Calgary condos become more affordable, single homes lag behind

Calgary's condo market defied national affordability declines in early 2026, with median prices holding flat year-over-year at $386,762—a rare bright spot in Canada's housing landscape.

A National Bank of Canada report examining first-quarter data found that while larger Canadian markets saw affordability improvements, Calgary's overall housing market became slightly less affordable. Single-family homes hit a median price of $670,543, up about 1 percent from the previous quarter.

The condo story is different. Monthly mortgage payments on a median-priced condo now consume nearly 23 percent of median household income in Calgary—a marked improvement from 2000, when the same metric stood at 27 percent. By contrast, single-family homes demand about 43 percent of median income today versus 39 percent in 2000.

"Calgary is more affordable" overall compared to major cities like Toronto and Vancouver, said realtor Richard Fleming. He points to a balanced supply-demand environment. May data from the Calgary Real Estate Board shows the average condo price was down about 4 percent year-over-year to $325,666. "If a buyer is looking for a deal, that would be the condo apartment market," Fleming said.

The northeast quadrant remains the most affordable for single-family homes, with the highest share of May sales priced between $499,999 and $600,000.

Affordability could continue to improve this year. National Bank economist Kyle Dahms noted that one of the biggest demand drivers—federal immigration rates—has shifted. "Now we're seeing negative population growth," he said.