Following “three days of meaningful and passionate public participation and debate with more than 160 residents and groups generously sharing their experiences” 1 about Calgary’s housing crisis, Calgary City Council approved an amended version of Home is Here - the City’s Housing Strategy for 2023-2030.

Despite the contentious nature of certain action items put forward in the strategy, there is no doubt Calgary, like other major Canadian cities such as Vancouver or Toronto, is in the midst of a housing crisis, and city officials needed to take action. 

But what does this action plan potentially mean for you? Your home? And our city?

Continue reading below to learn more about the action plan and why we, at Trung Bien Real Estate Team feel it’s an excellent first step forward in meeting the needs of our growing city. 

1 https://newsroom.calgary.ca/city-council-approves-housing-strategy-with-amendments/?utm_campaign=later-linkinbio-ward9grams&utm_content=later-37896866&utm_medium=social&utm_source=linkin.bio

What is driving the housing crisis?

No matter how you cut it, Calgary just doesn’t have enough housing to accommodate our city’s rapidly growing population. That shortage is causing home prices to rise, making housing even more unaffordable for the average Calgarian. 

To give you some statistical context on how serious the situation is, Tim Ward, Manager of Housing Solutions at the City of Calgary, stated that one in five Calgary households now can’t afford their housing, and one in ten Calgarians faces a real prospect of homelessness. 

Rental rates are up by as much as 25% in the last year, and the average price of a home increased 29% over the previous four years.

Not only is housing becoming more unaffordable — but there are no signs that population growth will slow, either. In fact, it’s estimated that interprovincial and international migration rates will continue at their current rate until at least 2027!

Long story short, if we don’t act, a bad situation is only going to get worse. 

What is the city doing about it?

In June 2022, the city created an affordable housing task force to investigate the housing crisis and generate a set of professional recommendations to guide the city’s response. 

The task force put forward a total of 33 recommendations centred around what we summarize are two key ideas: to drastically increase the number of non-market (affordable) homes available in Calgary and to make it 

easier to build new homes.

To increase the amount of non-market affordable housing, the action plan suggests that every Local Area Plan be required to ensure a minimum of 15% of the total housing units are non-market. To build new homes, the task force called for what urban planners commonly call upzoning. 

Upzoning is an alteration to a community’s zoning code to allow a new capacity for development. This practice, in turn, can increase supply and lower land costs. 

2 Read the full list of recommendations here: https://www.calgary.ca/social-services/low-income/housing-strategy/recommendation-5.html

What is RCG zoning, and why do people care?

Though upzoning is only a single component of the city’s action plan, it is undoubtedly the most controversial. It has garnered the most public interest and debate — explicitly concerning the recommended R-CG and H-GO zoning. 

What is RC-G and H-GO zoning? 

Currently, most residential land in Calgary is classified as R1 zoning, which doesn’t allow landowners to build anything other than single detached homes or a legal basement suite without going through lengthy permit and development processes. 

RC-G and H-GO are specific changes to Calgary’s residential zoning rules that simplify the process landowners must go through if they want to build single detached homes, duplexes, triplexes, backyard suites and rowhouses, opening many neighbourhoods up to more diverse forms of housing.  

Understandably, this has many Calgary homeowners worried about their homes’ long-term values and the density in their neighbourhoods in the years to come.

If you’re worried about RC-G zoning, here are a few things to consider.

It’s important to point out that even though RC-G zoning will apply to all Calgary neighbourhoods, this doesn’t mean we will see higher-density projects popping up everywhere ad infinitum. 

Fears voiced by many Calgary homeowners during the city council’s public consultation period that new zoning by-laws will drastically transform their neighbourhoods are understandable — but that doesn’t mean they’re totally legit. 

Redevelopment, like all development, has to make economic sense. Generally, redevelopment occurs in neighbourhoods that are closer to the city center, where the street network is in a grid system, back lanes are present and where there is high demand for new homes.3

Also, consider that RC-G will considerably reduce permit wait times in neighbourhoods where we already see demand for this type of development.  Zoning change allows us to build more houses in denser and densifying neighbourhoods while saving municipal tax dollars and resources consumed in permitting.

The reality is that, despite many single-family homeowners' concerns, redevelopment will be reasonably rare in communities where the majority of homes were built after 1970.4

3 https://www.calgary.ca/planning/projects/housing-choices.html
4 https://www.calgary.ca/planning/projects/housing-choices.html

Final Thoughts

While only one aspect of the city’s action plan, a part of what makes the proposed zoning changes feel so monumental is that our city itself is on the cusp of a historical shift. 

Moves toward zoning regulations that are, in fact, commonplace in other major North American cities are harder to swallow here because Calgary has so long been heralded as a mecca for detached single-family homeownership. 

It makes sense that folks who’ve lived here as long as I have feel resistant to new changes that might affect their neighbourhood. But the reality is that our city is changing and expanding rapidly, and if we are to accommodate that growth in the years to come adequately, we need to adjust. 

Increasing housing affordability doesn't just make housing more accessible to those who need it most; it is critical to supporting new job creation, attracting a reliable and stable workforce and promoting the demographic diversity our city needs to remain economically vibrant and strong. 

—

For an excellent summary and recap of the debates over the action plan, check out the Sprawlcast podcast here. 

Can you Imagine real estate brokerages conspiring to keep commission fees high? Never! Well, it took a Kansas City jury just under three hours to decide exactly that. 

Following a four-year legal battle, the National Association of Realtors (NAR) was found guilty of conspiring with two of the largest brokerages in the United States to keep commissions on home sales high, making them liable for $1.8 billion.  

Considering the rising costs of homeownership and high interest rates in most major North American cities, it’s not surprising this case has struck a chord here in Canada. In fact, a group of Toronto sellers is already attempting to sue several of Canada’s leading real estate brokers using many of the claims stipulated in the U.S. lawsuit. 

So, what do these lawsuits ultimately mean for Realtor fees in Canada? Are real estate agents paid too much? And what are some potential solutions moving forward?

The core of the issue

What’s important to understand is that what’s at issue here isn’t just real estate broker fees but also the process by which those fees are negotiated. 

In the U.S., as in Canada, when a homeowner decides to sell their home, they sign a deal directly with the seller’s (listing) agent, which also determines how much the buyer’s agent is paid.  In the U.S., commission fees are typically between 5-6% and split between the selling and buying agents without much consultation or input from the homeowner.

In this particular case, the prosecution successfully argued that because sellers are not able to negotiate directly with buyer agents regarding their fees, the commission rates are, in fact, collusionary — meaning they prohibit competition and keep rates artificially high. 

Are we comparing apples to apples?

Yes and no. 

Generally speaking, the real estate industries in the U.S. and Canada are very similar, especially in terms of the negotiating process for commission fees. However, our commission rates can differ from the U.S., depending on where you are in the country.

In Toronto, where we mentioned a similar lawsuit was in the early stages of development, average Realtor® fees are 5%, with an equal share going to the buying and listing agents. 

In Alberta, however, we have some of North America’s lowest commission fees, with the average rate slightly above 3.0%  (1.5 % for each agent). This is because our fees are structured differently. 

