Ongoing economic uncertainty, driven by tariff threats, has weighed on consumer confidence and impacted housing activity in March. Sales declined by 19 per cent year-over-year, totaling 2,159 units. Sales slowed across all property types, with the steepest declines seen in higher-density segments.

“It is not a surprise to see a pullback in sales given the uncertainty,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, it is important to note that sales still remain stronger than anything reported throughout 2015 to 2020, where our economy faced significant economic challenges and job loss. Nonetheless, easing demand has been met with gains in new listings and rising inventories, helping our market shift back toward balanced conditions, following four consecutive years where the market favoured the seller.”

March reported over 4,000 new listings, causing the sales-to-new-listing ratio to drop to 54 per cent, low enough to support further inventory gains. Total residential inventory levels reached 5,154 units, and the months of supply pushed up to 2.4 months. While this is a significant change from last year, with limited supply options across all property types and price ranges, conditions reflect a better balance between a seller and a buyer today. However, the market significantly varies depending on location, price point, and property type. 

Improving supply has taken the pressure off home prices following the steep gains reported over the previous four years. In March, the unadjusted residential benchmark price reached $592,500, relatively stable compared to both last month and prices reported last March. Both detached and semi-detached prices remain consistent with peak prices and continue to rise, while apartment and row-style homes continue to report prices slightly lower than last year's peak.  

Detached
Detached sales totalled 1,035 units in March, a year-over-year decline of 10 per cent. The decline in sales was met with improving new listings, supporting inventory gains over last year's extremely low levels. The improving supply compared to sales has caused the months of supply to rise to just over two months, a significant improvement over the less than one month reported last spring. However, the months of supply continue to remain tight with less than two months of supply for homes priced below $700,000. We are seeing a shift toward more balanced conditions for homes priced above $800,000.

The unadjusted detached benchmark price reached $769,800 in March, a gain over last month and over four percent higher than last year's levels. Limited supply options continue to support price gains for detached homes, although the pace of growth has slowed from the double-digit gains reported last year. Some of the largest gains occurred in the City Centre.

Semi-Detached
March sales slowed over last year's levels, contributing to the first quarter decline of 11 percent. The decline in sales has also been met with a gain in new listings. While conditions still remained relatively tight over the first two months of the year, the boost in new listings in March relative to sales did support further gains in inventory levels, causing the months of supply to push up to 2.2 months, the highest monthly level reported since the end of 2022. 

The shift to more balanced conditions is slowing the pace of price growth compared to last year. However, with an unadjusted benchmark price of $691,900 in March, prices are still over five per cent higher than last year and above the unadjusted peak reached in July last year. Year-over-year gains ranged across the city, with the largest gains occurring in the City Centre and West districts.

Row
March reported a surge in new listings with 697 units. The growth in new listings was met with 400 sales, causing the sales-to-new-listings ratio to ease, and inventories to rise from the lower levels reported last year. There were 826 units in inventory in March, pushing above long-term trends, but remaining shy of some of the highs reported prior to the pandemic. Supply levels improved across all price ranges, with much of the gains occurring in the North East, North and South East districts. Like other property types, improving inventory relative to sales has shifted the market toward more balanced conditions, especially for row homes priced above $500,000. This has also slowed the upward pressure on home prices. In March, the unadjusted benchmark price was $454,000, two percent higher than last March, but nearly four percent below peak levels reported in June of last year. 

Apartment Condominium
After the first quarter, condo sales reported the largest decline over last year compared to other property types. However, we achieved record highs last year, and the 1,383 sales remain well above long-term trends for the first quarter. Relatively strong demand has also been met with significant gains in new listings, causing the sales-to-new-listings ratio to fall below 50 per cent and driving inventory gains. As of March, there were 1,710 units in inventory, causing the months of supply to push up to just over three months. While the months of supply have risen compared to the exceptionally low levels seen over the previous three years, levels remain well below the over six-month average seen throughout 2015 – 2020.

Nonetheless, more supply has slowed the pace of price growth. The unadjusted benchmark price in March was $336,100, similar to last month and nearly three per cent higher than last March. Despite the year-over-year gain, prices remain below the peak reported last August. Prices are below peak across all districts, but the largest declines have occurred in the North and North East areas. 

REGIONAL MARKET FACTS

Airdrie
With 160 sales in March, first quarter sales were 395 units, 11 per cent lower than levels reported at this time last year. Easing sales were also met with a gain in new listings, causing the sales-to-new-listings ratio to fall to 57 percent in March and supporting further gains in inventory levels. Last year at this time, there was limited supply available in the market compared to the sales activity. While the 398 units in inventory are much higher than the 164 units reported last year, with nearly two and a half months of supply, conditions are still moving toward more balanced conditions. Shifting away from the sellers’ market conditions has taken some of the pressure off home prices. In March, the unadjusted detached benchmark price was $651,300, up over last month and over two percent higher than prices reported last year. Recent gains have narrowed the gap from the peak price of $657,400 reported in June 2024.

Cochrane
Sales in Cocrane remained consistent with last year's levels in March. After the first quarter, activity remained slightly higher than levels reported last year and well above long-term averages. New listings also improved, but thanks to the level of sales, the sales-to-new-listings ratio remained elevated at 67 per cent, slowing the growth in inventory levels compared to some areas. The 213 units available in inventory in March are a rise over last year's low levels, but are consistent with long-term trends for the month. Improvements in inventory and stable sales did cause the months of supply to trend toward more balanced conditions, especially compared with the previous four years. This shift has slowed the pace of price growth in the town. In March, detached benchmark prices reached $686,800, a gain over last month and over five percent higher than last year. While price growth has slowed over last year, the current March price does reflect a new unadjusted record high for the town.

