Thanks to gains mostly occurring in the newer communities, inventory levels in July were 6,917 units, reaching levels not seen since prior to the pandemic and higher than long-term trends. While supply has improved across all property types and all districts, the largest gains are occurring in the areas where there has been new community growth. 

The additional supply has weighed on home prices in some parts of the city. The total residential benchmark price in Calgary has trended down over the past several months and is currently four per cent below last year’s peak price reported in June 2024. 

“Price declines are not occurring across all property types in all locations of the city, and even where there have been declines, it has not erased all the gains made over the past several years,” said Ann-Marie Lurie, Chief Economist at CREB®. “The steepest price declines have occurred for apartment and row style homes, mostly in the North East and North districts, which coincides with significant gains in new supply.” 

The rise in supply occurred as sales continued to slow and new listings improved. In July, there were 2,099 sales, a 12 per cent decline over last year, while new listings reached 3,911 units, an over eight per cent increase over last year. In addition to the persistent economic uncertainty due to tariffs, sales and new listings were impacted by no further reductions in lending rates and added competition from the new home market. Apartment-style homes are reporting the highest months of supply with over four months, while both detached and semi-detached homes are seeing conditions remain relatively balanced at just three months of supply.  

Detached

For the first time since 2020, the months of supply for detached homes rose to three months. Sales activity slowed to 1,031 units in July, while the number of new listings, despite being slower than last month, was still nearly 10 per cent higher than last year’s levels and above long-term trends. The wider gap between sales and new listings led to a significant adjustment in inventory levels and, with slower sales, the months of supply rose to three months.

However, conditions did vary significantly depending on location. In the North West, West and South districts, the months of supply remained well below three months, whereas the North East reported the highest months of supply at over four months. 

A shift to balanced conditions has taken much of the pressure off home prices. As of July, the detached benchmark price was $761,800, down less than one per cent over last year. However, there was a significant range of price adjustments. Both the North East and East districts have reported the largest decline in price at five per cent, though prices still rose in the City Centre by nearly two per cent. 

Semi-Detached

Sales activity in July continued to slow, contributing to the year-to-date decline of 11 per cent. At the same time, new listings have generally been higher this year compared to last year, supporting inventory gains. With 549 units in inventory and 187 sales, the months of supply in July rose to three months, something that has not happened since 2021. 

Although supply is improving in relation to sales, prices have remained relatively stable. As of July, the benchmark price in the city was $697,500, one per cent higher than last July. Price growth did range throughout each district, with the highest gains occurring in the City Centre, with nearly three per cent growth. Meanwhile, prices declined over last year in the North East, East and North districts.

Row

Like other styles of homes, sales have eased compared to last year, with new listings and inventories rising over last July. The months of supply in July was similar to last month at over three months, with a range of under three months of supply in the City Centre, North West , South and South East, to nearly five months of supply in the North East district.

Row prices have generally been trending down over the past three months, and while they are nearly four per cent lower than last year at this time, on a year-to-date basis they have remained similar to last year. When considering activity by district, year-to-date price declines have been reported in the North East and North, while prices have risen in all other districts.

Apartment Condominium

There were 1,014 new listings in July relative to 508 sales, keeping the sales-to-new listings ratio at 50 per cent and inventory levels elevated at 2,097 units. Higher inventories and slower sales caused the months of supply to push above four months in July, the highest it has been since 2021. Added competition for new product combined with rising rental vacancy rates has impacted the resale condominium market.

The additional supply choice is having a more significant impact on apartment style prices over any other property type. In July, the benchmark price was $329,600, which is down over one per cent compared to last month and nearly five per cent lower than levels reported last year. However, when considering year-to-date figures, prices have remained stable compared to last year as gains in the West, South and North West have offset declines occurring in the North East, North, South East and East districts.

REGIONAL MARKET FACTS

Airdrie

Due to declines in both row and apartment sales, July sales slowed by 14 per cent compared to last July, contributing to the year-to-date decline of 12 per cent. While sales have slowed, activity remains higher than levels reported prior to 2021. What has changed is the significant improvement in new listings, resulting in inventory gains. As of July, inventory levels rose to 543 units, the highest July reported since the peak in 2018. The higher inventory levels kept the months of supply above three months in July, placing some downward pressure on home prices. In July, the benchmark price was $532,800, nearly four per cent lower than levels reported last year at this time. However, last year’s gains were exceptionally high earlier in the year, and on a year-to-date basis prices are only slightly lower than last year.

Cochrane

Unlike other areas, Cochrane has not seen the same level of pullback in sales compared to long-term trends. While July sales were down by seven per cent, year-to-date sales are two per cent lower than last year and 23 per cent higher than long-term trends. New listings in July did reach a record high for the month, causing inventories to push to the highest level reported for the month since 2019 and causing the months of supply to rise above three months. While this likely contributed to some of the monthly decline in price, unlike other areas the July benchmark price of $590,000 was over two per cent higher than last year, and four per cent higher on a year-to-date basis.

Okotoks

This market continues to exhibit tighter market conditions than both Airdrie and Cochrane with a sales-to-new-listings ratio of 71 per cent and months of supply at just over two months. This is a significant improvement compared to the previous four years, where the months of supply in July was just over one month. In July, the benchmark price in the area was $628,500, slightly lower than last month, but higher than last year’s level. Despite some monthly fluctuations, year-to-date prices are over two per cent higher than last year.

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

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

The Bank of Canada today maintained its target for the overnight rate at 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%.

While some elements of US trade policy have started to become more concrete in recent weeks, trade negotiations are fluid, threats of new sectoral tariffs continue, and US trade actions remain unpredictable. Against this backdrop, the July Monetary Policy Report (MPR) does not present conventional base case projections for GDP growth and inflation in Canada and globally. Instead, it presents a current tariff scenario based on tariffs in place or agreed as of July 27, and two alternative scenarios—one with an escalation and another with a de-escalation of tariffs.