Here, sellers typically pay 7% on the first $100,000 and just 3% on the remainder. So, for a home valued at $545,998 (the average price of a Calgary home in October 2023), the total commission rate would be 3.7%. 

The 1.3% difference doesn’t sound like much, but on a $545,998 home, that equals around $5k in savings on total commission fees.  It’s also worth noting that all commission fees in Canada are, in fact, negotiable, and these are average rates based on typical scenarios.  

What’s next?

Regardless of where you live and the fees you’re paying, there’s no doubt innovation is on the way. 

Even though the NAR has indicated it will appeal the lawsuit, some brokerages named in the lawsuit have already demonstrated a willingness to be flexible with both fees and the process for negotiating them. 

A better system will likely emphasize the need for more transparency in the negotiation process. 

Some proposals include home buyers paying buying agents directly, conducting separate negotiations for buyer and seller commissions, or instituting variable (instead of fixed) commission rates. 

Does the need for innovation mean Realtors are overpaid? 

That’s a great question. 

From the seller’s perspective — I get it.  You just sold a home for $545,998. The $10,190 you paid to the buyer's agent seems astronomical, considering you probably never even met them: “They just got how much? For doing what?”

The feeling is understandable. 

Remember, however, that Realtors® are small business owners with overhead and operating expenses like any other business. 25-30% of every commission cheque goes to paying brokerage fees, marketing costs, services fees, gas, office space, etc.  

That’s not to mention that calculating the hours that go into earning commission fees is almost impossible, considering the countless phone calls, text messages, emails, driving hours, and personal interactions that go into every deal — especially in a low inventory market where agents are usually writing multiple offers to secure their clients home. 

So, what you see on paper isn’t really anything close to what the Realtor® takes home as net income.

Our thoughts?

It’s important to consider that while the system for deciding commission fees is due for a shake-up, that doesn’t necessarily mean the optimal outcome is the Realtor® being paid as little as possible. 

At TB Real Estate Team, we’re proud to say that most clients feel our moral support, insight, and expertise are intangible. They are happy to pay for the exceptional, turn-key style service only years of dedication and experience can provide.

If being a real estate was easy and purely transactional, it’s hard to fathom why 85% of real estate agents would give up on their real estate careers within the first five years. But that’s precisely what happens. 

Most aspiring real estate agents quickly discover that clients look to us to manage much more than their transactions. They are seeking our guidance, input, expert advice and counsel on one of the most important decisions of their lives. Our professional obligations to our clients extend well beyond dotting the ‘i’s and crossing the ‘t’s. 

There’s no doubt industries need to stay robust, competitive and fair.  Yet, suppose real estate commission fees were to drop precipitously. It would be hard to imagine buyers having the same level of access to professional, experienced, and qualified agents they do now. If faced with a lack of qualified Realtors, many buyers who are skeptical about fees may come to see the value in paying for good counsel when making one of the most significant purchases in their lifetime.    

At any rate, change is on the horizon. We are excited to see what this shake-up brings and look forward to adapting to shifting realities while continuing to provide the absolute best representation for our clients. 

It’s no secret one of the leading stories in the Calgary real estate market in 2023 was the record-setting levels of interprovincial and international migration.  

Over 30,000 people per quarter moved to Calgary from within the country and abroad over five consecutive quarters. This historically high level of population growth combined with low levels of housing supply contributed to strong price growth and a red-hot market throughout all of 2023.

However, according to the Calgary Real Estate Board’s (CREB) recently released yearly outlook report, migration to Calgary is expected to slow slightly this year, with overall population growth forecasted to drop from 4.7% in 2023 to 3.6% in 2024.  

If migration slows as projected, how will this decrease in migration rates affect demand? And will slower migration rates mean easing pressure on the market in 2024? 

Here, we examine some key points in the CREB report and explain how migration rates could impact the market this year.  

Strong price growth is expected to continue 

While theoretically, a decrease in migration can ease pressure on housing markets, overall, this year’s CREB report expects demand to remain robust enough to sustain strong sales in the Calgary market.

Although conditions are not expected to be as tight in 2023, “a seller’s market is projected to persist through the spring of 2024.”  With conditions remaining particularly tight for lower-priced properties, such as semi-detached homes, row houses, and condominiums. 

Indeed, what we are already seeing at the start of 2024 confirms much of what the CREB report anticipates — with upward pressure on pricing as there is less inventory in January 2024 compared to January 2023 combined with more sales. 

All of this is expected to drive continued price growth, especially in the lower-priced segments of the market, well into 2024. 

If migration is expected to slow, why is demand projected to remain high? 

Great question. 

While migration affects demand, the relationship between the two isn’t perfectly equal. 

Firstly, when looking at migration statistics, it’s essential to look at net migration. Part of what made Calgary’s 2023 migration rates exceptional was net migration — so many people moved here, and so few people left. 

Not only do high levels of net migration affect supply (fewer people leaving means fewer houses for sale), but it’s also likely to affect future demand.  Consider that many people who moved here in 2022/23 are still looking for houses or have not yet entered the marketplace.  

As the CREB report states, “While migration is expected to slow, gains in both interprovincial and international migration made throughout 2022 – 2023 are expected to support higher housing demand levels into 2024.”

Affordable housing may become even more unaffordable 

When looking more closely at migration, it’s also essential to consider how different migration types impact different housing market segments. 

For 2024, much of the projected decline in migration is expected to occur at the interprovincial level.  Typically, interprovincial migration — think buyers from higher-priced markets in Toronto and Vancouver — has supported sales growth in the higher-priced detached markets, where buyers take advantage of Calgary’s relative affordability when compared to other major cities. 

On the other hand, international migration tends to fuel demand at lower price points by driving up rental prices, increasing purchases from property investors and overall demand for more affordable housing options.  

So, while the CREB report speculates that the price for higher-priced properties will decelerate, it expects demand and price gains for lower-priced properties to remain strong and highly competitive. 

The interest rate debate

When looking at overall demand, let’s not forget about interest rates. 

With inflation stabilizing, CREB’s report indicates the Bank of Canada will likely initiate a rate reduction in the latter part of 2024.

On the supply side, this could lead to new listings as sellers who decided not to enter the market in 2022/23 to avoid higher rate changes contemplate reentering the market to capitalize on strong home prices. 

Yet simultaneously, CREB expects that a wave of potential buyers waiting on the sidelines for interest rates to come down will flood the market as lending rates ease and listings improve, possibly eroding any substantial gains in housing supply. 

Given the persistent strong demand driven by recent migration and a healthy job market, decreased rates will likely mean that supply levels take even more time to rise sufficiently to restore balance to the market.

Other factors to factor in

While increased demand has been a hot topic in Calgary real estate the past year, we must not forget the many other factors, such as employment rates, policy changes, and relative affordability (for details, see the full report here), that can affect market conditions and housing prices. 

Also always at play are local and world economic realities and global affairs. 

While the CREB forecasts some weakening consumer activity, should declines be more profound and broader than expected or unanticipated political events occur, this could result in lower commodity prices and impact confidence in our market.

