Calgary Market Update September 2026 | Calgary Prices Have Almost Caught Up to 2025

Calgary's benchmark price is 1.08% below last August. In January it was 4.88% below. Prices have almost caught up to 2025, and most of that is real. This is the Calgary real estate market update for September 2026, covering the August data CREB released on September 1st. On volume, August was weak. Calgary had 1,660 sales, down 16.41% from last August and 12.72% from July. Last year that same July-to-August drop was 5.25%. Months of supply climbed to 3.92, the highest reading this year. Prices didn't follow. The benchmark rose 0.11% from July to $569,800. So is the gap closing because 2026 prices went up, or because last year's prices fell? I ran the numbers. Since January the gap has closed by $22,200. Rising 2026 prices account for $16,400 of that and the falling 2025 base for $5,800, so about three-quarters is real. The catch: nearly all of that rise happened in the spring. The benchmark peaked in June at $572,500 and has barely moved since, which means most of the recent closing is last year's prices coming down. From there I get into why the average price being up 4.29% tells you nothing about your home, and which price range lost the most sales in August. It wasn't the entry level. It was $500,000 to $999,999, down 22.11%. Then detached, semi-detached, townhouse and condo prices, district by district. Only West and City Centre have a benchmark above last year. South East semi-detached is the tightest market in the city at 1.83 months of supply, while City Centre condos sit at 7.58. The last section is for buyers and sellers: where you have negotiating room this fall, and how to price a listing by property type. Last month I put eight predictions on the record before this data came out. Six were right and two were wrong. I go through both misses, then log next month's calls.