While US tariffs have created volatility in global trade, the global economy has been reasonably resilient. In the United States, the pace of growth moderated in the first half of 2025, but the labour market has remained solid. US CPI inflation ticked up in June with some evidence that tariffs are starting to be passed on to consumer prices. The euro area economy grew modestly in the first half of the year. In China, the decline in exports to the United States has been largely offset by an increase in exports to the rest of the world. Global oil prices are close to their levels in April despite some volatility. Global equity markets have risen, and corporate credit spreads have narrowed. Longer-term government bond yields have moved up. Canada’s exchange rate has appreciated against a broadly weaker US dollar.

The current tariff scenario has global growth slowing modestly to around 2½% by the end of 2025 before returning to around 3% over 2026 and 2027.

In Canada, US tariffs are disrupting trade but overall, the economy is showing some resilience so far. After robust growth in the first quarter of 2025 due to a pull-forward in exports to get ahead of tariffs, GDP likely declined by about 1.5% in the second quarter. This contraction is mostly due to a sharp reversal in exports following the pull-forward, as well as lower US demand for Canadian goods due to tariffs. Growth in business and household spending is being restrained by uncertainty. Labour market conditions have weakened in sectors affected by trade, but employment has held up in other parts of the economy. The unemployment rate has moved up gradually since the beginning of the year to 6.9% in June and wage growth has continued to ease. A number of economic indicators suggest excess supply in the economy has increased since January.

In the current tariff scenario, after contracting in the second quarter, GDP growth picks up to about 1% in the second half of this year as exports stabilize and household spending increases gradually. In this scenario, economic slack persists in 2026 and diminishes as growth picks up to close to 2% in 2027. In the de-escalation scenario, economic growth rebounds faster, while in the escalation scenario, the economy contracts through the rest of this year.

CPI inflation was 1.9% in June, up slightly from the previous month. Excluding taxes, inflation rose to 2.5% in June, up from around 2% in the second half of last year. This largely reflects an increase in non-energy goods prices. High shelter price inflation remains the main contributor to overall inflation, but it continues to ease. Based on a range of indicators, underlying inflation is assessed to be around 2½%.

In the current tariff scenario, total inflation stays close to 2% over the scenario horizon as the upward and downward pressures on inflation roughly offset. There are risks around this inflation scenario. As the alternative scenarios illustrate, lower tariffs would reduce the direct upward pressure on inflation and higher tariffs would increase it. In addition, many businesses are reporting costs related to sourcing new suppliers and developing new markets. These costs could add upward pressure to consumer prices.

With still high uncertainty, the Canadian economy showing some resilience, and ongoing pressures on underlying inflation, Governing Council decided to hold the policy interest rate unchanged. We will continue to assess the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs related to tariffs and the reconfiguration of trade. If a weakening economy puts further downward pressure on inflation and the upward price pressures from the trade disruptions are contained, there may be a need for a reduction in the policy interest rate.

Governing Council is proceeding carefully, with particular attention to the risks and uncertainties facing the Canadian economy. These include: the extent to which higher US tariffs reduce demand for Canadian exports; how much this spills over into business investment, employment and household spending; how much and how quickly cost increases from tariffs and trade disruptions are passed on to consumer prices; and how inflation expectations evolve. 

We are focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval. We will support economic growth while ensuring inflation remains well controlled.

Information note

The next scheduled date for announcing the overnight rate target is September 17, 2025.

Courtesy The Bank of Canada

There are many things you can change about a home. Need more space? Is the kitchen outdated? Does the place “need work?” These can all be fixed with a renovation. One thing you can’t change, is the location. That’s why it’s so important to do your research and choose a location that not only fits your needs now, but in the future as well. In this article, we’ll guide you through five steps to help you choose the best location to buy a home.

Choosing the Best Location to Buy a Home

When shopping for a home, it can be easy to get blinded by the dazzle of a home’s features, like a brand-new kitchen or the pool in the backyard. However, it is critical to take time to think about where you would like to live, before you can dive deeper into the type of home you would like to live in.

According to a new survey by REMAX Canada, four in five Canadians said they would recommend their neighbourhood as a great place to live. That tells us that this is on Canadians’ radar, and they’ve done their research.

Furthermore, three-quarters of Canadians said they have made compromises to live where they do—highlighting an important reality that, sometimes, compromises have to be made to attain some of the must-haves on your list or criteria. With that said, 57 per cent of Canadians said despite their compromises, they love their neighbourhoods and agree that their lifestyle aligns with the neighbourhood they live in.

Let’s explore some lifestyle factors and how they may influence your choice of location.

Step 1: Urban versus Suburban

There are pros and cons to living in both, but one important factor is the cost of living in each location. If you prefer to live in the city, look at all your options to see what your budget will get you in the city, versus what it will get you in the suburbs. After weighing both options, the question remains, urban or suburban?

Step 2: Explore the Neighbourhood

Depending on if you are a young professional, are raising a young family, or are downsizing, you are likely looking for a likeminded community and neighbourhood where you will fit in. While conducting online research is a great place to start, nothing is better than first hand experience. These tips will help you choose the perfect neighbourhood.