In summary

Based on information from the CREB report, it seems sufficient to say that although conditions might not be as tight as last year,  demand will likely remain strong, and a seller’s market will likely persist through 2024, especially among lower-priced properties.  

But it’s important to remember that every forecast — even the most well-researched — is speculative and always subject to change depending on how actual numbers and events end up compared to forecasted ones. 

If you’re interested in getting more information or discussing how the CREB report pertains to your particular situation or property type, don’t hesitate to reach out to our team for support!

With Calgary’s red-hot real estate market continuing to outperform historical records, many clients have been asking us about the pros and cons of investing in Calgary real estate, what properties they should look for, and how best to position themselves for long-term success.

As a real estate investor, I’ve learned much over the years about what works and what doesn’t. Whether maximizing income potential through property management or leveraging new financing options, the key lies in making informed decisions that align with your personal and financial goals.

To help new investors along the way, I thought I’d share a few pages from my playbook by considering the advice I’d give my 20-year-old self if I were starting my investing journey in today’s competitive real estate market.

Where there’s a will…there’s a hack 

The cost of housing today is significantly greater than when I entered the market over 20 years ago—many struggle to enter the market or buy a home in an area they desire to live in. 

While the cost of home ownership is higher than ever before, house hacking is a valuable strategy that—although not in existence when I invested in my first property—can open the doors of homeownership and allow those willing to exercise more creativity and flexibility to enter the market.  

Simply put, “house hacking “involves renting out portions of your primary residence to generate income that is used to offset the cost of your mortgage and other expenses associated with owning a home.” 1

House hacking can involve anything from renting out your garage for someone’s storage or work purposes to renting out an extra bedroom to a friend, coworker or ideal renter or converting your basement into a rental suite or Airbnb.

If you’re willing to think creatively and trade some of your creature comforts, you can offset some of the costs of homeownership to get into the market.  

1 https://www.forbes.com/sites/davidgreene/2018/12/04/house-hacking-how-financially-savvy-people-live-in-expensive-markets-while-saving-money/

What’s old is…old

When I started investing in Calgary real estate, the common strategy was to buy an older property with suites that could be rented independently to separate tenants. The logic here was pretty simple: buy an older home at a cheaper price and generate more revenue with multiple renters. 

However, this often leads to many unforeseen costs in acquiring and maintaining those properties. 

Firstly, finding the right property with an ideal floor plan (with the electrical panel in a common area, common laundry area, or detached garage) can be akin to finding a needle in a haystack. When a suitable property does come along, you usually face a boatload of competition from other bidders and multiple offers, which drive up the initial investment price.

Additionally, older homes can present costly maintenance and repair issues, making forecasting costs and preserving cash flow difficult. 

A new approach 

While older properties with suites once seemed promising, the realities of maintenance and market competition have led me to embrace a different strategy: buying new builds. 

 Whether you’re purchasing your first rental property or your first home, investing in brand-new homes offers several advantages:

• Turn-Key Ready: New builds are move-in ready, minimizing maintenance costs and allowing for immediate rental or occupancy.
  

• Lower Maintenance: Modern construction and warranties reduce the likelihood of costly repairs, preserving cash flow.
  

• Attractive to Tenants: New properties tend to attract higher-quality tenants who appreciate modern amenities and energy-efficient features.
  

• Long-Term Value: Properties in new communities often appreciate as infrastructure and amenities develop, enhancing the neighbourhood's appeal.

In addition, recent changes from the Government of Canada allowing for 30-year amortizations on new builds make financing more flexible, especially for first-time buyers. 

For those young investors, particularly those interested in house hacking, consider laned homes with detached garages and legal basement suites as they provide:

• Additional Income possibilities: Renting out the suite and garage separately adds to your monthly revenue stream.
  

• Lower Initial Costs: You can enter the market with a lower down payment (as little as 5%), freeing up capital for future investments.

• For those not buying a personal residence or house hacking, you can still focus on buying rentals before investing in your primary residence. I purchased several rentals before moving out on my own, and when the time came, I moved into one of my rentals. 

In summary

Regardless of your chosen strategy, investing in Calgary's real estate market demands foresight and adaptability. 

By learning from others' past experiences and adapting to market trends, today's investors can position themselves for long-term success in Calgary's evolving real estate landscape.

As Calgary continues to grow and evolve, so will the opportunities for savvy investors willing to embrace innovation and foresight in their investment strategies.

Don't hesitate to reach out if you’re interested in exploring real estate investment strategies or options.  

As Calgary real estate prices continue to rise, finding an affordable home is becoming increasingly difficult for many hardworking Calgarians. 

The median home price in Calgary as of May 2024 rose by a significant 9.8% percent over last year, while the median price for apartments and townhomes rose by a whopping 19% and 21.6%, respectively. 

As we’ve seen in other housing markets across the country and the globe, the high demand for affordable homes combined with low inventory levels in these market segments ultimately causes further upward pressure on homes priced under $500,000. In other words, lower-priced homes are increasing in value faster.

While the government and stakeholders need to take further action to address these issues, we wanted to share some potential strategies for people on the cusp of homeownership looking to enter the Calgary real estate market.  

House Hacking or Co-ownership

As mentioned in last month’s blog on real estate investing, house hacking can be a valuable strategy for those who have a down payment but are looking for ways to offset the costs associated with homeownership.

Simply put, house hacking involves renting out portions of your primary residence to generate additional income you can put toward your mortgage. Some examples could include: renting out your garage or additional parking for someone’s storage or work purposes, renting out an extra bedroom to a friend, coworker, or ideal renter, or even converting your basement into a rental suite or Airbnb. 

If you’ve saved some money but cannot afford a down payment on your own, you may want to weigh the pros and cons of co-ownership. Co-ownership involves purchasing a property with family members or friends to split the burden of saving for a hefty down payment and paying monthly mortgage costs or other expenses. This could be done through a joint venture agreement or by getting a co-signer for the mortgage application.

While both are effective strategies for entering the market, prospective buyers considering house hacking or co-ownership should consider possible challenges such as changing personal and financial situations or the strain co-living can place on relationships. 

Clear, written agreements and a viable backup plan are essential in these cases to help navigate unforeseen scenarios and fluctuating personal situations.

Explore government programs

While there’s no doubt we’ve got work to do in terms of providing affordable housing options for Calgarians, there are various government programs and incentives designed to help first-time homebuyers and low-income families:

• Canada Mortgage and Housing Corporation (CMHC) Programs: CMHC offers mortgage loan insurance, which can help reduce the down payment requirement to as low as 5% of the purchase price.
  

• First-Time Home Buyer Incentive: This program provides a shared-equity mortgage with the Government of Canada, reducing the monthly mortgage payment without increasing the down payment.
  

• Affordable Housing Programs: The City of Calgary and the provincial government offer affordable housing initiatives, such as Attainable Homes Calgary, for low-income individuals and families.

When researching government programs, ensure you read the fine print and successfully qualify for the benefits. 

