Benchmark price by property type
| Property type | Benchmark price | Year over year |
|---|---|---|
| Detached | $735,100 | −1% YoY |
| Semi-detached | $685,200 | +1% YoY |
| Row / townhouse | $407,500 | −5% YoY |
| Apartment condo | $288,800 | −8% YoY |
How I read it
October gave back September’s gains. Sales came in at 1,592, 15% below last October, and the year-to-date total is now down nearly 11%. In September, detached sales had risen 4% year over year; in October they fell 16%, alongside a 22% drop in apartment sales and 12% in row homes. Semi-detached sales were the exception, essentially unchanged. The timing lines up with a month of rising borrowing costs.
On October 28 the Bank of Canada raised its policy rate by a quarter point to 2.5%, its first increase since July 2023. Inflation has run higher than the Bank expected — 3.1% nationally in September and 3.6% in Alberta, led by gasoline and other energy prices — and the Bank expects about 3.5% by year end. It said there could be a need to raise rates further, but that it will proceed carefully. The banks’ prime rate went from 4.45% to 4.70% the next day, so variable-rate mortgages and home equity lines of credit cost more right away. Ratehub estimates the quarter point adds about $62 a month on a $500,000 home bought with 10% down. The next decision is December 9.
Fixed rates had already moved before the Bank did. Five-year Government of Canada bond yields, which fixed mortgage rates follow, climbed above 3.6% in early October, and since early September all six big banks have raised at least some fixed rates, by up to half a point on some terms. If you were pre-approved or renewed in the summer, today’s rates are higher than what you were quoted.
Sellers pulled back too, which kept the market balanced. New listings fell 9% to 2,928, and inventory ended the month at 6,173 homes, 5% fewer than a year ago — CREB’s headline was “Supply levels ease as we move into winter.” Because sales fell faster than listings, months of supply rose to 3.9, from 3.4 last October. Homes took 43 days to sell on average, the same as a year ago, and sold for about 97% of their list price.
Prices barely moved. The benchmark price was $564,200, 0.4% below both last October and September. Detached ($735,100) and semi-detached ($685,200) prices are within 1% of last year. Row homes are 5% lower and apartments 8% lower — and that is where the supply is: about 5.3 months for apartments and 4.4 for row homes, against 3.3 for detached and 3.2 for semis. CREB’s chief economist, Ann-Marie Lurie, says the price pressure is concentrated in higher-density homes because of that oversupply. Rents aren’t helping condo sellers either: the average asking rent for a one-bedroom was $1,453 in October, about 4% lower than a year ago, according to liv.rent.
Two other October stories matter here. On October 8 the province told Calgary to keep the low-density zoning restored by the rezoning repeal until the city’s land use review is done, which the province expects in 2027 — my rezoning guide covers what that means for your lot. And on October 19, about three in four Alberta voters chose to remain in Canada in the provincial referendum (unofficial results), settling that question for anyone weighing a move here.
If you're buying
- On a variable rate or a line of credit? Your cost went up on October 29. If you’re pre-approved on a variable rate, ask your lender to rerun the numbers at the new prime of 4.70%.
- Have a fixed-rate pre-approval with a rate hold? Check when it expires. It may be lower than what lenders are offering today.
- With 3.9 months of supply you have time and room to negotiate, especially on condos (5.3 months) and townhomes (4.4 months). Read the condo documents and the reserve fund plan before you chase a discount.
- First-time buyer? You can use the First Home Savings Account and the RRSP Home Buyers’ Plan on the same home if you meet the rules for each. Confirm with your lender or accountant before you count on it.
If you're selling
- Price for today’s buyer. Higher rates trim what buyers qualify for, and with sales down 15%, an overpriced listing sits.
- Detached and semi-detached values are flat on the year, but detached sales fell 16% in October. Expect a slower sale than in the spring, and get the price right at launch.
- Condo and townhouse sellers face the most competition. Lead with the condo fees, the reserve fund and anything recently updated, and price against the listings you’re actually competing with.
- Downsizing? Know your number first. My net proceeds calculator shows what you’d walk away with after commission, legal fees and paying out your mortgage.
Sources
- CREB® — City of Calgary monthly statistics, October 2026
- CREB® media release — October 2026
- BNN Bloomberg — Calgary home sales drop 15.3% in October (Nov. 2, 2026)
- Bank of Canada — rate announcement, October 28, 2026
- National Bank — prime rate increase, effective October 29, 2026
- Ratehub — What the October 2026 rate hike means for mortgages
- Canadian Mortgage Trends — BMO hikes fixed rates as bond yields rise (Oct. 7, 2026)
- Statistics Canada — Consumer Price Index, September 2026
- BNN Bloomberg — September inflation rates by province
- liv.rent — October 2026 Calgary and Edmonton rent report
- LiveWire Calgary — Alberta tells big cities to revert to lower density land use bylaws (Oct. 8, 2026)
- NPR (via KJZZ) — Alberta voters reject a move toward independence (Oct. 19, 2026)
Figures are as published by CREB® for October 2026 and describe the Calgary market as a whole. They are not an appraisal, and no single property follows the average. For what your own home is worth, ask me for a comparable-sales review.