Access more information about Calgary Northwest neighbourhoods here: https://vianigroup.com/calgary_northwest_communities.html

Access more information about Calgary Northeast neighbourhoods here: https://vianigroup.com/calgary_northeast_communities.html

Access more information about Calgary Southwest neighbourhoods here: https://vianigroup.com/calgary_southwest_communities.html

Access more information about Calgary Southeast neighbourhoods here: https://vianigroup.com/calgary_southeast_communities.html

Step 3: Research Proximity to Work and School

Commute times have gotten longer in Canada’s biggest cities, and the time spent getting to and from work is a deciding factor for many, when choosing where to work. Well, the same applies when choosing where to live. When choosing the best neighbourhood to buy a home, take some time to research the proximity to work, schools and other places you frequent on a regular basis. With that being said, jobs can come and go for a variety of reasons, so while the location of your workplace should factor into your decision on the best neighbourhood to buy a home, it shouldn’t be the only factor.

Step 4: Think About Family & Friends

Finding the right location means considering the distance to family and friends, and how long it will take you to get to them. If a change in location will mean you are further away from the people closest to you, you should consider if it is still the right option for you.

Step 5: Look Into Crime Rates

One of the main reasons your house feels like home is because as soon as you walk through the door, you feel safe. Getting a good understanding of what happens in the neighbourhood you are considering moving to can easily be done by conducting research on the crime rates in that area, compared to the other areas you are considering.

Although you may just be starting your home search, researching locations is one of the most important first steps. Your REMAX agent is a great resource for information on the many neighbourhoods within your city. Once you’ve decided on a general area, you can zero in and start the search for your new home!

Step 6: Contact us

Be in touch with us to help you with your next purchase.

www.vianigroup.com

Inventory levels in June continued to rise, both over last month’s and last year’s levels. By the end of the month, inventory reached 6,941 units, returning to levels reported in 2021, or prior to the surge in population growth. While sales have remained consistent with long-term trends despite a decline from recent months, higher levels of new listings compared to sales have contributed to the inventory gain.

All property types have reported gains in inventory, but both row and apartment style homes reported inventory levels over 30 percent higher than long-term trends, while supply for detached and semi-detached units are only slightly higher than typical levels.

“Supply has improved across rental, resale and new home markets, allowing for more choice for those considering their housing options,” said Ann-Marie Lurie, Chief Economist at CREB®. “The additional choice combined with no further declines in lending rates, persistent uncertainty and concerns of price adjustments is keeping many potential purchasers on the sidelines. This is weighing on home prices, especially for apartment and row-style homes.”

The unadjusted benchmark price was $586,200 in June, lower than last month and over three per cent lower than last year. Much of the citywide decline was driven by apartment and row-style homes, which are over three per cent lower than last year. Meanwhile, detached prices have remained relatively stable and semi-detached homes are still slightly higher than last year.

The steeper price declines for apartment and row style homes are reflective of those segments shifting toward a market that favours the buyer with nearly four months of supply. Meanwhile conditions are relatively balanced for detached and semi-detached homes. Overall conditions in Calgary have changed, but not enough to erase the significant growth in prices that have occurred over the past four years.

Detached

Sales in June were 1,194 units, six per cent lower than both last year and last month's activity. Sales activity did vary depending on location and price range, with declines in resale sales mostly for higher priced homes that likely face more competition from new homes. On a location basis, the steepest declines in sales occurred in the City Centre and the North East at over 20 per cent, while year-over-year gains were reported in the West, and South East districts. 

While sales did vary, inventories and new listings improved across most price ranges and districts in the city. However, it is only the North East district that is experiencing conditions that favour the buyer, causing prices to decline by four per cent compared to last June. As of June, the unadjusted benchmark price in Calgary was $764,300, less than one per cent lower than both last month and last year’s price.

Semi-Detached

Sales activity continued to slow this month, contributing to the year-to-date decline of nearly 12 per cent. At the same time new listings have generally been rising compared to last year, supporting inventory gains and a shift to balanced conditions. As of June, the months of supply was 2.6 months, a significant improvement over the tight conditions reported last year.

Additional supply choice has slowed the pace of price growth for semi-detached homes. As of June, the benchmark price in the city was $696,400, similar to last month, and over one per cent higher than last June. Price movements did range by district, as homes in the City Centre are over three per cent higher than last year and at record high levels, while prices in the North, North East, and East districts are all over two per cent lower than last year and three per cent lower than last year’s peak price.

Row

New listings continue to rise relative to the number of sales in the market, as the sales-to-new listings ratio in June dropped to 50 percent. This contributed to further inventory gains with 1,167 units available at the end of the month. While sales are still higher than long-term trends, the recent gains in inventory levels have caused the months of supply to push above three months. Within the city, conditions range with nearly six months of supply in the North East and two and a half months of supply in the North West.

Higher supply levels relative to demand are weighing on prices which, at a June benchmark price of $450,300, are down over last month and three per cent lower than last year’s levels. However, as the level of oversupply does range across the districts, so too do the price movements. The City Centre has seen the most stability in prices this month and is only one per cent below last year’s peak. Meanwhile, the North East is reporting year-over-year price declines of nearly six per cent.

Apartment Condominium

June new listings and sales both eased over last month’s and last year’s levels. However, with 1,024 new listings and 532 sales, inventories continued to rise and the months of supply pushed up to nearly four months. Slower international migration numbers are weighing on housing demand just as supply levels are rising, which is having a larger impact on apartment style homes.

The rising supply choice, both in new and resale markets, has caused resale prices to trend down again this month, leaving June’s benchmark price of $333,500 over three per cent lower than last year’s levels. While prices have eased across all districts in the city, the largest year-over-year declines are occurring in the North East, North and South East districts.

REGIONAL MARKET FACTS

Airdrie

Thanks to a sharp decline in detached activity, sales in June fell to 164 units. The pullback in sales was met with 324 new listings, causing the sales-to-new listings ratio to drop to 51 per cent, the lowest ratio reported in June since 2018. The wider spread between sales and new listings drove further inventory gains and for the first time since 2020 the months of supply was above three months. The additional supply choice has weighed on resale prices, which have trended down for the second consecutive month. In June the benchmark price was $538,300, nearly three per cent lower than levels seen last year at this time.