Some housing programs, like Attainable Homes Calgary, will have home specialists and vetted partners who can provide direction and advice, even if they don’t have homes available. 

Consider alternative housing options.

While they may differ from your initial dreams of homeownership, non-traditional housing options can provide strategic avenues to enter the market, opening the door to potential future investments. 

Though modular or prefabricated homes may not have the same allure as traditional builds, they are typically less expensive and can be constructed more quickly. Additionally, purchasing a house with a legal suite can allow for a higher price point for mortgage preapproval. 

Another potential option is co-op housing, where residents purchase shares in a cooperative corporation that owns or leases the housing units and/or the land. This share grants them the right to occupy a unit and participate in the cooperative’s decision-making processes. 

Currently, there are about 13 housing co-operatives in Calgary, providing approximately 1,200 units. These co-ops are spread throughout the city and are managed by their residents, who collectively own the property and make decisions democratically.

For more detailed information on co-op housing in Calgary and how to apply, you can visit the Southern Alberta Co-operative Housing Association's website at SACHA.

Not without compromise 

Ultimately, none of these strategies is without compromise. 

If you aren’t considering relocating to a more affordable area and moving cities isn’t in the plans, you will probably have to make some concessions on specifics like neighbourhood, living space, arrangements, or ownership agreements.  

While this is undoubtedly easier said than done, a positive attitude and a willingness to be flexible and think creatively will help you enter the market and generate wealth for the future. 

By exploring alternative housing options, utilizing government programs, and improving your financial health, you can work towards securing a stable and affordable place to call home. 

Stay informed, be patient, keep your long-term goals in mind, and don’t hesitate to contact us for assistance!

Separate rallies have been held outside city hall as a marathon public hearing on Calgary City Council’s proposed blanket rezoning, expected to last a week or longer, is now underway. 

Though only one aspect of the city’s housing strategy, blanket rezoning is undoubtedly the most contentious and emotional. "Dozens of people lined up inside the municipal building atrium Monday morning, hoping to register last minute for a five-minute time slot to share their thoughts with the council,” in what Council anticipates will be its longest-ever public hearing.

While blanket rezoning has emerged as a divisive issue which seems to pit so-called NIMBY (not in my backyard) homeowners against renters, migrants and other Calgarians who don’t have access to affordable housing, in reality, the issue is more nuanced.

In fact, much of what’s really at stake is a broader discussion about who should decide how neighbourhoods should look in the future in a city undergoing unprecedented historical transformation. 

Before deciding where you stand, here are a few things to consider. 

1 https://calgaryherald.com/news/local-news/blanket-rezoning-marathon-public-hearing-kicks-off

Why remove the red tape?

As a real estate agent and a homeowner in Calgary’s Inglewood neighbourhood, I’ve generally been in favour of inner-city development that favours the kind of mixed-use housing supported by the RC-G blanket rezoning proposal which permits building single-detached, semi-detached, suites and rowhouses on any low-density residential property.   

One of the arguments here  is that the city already approves the vast majority of rezoning applications. So, for over 95% of proposed development projects, current zoning processes add unnecessary time and cost. Eliminating the red tape allows developers to build homes faster and meet demand with homes that typically cost less than single-family residences. 

In addition to opening up opportunities for buyers who can’t afford a single-family home to be a part of the community, densification and mixed-use housing can enliven and revitalize communities, bolster local businesses, make neighbourhoods more vibrant and amenity-rich, and attract money and investment. 

For example, many Calgarians now know Inglewood as a lively and upscale neighbourhood perfect for strolling around on a Saturday or Sunday afternoon. Believe it or not, in the 1960s, most of Inglewood was considered an undesirable neighbourhood with a declining population and the perfect site for a freeway. 2

2 https://www.sprawlcalgary.com/blanket-rezoning-inglewood?mc_cid=14ce042fd5&mc_eid=78ee9ec909

There’s more to it than nimbyism

Of course, the story is not that simple, and development is not always the be-all and end-all solution, especially when it comes to affordable housing. 

In many instances, inner-city development can drive home prices up by making those areas more desirable. This was definitely the case in Inglewood where, with increasing gentrification, the neighbourhood became “increasingly unaffordable for many, including the working-class residents who made Inglewood what it was.” 3

What’s also unfortunate is that residents with legitimate concerns over the impact of densification and increased development on their neighbourhoods are often summarily dismissed as NIMBYs, a niche group concerned only about their self-interest.

Concerns voiced by residents in established communities most impacted by blanket rezoning are more far-reaching and community-orientated than they are generally branded. In the city’s What We Heard report released in mid-April approximately 70% of the feedback the city received expressed concern about rezoning, with 52 community associations having signed a letter to the city in opposition to the proposal.

In Bridgeland, for example, another neighbourhood with a similar story to Inglewood’s, residents have pointed out how densification has led to the removal of residential trees, increased wear-and-tear to public spaces, degradation of natural spaces, lack of sufficient parking, and increased traffic and congestion on residential streets, eroding many of the charming features these communities were built on. 

3 https://www.sprawlcalgary.com/blanket-rezoning-inglewood?mc_cid=14ce042fd5&mc_eid=78ee9ec909

No winner takes all 

What’s really at stake here is not just affordable housing but also who makes decisions that determine the fate of neighbourhoods and how they will look in the future. Are all relevant parties consulted as part of the process? 

Should decisions about zoning or rezoning be made from the top down by experts, city officials and bureaucrats who must respond to more significant shifts in the city’s housing market?  

Or should they be made from the bottom up by community stakeholders and residents who helped establish the very communities these top-down policies impact?

Framed in this lens, it becomes clear just how complex the issue really is, especially considering the unprecedented demand for housing. 

It’s not just a matter of being for or against development or rezoning. Regarding the future of our city and the incredible neighbourhoods home to all Calgarians, there’s no clear resolution where everybody comes out an absolute winner. Ultimately, workable solutions will need to be a mix of both, taking into account the interests of all Calgarians and involving some mix of top-down and bottom-up approaches to policy.  

This requires conversation, dialogue, and understanding the vested interests of all our city’s citizens. Hopefully, this week’s public hearings provide a good starting point.

Interested in learning more? Here’s a few great links:

https://www.instagram.com/mddl.co/

https://www.sprawlcalgary.com/blanket-rezoning-inglewood?mc_cid=14ce042fd5&mc_eid=78ee9ec909

https://www.cbc.ca/lite/story/1.7179861

This news is disappointing for those waiting for rates to drop before entering the market to buy a home. Understandably so, as the cost of borrowing money, combined with rising house prices here in Calgary, has significantly increased the cost of home ownership. 

Logistically, waiting for rates to come down in the short term makes sense. A shorter-term wait now could mean long-term savings. But what if it doesn’t end up that way?
  
Read on to learn more about the BOC’s announcement and what rate drops could mean for the Calgary real estate market.   

Why did the Bank of Canada keep rates steady?

Inflation eased more than expected in early 2024. Since the BOC's last hold in January, there have been no “big surprises” in Canada’s economic data and outlook. So why not drop rates?