Okotoks
After the first three months, sales in Okotoks totaled 129 units, down from the 155 units reported in the first quarter of last year. New listings have started improving, but the sales-to-new-listings ratio remained above 60 percent, and inventory levels remain exceptionally low. With 96 units in inventory and 53 sales in March, the months of supply remained below two months, driving further monthly and year-over-year price gains. While price growth has eased from last year, in March the unadjusted detached benchmark price reached $715,500, a new unadjusted record high and over five per cent higher than levels reported last year at this time.

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

What Happens When You Sell a House with a Mortgage in Canada

There are a variety of reasons that you might consider selling a house with a mortgage. The most common scenarios are when you need to move to a new location for a new employment opportunity, your family situation has changed with the addition of children or when your children head off to college or university or move out altogether. In each case, if your home no longer meets your needs, you may be contemplating breaking your mortgage contract. If you are considering selling a house with a mortgage, ensure you understand all the costs associated with breaking the mortgage contract.

The Costs of Breaking the Mortgage Contract

The cost of selling your home before the mortgage term ends and breaking the mortgage contract will depend on your mortgage type. If you chose your mortgage type without really understanding the ins and outs of an open versus closed mortgage, it’s time to get up to date on what you bought into when you signed on the dotted line.

Open Mortgages

When it comes to selling a house with a mortgage, if you have an open mortgage, you can sell your home without paying penalties for breaking the mortgage contract. That’s because an open mortgage is designed to provide greater flexibility without incurring financial penalties. While open mortgages still have a term, borrowers don’t have to wait until the mortgage matures to make changes.

You can make additional mortgage payments on a month-to-month or year-to-year basis without limitations, change your mortgage payment frequency, refinance, pay off, or break your mortgage before the end of your open mortgage term, all without incurring any prepayment penalties whatsoever.

However, the tradeoff for all this flexibility is that open mortgages come with higher interest rates than closed mortgages. Lenders charge a premium for allowing borrowers to break or change their mortgage agreement without penalties.

Open mortgages are usually chosen by homeowners who anticipate being able to make larger prepayments or pay off their mortgage sooner or whose life circumstances may require them to sell their homes before the end of the mortgage term.

Closed Mortgages

If you chose a closed mortgage for the lower interest rate or because you had no intention of selling before your mortgage term expired, you may be facing substantial penalty fees associated with wanting to break the mortgage now.

A closed mortgage has set conditions for the duration of the mortgage term. Once the mortgage contract is signed, the terms and conditions can’t be altered without incurring prepayment penalties.

Closed mortgages are known for their lack of flexibility. Lenders may offer some prepayment privileges, such as the ability to pay a certain percentage of the principal each year without penalty, but if you want to prepay more, pay off the mortgage entirely, refinance, or change the mortgage before the end of the term, a prepayment penalty will be levied.

Lower interest rates are the tradeoff for this lack of flexibility. Lenders are willing to provide more favourable mortgage interest rates on a closed mortgage in order to deter borrowers from breaking the mortgage contract or making additional prepayments.

Closed mortgages are usually chosen by homeowners who expect to remain in their recently purchased home for at least the duration of the mortgage term. This option is also optimal if you don’t anticipate making prepayments above and beyond what’s allowed in the mortgage agreement.

As indicated, if you have a closed mortgage, there will be penalties for selling your home before the term is up.

The highest cost will be the prepayment penalty – the fee for breaking the mortgage contract. The prepayment penalty can be thousands of dollars and will vary based on the terms of your mortgage contract. There will also be administrative fees, appraisal fees, reinvestment fees and a mortgage discharge fee, which removes the charge on your current mortgage and registers a new one.

You may also have to repay any cash-back or home equity line of credit you received when you got your mortgage. These fees can make breaking a mortgage before the term ends VERY pricey.

Options for Breaking a Mortgage Contract

There are options if you are thinking about selling a house with a mortgage. Some mortgage lenders may allow you to extend the length of your mortgage while beginning a new mortgage in a Blend-and-Extend option. In this option, the interest rates for the old and new terms are blended, and you won’t have to pay the prepayment penalty. However, you still may need to pay administrative fees.

Unfortunately, not every mortgage lender offers this option, so the only other choice is to break the mortgage contract. In this case, you may get a lower interest rate on your new home, but you will have to pay a prepayment penalty for breaking the contract. If you have a choice in whether you sell your home before the mortgage term ends, ensure that the benefits of breaking the contract outweigh the costs of paying the prepayment penalty and any other associated fees.

Pros and Cons of Selling a House With a Mortgage

It can be tempting to break your mortgage or sell your home if you see a lower interest rate or a home that better meets your needs in the market. But in some cases, you may not have much of a choice in the matter, like if you have to move for work.

Here are some of the pros and cons of selling a house with a mortgage and breaking the contract:

Pro: You may be able to get a lower interest rate and pay off the mortgage faster if you keep the payments the same. When moving into a new house, it is possible that you could get a lower interest rate than on your previous mortgage, and if you budget your mortgage payments as if you are paying into your old mortgage, then you could pay off your new mortgage early.

Con: You could end up paying more in the long run because of fees and prepayment penalties. The fees for breaking a mortgage before the term ends are very high, and even if you make higher payments on your new mortgage, there is no guarantee that the interest saved will be enough to cover the penalties. However, your mortgage advisor can run the calculations for you.

Pro: You may be able to lock in at a lower interest rate for the new mortgage term. Selling your house allows you to look for a lower interest rate for your new home, saving you money in the long run.

Con: You may no longer qualify for a mortgage under current economic conditions. Times are tough, and it could be that you are selling your house not to buy a new one but to move into a rental. If this is the case, again, it’s vital to ensure that the benefits of selling your home early outweigh the costs of the penalties.