Cochrane

Gains for detached and semi-detached sales were offset by pullbacks for row and apartment units, as June sales remained relatively unchanged over last year. The 101 sales in June were met with 171 new listings and the sales-to-new listings ratio rose to 59 per cent. This slowed the pace of inventory growth, keeping the months of supply just below three months. While conditions are more balanced than they have been, prices in the area continue to rise albeit at a slower pace. As of June, the unadjusted benchmark price was $593,700, nearly one per cent higher than last month and four per cent higher than last June.

Okotoks

While levels are better than last year, both sales and new listings trended down in June, causing the sales-to-new listings ratio to rise to 87 per cent. This prevented any further monthly inventory gains and ensured that the months of supply remained below two months in June. While conditions remain tight in Okotoks, more supply in the broader region has likely prevented stronger price growth in the Town of Okotoks. As of June, the unadjusted benchmark price was $632,800, similar to last month and nearly three per cent higher than last year.

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

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

Canada’s housing market may see a mild rebound in the second half of 2025, according to a report released Wednesday by TD Economics.

The report, written by economist Rishi Sondhi, says home sales are expected to pick up after a slow start to the year. National home sales rose four per cent in May, following a small increase in April, suggesting some demand is returning.

“Uncertainty remains elevated, and job markets are deteriorating,” the report says. “Even if sales levels improve, they are likely to remain subdued, particularly in B.C. and Ontario.”

TD has slightly raised its forecast for average home prices in the second half of the year, but only in areas outside British Columbia and Ontario. Stronger sales and tighter supply in those regions, especially the Prairies, are expected to support prices.

Outlook varies by region

In B.C. and Ontario, prices are expected to fall. The report says there are too many homes for sale compared to the number of buyers in those provinces.

However, Ontario could still see a small bump in average prices if more expensive homes make up a larger share of sales. The report points to weak demand for cheaper condos in the Greater Toronto Area, especially among investors.

Looking ahead to 2026, TD expects both home sales and prices to grow more strongly, thanks to a better economy and lower borrowing costs. But high prices in places like B.C. and Ontario, along with slower population growth, are likely to limit how much the market can bounce back.

The report says the federal government’s housing plan could help by boosting supply, but not right away.

“We wouldn’t expect a material boost to housing completions until perhaps late next year,” it says.

TD says any major improvement in housing affordability will take time and will depend on building more homes across the country.

Courtesy REM

I am incredibly honoured to share that I have received the 25-Year Long Service Award from the Calgary Real Estate Board. It is a milestone that feels both humbling and rewarding. They say that if you love what you do, you will never work a day in your life, and that sentiment could not ring more true for me.

Over the past two and a half decades, I have had the privilege of helping hundreds of clients through one of life’s biggest transitions: buying or selling a home. There is no moment more gratifying than seeing a homeowner thrilled at the firm sale of their property, or watching a buyer receive the keys to their new home, eyes lit up with excitement and possibility. These are the moments that never get old.

Real estate is not just about contracts and keys; it is about people, relationships, and trust. I truly believe that I bring value to each transaction, and after 25 years in this business, I can confidently say that experience matters. Each negotiation, each market shift, and each unique client story has contributed to the depth of insight and perspective I bring to the table today.

This milestone is not mine alone. I am so fortunate to work alongside a phenomenal team, the Viani Real Estate Group, whose commitment, professionalism, and shared passion make every day in this business better. Most importantly, I want to thank my wife and kids. Their unwavering support, patience, and love have been the foundation that has allowed me to pursue this career with heart and purpose.

To my clients, colleagues, family, and friends, thank you. Thank you for the trust, the conversations, the challenges, and the celebrations. Here is to the next chapter, because I am just as excited about the future as I was when I started.

Thank you

Joe Viani

If you’re like most Canadians shopping for a home loan, you might be tempted to accept the first mortgage rate offer that comes your way. After all, the mortgage process can feel overwhelming, and the idea of settling quickly is appealing. But here’s something you should know: accepting the first mortgage quote you receive could cost you thousands of dollars over the life of your loan.

Getting mortgage loan quotes doesn’t need to be complicated or time-consuming. With today’s technology, you can request and receive mortgage quotes from several lenders within hours. Contrary to what you might have heard, shopping around for mortgage quotes won’t destroy your credit score if you do it the right way.

Why You Should Get Multiple Mortgage Quotes

The numbers tell a compelling story about why shopping around for mortgage quotes is so important for Canadians. According to a Bank of Canada study, many Canadians display what researchers call “brand loyalty” to their primary banking institution—and this loyalty comes at a huge cost.

The study revealed that Canadians who stick with their home bank without exploring other options miss out on potential savings between $759 and $1,617. Considering that these savings recur annually throughout your mortgage term, that could mean leaving up to $8,000 on the table over a standard 5-year term. Extend that to the full amortization period of a typical Canadian mortgage, and you could be looking at tens of thousands in unnecessary interest payments.

The difference between mortgage lender quotes can seem small at first glance—perhaps just 0.25 percent or 0.5 percent in interest rate—but these small differences have outsized impacts on your financial future. For example, on a $500,000 mortgage with a 25-year amortization, a rate difference of just 0.25 percent could save you approximately $60 per month or $720 per year. Over the full mortgage term, that adds up to $18,000 in savings!

Another benefit of gathering multiple mortgage lender quotes is the negotiating power it gives you. When you approach your preferred lender with competitive quotes from other institutions, you’re in a much stronger position to ask for better terms. Many lenders have rate-matching policies or flexibility that they only exercise when they know you’re considering their competitors.