Well, one reason, says TD Bank senior economist James Orlando, is that the stronger-than-expected GDP figures in late 2023 have put little pressure on Bank of Canada officials to lift rates and stimulate the economy. 

But it’s also worthwhile looking more closely at inflation. 

While annual inflation cooled over January, declining to 2.0 % from 3.4% the previous month, specific components of the consumer basket, such as food, health, and personal care, are still hovering above 3%.

Among the highest in the consumer basket? Shelter. In other words, housing. 

In fact, BOC Governor Tiff Macklem highlighted “persistently high shelter inflation as the biggest contributor to the rising cost of living”, suggesting that the BOC is at least somewhat cautious about the impact rate drops may have on the cost of housing. 

Enter the Calgary real estate market

Despite one of the fastest rate hike cycles in Canadian history, the Calgary real estate industry continues to set price appreciation records into 2024. Why? Well, simply put, supply and demand.

Over the past two years, Calgary has seen unprecedented numbers in both interprovincial and international migration. The influx of new Calgarians stimulated record demand for housing, with historically low supply levels. 

To give some perspective, supply levels did actually increase this February. However, with four sales for every five new listings on the MLS, the increase in listings did little to ease inventory supply. 

As a result, in February 2024, 2134 homes were sold, up from 1738 in February 2023, a nearly 23% increase — leading to a 10.3% increase in the benchmark price over the previous year.

What does this have to do with interest rates?

Great question.  Most of it comes down to basic laws of supply and demand. 

With the benchmark rate steady at 5%, buyer confidence increases. Many economists and investors anticipate that if or when rates do come down, a wave of new buyers is likely to enter the market, further increasing demand.

Combine that with an already competitive Calgary real estate market hungry for supply, and, you guessed it, prices go up. 

It is impossible to predict how many people are waiting for interest rates to drop and how rate drops will impact prices. Yet, there’s a potential scenario in which many buyers waiting out rate drops end up paying significantly more for a house than they would today. 

 https://globalnews.ca/news/10338646/bank-of-canada-interest-rate-march-2024/

Situation. Situation. Situation.

What should you do? 

At TB Real Estate Team, we counsel clients to balance current events and market speculation against their current situation.

In other words, when deciding when and where to buy a home, trying to time the market should never take precedence over your family’s circumstances. 

For example, suppose you can buy the home you need within your price range and comfortably afford payments at current interest rates. In that case, it might be worthwhile to weigh out the options of buying now versus waiting for rates to come down and ending up in a situation where prices are higher, and there’s even more competition.

On the other hand, if you are in a position where taking on a mortgage at current rates would stretch your family’s budget beyond what is manageable, then making a potentially detrimental financial decision based on speculation is not advisable. 

As we like to say at TB Real Estate, it’s all about situation, situation, situation. 

So, if you're considering a move and want professional guidance, don’t hesitate to reach out. 

The past year was another dynamic one for Calgary real estate.

Marked by continued price growth, persistent supply challenges among lower-priced homes, and the long-awaited shift toward more balanced market conditions, home buyers and sellers saw a little bit of everything.

With 2024 drawing to a close and many of our clients asking what they can expect in Calgary real estate this coming year, in this month’s blog, we reflected on a few key trends that shaped Calgary’s real estate market this year and developments that may impact what the future holds for 2025.

Strong out of the gates but a slower, steadier finish

Following in the footsteps of 2023, the Calgary real estate market got off to a hot start in 2024, with prices rising steadily during the first few months of the year. February, March, and April were the busiest months for transactions and price growth, with high demand continuing to drive competition and multiple-offer scenarios.

However, in a surprising twist that came as a shock to many Realtors and industry experts (us included), the much-anticipated decline in Government of Canada interest rates did not lead to the predicted surge in buyer demand — as would-be buyers behaved more cautiously than expected, likely due to economic uncertainties or higher price points in specific market segments.

The resulting transition towards more balanced market conditions throughout the second half of the year was among 2024’s most significant developments; where homes were previously in multiple offers, we began to see many sell below listing price or even make price adjustments.

It’s also worth noting that rental rates — which soared in tandem with housing demand the past two years — were trending downwards. The average Calgary rental rate was down 5.5% year-over-year from 2023.

The tale of two markets

Even though the overall market trended toward more balanced conditions from August to December, many market segments continued to lean heavily toward sellers — with specific conditions varying greatly depending on home type and price point.

While the supply of homes priced over $700,000 has steadily increased month-over-month, easing conditions for buyers shopping at higher price points, lower-priced homes — especially semi-detached and detached — remained comparatively scarce when coupled with the high demand for more affordable housing options.

Additionally, many home builders focused on keeping new townhomes and condos as rentals—a strategy influenced by favourable lending rules—exacerbating the limited availability in this segment.

As of November 2024, the Calgary Real Estate Board’s (CREB) monthly market report highlighted ongoing supply shortages for lower-priced homes.

Looking ahead to 2025

What does all of this mean for 2025? Great question. It’s essential to remember that every forecast, even the most well-researched, is speculative and subject to change based on real-time market trends and current events.

That said, several developments from 2024 are likely to bear relevant impacts on housing supply and demand heading into 2025:

1. Land Rezoning - It will take time to determine the long-term impacts of 2024’s blanket rezoning land use re-designations. Still, we are seeing an uptick in development permits submitted in Calgary neighbourhoods previously zoned R1. Despite the contentious nature of the city’s rezoning, they should increase the supply of rowhouses and townhomes throughout 2025 in neighbourhoods that were previously single-family home communities.
   

2. New Construction - More homebuilders are leaning into townhome developments. Although concerns about oversupply and profitability linger for rentals, some are exploring the market gap for townhomes for sale, driven by sustained demand for affordable ownership options.
   

3. Speculative Investment - During the red-hot market in 2022, many speculative investors from out-of-province invested in pre-construction projects, betting they would dramatically increase in value by completion time, a gamble that was successful in Ontario and BC. With many of these projects finishing soon and in 2025 and not having increased in value as anticipated, many investors will be looking to sell to cut losses or put units up for rental, increasing supply to the housing or rental markets.
   

4. Immigration Slowdown - Following two years of record migration, Calgary is expected to see a continued slowdown in international and interprovincial migration, which could ease demand in both rental and housing markets and further contribute to the stabilization of supply and demand.

Final thoughts

Taking into account factors likely to impact supply and demand, leading industry experts are predicting the Calgary real estate market will likely see a more modest price growth of between 1-3% in 2025.

Though anti-climatic news for potential sellers and some Realtors, the continuing trend towards more balanced market conditions brings a much-needed reprieve for buyers and is generally good for the city as a whole, as the 7-10% year-over-year price growth we saw in 2022/23 is not sustainable.

Following two or three record-setting years of price appreciation, a return to comparatively stable conditions will be a tough adjustment, but there are still plenty of encouraging reasons to be optimistic about Calgary’s future growth:

• Lower housing prices with higher average incomes when compared with other major cities
  

• The lowest tax rate in Canada
  

• An entrepreneurial spirit and economic diversification, in addition to a robust oil and gas industry
  

• A young and educated population
  

• Renewed government investment in public projects and infrastructure

For all these reasons, Calgary remains an exciting place to live and invest in. As we head into 2025, the focus on balance, sustainability, and community growth promises a stable and prosperous future for the city.