What Mortgage-Breaking Penalties May Look Like

Many homeowners who decide to post a for-sale sign on their front lawn might be surprised to learn that they face a sizeable mortgage-breaking penalty, mainly because of how interest rates have evolved since 2019. According to Canada Mortgage and Housing Corporation (CMHC), in June 2019, the average conventional fixed mortgage lending rate for a five-year term was 4.23 per cent. By June 2021, it had fallen to 3.26 per cent. In October 2024, it surged to 6.49 per cent, then dropped back to 3.99 per cent in November 2024.

In order to capitalize on higher interest rates, mortgage lenders can use various techniques to impose penalties on borrowers before their loans expire. Industry experts assert that the most common formula banks use is the difference between the lender’s present rate and the contractual rate, which is also referred to as an Interest Rate Differential (IRD).

If you have a closed mortgage with a variable rate, you will usually be forced to pay three months of interest. If you have a closed mortgage with a fixed rate, you will either pay three months’ worth of interest or the IRD amount, whichever is GREATER.

If you’re considering selling a house with a mortgage, you need to do the math:

Suppose you bought your property when interest rates were high, using a fixed-rate/closed mortgage option with a five-year term at 6.59 per cent. Let’s also suppose that you still have 24 months left in the term, and you still owe $300,000 but want to break the mortgage and sell now.

Three Months’ Interest Calculation:

Outstanding balance of your mortgage:
$300,000

Multiply the outstanding balance of your mortgage by the annual interest rate on your mortgage:
$300,000 x 6.59% = $19,770

Divide the answer by 12 months to get the monthly interest payable per year:
$19,770/12 = $1,647.50

Multiply the answer by 3 (months)
$1,647.50 x 3 = $4,942.50

Total Three Months’ Interest is $4,942.50

Interest Rate Differential Calculation:

Current mortgage interest rate:
6.59%

Current Interest Rate on a 3-Year Term:
4.74%

Rate difference between your mortgage rate and current interest rate:
1.85%

Multiply your mortgage balance by the rate differential to get the interest differential for 1 year:
$300,000 x 1.85% = $5,550

Divide this amount by 12 to get the amount for 1 month:
$5,550.00/12 = $462.50

Multiply this amount by the number of months left in your term:
$462.50 x 24 = $11,100

Total Interest Rate Differential Penalty is $11,100!

In this case of a closed/fixed rate contract, the estimated penalty for selling a house with a mortgage, is $11,100 – since it is the greater of the results for the Three Months’ Interest versus Interest Rate Differential calculations – a sizeable chunk of change!

To lighten your financial load, you can endeavour to trim your penalties by taking advantage of prepayment features. You can either pay a portion of the mortgage early without incurring penalties or max out your prepayment options, meaning you will lower the total balance without triggering added costs.

In the end, sellers should consider a couple of things before selling their home before mortgage expiration:

The first is requesting a payoff quote. Speak with your mortgage lender and obtain a payoff amount, which is the amount owed on the loan.

The second is calculating your home equity. How much equity do you have in your home? This could play an important role in your decision-making as if your property has substantially appreciated since you bought it and there’s a significant difference in the latest market value of your home and the remaining mortgage balance – even a large penalty like the one we calculated above could be justifiable.

When Do You Stop Paying a Mortgage When Selling a House?

If you pay off your mortgage BEFORE you sell your house, your mortgage payments stop when you pay off any applicable penalties, administration fees, appraisal fees, reinvestment fees and mortgage discharge fees.

If you break your mortgage while still owing, once you sell, part of the monies you receive will be used to pay off any relevant penalty fees, plus the remainder due on your mortgage, effectively ending the monthly payments on your old mortgage.

Additional Penalties for Selling a House Before 1 Year in Canada

While principal residences in Canada are not subject to capital gains when sold, investment properties do not share this benefit. So, if you’re considering selling a house with a mortgage – and it happens to be an investment property or a secondary home – if you sell it within a year of purchasing it, you’ll not only pay penalties for breaking the mortgage but you’ll also owe capital gains tax on 50 per cent of your profits.

Gather All the Information

Before selling a house with a mortgage, make sure you understand the costs associated with breaking your mortgage contract. It’s also a good idea to speak with a mortgage adviser, as they can provide you with valuable information needed to help navigate selling your home before the mortgage term ends.

While concerns regarding the impact of future US tariffs on the oil and gas industry and the upcoming federal election exist, there appears to be nominal pullback in the luxury sector of the Calgary real estate market with sales over $1.5 million up more than 11 per cent over last year’s levels. Sixty-eight properties changed hands in the first two months of 2025, up from 61 percent during the same period in 2024.

The city has been a choice destination for buyers from Ontario and British Columbia throughout the pandemic and the trend continues, with interprovincial migration in the Calgary CMA up by close to 21,000 residents between July 1, 2023 and July 1, 2024–the highest net gain in over 20 years. The Calgary CMA also reported the fastest population growth rate in the of all CMA’s over the past 20 years at 5.8 per cent, according to Statistics Canada’s Population Estimates: Subprovincial areas, 2024.

Although migration has been a contributing factor to the rise of Calgary real estate in recent years, the city’s thriving economy has played a substantial role in the uptick in demand for luxury product. A strong oil and gas industry, an emerging tech sector, and the city’s efforts to further diversify the economy and bring new business to the area are starting to pay off.

Luxury represented approximately 2.2 percent of overall Calgary real estate market share this year, up from 1.6 percent reported during the same period one year ago. The lion’s share of sales at the top end were detached homes at almost 93 percent, with condominium and semi-detached properties making up the remaining seven percent. Most of the sales in the market so far this year have been under the $2-million price point.