Remember, mortgage lenders are competing for your business in a crowded marketplace. By getting multiple mortgage loan quotes, you’re simply participating in the competitive process that the mortgage market is designed for.

Does Getting a Mortgage Quote Hurt Your Credit?

When you apply for a mortgage quote, the mortgage lender typically performs a credit check to assess your financial situation. There are two types of credit checks: soft inquiries and hard inquiries. A soft inquiry doesn’t affect your credit score and often occurs when you check your own credit or when a lender pre-screens you for offers. A hard inquiry, however, does appear on your credit report and can temporarily lower your score by a few points.

Canadian credit bureaus (Equifax and TransUnion) understand the concept of “rate shopping” and have built their scoring models accordingly. When you’re looking for a mortgage, multiple hard inquiries for the same type of loan within a short timeframe are generally treated as a single inquiry for credit scoring purposes.

In Canada, this rate-shopping window typically ranges from 14 to 45 days, depending on which credit scoring model is used. This means you can collect mortgage quotes from multiple lenders within this period without each inquiry causing additional damage to your credit score.

For example, if you apply for mortgage quotes from five different lenders within a two-week period, the credit scoring systems will recognize that you’re rate shopping and count those five inquiries as just one for credit score calculation purposes. This means you can gather multiple mortgage loan quotes without worrying about credit score impacts.

Where to Get Mortgage Quotes in Canada

When searching for the best mortgage quote in Canada, you have several options to consider:

The Big Five Banks – Canada’s major banks (RBC, TD, Scotiabank, BMO, and CIBC) often provide relationship discounts for existing customers. Their widespread branch networks make in-person consultations easy, though their rates may not always be the most competitive.

Credit Unions – These member-owned financial cooperatives frequently offer competitive mortgage quotes and more flexible lending criteria than traditional banks. They tend to focus on serving local communities and may have special programs for first-time homebuyers.

Mortgage Brokers – These professionals work with multiple lenders and can search dozens of mortgage options on your behalf at no cost to you. A good mortgage broker saves you time by gathering multiple mortgage loan quotes based on your financial situation.

Monoline Lenders – These specialized mortgage companies (like First National, MCAP, or RMG) focus exclusively on mortgages without offering other banking services. They often provide highly competitive rates since mortgages are their primary business.

Online Mortgage Lenders – Digital-first lenders like Tangerine and Equitable Bank offer streamlined application processes and sometimes feature lower rates due to their reduced overhead costs. Their online platforms make it easy to submit applications and track your progress.

Mortgage Comparison Websites – Sites like Ratehub and WOWA allow you to compare rates from multiple lenders in one convenient location. These platforms can provide a quick overview of current market offerings without multiple applications. <- Not sure if RE/MAX will want this included.

Ready to start your homebuying journey on the right financial footing? Contact a memeber of the VIani Real Estate Group to discuss your housing goals and get recommendations for mortgage lenders in your area

Canada’s housing market is showing faint signs of revival, according to a new report from RBC assistant chief economist Robert Hogue. 

Data from local real estate boards indicates that sales activity ticked upward in May across several cities where sales previously pulled back, hinting at a recovery in a sector rattled by a trade war and lingering economic uncertainty.

This was the case for Toronto, Ottawa, Calgary, Edmonton, Fraser Valley, Saskatoon and Regina where the number of transactions partially rebounded from significant declines earlier this year.

“The de-escalation of tariffs has taken centre stage since May, alleviating some of the worst fears about the potential economic fallout even though recent doubling of steel and aluminum tariffs increases risks in some communities,” said Hogue. “We expect to get a clearer view in the coming months.”

Different stories across the country

Markets in southern Ontario and parts of British Columbia, the country’s least affordable areas, remain especially soft, Hogue notes. Activity in many of them is close to cyclical lows and will take time to rebound to more robust levels.

These markets are also where prices are under the most downward pressure. The MLS Home Price Index fell again in several markets in May from April, including the Toronto region, Hamilton, Kitchener-Waterloo, Cambridge, Vancouver and Fraser Valley. 

Trends in other parts of the country are relatively sturdier. Prairie markets such as Edmonton, Saskatoon, Regina, and some in Quebec, including Quebec City, and the Atlantic region like St. John’s have held up so far, “albeit they are not entirely unscathed from trade-induced anxiety,” said Hogue.

Toronto: A hesitant uptick

Toronto appears to be regaining its footing. Home resales rose 8.4 per cent in May over April on a seasonally adjusted basis, marking a second straight monthly increase. While the volume remains well below pre-pandemic highs, the upward trend suggests that sentiment is shifting.

Buyers continue to enjoy leverage. Inventory is at its highest in decades, putting pressure on sellers. Home prices remain under stress, with the MLS Home Price Index down 4.5 per cent from May 2024, even as it ticked up slightly month-over-month.

Montreal: Resilience amid uncertainty

Montreal has been steadier in the face of economic turbulence. Resale activity slipped just 2 per cent between April and May, and remains at what Hogue calls “solid pre-pandemic levels.” A reasonably balanced market has kept upward pressure on prices.

Single-family homes saw an 8.6 per cent year-over-year price increase in May, with condos rising 4.3 per cent. That pace is expected to moderate as more sellers enter the market, said Hogue.

Vancouver: Slowdown persists

Resales dropped again in May, marking six straight months of decline, while inventory swelled to a 12-year high, fueled by an influx of unsold condo completions.

The result: falling prices. The city’s MLS HPI was down 2.9 per cent from a year ago in May, and downward momentum is expected to continue in the near term.