Whether you’re a buyer, seller, or investor, Calgary’s long-term potential makes it a city worth watching, and 2025 could see favourable buying opportunities for investors and home buyers.
Have more questions? Send us an email or give us a call. We’d be happy to chat with you.

In real estate, you often hear about upsizing or downsizing. But for many Calgarians, the smarter move isn't always about going bigger or smaller — it's about choosing a home that fits your life right now.

Rightsizing is more than just a real estate transaction; it's a shift in mindset. It's about making intentional, financially empowering decisions based on how you want to live and what is genuinely essential to you or your family, rather than outdated expectations or one-size-fits-all advice.

Whether you're an empty nester or simply craving more freedom and less stress, rightsizing means choosing a home that aligns with your broader goals, needs, and desires that extend beyond square footage.

Read on to learn more about rightsizing and determine whether it's the right move for you.

What Does Rightsizing Really Mean?

Traditionally, the two primary factors considered when buying a home are size and location. There's no doubt these factors remain essential. But rather than focusing solely on size or chasing trendy locations, rightsizing challenges conventional thinking by asking: 

“What truly fits my life right now when I consider priorities beyond space and size?”

Perhaps your children have moved out, and your extra rooms have become storage areas filled with unused items. Or maybe working from home has completely altered your commuting needs. You may be ready to trade your time-consuming yard and hefty utility bills for more travel or leisure opportunities.

The bottom line is that rightsizing isn't about settling or sacrificing, as many people assume. Instead, it’s about aligning your home with your lifestyle, needs, and aspirations. It's not just a space upgrade; it’s a practical lifestyle upgrade.

Benefits of Rightsizing

Rightsizing is driven by more than just emotions. It can also be a financially and functionally wise decision, offering benefits that extend well beyond peace of mind.

Here are three key ways to think about the benefits of rightsizing:

Space with Purpose

Every room earns its keep. Many homebuyers end up with more space than they truly need or use, influenced by the belief that bigger is always better. In reality, unused space costs you money. Rightsizing doesn't necessarily mean smaller; it means finding a home where every space serves a purpose and is enjoyed daily.

Less Stuff, More Freedom

Generally speaking, more space often means more stuff. While it's essential to surround yourself with items that bring you joy, the constant accumulation of belongings not only drains your financial resources but also consumes your time (for cleaning and maintenance) and space.

Rightsizing encourages smarter storage and a minimalist mindset, focusing on owning things you genuinely use and enjoy, rather than items you feel obligated to have but never use (like that rarely-watched third TV).

Cost Savings

Rightsized homes typically mean lower taxes, reduced heating costs, and less upkeep. Additionally, fewer moves mean saving on Realtor® fees and associated costs over time. 

Suppose your family moves three times over 20 years. Based on Calgary’s median home price of $595,000, the typical commission on those three sales could exceed $60,000. That’s money better invested elsewhere, such as in the stock market or other real estate opportunities.

How Do You Know if Rightsizing is ‘Right’ for You?

Of course, rightsizing isn't for everyone. If your family is growing or you anticipate expanding your household, you might genuinely need more space, not less.

If you thrive on entertaining large groups, require significant hobby space, or run a home-based business that demands ample square footage, moving to a smaller or simpler space could become more frustrating than freeing.

You might also want to hold off if:

• You're uncertain about your long-term plans.

• You're emotionally attached to your current home.

• You're downsizing solely for financial reasons without gaining lifestyle improvements.

Rightsizing should always feel like a step forward, not a step back.

Final Thoughts: Going Against the Grain

If you're genuinely interested in rightsizing, you need to feel comfortable going against the grain or stepping outside conventional expectations. 

Ultimately, rightsizing is about rewriting the narrative that says you must chase bigger homes or keep up with market trends. By choosing a home that genuinely suits you, you gain control over your finances, your time, and your space. 

And, in Calgary, where you still get excellent value compared to other major cities, this strategy is both practical and empowering.

Rightsizing is about much more than real estate—it's about designing a life that reflects who you are and where you're headed. The "perfect home" isn't necessarily the biggest or the trendiest. It's the one that provides clarity, comfort, and the freedom to focus on what truly matters most.

Ready to find your perfect fit in Calgary? 

Connect with our team today for a personalized consultation. Let’s discuss how rightsizing can help you achieve the lifestyle you deserve.

After several years where sellers held the upper hand, Calgary’s real estate market has entered a more balanced phase. Buyers now have more choices and more time to weigh their options. According to the Calgary Real Estate Board (CREB), inventory has increased by just over 48%. year-over-year, with the months of housing supply continuing to rise.

For sellers, this shift means that making your home competitive is more essential than ever. As Calgary’s benchmark home prices dropped four percent from August 2024 to 2025, features and presentation are playing a larger role in capturing buyers' attention.

So what exactly are Calgary buyers prioritizing in 2025? Beyond the traditionally high-ranking factors of price and location, lifestyle-driven and future-focused features that reflect Calgary’s unique living environment are generating more interest.

Read on for a concise summary of these recent trends, along with some suggestions for sellers looking to capitalize on them.

Smart Tech That Simplifies Daily Life

Convenience, security, and efficiency are at the top of today’s buyers’ wish lists, and smart home technology delivers on all three.

From smart thermostats and security cameras to water leak sensors, buyers increasingly appreciate technology that makes life easier and safer. While these features are often seen as ‘nice-to-haves’ rather than deal-breakers, showcasing them can still set a home apart, especially as connected appliances and new smart home integrations continue to rise with early adopters.

And numbers suggest it’s not just a fad: the Canadian smart home market is projected to reach $4.18 billion in 2025, growing at nearly 10% annually toward 2030.

While many new Calgary builds already showcase integrated smart systems, sellers of older homes can still gain an edge. Adding a smart thermostat, video doorbell, or smart locks can modernize your property’s appeal in today’s balanced market. However, they should never be prioritized over essential preparations, such as decluttering, proper staging, deep cleaning, and paint touch-ups.

Flexible Living Spaces Buyers Can Adapt

Square footage is important, but today’s buyers also want flexibility. Families are seeking homes that can adapt to evolving needs, whether that means:

• A home office that doubles as a guest bedroom

• A basement that transitions between a playroom and a gym

• A den that can be designed and repurposed depending on needs and use.

In Calgary, where multi-generational living is also on the rise, adaptable layouts are especially attractive. More buyers are prioritizing right-sized homes that can evolve with them, over sheer size alone.

Sellers can benefit by highlighting potential uses for rooms — or even staging them to show versatility. When buyers can picture themselves growing into a space, it increases the likelihood of receiving a competitive offer.

Sustainable and Energy-Efficient Choices

Eco-friendly living has shifted from niche to mainstream. Buyers are increasingly drawn to homes with energy-efficient windows, high-performance HVAC systems, and water-saving fixtures. With utility costs rising, sustainability is about more than environmental impact — it’s also about long-term financial savings.

