New multi-family sales in Calgary hit lowest levels since 2022 as market cools

New multi-family sales in Calgary continued their sharp decline this spring, reaching levels not seen since 2022 and marking the second consecutive quarter of weakness in apartments and townhomes.

From April through June 2026, 641 new multi-family units sold—down from 830 in the same period last year and roughly half the activity seen in the same quarters of 2023 and 2024. In Q2 2024, Calgary saw 1,293 new multi-family units sell; in 2023, the peak year since 2020, 1,658 sold.

According to a Zonda report, apartment sales this past quarter were 32% below the long-term average. Overall multi-family sales were down 23% in Q2 2026 compared to Q2 2025, reflecting a multi-year downward trend.

Activity picked up 4% from the first quarter of this year, but winter months typically represent the slowest time for real estate sales. Sales levels varied greatly by location: the city's outer south sub-market accounted for 44% of all new multi-family sales from April to June.

Townhomes saw quarter-over-quarter growth with sales exceeding 400 units, while wood-frame apartment sales remained largely flat at about 200 unit sales. Concrete unit sales dropped to zero.

Zonda noted that the first-time home buyers' GST rebate, which took effect March 12, and attractive pricing on new units in outer markets, helped boost activity quarter-over-quarter so far this year. However, these incentives have not reversed the broader multi-year sales decline.