Calgary: Defying the trend

Calgary stands out for its resilience. May resale activity jumped more than 8 per cent following three months of declines. A fast-growing population and strong job growth – three times the national average – continue to drive demand.

While the city’s HPI dipped 2.5 per cent year-over-year, new construction has helped keep prices in check without deterring buyers.

Coutrest Real Estate Magazine

Thanks to steep pullbacks in the apartment condominium sector, total residential sales in Calgary eased by 17 per cent compared to May of last year. While the drop does seem significant, the 2,568 sales this month remain 11 per cent higher than long-term trends for May and improved over last month.

New listings continued to rise this month compared to sales, resulting in further gains in inventory levels. However, the monthly gain in both inventory and sales prevented any significant change in the months of supply compared to April. With 2.6 months of supply, conditions are still relatively balanced. 

“Compared to last year, easing sales and rising inventories are consistent trends across many cities, as uncertainty continues to weigh on housing demand. However, prior to the economic uncertainty, Calgary was dealing with seller market conditions, and the recent pullbacks in sales and inventory have helped shift us toward balanced conditions taking the pressure off prices,” said Ann-Marie Lurie, Chief Economist at CREB®. “This is a different situation from some of the other larger cities, where their housing markets were struggling prior to the addition of economic uncertainty.”    

Last year there was limited inventory across most property types and price ranges. Recent inventory gains are creating pockets of the market that are struggling with too much supply while in other areas supply levels are still low relative to the demand, resulting in divergent trends in home prices.

Both detached and semi-detached home prices have remained relatively stable this month and are still higher than last year’s levels. Meanwhile, row and apartment style homes have reported modest monthly price declines and May prices remain below last year’s levels, as improved new home and rental supply is weighing on resale prices. Overall, the total residential unadjusted benchmark price in Calgary was $589,900, slightly lower than last month and over two per cent below May 2024 levels.   

Detached

New listings in May rose to 2,419 units, with most of the gains driven by homes priced over $600,000. At the same time, sales activity has slowed across most price ranges, supporting a shift toward more balanced conditions and relative stability in prices. However, districts that are facing more competition from new home product or are seeing a larger pullback in demand are starting to show some signs of elevated supply.

The North East district has seen the largest pullback in resale sales activity combined with some of the highest gains in new listings. This has driven the sales-to-new listings ratio down to 41 per cent and the months of supply was nearly four months in May. This is causing prices to ease in the North East, offsetting some of the gains reported in the City Centre, West, and North West districts. City-wide the unadjusted benchmark price in May was $769,400, similar to last month, one percent higher than last May, and still above last year’s seasonal peak price.  

Semi-Detached

The 428 new listings in May were met with 256 sales, causing the sales-to-new-listings ratio to rise to 60 per cent this month. This slowed the pace of inventory growth and the months of supply remained just above two months.  Semi-detached homes continue to remain less than 10 per cent of all sales and inventory levels in the city.

This in part is due to construction patterns shifting toward more row style properties over semi-detached, and is one of the reasons we do not see the same inventory build as row and apartment style homes. 

Like the detached market there is significant variation within the city districts. The North East has the highest months of supply at nearly three months and is reporting some price declines, while the tightest conditions are in the North West, where prices continue to rise. Overall, generally tighter conditions are still supporting price gains for semi-detached properties. In April the unadjusted benchmark price was $697,300, a monthly gain of less than one per cent, nearly three per cent higher than last year’s levels and above last year’s seasonal peak.

Row

Row home sales have eased over last year’s near record high pace but stayed well above long-term trends.  However, the gain in new listings has continued to cause further inventory gains. For the second month in a row, inventory levels were over 1,000 units; we have not seen this much inventory for row units since 2021.

While inventory levels have improved across all districts, we are starting to see higher months of supply in the North East district at 3.5 months, resulting in some downward pressure on prices. The North, North West and South areas have also reported higher year-over-year pullbacks in resale prices, as improved supply choice for new properties are impacting resale activity. Overall, the benchmark price in May was $453,600, down over last month, nearly two per cent below last May, and lower than last year’s seasonal high.  

Apartment Condominium

Sales this month totaled 579 units, a significant decline over last May’s record high of 907 units. While new listings were lower than levels reported last year, they remained high compared to sales, causing the sales-to-new listings ratio to drop to 47% this month. This contributed to further inventory gains and drove the months of supply up to 3.6 months.

High levels of apartment rental units under construction are adding to the rental supply and contributing to rent adjustments. This is likely slowing condo ownership demand coming from existing renters and potential investors, contributing to some of the shifts witnessed in the apartment condominium sector. 

More supply choice is also weighing on condominium prices. In May the benchmark price eased to $335,300, down from last month and over one per cent lower than last year. The steepest declines are occurring in the North East and South East districts, where competition from the new home market is weighing on resale pricing. While prices have eased and are below peak levels, recent declines have not offset the double-digit gains reported over the past two years.

REGIONAL MARKET FACTS

Airdrie

While improving over last month, May sales eased compared to last year, contributing to the year-to-date decline of 10 per cent. However, the 772 sales so far this year are consistent with long-term trends in Airdrie. At the same time new listings continue to rise causing the sales-to-new listings ratio to fall to 58 per cent, still well within balanced conditions, but a significant change from the over 90 per cent ratio reported last year. Recent shifts in sales and new listings have supported gains in inventory levels.

In May there were 468 units in inventory, reflecting the highest May reported since prior to the pandemic. The shift in supply is in part related to the surge in new construction providing more options for potential consumers. Additional supply choice is impacting price growth.  The total residential benchmark price was $540,600 in May, down nearly one per cent over last month and nearly two per cent below last year’s levels.