While traditional luxury enclaves including Upper Mount Royal, Britannia and Elbow Park remain highly sought after, younger move-up buyers are looking to inner city communities such as Altadore and Hillhurst that offer new infill product on generous lot sizes ranging from 60 ft. to 80 ft. frontages. Equity gains realized in recent years are driving some of the activity in the market to date, while the federal government’s recent decision to increase the cap on mortgage insurance to $1.5 million is also making it easier for buyers to enter the market. Inventory levels remain healthy at luxury price points, with more than 200 homes listed over $1.5 million, including 35 uber-luxe properties over $3 million.

Downsizing is also occurring, given that 14 per cent of the local population is now aged 65 and over. As such, many empty nesters and retirees have less use for their existing, oversized homes. Some are moving to condominium apartments while others are downsizing their homes in Calgary and buying vacation properties in BC, Arizona or California, thanks to the proximity to an international airport.

Some multi-generational trends are occurring at the top end of the market this year. Acreage properties housing a primary residence and a secondary home for occupation by adult children or older parents are drawing interest. The trend is also occurring in the city where carriage house suites or apartments over garages are added to existing homes in established neighbourhoods.

Most of the moves in the market today are needs-based and buyers at the top end don’t always incorporate market timing into their decision-making process. Calgary is home to the highest number of millionaires per capita in Canada, so luxury inventory levels tend to fluctuate as real estate trades are frequent and fluid.

Given current market realities, including the threat of tariffs, stock market volatility and the usual federal election jitters, the future remains uncertain right now. However, Calgary has experienced its fair share of adversity and challenging times and emerged stronger.  As a result, the overall and luxury markets are expected to be resilient, with home-buying activity expected to continue at a healthy pace for the remainder of the year.

Courtesy RE/MAX LLC

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

The Canadian economy entered 2025 in a solid position, with inflation close to the 2% target and robust GDP growth. However, heightened trade tensions and tariffs imposed by the United States will likely slow the pace of economic activity and increase inflationary pressures in Canada. The economic outlook continues to be subject to more-than-usual uncertainty because of the rapidly evolving policy landscape.

After a period of solid growth, the US economy looks to have slowed in recent months. US inflation remains slightly above target. Economic growth in the euro zone was modest in late 2024. China’s economy has posted strong gains, supported by government policies. Equity prices have fallen and bond yields have eased on market expectations of weaker North American growth. Oil prices have been volatile and are trading below the assumptions in the Bank’s January Monetary Policy Report (MPR). The Canadian dollar is broadly unchanged against the US dollar but weaker against other currencies.

Canada’s economy grew by 2.6% in the fourth quarter of 2024 following upwardly revised growth of 2.2% in the third quarter. This growth path is stronger than was expected at the time of the January MPR. Past cuts to interest rates have boosted economic activity, particularly consumption and housing. However, economic growth in the first quarter of 2025 will likely slow as the intensifying trade conflict weighs on sentiment and activity. Recent surveys suggest a sharp drop in consumer confidence and a slowdown in business spending as companies postpone or cancel investments. The negative impact of slowing domestic demand has been partially offset by a surge in exports in advance of tariffs being imposed. 

Employment growth strengthened in November through January and the unemployment rate declined to 6.6%. In February, job growth stalled. While past interest rate cuts have boosted demand for labour in recent months, there are warning signs that heightened trade tensions could disrupt the recovery in the jobs market. Meanwhile, wage growth has shown signs of moderation.

Inflation remains close to the 2% target. The temporary suspension of the GST/HST lowered some consumer prices, but January’s CPI was slightly firmer than expected at 1.9%. Inflation is expected to increase to about 2½% in March with the end of the tax break. The Bank’s preferred measures of core inflation remain above 2%, mainly because of the persistence of shelter price inflation. Short-term inflation expectations have risen in light of fears about the impact of tariffs on prices.

While economic growth has come in stronger than expected, the pervasive uncertainty created by continuously changing US tariff threats is restraining consumers’ spending intentions and businesses’ plans to hire and invest. Against this background, and with inflation close to the 2% target, Governing Council decided to reduce the policy rate by a further 25 basis points.

Monetary policy cannot offset the impacts of a trade war. What it can and must do is ensure that higher prices do not lead to ongoing inflation. Governing Council will be carefully assessing the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs. The Council will also be closely monitoring inflation expectations. The Bank is committed to maintaining price stability for Canadians.

Information note

The next scheduled date for announcing the overnight rate target is April 16, 2025. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the MPR at the same time.

Courtesy Bank of Canada

You have the keys to your new home in hand, the movers have left, and you’re officially a homeowner. So what’s next?

“This is such an exciting time,” says Victoria Bomben, salesperson and REALTOR® with Property.ca Brokerage in Mississauga, Ontario. “Setting things up, figuring out where your furniture should go, really starting to make it yours.” 

While it’s certainly exciting, it can also be stressful. 

“Buying a home is a big financial and emotional decision,” says Dimitri Andrianakos, REALTOR® and broker at Royal LePage du Quartier in Montreal, Quebec. “It’s normal to feel a little overwhelmed. Focus on the big picture, and remember why you decided to make the move in the first place.” 

According to Victoria and Dimitri, here are some of the things you can expect over the first 30, 60, 90 days and beyond.

What to expect in the first 30 days of homeownership

Your REALTOR® is there for you after closing

Your REALTOR® can be there for you even after you’ve closed on your home. They can be a great resource as you navigate your first few months of homeownership. Use them—they typically have great connections and recommendations, and are there if you have any questions, or even just to use as a sounding board for ideas. 

“I give all my clients a neighbourhood guide to help them get to know the area and find a good grocery store, dry cleaner, a mechanic, that sort of thing,” says Bomben. “I check in to see if they need help with anything or they have questions—and I’m always happy to connect them with trusted decorators, contractors, and painters.” 

