by Christie Crawford, Legacy Community Realtor
Prices and Negotiation
The median sale price for a detached home in Legacy dipped to $648,000 at the end of July, a 6% drop compared to last year. Buyers are being cautious and focusing more on affordability. Most detached homes are now selling for around 98% of the asking price, giving buyers some room to negotiate (unlike last year when bidding wars were more common).
More Homes Available
There’s more inventory in Legacy and across Calgary right now — over 6,900 homes were available in July, a level we haven’t seen since before the pandemic. Much of this increase is thanks to growth in newer communities like Legacy. Builders continue to add new homes, which gives buyers more choice and adds pressure on resale prices.
Interest Rates and Economy
Mortgage rates have levelled out, with the Bank of Canada showing caution on decreasing the benchmark rate. While rates are higher than they were a few years ago, the pause in increases gives buyers a bit more certainty. The next Bank of Canada rate announcement is set for September 17. Calgary’s job market remains stable with unemployment between 7.5% and 8%, and inflation is easing. Unfortunately, global trade and tariffs are adding a bit of uncertainty.
What to Expect This Fall
As we head into the fall, we expect an uptick in activity while the weather stays nice, and the trees turn red and yellow. Moving further into fall, fewer homes will likely hit the market, and homes may take longer to sell — possibly 50+ days on average. Prices will likely stay steady or dip slightly. Builders may offer incentives on quick-possession homes and new build contracts, adding extra competition for resale listings.
The Bottom Line
Legacy’s housing market has shifted into more balanced territory. A balanced real estate market—where supply and demand are roughly equal—is beneficial for both buyers and sellers because it creates fair conditions. Buyers have more options and negotiating power without facing intense bidding wars, while sellers can still expect reasonable offers and steady interest in their properties. This makes it easier for both sides to plan confidently and make informed decisions. Buyers have more time, more options, and a little more negotiating power — a big change from the red-hot market we experienced between 2022 and 2024.
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