Cochrane

Sales in Cochrane were fairly resilient until this month, where sales were 17 per cent slower than last year. The decline was enough to cause year-to-date sales to ease to levels just below those reported last year.  At the same time, this month new listings surged, driving the sales-to-new listings ratio down to 55 per cent and supporting further inventory gains.  With 293 units available in May, levels are more consistent with long-term trends. The months of supply neared three months in May and while this did slow the pace of price growth, the total residential benchmark price of $589,400 is still nearly four per cent higher than last May.

Okotoks

A boost in new listings this month supported a surge in sales activity. However, with a sales-to-new-listings ratio of 74%, inventory levels did not change much over last month and the months of supply once again dropped below two months. Okotoks has struggled to add supply at the pace reported in Calgary, Cochrane and Airdrie and sales growth has been dampened by limited supply choice.

While there have been some improvements in inventory levels, as of May levels remained nearly 28 per cent below long-term trends for the city.  The limited supply choice given the relatively strong demand has continue to support some price growth in the town. As of May the unadjusted benchmark price was $633,900, up over last month and over two per cent higher than last year. 

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

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

Benchmark Rate holds steady at 2.75%

The Bank of Canada has kept its overnight interest rate target at 2.75 per cent. It is the second straight meeting the Bank has kept rates on hold after a string of decreases amounting to 225 basis points over the last nine months. It is a guarded step amidst ongoing economic uncertainties, notably those relating to U.S. trade policies. The Bank subsequently stated that “bilateral trade negotiations have been initiated with several countries; but the result of such negotiations is extremely uncertain.”

“In Canada, economic growth in the first quarter came in at 2.2%, slightly stronger than the Bank had forecast, while the composition of GDP growth was largely as expected. The pull-forward of exports to the United States and inventory accumulation boosted activity, with final domestic demand roughly flat. Strong spending on machinery and equipment held up growth in business investment by more than expected,” according to the Bank’s announcement. “Housing activity was down, driven by a sharp contraction in resales.”

Stable interest rates can provide some comfort to sellers and buyers moving into summer, but persistent economic uncertainty, especially on the trade front, can still put a damper on consumer confidence and housing activity in the coming months.

Bank of Canada’s 2025 Policy Interest Rate Announcement Schedule

Bank of Canada announces its decision for the overnight rate target eight times a year, typically on a Wednesday. The schedule for 2025 is as follows:

• Wednesday, January 29

• Wednesday, March 12

• Wednesday, April 16

• Wednesday, June 4

• Wednesday, July 30

• Wednesday, September 17

• Wednesday, October 29

• Wednesday, December 10

Read the full interest rate announcement below:

The Bank of Canada today maintained its target for the overnight rate at 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%.

Since the April Monetary Policy Report, the US administration has continued to increase and decrease various tariffs. China and the United States have stepped back from extremely high tariffs and bilateral trade negotiations have begun with a number of countries. However, the outcomes of these negotiations are highly uncertain, tariff rates are well above their levels at the beginning of 2025, and new trade actions are still being threatened. Uncertainty remains high.

While the global economy has shown resilience in recent months, this partly reflects a temporary surge in activity to get ahead of tariffs. In the United States, domestic demand remained relatively strong but higher imports pulled down first-quarter GDP. US inflation has ticked down but remains above 2%, with the price effects of tariffs still to come. In Europe, economic growth has been supported by exports, while defence spending is set to increase.  China’s economy has slowed as the effects of past fiscal support fade. More recently, high tariffs have begun to curtail Chinese exports to the US. Since the financial market turmoil in April, risk assets have largely recovered and volatility has diminished, although markets remain sensitive to US policy announcements. Oil prices have fluctuated but remain close to their levels at the time of the April MPR.

In Canada, economic growth in the first quarter came in at 2.2%, slightly stronger than the Bank had forecast, while the composition of GDP growth was largely as expected. The pull-forward of exports to the United States and inventory accumulation boosted activity, with final domestic demand roughly flat. Strong spending on machinery and equipment held up growth in business investment by more than expected. Consumption slowed from its very strong fourth-quarter pace, but continued to grow despite a large drop in consumer confidence. Housing activity was down, driven by a sharp contraction in resales. Government spending also declined. The labour market has weakened, particularly in trade-intensive sectors, and unemployment has risen to 6.9%. The economy is expected to be considerably weaker in the second quarter, with the strength in exports and inventories reversing and final domestic demand remaining subdued.  

CPI inflation eased to 1.7% in April, as the elimination of the federal consumer carbon tax reduced inflation by 0.6 percentage points. Excluding taxes, inflation rose 2.3% in April, slightly stronger than the Bank had expected. The Bank’s preferred measures of core inflation, as well as other measures of underlying inflation, moved up. Recent surveys indicate that households continue to expect that tariffs will raise prices and many businesses say they intend to pass on the costs of higher tariffs. The Bank will be watching all these indicators closely to gauge how inflationary pressures are evolving.

With uncertainty about US tariffs still high, the Canadian economy softer but not sharply weaker, and some unexpected firmness in recent inflation data, Governing Council decided to hold the policy rate as we gain more information on US trade policy and its impacts. We will continue to assess the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs.

Governing Council is proceeding carefully, with particular attention to the risks and uncertainties facing the Canadian economy. These include: the extent to which higher US tariffs reduce demand for Canadian exports; how much this spills over into business investment, employment and household spending; how much and how quickly cost increases are passed on to consumer prices; and how inflation expectations evolve. 

We are focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval. We will support economic growth while ensuring inflation remains well controlled.

Courtesy REMAX LLC

The Viani Real Estate Group is thrilled to share that we have officially joined REMAX Innovations!

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Whether you are thinking of buying, selling, investing, or just exploring options, I am here to help and always grateful for your referrals. These exciting changes mean more value, insight, and support for your real estate journey.