Start paying your mortgage

“Your first mortgage payment is due one full month after you’ve closed,” says Andrianakos. “So if you close mid-month, you’ll pay for the balance of the month, then pay the full amount the month after.”

Make sure your mortgage payment has been factored into your monthly budget, and don’t be surprised if the first one is lower than you were expecting. 

Discover your new neighbourhood

The first 30 days in a new home is all about exploring your new neighbourhood and figuring things out—finding a good coffee shop, figuring out the best way to get to work, understanding local traffic patterns, etc. It’s always a good idea to explore a potential new neighbourhood before moving in, but you won’t truly discover what it has to offer until you’re living in it every day. 

You’ll start noticing repairs that are needed

After you’ve started unpacking and placing furniture and getting used to the space, the stuff that maybe didn’t register during viewings—a dented baseboard or the not-so-great water pressure—will probably start getting your attention.

Maia Thomas bought her first home in August 2023 and said there were some things she didn’t notice in the excitement when viewing her condo, but it wasn’t anything that would have stopped her from buying the home. 

“One of the bathroom tiles was cracked, the paint job wasn’t great—and the kitchen floor is really cold in the winter,” she says. “Once I had lived in the space for a while, those issues became more obvious.”

There may also be things like morning traffic on your road, or a delightful surprise of an abundance of sun in the afternoon that you may not have noticed during your walkthrough time.. None of these elements mean you made a mistake buying your home, it just means some adjustments or minor repairs will be on the docket for the coming weeks!

Expect the unexpected—especially when it comes to expenses 

Maybe your current furniture isn’t quite right for the space, or you realize you need more of it. Or you may want to switch out builder-grade lighting in your new build for something a little nicer. This is why having more than just your down payment saved is important: as you realize what you’re missing, you’ll likely spend more than you anticipated. 

You’ll get to know your community’s ‘rules’

Whether it’s your condo board’s regulations or your local garbage pickup, the first 30 days are a learning time. Give yourself some grace: you might miss recycling day or have to ask someone how to book the condo’s party room. Starting a homeowner’s journal with important dates, information, and contacts is a great idea so you can easily reference things in the future! 

What to expect in the first 60 days of homeownership

It’s been a couple of months, and you’re starting to feel a little more settled in, getting to know the neighbourhood, figuring out where the good parks are for the kids, what store has the best rotisserie chicken, and where you like to pick up your morning coffee.

You’ll start paying bills

This is when your first home-related bills will start coming in, giving you a good sense of what you should be budgeting for your utilities each month. This is a good time to sit down with your budget and make sure there aren’t any surprises and adjust things as needed. It’s also a good time to look into automated payments now that you know what the amounts will be. Some utilities and service providers offer small discounts to customers who set up pre-authorized payments. 

Meeting the neighbours

You may have met the neighbours briefly as you made frantic trips to-and-from the moving truck, or maybe in the hallway as you went to grab the mail from the lobby. But a couple months in, you’ll hopefully start to feel more integrated into the community, says Bomben.  

“If you’ve got kids, you’ve probably connected with other parents, and are feeling more like you’re part of something,” she explains. 

It’s also possible you’re no longer the “new kids on the block,” depending on how much the area is growing! Consider making little welcome baskets for new neighbours, filled with gifts and information you wished you had when you moved in.

Noticing more things around your home

Whether it’s a furnace that’s acting up or realizing you have chipmunks living in your attic, things might not be quite perfect—but that’s where your REALTOR® can help.

“My REALTOR® checked in with me regularly in those first few months,” says Thomas. “I actually had an issue with the clothes dryer a couple of months in, and he was on top of it right away.”  

What to expect in the first 90 days of homeownership and beyond

You’ll probably be feeling a bit more settled after three months, but don’t put too much pressure on yourself if there are still boxes to unpack, rooms to paint, or you haven’t found a grocery store you love just yet. Don’t worry. It takes time to explore and experiment, figure out what looks good and what doesn’t, and really get to know people and the neighbourhood. It might take a little longer than you expect.

“I thought by three months, my condo would feel lived in and more like home,” says Thomas. “But that wasn’t the case. At that point, I was still taking stuff out of boxes. I hired a couple of guys to come help me with some repairs, and they said sometimes it can take up to two years to fully settle in!”

Additional changes

While some people like to make decor updates and do repairs as soon as they take possession, it’s common to wait until you feel a bit more settled in before you start changing things up. After you’ve lived in the space for a while, you may decide the way you’ve arranged your furniture isn’t quite right, or you’ve finally picked a colour you love for the bedroom after getting used to the way light hits the walls at all times of day. 

“After 90 days, you’ve gotten more familiar with the home and have had time to understand what works and what doesn’t,” says Bomben. “Sometimes small things can make a really big difference. A dark faucet is a simple and relatively inexpensive way to change up the look of a bathroom, and a rain shower head can make things feel a lot more luxurious.”

Other ideas: painting dated cabinets can make a kitchen feel fresh, a new area rug can change the look of a room, and swapping out your big three-seater sofa with two love seats can help a small living area feel more spacious. And if you’ve been waiting to feel settled in to start tackling bigger jobs like a new deck or taking out a wall, this is a good time to start talking to a contractor.

Your new home’s seasonal maintenance

As the seasons change, you might figure out you need a snowblower for your driveway, realize you need to fix the air conditioning, or put down a rug on a floor that’s extra cold in the winter. Plus, you’ll need to do seasonal maintenance like cleaning gutters, raking leaves, or maintaining a garden. 

