Is Now a Good Time to Buy a Home in Calgary?

Photo: Redstar3000, CC BY-SA 4.0, via Wikimedia Commons

Michael Smith, Michael Smith Team
Last updated: September 2026

Whether now is a good time to buy a home in Calgary depends on the property type, how long you stay and your budget. Waiting is not automatically better or worse. As of August 2026, the Calgary Real Estate Board (CREB) reported nearly six months of supply for apartment-style homes and over three months for detached homes.

Is Calgary a Buyer's Market or a Seller's Market Right Now?

Calgary is not one market. As of August 2026, the Calgary Real Estate Board (CREB) described apartment-style homes as having buyer-market conditions and the detached and semi-detached sector as relatively balanced. CREB also notes that market balance varies significantly by price range and location.

Calgary market by property type, August 2026 (source: CREB monthly statistics; benchmark price = the price of a typical home, not an average of what sold)

The semi-detached and apartment benchmarks are CREB's "unadjusted" benchmarks.

Months of supply is the number of homes for sale divided by the number of homes sold in a month, according to CREB. In August 2026 that worked out to about 3.9 months citywide. It is a guide to how much room buyers may have, not a forecast of prices.

CREB describes conditions in the detached and semi-detached sector as relatively balanced, while noting that market balance varies significantly by price range and location. It describes apartment-style homes as facing the most oversupply in the market, with buyer-market conditions. These are CREB's own descriptions, not a rule of thumb.

Our monthly post has the full CREB numbers for August 2026. If you are looking at condos, read how condo buyers can use a softer market.

Is It Cheaper to Rent or Buy in Calgary?

In Michael Smith Team's illustrative example of a round-number Calgary townhome or condo, renting costs less each month, and buying catches up only after equity and price growth cover buying and selling costs. At an assumed 4.5% rate, buying stayed ahead after about three years to more than twenty years, depending on price growth and rent.

An illustrative example

For illustration only. Round example numbers, not a Calgary benchmark and not a quote. Not advice, not a prediction, and not a guarantee about price, rent, rates or timing. Every rate and growth figure below is an assumption, never a current rate. The example compares buying a round-number townhome or condo in Calgary, Alberta with renting a two-bedroom.

CMHC's survey leaves out houses, basement suites and most rented condominiums. In its June 2026 mid-year update, CMHC says asking rents, the rents advertised for available units, have been declining in Calgary. We cannot say what rents will do, so the yearly rent rise is an assumption.

At 4.5%, the mortgage payment is about $2,568 a month with the premium added. Add the other owner costs and the total is about $3,393 a month, against $2,000 or $2,400 in rent. We compare two totals. The buyer's net worth is the sale price after selling costs, minus the mortgage still owed. The renter's total is their savings. Break-even here means the point after which the buyer stays ahead of the renter.

Illustrative example: years until buying stays ahead of renting, at an assumed 4.5% rate

Illustrative example: same test at assumed rates of 3.5% and 5.5% (years)

If your rate is higher, buying takes longer to pay off. What the example shows:

• In this example, price growth, the rent gap and the rate each change the answer a lot. At 4.5% and $2,400 rent, buying stayed ahead after 13.2 years with flat prices, but after 2.9 years with prices rising 4% a year. Moving the rate from 3.5% to 5.5% with flat prices and $2,400 rent changes it from 9.0 to 17.9 years.
• In this example, flat prices and $2,000 rent did not catch up within 15 years at any of the three assumed rates.
• In this example, buying starts behind. In the 4.5%, $2,000 rent, 2% growth case, the buyer's net worth after one year is about $30,900, against about $78,700 for the renter. After ten years it is about $242,400 against $236,300.
• Left out: tax effects, special assessments and any programs. Condo fees and upkeep stay flat, which favours buying.

Try our affordability calculator with your own numbers. Planning to sell later? See what it costs to sell a house in Calgary.

Is Now a Good Time to Buy in Calgary, or Should You Wait for Prices or Rates to Drop?

Waiting helps only if something you can name will change. That could be your down payment, your income, the property type you want or how long you plan to stay. Prices may not fall while you wait. As of September 2, 2026, the Bank of Canada's policy rate was 2.25%, and the policy rate is not a mortgage rate.

Waiting can make sense if:

• your income is not steady yet
• you expect to move within a few years
• you would have thin savings left after the down payment
• you are still building your down payment toward a set date

Waiting rarely helps if all you have is a hope for a lower price you cannot name. No one can time the market, and we will not pretend to.

The Bank of Canada held its policy rate on September 2, 2026. It does not set mortgage rates, though it influences the prime rate and other borrowing costs. The Bank says it is prepared to adjust monetary policy as needed. Its next scheduled announcement is October 28, 2026. Michael Smith Team is not predicting which way rates go.

Does Where You Buy in the Calgary Area Change the Answer?

Yes. In the Calgary area, property type and location often matter more than the month you buy. Inner-city condos, row homes, detached homes and towns such as Cochrane, Airdrie and Chestermere can each be at a different point in the market. Check the segment you want, not the city figure.

Even inside detached homes, the picture varies. According to CREB, detached months of supply in August 2026 was below three in four of the city's districts and above four in two. If you are weighing towns outside the city, compare Cochrane, Airdrie and Chestermere.

How Much Do You Need Down, and What Else Should You Budget For?

