Calgary Condo Market: Prices Are Down. Is It Time to Buy?
Have you looked at condo listings lately? Do the prices look lower than last year? You are right. The Calgary condo market has cooled this fall. Buyers and investors keep asking me if now is the time.
Here is my answer. A lower price is a good start. But it is only one number. The fees, the building and your plan matter just as much. So does the way you set up your mortgage.
What the Calgary condo market looks like now
CREB tracks home sales in Calgary. In September 2026, the typical price of an apartment condo was $291,400. That is down more than 8% from a year ago. Townhouses sat at $412,400, down about 5.5%.
There are also more apartment condos for sale. If no new ones came up, it would take about five months to sell them all.
More choice gives you more time. It also gives you more room to ask for a better price.
A lower price is not always a better deal
This is where I ask people to slow down. When you buy a condo, you buy into a building. You share its costs with everyone who lives there. Check these three things as closely as the price. Work with your realtor to review the following:
Condo fees. You pay these each month. They cover shared costs, such as the roof, the halls and snow removal. Part of each fee also goes into savings for big repairs.
Fees also change how much you can borrow.
The reserve fund. This is the building’s savings for big repairs. In Alberta, a condo board must review this fund at least every five years. If the fund runs short, the board can bill each owner. This is called a special levy (you may hear special assessment too). It can be a big bill. Ask your realtor and lawyer to read the condo papers before you firm up your offer.
The bylaws. These are the building rules. They cover pets, renting out your unit and short-term rentals. If you might rent it out one day, read these first.
If you are buying your first home
A cooler market can help first-time buyers. You may be able to offer less. You can add the conditions you need. You have time to read the papers with care.
- Get pre-approved with condo fees built in. A pre-approval is a lender’s early yes on how much you can borrow. If it leaves out the fees, it may say you can spend more than you should.
- Think about how long you will stay. Your term is how long your rate and deal last. If you break it early, you may owe a penalty. That fee can eat into the money you built up in your home.
- Plan to pay it off faster. Amortization is the total time it takes to pay off your mortgage. A small bump to each payment can cut years off that time. This is where the real savings live, far beyond the rate. And yes, we cover this strategy in our commitment review.
A quick word on rates
The Bank of Canada has kept its key rate at 2.25% since October 2025. Its next rate news comes on October 28. Fixed rates follow a different market, and a few big banks raised them in the past few weeks.
Do you plan to buy soon? A pre-approval can come with a rate hold. That saves a rate for you for a set time while you shop.
Rates change often. Any rates here are for reference only.
Before you make an offer on a Calgary condo
- Get a pre-approval that counts condo fees, property tax and heat.
- Have your realtor and lawyer read the condo papers.
- Know how long you plan to stay, so your term fits.
- Have a plan to pay it off, not just a rate.
A slow market gives you time. Use it to plan, not just to shop.
Are you thinking about a condo this fall? It might be your first home or your next rental. Either way, I would be happy to run the numbers with you. No pressure. Book a call and let’s build your plan together.