Buying a new home is a big step and the start of an exciting journey. From the excitement of moving in to the gradual process of settling in and discovering your home’s nuances and quirks, each stage brings its own challenges and rewards. Meeting your neighbours, painting your kitchen, buying your first snow shovel, understanding your expenses…it’s all part of making your house or condo feel like home. Take your time, celebrate small wins, and lean on your REALTOR® for guidance. 

Courtesy realtor.ca

Inventory levels saw substantial year-over-year growth for the second month in a row, rising by 76 per cent to 4,145 units in February. While inventory increases were seen across all price ranges, the largest increases were in homes priced under $500,000.

The increase was driven by substantial growth in the more affordable apartment and row/townhouse sectors. The overall months of supply was 2.4 in February, similar to last month but more than double this time last year. Apartment-style units remained the most well-supplied at 3.1 months.

There were 1,721 sales in February, which was above historical averages for the month but 19 per cent lower than levels seen last year and significantly lower than the record levels seen in the post-pandemic period. New Listings in February reached 2,830, roughly in line with historical averages for the month. The sales-to-new listings ratio for the month was 61 per cent, higher than historical averages but below levels seen in each of the last three years.

“Even though more people listed their homes for sale, there were actually fewer sales than in February 2024. So, we’re seeing the seller’s market of the past two or three years ease off,” said Alan Tennant, President and CEO of CREB®. “In turn, that’s caused the pace at which prices are increasing to slow down a bit, which should come as welcome news for buyers.”

The total residential unadjusted benchmark price in February was $587,600, relatively stable compared to late-2024 and roughly one per cent higher year-over-year. Price changes varied across the city, with the City Centre and North districts seeing declines, while the East district saw the largest price growth at over three per cent.

Detached

Sales in February slowed to 765 units, nearly 20 per cent lower than last year. New Listings increased by nearly six per cent year-over-year to 1,265 units. The decline in sales, coupled with the gain in new listings, drove inventory levels higher, reaching 1,698 and a 61 per cent increase in levels compared to 2024.

Months of supply improved across all districts compared to the levels seen last year, although the recovery is uneven across the city. The City Centre and North East districts continue to trend towards more balanced conditions, while the South and North West districts remain supply-constrained at approximately 1.6 months.

The unadjusted benchmark price rose to $760,500, roughly five per cent higher than last February. Prices rose across all districts, with the largest increase occurring in the City Centre district at nearly eight per cent growth.

 Semi-Detached

There were 240 new listings in February, a gain of seven per cent from 2024. Sales fell by nearly 14 per cent compared to 2024, slowing to 165 units. This gap between sales and new listings drove inventories up by 46 per cent, though they remain below long-term averages for the sector in February. There was a large variation in months of supply across the city, with a low of just one month in the North West district compared to a high of eight months in the East district.

The unadjusted benchmark price pushed above levels seen in the late summer and early fall, rising by nearly seven per cent year-over-year to $683,500. This increase was supported by price grains across all districts, with the largest growth occurring in the City Centre and South districts of approximately eight per cent.

 Row

As with other property types, year-over-year sales fell by over nine per cent while new listings increased by almost four per cent. Despite the sales decline, both sales and new listings remain above long-term averages for the month. This drop in sales pushed inventories to 655 units, more than double the levels seen last year, though still lower than the historical average levels for February. Months of supply improved across the city; the South and East districts have the tightest conditions at under 1.5 months, while the North East district has almost three months.

Unadjusted benchmark prices remain below levels seen in the fall but are up almost three per cent year-over-year at $446,880. Prices increased across all districts, with marginal increases in the South East and North districts, while the East district experienced a significant 12 per cent increase compared to 2024. 

 Apartment Condominium

Sales reached 473 units in February, 26 per cent lower than last year but still well above long-term averages for the apartment sector in February. New listings were relatively flat year-over-year, but at 852 units, it was the highest amount on record for the month. Driven by the record new listings, inventory increased by 90 per cent year-over-year and also pushed to near-record levels. Months of supply reached 3.1 months in February, a substantial 155 per cent increase over 2024 but still well below record levels seen in the period between the 2014 oil crash and the pandemic.

The unadjusted benchmark price for February was $334,200, comparable to levels seen in the fall and almost four per cent above the prices seen this time last year. The largest price growth occurred in the West district at over eight per cent.

 REGIONAL MARKET FACTS

Airdrie

The overall Airdrie market fell roughly in line with its long-term averages in February, with sales declining while new listings and inventories rose to levels typical of the month. Sales declined by nearly nine per cent, reaching 123 units, while new listings increased by nearly 23 per cent to 225 units. This drop in sales, combined with an increase in new listings, pushed inventories to over double the amount seen last year, rising to 345 homes. As a result, months of supply pushed up to nearly three months, also in line with long-term averages and the highest seen in the market since before the pandemic.

The unadjusted benchmark price for February was essentially flat compared to last month and remained below levels seen in the fall at $537,600, but were 1.6 per cent higher than seen last February. 

 Cochrane

Sales in February reached 75 units, while new listings reached 126 units, both increases over this time last year and above long-term averages for the market. Inventory increased by over 48 per cent year-over-year to 196 units, the highest level seen in any month since the spring of 2021 but still below long-term averages for February in the Cochrane market. This increase in inventory allowed the months of supply to recover to 2.6 months, the highest since the pandemic but still well below historical levels for the month. The relatively tight conditions supported prices recovering near the record-high levels seen in the summer, as the unadjusted benchmark price increased by over five per cent year-over-year to $577,100.

 Okotoks

February saw sales decline by four per cent year-over-year to 45 units, though they remained in line with long-term averages for the month. New listings increased by seven per cent compared to 2024, and, at 60 units, remained well below levels typically seen in February. Inventory recovered to 69 units, 19 per cent above 2024, but as with new listings, they remained significantly lower than historical levels for the month. These tighter inventory levels also kept the months of supply well below what would typically be seen in February at just 1.5 months. Despite the tight conditions, the unadjusted benchmark price for the month was relatively flat compared to January and under one per cent higher than in 2024.

