Consistent with trends throughout most of 2026, both sales activity and the number of new listings coming onto the market have continued to trend down compared with 2025 levels. In August, sales in Calgary were 1,660 units, down 16 per cent compared with last year, while new listings fell by nearly 10 per cent to 3,141 units.

The pullback in sales has not occurred across all price ranges, as homes priced over $1,000,000 have recorded gains over last year. These gains have mostly been driven by detached and semi-detached homes and are also consistent with where most of the supply growth has occurred.

“While sales growth in the upper end of the market was possible thanks to improved supply choice, it also reflects longer-term confidence in our market, as some buyers are not shying away from taking advantage of the available supply,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “Meanwhile, we have not seen the same pickup in activity in the lower price ranges, as favourable rental conditions are slowing the transition to ownership.”

Inventory levels in August eased compared with the previous month and the same period last year, at 6,509 units. However, given the pullback in sales, the months of supply pushed up to nearly four months. Also consistent with trends throughout this year, conditions vary significantly by property type, with nearly six months of supply for apartment-style homes compared with over three months of supply for lower-density detached homes.

The relatively balanced conditions in the detached and semi-detached sector have prevented any significant shifts in prices compared with the steady price declines occurring in the oversupplied higher-density segments of the market. As of August, the total residential benchmark price was $569,800, similar to the previous month and one per cent lower than 2025 levels.

Detached

Gains in higher-priced sales were not enough to offset the pullbacks occurring for homes priced below $1,000,000, as sales fell by 12 per cent to 875 units. At the same time, new listings trended down compared with both July and August 2025 levels, reaching 1,635 units. The steeper decline in sales compared with inventory levels was enough to support a modest monthly gain in inventory levels and drove up the months of supply to over three months. Market balance varies significantly based on price range and location. The months of supply remain below three months in the North West, West, South and South East districts, and above four months in the North and North East districts. The wide range of market balance is also reflected in pricing. Year-over-year gains of over two per cent have occurred in the West and City Centre districts. Meanwhile, price declines were the steepest in the North East at over six per cent. Overall, the benchmark price in August was $744,300, similar to July and down by one per cent compared with last year.

Semi-Detached

Easing sales in August were enough to push year-to-date sales down to 1,516 units, over two per cent lower than last year’s levels. The easing of August sales was not matched by new listings, causing the sales-to-new-listings ratio to fall to 56 percent. While inventories eased slightly compared with the previous month, they remain nearly five per cent higher than last year. The steeper monthly pullback in sales compared with inventories was enough to push the months of supply above three months, the first time this has happened since January. Despite the shift, conditions remain relatively balanced, and prices have been relatively stable. As of August, the unadjusted benchmark price was $690,500, similar to the previous month and nearly one per cent higher than last year's levels. Price gains in the City Centre, North West and West districts offset pullbacks in other areas, contributing to the annual gain.

Row

Sales continued to ease in August compared with last year, contributing to the year-to-date pullback of 15 per cent. Additional new-home supply, along with more rental product availability, has contributed to some of the pullback in sales activity. Meanwhile, the pullback in new listings has helped prevent any further gains in inventory levels, and the months of supply remained near four months for the second month in a row. Like other sectors, conditions vary depending on location. The months of supply pushed above four months in the City Centre, North East and North districts, while remaining near three months in the West district. Prices have been easing across all districts in the city. The range of decline varied from over 12 percent in the North East to just over one per cent in the North West district. As of August, the benchmark price was $415,200, down nearly one per cent from July and five per cent lower than levels reported last year at this time.

Apartment Condominium

Apartment-style homes continue to face the most oversupply in the market, with nearly six months of resale supply. More rental supply is weighing on ownership demand from both first-time buyers and investors, which is slowing sales activity while supply levels remain elevated. In August, sales activity continued to fall, contributing to the year-to-date decline of 26 percent. New listings have also been declining enough to prevent any further inventory gain, but not enough to help the market shift away from buyer-market conditions. Persistently high supply levels relative to demand have weighed on apartment-style prices for the past two years. As of August, the unadjusted benchmark price was $295,400, nearly one per cent lower than the previous month and eight per cent lower than 2025 levels. Prices peaked in August 2024 at $341,300 and currently sit nearly 13 percent lower than the peak price.

