Sales Are Slowing, Buyers Have More Choice, and Okotoks Is Doing Its Own Thing

If Calgary’s real estate market had a speedometer, August would have been another month of easing off the gas.

Sales and new listings both continued to trend lower compared with 2025. Calgary recorded 1,660 sales in August, down 16% from last year, while 3,141 new listings hit the market — nearly 10% fewer than August 2025.

But before anyone declares the sky is falling, let’s pump the brakes.

Real estate is not one giant market. What’s happening in a $400,000 condo is very different from what’s happening with a $1.2 million detached home. And that difference matters.

Calgary Buyers Are Taking Their Time

The biggest bright spot was the $1 million-plus market, where sales actually increased compared with last year.

More supply at the higher end is giving buyers more options, and some are clearly saying, “Hey, if the house is right, let’s do this.”

Meanwhile, buyers at the lower end are moving more cautiously. Strong rental conditions are making it easier for some people to keep renting rather than jump into homeownership.

Translation? Not everyone is racing to buy — and not every seller can expect a bidding war.

Calgary ended August with 6,509 homes in inventory, with nearly four months of supply overall. That’s a much more balanced environment than the frantic markets we’ve seen in previous years.

But again, the property type matters.

Detached homes are sitting in a much healthier position than apartments, while apartment-style properties are dealing with considerably more supply.

Detached Homes: Still Holding Their Ground

Detached sales dropped 12% year-over-year to 875 units, with the biggest pullback happening below the $1 million mark.

New listings also declined, reaching 1,635 units.

That combination pushed supply above three months, but detached homes are still nowhere near the same level of oversupply we're seeing in the apartment market.

And Calgary is definitely not one-size-fits-all.

The North West, West, South and South East districts remain below three months of supply, while the North and North East are sitting above four months.

Prices tell an equally interesting story.

The August detached benchmark price was $744,300, virtually unchanged from July and about 1% lower than last year.

So no, detached homeowners aren't watching their equity disappear overnight.

Semi-Detached: Pretty Much Holding Steady

Semi-detached sales have cooled, with year-to-date sales now just over 2% below last year.

The sales-to-new-listings ratio dropped to 56%, while inventory remains nearly 5% higher than last year.

That pushed supply above three months for the first time since January.

Still, this isn't panic territory. The market remains relatively balanced and prices are behaving themselves.

The August benchmark price came in at $690,500, nearly 1% higher than last year.

That’s a pretty good reminder that slower sales don't automatically mean falling prices.

Row Homes: Buyers Have More Leverage

Row homes are feeling more of the slowdown.

Year-to-date sales are down 15%, while additional new-home supply and more rental options are giving buyers alternatives.

The good news? Fewer new listings have helped prevent inventory from climbing even higher.

The bad news for sellers? Supply is still sitting around four months.

The August benchmark price was $415,200, down nearly 1% from July and 5% from last year.

Some areas are feeling that decline much more than others, with the North East seeing price declines of more than 12%.

Apartment Condos: The Buyer’s Market Nobody Wants to Talk About

If there’s one segment where buyers have the upper hand, it's apartment-style homes.

There are nearly six months of resale supply, and sales are down 26% year-to-date.

More rental supply is also giving first-time buyers and investors another reason to pause before making a purchase.

The August apartment benchmark price was $295,400, down nearly 1% from July and 8% from last year.

Prices are now nearly 13% below the August 2024 peak of $341,300.

So if you're selling a condo, pricing it properly isn't optional. It’s the whole ball game.

What About Okotoks?

Now let’s talk about the part of the market I actually spend a lot of time watching: Okotoks.

And once again, Okotoks is proving that it doesn't always follow Calgary's playbook.

In August, Okotoks had a sales-to-new-listings ratio of 81%, which is a pretty strong number.

Inventory pulled back during the month, leaving the town with just over two months of supply.

That is considerably tighter than Calgary's overall market.

Okotoks has been dealing with below-average supply levels since 2021, and that lack of inventory continues to provide support for prices.

The catch? Buyers have more options in competing markets, which is helping keep a lid on some of that upward price pressure.

The August Okotoks residential benchmark price was $608,400, down just over 1% from July and nearly 2% lower than last year.

So, is Okotoks crashing?

Nope.

Is it the wild west with buyers throwing money at anything with a front door?

Also nope.

It's a market where pricing, property type, condition and location matter a lot more than simply throwing a house on MLS and hoping for the best.

August gave us a market that is slower, more balanced and increasingly divided by property type and price range.

For buyers, that means more breathing room and more opportunities to negotiate — especially in segments with higher inventory.

For sellers, it means the days of “let's price high and see what happens” are becoming increasingly risky.

And in Okotoks, the relatively tight supply is still providing some support for prices.

The real estate market isn't broken.

It's just being a little more selective.

And honestly? That's probably not a bad thing.

If you're thinking about buying or selling in Okotoks or the surrounding area, don't rely on Calgary headlines to tell you what your home is worth or what your next move should be. The local numbers matter.