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 

At the recent RE/MAX International Conference in Las Vegas, the Viani Real Estate Group was honored to be recognized among the top-producing REALTORS® within the entire RE/MAX network.

We are thrilled to announce that our team achieved the prestigious Diamond Team status for 2024—a distinction earned by only two teams at RE/MAX Real Estate (Central). Additionally, we ranked 96th among all RE/MAX teams in Western Canada, a region spanning from Manitoba to British Columbia.

A Year of Helping Clients Achieve Their Goals

In 2024, we had the privilege of assisting over 130 families, businesses, and investors in reaching their real estate goals. Our team’s diverse expertise allowed us to provide exceptional service across residential, commercial, and rural real estate markets.

Celebrating RE/MAX Real Estate (Central)’s Achievement

We also extend our congratulations to RE/MAX Real Estate (Central) for once again being recognized as the #1 RE/MAX office worldwide—an incredible achievement for the 27th consecutive year. We are proud to be part of such an outstanding brokerage.

Thank You

A heartfelt thank you to our clients, those who referred us, and our families for your continued trust and support. Your confidence in us is the foundation of our success.

Ready to work with an award-winning team? Contact us today!

🌐 www.vianigroup.com

Viani | Lang | Armstrong | Keogh

If you noticed more “For Sale” signs cropping up in your neighbourhood last month, it’s not just you. In its January report, the Canadian Real Estate Association (CREA) noted an influx of new listings coming on stream, with the tariff threat being a key factor in the trend.

We saw an 11-per-cent increase in new supply posted to Canadian MLS Systems in January compared to December – the largest seasonally adjusted monthly increase in new listings since the late 1980s, outside of the impacts of COVID-19. Year-over-year, listings were up 12.7 per cent. By the end of January, there were 136,000 properties listed on the MLS – a healthy increase, but still below the long-term average for this time of the year, which is around 160,000 listings. Meanwhile, home sales were down 3.3 per cent month-over-month, a trend that largely transpired in the final week of January, before the US and Canadian governments agreed to delay deployment of tariffs on both sides. Whew.

However, any perceived relief was short-lived, with President Trump signing executive orders to impose the 25-per-cent tariff on all steel and aluminum imports into the U.S., starting March 12. In addition, the March 4 deadline looms of a 25-per-cent tariff on all Canadian imports including lumber, and a 10-per-cent tariff on Canadian oil.

The tariffs introduced by Trump in the U.S. have a 30-day respite but still loom large over the Canadian economic landscape, with the most significant trade war in the history of the two allied nations a distinct possibility. The impact to Canadian businesses and jobs is expected to be significant. It has the potential to re-introduce significant inflationary pressures to the economies of the Americas (Canada, the U.S. and Mexico). Furthermore, tariffs would be likely to increase construction costs and serve to slow building activity in Canada even further, tightening the nation’s already woefully inadequate housing supply. Prices for new construction would also climb.

In a televised press conference in Montreal today, Prime Minister Justin Trudeau said Canada is focused on ensuring the U.S. doesn’t make good on its tariff threat. “If ever there are tariffs brought in Canada, our response will be immediate and strong, but we don’t want that. We are going to do the work to make sure they don’t come on.”

Despite the ongoing efforts, we’re starting to see impacts on the housing market on our side of the border.

“The standout trends to begin the year were a big jump in new supply at an uncommon time of year, as well as a weakening in sales which only showed up around the last week of January,” said Shaun Cathcart, CREA’s Senior Economist. “The timing of that change in demand leaves little doubt as to the cause – uncertainty around tariffs. Together with higher supply, this means markets that had been steadily tightening up since last fall are now suddenly in a softer pricing situation again, particularly in British Columbia and Ontario.”

On a year-over-year basis, January home sales edged up 2.9 per cent while average price saw a 1.1-per-cent bump, bringing it to $670,064.

With sales down and supply up, Canada’s sales-to-new listings ratio now sits at 49.3 per cent, down from the mid- to high-50s we experienced at the end of 2024, and consistent with conditions typical of a balanced market.

“While we continue to anticipate a more active spring for the housing sector, the threat of a trade war with our largest trading partner is a major dark cloud on the horizon,” said James Mabey, CREA Chair. “While uncertainty about the economy and jobs will no doubt keep some prospective buyers on the sidelines, a softer pricing environment alongside lower interest rates will be an opportunity for others.”

If you’re ready to jump on that opportunity, contact a member of the Viani Real Estate Group to help you navigate the ups and downs of the process.

Courtesy REMAX.ca

Today’s real estate market is a wild ride, but you’re not in it alone. Experts are here to demystify the process, whether it’s your first purchase or you’re upgrading. The journey can be complex, but a good Realtor can make a world of difference, helping you navigate the twists and turns with ease. Here, three of Canada’s top REALTORS® share tips and tricks to put you on the road to success.

Tip #1

Define a few parameters to get started.

Understanding your financial situation and the market dynamics are crucial to developing a solid home buying strategy. There can be a lot to consider and it could be overwhelming. A Realtor can help you map everything out.

“The first step is to contact a Realtor and a mortgage broker,” says Ben Sweet, a Calgary-based realtor and sales representative. “A Realtor is going to outline the steps for you specifically, and the mortgage broker is going to be the one who will take care of the financial steps.”

“The number one thing is to get your finances preapproved,” says Mark Arnstein, a realtor and sales representative in Toronto. “You then know where you stand and can work within those margins. There’s nothing worse than falling in love with a property and then realizing you can’t afford it.”