REGIONAL MARKET FACTS

Airdrie

Sales continued to trend down in August, contributing to the year-to-date decline of 13 percent. Easing sales have also been met with a seven per cent pullback in new listings over the same period. Throughout most of the year, inventory levels have generally trended higher than last year’s levels and longer-term trends. Over the past few months, we have started to see the pullback in new listings relative to sales cause the sales-to-new-listings ratio to rise, and this has helped prevent any further inventory gains and kept the months of supply below four months. Nonetheless, pressure from competing markets continues to weigh on resale prices. As of August, the unadjusted total residential benchmark price was $508,800, down one per cent from July and over four per cent compared with last year at this time. Steeper price declines are occurring for higher-density apartment-style homes.

Cochrane

Sales improved in August, contributing to the year-to-date gain of over five per cent. Much of the gain in sales has been driven by semi-detached activity. New listings also improved in August compared with last year. The 148 new listings and 94 sales caused the sales-to-new-listings ratio to push above 60 per cent, and inventories edged down compared with the previous month. The boost in sales in August compared with inventory levels caused the months of supply to drop back down to just over three months. Nonetheless, prices still trended down in August. The unadjusted total residential benchmark price eased by nearly one per cent compared with July and is two per cent lower than levels reported last year.

Okotoks

Further declines in new listings likely limited sales activity in August, as the sales-to-new-listings ratio remained elevated at 81 percent. This contributed to the monthly pullback in inventories, keeping conditions relatively tight with just over two months of supply. Okotoks has struggled with lower-than-average supply levels since 2021, but additional supply choice in competing markets is helping prevent further upward pressure on prices. As of August, the unadjusted total residential benchmark price was $608,400, over one per cent lower compared with July and nearly two per cent lower than last year's levels.

Chestermere

The pullback in sales continues to outpace the declines in new listings, as the sales-to-new-listings ratio dropped below 30 percent in August. This has contributed to elevated inventory levels. While Chestermere is growing, the higher inventory, combined with the pullback in sales, has caused the months of supply to rise, reaching nine months in August. This has continued to weigh on prices, which trended down in August compared with July and currently sit over one per cent lower than 2025 levels.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Courtesy CREB.

The Bank of Canada has held its target for the overnight rate at 2.25%, which impacts Canadian mortgage rates, among other things. The decision marks the seventh consecutive scheduled announcement in which the policy rate has not changed. The Bank pointed to a broadening economic recovery while flagging inflation risks tied to energy prices and to new tariffs between Canada and the United States. The next scheduled interest rate announcement is October 28, 2026.

GDP was up by 3.3% following weakness in the first quarter, the Bank noted in its announcement, with growth visible in consumption, and “some rebound in housing activity.” CPI inflation hovered around 3%, largely driven by higher gasoline prices tied to the ongoing Middle East conflict. Excluding gasoline, inflation stood at 2.2%, with core inflation measures remaining close to 2%.

The Bank held the policy rate steady as the economy and inflation continue to evolve broadly in line with its July forecast, while noting increased risks to inflation and continued uncertainty surrounding economic growth.

Target for the overnight rate

2.25%

Unchanged on September 2, 2026. Seventh consecutive hold.

Source: Bank of Canada interest rate announcement, September 2, 2026

Key Takeaways

• The Bank of Canada held its target for the overnight rate at 2.25% on September 2, 2026, marking its seventh consecutive rate announcement without a change.

• Canada’s economy strengthened in the second quarter, with GDP increasing by 3.3% following weak growth in the first quarter.

• Housing activity showed signs of a rebound after several weak quarters.

• CPI inflation has been around 3%, largely due to higher gasoline prices. Excluding gasoline, inflation was 2.2% in July, while measures of core inflation remained close to 2%.

• The Bank is watching inflation risks associated with high energy prices, U.S. tariffs and Canadian counter-tariffs, while also assessing whether Canada’s economic recovery can be sustained.

• The next Bank of Canada interest rate announcement is scheduled for October 28, 2026.

Bank of Canada’s 2026 Policy Interest Rate Announcement Schedule

The Bank of Canada announces its decision on the overnight rate target eight times a year, typically on a Wednesday. The schedule for 2026 is as follows:

• Wednesday, January 28

• Wednesday, March 18

• Wednesday, April 29

• Wednesday, June 10

• Wednesday, July 15

• Wednesday, September 2

• Wednesday, October 28

• Wednesday, December 9

Read the full interest rate announcement below:

The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.

The continuing conflict in the Middle East is keeping energy prices high. As well, new US tariffs and Canadian counter-measures have been announced following the breakdown of trade talks between Canada and the United States. Both situations remain fluid.