CMHC’s 2025 Mortgage Consumer Survey found that 61% of buyers identify energy efficiency as a key factor in their purchase decision. With 58% of Canadians paying the maximum they feel they can afford, many are seeking ways to lower their utility bills to offset strained budgets.

Sellers who have invested in upgrades should showcase them by sharing utility bills or highlighting features such as triple-pane windows, tankless water heaters, or solar readiness. Even more minor improvements, such as low-flow faucets, demonstrate a commitment to sustainability and can resonate with buyers.

(Pro tip: the best way to save on energy costs is to monitor utility bills, set monthly reminders to take advantage of fluctuations and changes in fixed versus variable rates)

For sellers with older homes, there’s no need to panic.

Cost-effective upgrades, such as programmable thermostats, added insulation, or updated appliances, can enhance perceived value, though buyers will still pay a premium for homes that are well-maintained and clean. Simple steps like a deep clean or paint touch-ups can go a long way in maximizing value without requiring a significant upfront investment.

The Calgary Perspective

While many buyer priorities are universal, others are uniquely Calgarian. Due to our city’s climate and lifestyle, Calgary buyers consistently place a high value on features such as:

• Mudrooms and storage space for managing long winters

• Oversized garages that accommodate trucks, SUVs, and extra gear

• C-train or bus transit access, especially as the city expands

• Lifestyle and community amenities, such as lake access or proximity to natural spaces

• Lots that offer privacy, back onto green space or provide easy access to it

Sellers who emphasize these lifestyle-driven features in their marketing are more likely to stand out in today’s balanced market.

In Summary

As Calgary’s real estate market stabilizes, buyers are becoming more discerning and seeking homes that offer more than just price and location.

Innovative technology, flexible layouts, and sustainable features are at the forefront, with Calgary-specific details, including storage, garages, and lifestyle amenities, adding even greater appeal.

If you’re planning to sell, now is the time to showcase how your home delivers on these priorities. With the right strategy, you can ensure your property doesn’t just compete — it captures buyers’ attention.

Thinking about selling your home?

Our team can help highlight the features buyers value most in 2025, so your property stands out in today’s balanced Calgary market.

Contact our team now!

After several years of rate volatility, mortgage rates in Canada are finally finding balance. As interest rates stabilize, many Calgary buyers and homeowners up for mortgage renewal are asking the same question: Is it better to lock in or stay flexible?

With economists offering mixed signals about what’s next for interest rates and Calgary’s housing market trending toward more balanced conditions, one thing is clear — there’s no single right answer for everyone.

The best mortgage choice for you depends on a combination of intersecting factors, including your personal financial situation, risk appetite, and long-term goals, making it as much a strategic decision as a financial one.

Read on to learn more about current rates, market conditions, and the pros and cons of rate options depending on your unique scenario.

Rates Are Levelling — But So Are the Differences

As of late 2025, the Bank of Canada’s overnight rate sits at 2.50%, following several small but significant cuts — its lowest point since 2022. In Calgary, five-year fixed mortgage rates now average 4.09% to 4.44%, depending on your lender and credit profile, while five-year variable rates are hovering just below fixed rates, at around 3.95% to 4.20%.

This near parity is unusual. Typically, fixed rates carry a premium to reflect future uncertainty, while variable rates are priced lower to entice borrowers willing to take on economic and market risks.

Why are Fixed and Variable Rates So Close?

While the shrinking gap between fixed and variable interest rates can be attributed to several different factors, much of it comes down to stability. In shifting from aggressive tightening to signalling potential cuts, the Bank of Canada has reduced the need for lenders to price in large cushions to accommodate their risk. In other words, when the central bank policy rate holds steady, both fixed and variable products tend to meet in the middle.

Bond markets also play a key role in where mortgage rates land. As fixed rates are tied to government bond yields, the recent dip in yields, fueled by concerns over slower economic growth and easing inflation, has helped bring fixed mortgage rates down.

Meanwhile, variable rates, which move with the Bank of Canada’s prime rate, have held steady due to the central bank being cautious about making deeper cuts, further narrowing the gap between fixed and variable rates.

Fixed-Rate Mortgages: The Case for Predictability

For many homeowners, choosing a fixed-rate mortgage isn’t about finding the absolute lowest rate; it’s about peace of mind. Fixed rates offer predictability, ensuring your payments stay the same for the entire term. That simplifies long-term budgeting and eliminates the stress of wondering what might happen if rates shift again.

This approach is especially appealing for households with limited financial flexibility, those on fixed incomes, or families planning to stay in their homes for several years. Even if rates dip slightly, paying a bit more for stability can feel worthwhile, serving as a kind of insurance against the unexpected.

Fixed rates also offer protection if forecasts turn out to be wrong. Should inflation resurface or global pressures force the Bank of Canada to raise rates again, borrowers locked into fixed terms would be shielded from sudden payment increases. After the rapid hikes of 2022 and 2023, that kind of security feels more valuable than ever.

Pros:

• You know precisely what you’ll pay each month.

• Protects you from unexpected rate hikes.

• Peace of mind — especially if you’re planning to stay in your home long term.

Cons:

• Often higher than variable rates.

• Breaking the mortgage early can carry significant penalties.

• Locked into your rate until the term ends, even if rates drop.

Could Fixed Rates Become Cheaper?

Yes, it’s always possible that fixed rates could drop.

If bond yields were to fall due to economic data or global uncertainty driving investors toward safer assets like government bonds, fixed mortgage rates could drop a little further. A downward shift in yield would give lenders more room to lower fixed rates in a meaningful way.

That said, most forecasts still suggest variable mortgages will keep a slight edge through late 2025 and into 2026. However, the gap between the two will likely stay narrow, and the days of variable rates offering a full percentage-point advantage over fixed rates are probably behind us for the foreseeable future.

Variable-Rate Mortgages: The Case for Flexibility

A variable-rate mortgage moves with the Bank of Canada’s policy rate, meaning your payments can fluctuate. Variable mortgages come in two main types:

1. Adjustable-rate (ARM): Your payment changes as rates move. When rates drop, your payment decreases; when they rise, your payment increases.

2. Fixed-payment variable: Your payment stays the same, but the balance between principal and interest shifts. When rates drop, you pay down your mortgage faster; when they rise, progress slows — and if rates climb too high, you may hit a trigger point requiring a higher payment or conversion to fixed.

In short, lower rates don’t always mean more monthly cash flow unless you lock in or have an adjustable plan — but they can help you build equity faster.

Plus, beyond rate movements, variables also come with a few structural advantages. The penalties for breaking them are typically much lower than with fixed mortgages — an essential consideration if you plan to move, refinance, or make larger prepayments before your term is up. Most variable products also allow borrowers to convert to a fixed rate mid-term without penalty, providing the flexibility to adapt if conditions change.

Pros:

• Potential to benefit if rates decline.

• Easier to pay down or refinance early.

• Good fit for short- to mid-term ownership plans.