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Viani Real Estate Group

REMAX Innovations

www.vianigroup.com

A boost in new listings this month relative to sales caused April inventories to rise to 5,876 units. Although this is more than double the number reported last year, last year’s supply was exceptionally low, and current inventory levels are consistent with what we typically see in April. April sales reached 2,236 units—22 percent below last year’s levels but in line with long-term trends

“Economic uncertainty has weighed on home sales in our market, but levels are still outpacing activity reported during the challenging economic climate experienced prior to the pandemic,” said Ann-Marie Lurie, Chief Economist at CREB®. “This, in part, is related to our market's situation before the recent shocks. Previous gains in migration, relatively stable employment levels, lower lending rates, and better supply choice compared to last year’s ultra-low levels have likely prevented a more significant pullback in sales and have kept home prices relatively stable.”

The rise in inventory levels helped the market shift to balanced conditions with nearly three months of supply. However, conditions vary depending on price range and property type. Lower-priced detached and semi-detached properties continue to struggle with insufficient supply, while row and apartment-style homes are seeing more broad-based shifts to balanced conditions.

The additional supply has helped relieve the pressure on home prices following the steep gains reported over the past several years. Benchmark prices for each property type have remained relatively stable compared to last month. However, compared to last year, detached and semi-detached prices are over two per cent higher than last year's levels, while apartment and row-style home prices have remained relatively unchanged.

Detached

Detached sales were 1,102 units in April, a year-over-year decline of 16 per cent. While sales eased across most areas of the city, the South East district has seen sales rise over last year's levels. April saw 1,907 new listings come onto the market, and the sales-to-new-listings ratio remained balanced at 58 per cent. Inventories rose to 2,511 units, and the months of supply rose to 2.3 months. While this is a significant gain over the less than one month of supply reported last year at this time, conditions remain relatively tight, especially in the lower price ranges.

In April, the unadjusted benchmark price reached $769,300, similar to last month but over two per cent higher than last April. The added supply choice, combined with uncertainty, has slowed the pace of price growth. However, with a year-over-year gain of nearly five per cent, the City Centre has exhibited stronger price growth than any other district.

Semi-Detached

Easing sales in April contributed to the year-to-date decline of nearly 16 per cent. The 190 sales in April were met with 350 new listings, and the sales-to-new-listings ratio fell to 54 per cent. This also caused further gains in inventory levels, which reached 484 units. The rise in inventory did help push the market toward balanced conditions with 2.6 months of supply, a significant improvement over the less than one month reported at this time last year.

The shift toward more balanced conditions has slowed the pace of price growth. In April, the unadjusted benchmark price was $691,700, similar to last month and over three per cent higher than last year. The City Centre reported the largest gain, at over five per cent, while prices in the North remained stable compared to last year.

Row

April sales slowed for row homes, contributing to the year-to-date decline of 16 per cent. Meanwhile, new listings continued to rise compared to last year, driving the sales-to-new-listings down to 51 per cent. In April, inventories reached 1,005 units, the highest level reported since 2021, and the months of supply rose to nearly three months. Improved supply has taken some of the pressure off prices,

In April, the unadjusted row price was $457,400, a slight gain over last month, but relatively unchanged compared to April of last year and still below last year's peak price reported in June. The pullbacks reported in the North and Northeast districts offset year-over-year gains in most districts.

Apartment Condominium

April sales eased by nearly 30 per cent over last year's record high but were far stronger than long-term trends. While sales have remained relatively strong, new listings in April reached a record high for the month, supporting further gains in inventory levels. With three months of supply in the city, conditions are considered relatively balanced. However, activity does range significantly based on location, impacting price movements.

The North East district reported the highest months of supply at seven months, resulting in a year-over-year price decline of two per cent and a spread of over seven per cent from last year's high. Overall, the April benchmark price in the city was $336,000, similar to last year but still three per cent lower than last year's record high.

REGIONAL MARKET FACTS

Airdrie

For the third month in a row, sales activity eased compared to last year's levels. Despite the declines, sales remain above long-term trends. At the same time, new listings continue to rise, but with 185 sales and 290 new listings in April, the sales-to-new listings ratio reached 64 percent, an improvement over recent months. Inventory levels continued to trend up this month. However, after three consecutive years of exceptionally low April levels, inventory is now consistent with long-term trends. With 2.3 months of supply, conditions are moving to a more balanced state, taking the pressure off home prices. In April, the total residential price was $544,700, relatively unchanged compared to both last month and last year's levels.

Cochrane

For the fourth month in a row, sales activity in the area has remained consistent with last year's levels, resulting in 335 sales so far this year, a nearly five per cent gain over last year and consistent with long-term trends. New listings have also been on the rise, but the sales-to-new-listings ratio has remained at 60 per cent, preventing the doubling of inventory in this market. While inventory levels have improved compared to last year, the 246 units available in April are just shy of long-term trends. Like other areas, improvements in supply have slowed the pace of price growth, but in Cochrane, prices are still edging up. In April, the total residential benchmark price was $592,000, trending up over last month and nearly six per cent higher than prices reported in the previous year and at a record high.

Okotoks

Sales in Okotoks continue to ease compared to last year, contributing to the year-to-date decline of 16 per cent. Over the past few years, sales have been restricted by a lack of supply. However, this year we have started to see a shift. New listings continue to improve in April compared to sales, causing the sales-to-new-listings ratio to ease to 53 per cent, supporting inventory gains. However, with 127 units in inventory in April, levels remain below long-term trends for the month. The modest gains in inventory have slowed the pace of price growth in the area. As of April, the unadjusted benchmark price was $627,100, down slightly from last month, but nearly two per cent higher than last April.

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