Calgary Slips Down the Affordability Rankings, But Realtors Say It's Still a Deal

Calgary's long run as one of Canada's most attainable big-city housing markets is showing signs of strain, according to a new ranking of housing affordability across the country. The city fell out of the top tier of affordable major markets, landing in 23rd spot nationally, even though local realtors maintain it remains a comparatively good value next to Toronto or Vancouver.

Data compiled for Royal LePage's latest quarterly report show the aggregate price of a home in Calgary held essentially flat over the past year, easing just 0.2 per cent to roughly $695,300 in the second quarter of 2026. That stability masks some diverging trends beneath the surface: condo and apartment prices in the city have fallen sharply, down close to nine per cent year-over-year to around $299,000, giving first-time buyers and downsizers more breathing room even as detached home values continue to climb.

Neighbourhood-level data paints a similarly mixed picture. In southeast Calgary's Mahogany community, one of the city's most active lake communities, the median asking price sat at about $670,000 in June, while homes were actually changing hands slightly below that mark, near $655,000, a sign that buyers still have some room to negotiate even in in-demand pockets.

Housing analysts point to years of steady in-migration, a resilient energy-sector economy, and comparatively generous lot sizes as reasons Calgary prices have climbed even as national affordability metrics elsewhere have improved. Local brokerages note new listings have pulled back compared with a year ago, while active inventory remains elevated versus historical norms, giving buyers more selection than during the frenzied conditions of recent years.

For now, city realtors argue Calgary hasn't lost its fundamental value proposition. Alberta's relatively high household incomes, driven in part by the oil and gas sector's wages, continue to offset higher home prices when measured against what residents actually earn, a dynamic that has kept several Alberta cities, including Lethbridge and Red Deer, near the top of national affordability rankings even as Calgary itself slides further down the list.