortgage broker Marko Gelo, who works across the Calgary and Vancouver markets, said he had been seeing “a noticeable uptick in appraisals coming in below purchase price,” a challenge that grows as transaction volumes thin and appraisers are left with fewer comparable sales to draw on.
That pressure sits against Calgary’s record home construction in 2025, which delivered more than 27,900 new homes, more than double the 10-year annual average of 13,199, redirecting buyer demand toward new product and softening the resale condo sector.
In surrounding markets, Airdrie’s year-to-date sales fell 13%, Cochrane approached six months of supply for the first time since early 2020, and Okotoks held at three months.
Heading into the winter slowdown, CREB’s October data reinforces a market where outcome depends heavily on property type and location.
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