• Can lock into a fixed rate for the remainder of the term if the fixed rate is lower

• The payout penalty is usually lower if you discharge the mortgage (i.e., sell the property).

Cons:

• Rising payments if rates increase.

• Greater exposure to market volatility.

History Favours the Bold

Looking back historically offers a valuable perspective on variable-rate mortgages. Interestingly, between the 1950s and 2000, Canadian homeowners who chose variable mortgages came out ahead about 90% of the time.

After the 2008 financial crisis, when central banks slashed rates to stimulate growth, variable borrowers again saw meaningful savings. And during the pandemic, variable rates dropped to record lows (in some cases as little as 0.88%) while fixed rates stayed higher due to uncertainty in the bond market.

But history also reminds us of the risks. In 2022 and 2023, variable-rate borrowers felt the sting of the fastest rate hikes in decades. Monthly payments jumped by hundreds of dollars, quickly erasing the advantage variables had offered. That experience remains fresh for many homeowners, making risk tolerance a far more critical part of the mortgage decision than it used to be.

In Summary

As Calgary’s market finds its balance and interest rates begin to steady, the decision between a fixed or variable mortgage isn’t about finding the one “right” answer; it’s about finding the right fit for you.

Choosing a mortgage today requires more than comparing numbers. It means looking honestly at your financial situation, lifestyle, and comfort level with risk. Fixed rates can bring calm and predictability for households that value security, while historically, variable rates have rewarded those with flexibility and a higher tolerance for risk.

What matters most is understanding how each option aligns with your personal goals. Whether you prioritize steady cash flow or the possibility of long-term savings, your mortgage choice should fit your overall financial rhythm — not the other way around.

At the Trung Bien Real Estate Team, we believe good real estate decisions come from a clear strategy, not guesswork.

Thinking about your next move?

Our team can help you evaluate your options, connect with trusted mortgage professionals, and build a plan that’s right for your home, your budget, and your peace of mind. 

Connect with us.

There’s a familiar homeownership dream: you’re ready to buy a home now but can’t yet reasonably afford a semi-detached or detached house, so you purchase a new, more affordable condo you can enjoy today, planning to eventually upgrade as values rise.

However, unlike cities such as Toronto and Vancouver, where condo prices have soared over the past decade alongside the broader real estate market, Calgary hasn’t followed that script.

Calgary’s story has been one of slower appreciation with some backpedalling. Compared with other Canadian markets, condo values in our city have been more modest, with occasional dips that take time to correct.

So, if you’re considering purchasing a condo in Calgary, here are some essential, market-specific points to help guide your decision before you buy.

Oversupply Generally Shapes Calgary’s Condo Market

Calgary isn’t short on ambition. Our skyline has grown steadily, like other metropolitan cities, with new towers rising from the Beltline to the East Village. And with the recent surge in international and intraprovincial migration, it would be easy to assume condo prices are likely to steadily rise, as they have in Toronto and Vancouver.

But the numbers tell a different story. From 2021 to 2024, many Calgary condo owners were thrilled to see the median price increase to $342,200 — a nearly $75,000 advance from 2015 (see chart below).

While those numbers may seem encouraging, consider that in Vancouver, during the same period, condo prices increased by almost $400,000.

It’s also worth noting that in the first half of 2025, median condo prices in Calgary decreased by approximately $7,000 to $335,300. This indicates that, although inner-city construction has surged, demand for condos has returned to relatively modest levels, and it’s currently a buyer’s market again for condos in Calgary.

Why?
In addition to record migration rates finally slowing, it’s essential to remember that geographically, Calgary has room to grow as well as the zoning flexibility that allows for continued development of affordable single-family homes on the city’s outskirts.For many buyers — especially young families moving from pricier markets — detached housing in Calgary remains within reach, pulling demand away from condos and reducing the urgency that typically drives condo price appreciation in denser cities.The result is generally high inventory, often stagnant prices (especially in downtown areas), and a slower-moving condo market, particularly for properties without standout features.

So What Does That Mean for Buyers?

The decision to buy—or invest in—a condo in Calgary should be grounded in the realities of our market, not just timing or speculation.

Too often, buyers enter the market thinking, “I’ll get in now, ride the market up, and upgrade later.” But in Calgary, that logic can backfire. With median condo values growing slowly and even declining at times, there’s no guarantee you’ll build the equity needed to trade up or cash out when the time comes.

Over the years, we’ve seen many buyers get stuck: unable to sell without taking a loss, or holding onto a unit longer than planned while waiting for the market to recover. For example, in 2015, the median condo price in Calgary was $270,800. By 2021, it had decreased to $247,900. The average buyer who purchased a condo in 2015 would have had to wait approximately 8 years until 2022/23 for median prices to rise above their purchase price. 

The same caution applies to investors. If your primary goal is appreciation, Calgary’s condo market may not deliver the returns you're hoping for. High inventory, flat pricing, and ongoing competition from newer buildings make it challenging to speculate on price increases or profit from resale.

Lifestyle First: The Real Reason to Buy a Condo in Calgary

Despite the market-specific realities, condos can still be a fantastic option for many people—if they support or enhance your lifestyle goals, not just your financial ones. Rather than chasing appreciation, potential condo buyers should focus on lifestyle fit.

Ask yourself:

• Do you value walkability and being close to the action?

• Do you anticipate your family size staying the same for the next 3–5 years?

• Is low-maintenance living a priority?

• Do you travel often or want a home you can lock and leave?

If you answered yes to these questions, a Calgary condo could be the right choice.

Find the Right Fit for You

The benefit of having a high-inventory condo market, as we do in Calgary, is that you typically have a wide range of options to choose from, so there’s no need to rush your decision.

We always counsel buyers to take their time. The best condo isn’t always the flashiest — it’s the one that fits your life like a glove. A well-chosen condo offers flexibility, ease, and freedom. Amenities such as concierge service, underground parking, and on-site gyms can genuinely enhance your daily life.

Focus on how the property enhances your day-to-day living. Will it simplify your routine? Offer walkability? Let you downsize with dignity?

It’s helpful to spend significant time in the neighbourhood before buying. Experience the area over a few seasons. Make sure it’s somewhere you’ll thrive, not just tolerate. And remember, not all buildings are equal. 

Be selective:

• Look for well-managed properties with healthy reserve funds.

• Choose locations with staying power, not just hype.

• Understand condo fees and what they cover.

Final Thoughts

Ultimately, buying a condo in Calgary isn’t about trying to time the market. It’s about making a choice that aligns with how you want to live. In a city with more space and more options, clarity around your lifestyle priorities matters more than chasing short-term gains.

Condo ownership can be advantageous when it’s rooted in purpose. When your purchase aligns with your needs, your rhythms, and your future plans, you’ve already made a wise investment, regardless of how the market moves.

Ignore the noise. Skip the speculation. Focus instead on what matters most: your quality of life.

When you buy for lifestyle over timing, you gain peace of mind, everyday comfort, and a home that works for you.

—

Want to chat more about the pros and cons of buying a condo in Calgary’s market?

 📞 Call us today at 403-401-4222

 💬 Or reach out online at www.trungbien.ca