In Canada, if your down payment is less than 20% of the price, you will typically need mortgage loan insurance, according to the Financial Consumer Agency of Canada (FCAC). The insurance protects the lender, not you, and the premium can be added to your mortgage. For a Calgary purchase, also budget for closing costs, moving and upkeep.

As of September 2026, the minimum down payment in Canada is 5% of the price for a home up to $500,000. For a home priced from $500,000 up to $1.5 million it is 5% of the first $500,000 plus 10% of the portion above $500,000. At $1.5 million or more it is 20%. FCAC publishes these tiers, and CMHC's rules for insured mortgages match them.

CMHC calls a mortgage of up to 80% of a home's lending value a conventional mortgage. CMHC and FCAC both say closing costs typically run 1.5% to 4% of the purchase price. Alberta does not have a provincial land transfer tax on home purchases, according to Government of Alberta materials. When ownership is registered, you pay Land Titles registration fees that rise with the property's value. For the full picture, see the full cost of buying a home in Calgary.

Programs can change your numbers. Government programs may help with a down payment or a tax bill, and the rules change. See the first-time buyer guide to programs and down payment help for what is available and who qualifies.

What Should You Check Before You Commit, Whatever the Market Is Doing?

Whatever the market is doing, check three things before you write an offer on a Calgary home. First, your full monthly cost, not just the mortgage payment. Second, the building's finances, if it is a condo. Third, the age and condition of the major systems and wiring. These checks matter more than trying to time the month.

1. Pick a monthly comfort number. Add property tax, insurance, condo fees and upkeep to the mortgage payment.
2. Get a mortgage pre-approval. It shows the most a lender may lend you. It can also hold a rate for 60 to 130 days, depending on the lender, according to FCAC. It is not a guarantee of approval.
3. Book a home inspection before your conditions come off.
4. For a condo, read the building's finances. Ask about the reserve fund and any special charges. For more, read what to check about special assessments before you buy a condo.
5. For an older home, ask about the wiring. See how poly-B and knob-and-tube wiring affect insurance and financing.

Frequently Asked Questions

Should I wait for interest rates to drop before buying in Calgary?
Waiting only helps if you can name what will change. As of September 2, 2026, the Bank of Canada's policy rate was 2.25%, and the policy rate is not a mortgage rate. If rates fall later, you may be able to renegotiate at renewal or break your mortgage. FCAC says breaking a closed mortgage normally means a prepayment penalty that can cost thousands of dollars.

Will Calgary home prices fall if I wait?
No one can promise what Calgary home prices will do. According to the Calgary Real Estate Board (CREB), the total residential benchmark price was $569,800 in August 2026, about 1% lower than a year earlier. By property type, CREB reported detached about 1% lower, semi-detached nearly 1% higher, row about 5% lower and apartment-style about 8% lower. If prices fall after you buy, a payment you can carry and a longer stay help protect you.

How long do I need to stay in a Calgary home for buying to beat renting?
It depends on price growth, the rent gap and your rate. In Michael Smith Team's illustrative example of a Calgary condo or townhome at an assumed 4.5% rate, buying stayed ahead of renting after about three years to more than twenty years. With flat prices and $2,000 rent, it did not catch up within 15 years at any of the three assumed rates. The example is not a prediction.

What costs do people forget when comparing renting to buying in Calgary?
Count property tax, condo fees, home insurance, upkeep, closing costs and moving. CMHC and FCAC both say closing costs typically run 1.5% to 4% of the purchase price. Alberta does not have a provincial land transfer tax on home purchases, according to Government of Alberta materials. When ownership is registered, you pay Land Titles registration fees that rise with the property's value.

Is now a good time to buy a condo in Calgary?
As of August 2026, the Calgary Real Estate Board (CREB) reported nearly six months of supply for apartment-style homes, which it describes as the most oversupply in the market, with buyer-market conditions. CREB's apartment benchmark price was $295,400, about 8% lower than a year earlier. That may give buyers more room to compare, but check the building's reserve fund and any special assessments first.

What does "months of supply" mean, and why does it matter to a buyer?
According to the Calgary Real Estate Board (CREB), months of supply is the number of homes for sale divided by the number of homes sold in a month. In August 2026 it was about 3.9 months citywide, which CREB describes as nearly four months. It is a guide to how much room buyers may have to choose and negotiate, not a forecast of prices.

Sources

• Calgary Real Estate Board (CREB): August 2026 news release; August 2026 monthly statistics package
• Bank of Canada: September 2, 2026 policy rate announcement; key interest rate; what is behind your mortgage rate; understanding the policy interest rate
• Canada Mortgage and Housing Corporation (CMHC): mortgage loan insurance cost; general requirements; 10 words to know when buying a home; Rental Market Reports; 2026 Mid-Year Rental Market Update; Housing Market Information Portal (Calgary average rents)
• Financial Consumer Agency of Canada (FCAC): down payment; buying a home; pre-approval; breaking a mortgage contract
• Government of Alberta: Alberta tax advantage; Land Titles, transfer of land
• The City of Calgary: property tax bill and rate calculation

This page is general information, not financial, tax, mortgage or legal advice. Michael Smith Team is a real estate brokerage, not a lender or financial advisor. Market figures and the rent-vs-buy example are not predictions, quotes or guarantees about price, rent, rates or timing. Check your situation with your lender.