In the United States, economic growth continues to be solid, driven by consumer spending and AI-related investment. Growth in the euro area was stronger than expected in the second quarter, while China’s economy slowed. Overall, the global economy has shown resilience in the face of geopolitical headwinds, with growth broadly consistent with the July Monetary Policy Report (MPR) projection. With still-high oil prices and elevated margins for refined energy products, inflation in most countries remains high.

Financial conditions have tightened since July. Long-term bond yields have moved up globally, including in Canada. The Canadian dollar has appreciated slightly on US-dollar weakness.

As expected, Canadian economic activity strengthened in the second quarter, with GDP up by 3.3%, following very weak growth in the first quarter. While some of the recent strength reflected temporary factors, the pick-up in activity was broad-based. Consumption showed solid gains. Following several weak quarters, there was some rebound in housing activity. Exports and business investment were up sharply. Labour market conditions have improved in recent months, with the unemployment rate edging down to 6.4% in July. Still, demand for labour remains subdued and indicators point to continued excess supply in the economy.

Overall, recent data reaffirm Governing Council’s view of a broadening recovery in Canada’s economy. However, uncertainty is high and new US tariffs and threats of further action pose risks to the sustainability of the recovery.

CPI inflation has been hovering around 3% in recent months, mainly because of persistently higher gasoline prices. So far, there has been little evidence of higher energy prices spreading to other components of inflation: excluding gasoline, inflation was 2.2% and measures of core inflation remained close to 2% in July. However, with the Middle East conflict still ongoing and little progress reopening the Strait of Hormuz, upside risks to the Bank’s inflation forecast have increased. The longer that high oil prices and elevated refinery margins persist, the greater the risk of spillover to the prices of other goods and services. New US tariffs and Canadian counter-tariffs will also raise costs for some businesses and could feed into consumer prices over time.

With the economy and inflation evolving broadly as forecast in the July MPR, Governing Council agreed to leave the policy rate unchanged. However, the upside risks to inflation have increased, while new tariffs make growth prospects more uncertain. Governing Council will assess the sustainability of the economic rebound and the outlook for inflation, and is prepared to adjust monetary policy as needed. The Bank remains committed to maintaining Canadians’ confidence in price stability through this period of global upheaval.

FAQs

What is the Bank of Canada interest rate today?

As of September 2, 2026, the Bank of Canada’s target for the overnight rate is 2.25%. The Bank Rate is 2.5%, and the deposit rate is 2.20%.

Did the Bank of Canada raise interest rates in September 2026?

No. The Bank of Canada held its policy interest rate at 2.25% on September 2, 2026. This was the seventh consecutive scheduled interest rate announcement in which the overnight rate remained at 2.25%.

When is the next Bank of Canada interest rate announcement?

The next Bank of Canada interest rate announcement is scheduled for October 28, 2026. The Bank will also release its next Monetary Policy Report on that date.

Why did the Bank of Canada hold interest rates?

The Bank held its policy rate because economic growth and inflation have evolved broadly in line with its July forecast. However, it noted increased upside risks to inflation from high energy prices and tariffs, as well as uncertainty about whether Canada’s economic rebound will continue.

How does the Bank of Canada interest rate affect mortgage rates?

The Bank of Canada’s policy rate can influence borrowing costs throughout the economy. Changes in the overnight rate generally have a more direct impact on variable mortgage rates, while fixed mortgage rates are influenced more heavily by bond yields and broader financial market conditions.

Does a Bank of Canada rate hold mean mortgage rates will stay the same?

Not necessarily. A policy rate hold means the Bank of Canada has not changed its overnight rate, but mortgage rates can still move. Fixed mortgage rates can change as bond yields and financial market conditions change, while lenders can also adjust the rates they offer borrowers.

Will the Bank of Canada cut interest rates in 2026?

Future interest rate decisions will depend on economic conditions and the outlook for inflation. The Bank has said it will assess the sustainability of Canada’s economic rebound and inflation outlook and is prepared to adjust monetary policy as needed. Its remaining scheduled rate announcements in 2026 are October 28 and December 9.

What does the Bank of Canada rate hold mean for homebuyers?

A rate hold provides some short-term stability in the Bank of Canada’s policy rate, but it does not guarantee that all mortgage rates will remain unchanged. Homebuyers should consider the mortgage rate available to them, their down payment, monthly payment and overall affordability when determining their home-buying budget.