His advice is to talk with the bank you already do business with, as well as at least two other people – one other traditional institution and an independent mortgage broker.

St. John’s-based realtor and sales representative Winnie Lei, advises homebuyers to carefully consider all the costs, including closing costs like the lawyer fees and the home inspection, as well as the utilities and maintenance costs, the commuting costs and even the price of any new furniture.

She also thinks that the earlier you start looking, the better. “I have people who talk to me as early as a year before their purchase,” she says. “I send them updates and listings within their budget. So, by the time they’re ready to shop, they have a decent understanding of what is within their budget.”

Tip #2

Ask yourself: Where do I see myself living?

Picking a place isn’t just about price tags; it’s about finding a community that matches your vibe and lifestyle.

“From the first meeting, most people should already be able to decide – OK, I prefer to be in this area, even though the houses are older, or I want to be in a newer house, even though it’s a longer commute,” Lei says.

“A lot of times, if people have been renting in a certain area and really like it, they will look for something in that neighbourhood,” Arnstein says. “We will go out and see what gets you excited and what doesn’t, gauging your reaction to the properties. Once we know what the buyer is looking for, we can narrow it down.”

Tip #3

Dream big, but know when to compromise.

While you might be aiming for the stars, it’s crucial to keep your feet on the ground. Outline what you absolutely need versus what you can live without. Keep an open mind and don’t discard a property even if it’s not what you were expecting for your budget. A good Realtor can help you see beyond the surface and imagine the possibilities.

Lei finds this is very challenging for many, especially in a market that is constantly growing, “the prices increasing while your budget stays the same. My suggestion is to start looking at the lower end of the budget first – a little bit below their maximum,” she says.

“In Calgary, what cost $500,000 four years ago is now $650,000,” Sweet says. “Buyers need to continually adjust their expectations for what they’re able to get. They will say, ‘If I need this much space, I need to go farther away from my chosen area of the city,’ or ‘I need to settle for one less bedroom or no garage.’”

“The goal is to get as close to everything you want as you possibly can,” Arnstein adds. “And anything else we can get on top of that is gravy.”

Don’t skip the home inspection.

Sweet warns against bypassing this crucial step: “Buyer beware! I tell people that there are three reasons we do a home inspection: One, to make sure there’s nothing about the property that’s going to render it dangerous or unfit for habitation. Two, it gives us the opportunity to potentially renegotiate if we do find issues that are expensive to fix. And three, it’s going to give us a maintenance schedule going forward.”

But that’s not all – a home inspection can reveal hidden opportunities. For instance, discovering minor issues that might not be deal-breakers but can lead to additional negotiation room, such as asking the seller to cover closing costs or include certain appliances in the deal. Additionally, understanding the property’s current condition helps you plan for future upgrades, potentially increasing the home’s value over time.

Sweet emphasizes that a home inspection isn’t just about spotting problems – it’s about giving you the full picture so you can make informed decisions.

Tip #5

Expect emotions to run high.

“Buying a home can be emotional, particularly for the first-time buyer,” Arnstein says. “We handle it with lots of education and making sure they understand what it is they’re doing, so they feel comfortable about it. We want them to be more excited than freaked out.”

Lei likes to point out how many other people have lost out on a sale, so buyers realize that they’re not alone. “Plus, a lot of the time, once buyers see something new to pursue, the previous emotions pass fairly quickly.”

Sweet says his team tries to manage the expectations of the purchasers, letting them know that the negotiations are going to be nerve-wracking. “There’s always going to be a little bit of fear and stress – it’s a big commitment,” he says. “That’s not a bad thing, it’s just something to understand, a part of the transaction.”

Tip #6

Compatibility counts.

“You want to work with someone you like,” Arnstein says. “Do they understand you? Are they listening to you and what your needs and wants are? I want my clients to be absolutely thrilled when they buy a home.”

Lei emphasizes the importance of availability in this fast-paced market: “A listing can come up at noon and be sold by 6 p.m. Your Realtor will get back to you quickly so you don’t miss opportunities.”

Sweet encourages speaking with multiple agents to find the right fit: “Don’t just go with the first one you meet. You need to feel a good connection, to feel comfortable – and to trust your gut.”

Tip #7

Revisiting your preapproval could unlock new opportunities.

Securing a preapproval loan is a critical first step in the home-buying process, but Lei suggests taking it further in light of recent rate drops: “Someone may get approved for $400,000 and then, if the rates go down, they could get preapproved for 10 or 20 more,” says Lei. “If they keep updating, they may be surprised.”

To prepare for future payments, Arnstein recommends starting a reserve account early, especially if you’re considering a condo with mandatory amenity fees.

Sweet adds, “Think of your first purchase as a stepping stone in your long-term homeownership journey. Focus on what you need right now for a shorter time frame over the next three to six years.”

Courtesy: The Globe & Mail

Following three consecutive years of limited supply choice, inventory levels in January rose to 3,639 units. While the 70 per cent year-over-year gain is significant, inventory levels remain lower than the over 4,000 units we would typically see in January. Inventories rose across all property types, with some of the largest gains driven by apartment-style condominiums.

“Supply levels are expected to improve this year, contributing to more balanced conditions and slower price growth,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, the adjustment in supply is not equal amongst all property types. Compared with sales, we continue to see persistently tight conditions for detached, semi-detached and row properties while apartment condominiums show signs of excess supply for higher priced units.”

Citywide, the months of supply reached 2.5 months in January, an improvement over the one month of supply reported last year, but it is still considered low for a winter month. The month of supply ranged from under two months for semi-detached properties to 3.5 months for apartment-style units.

Rising supply resulted from a boost in new listings compared to sales. New listings rose to 2,896 units in January, compared to 1,451 sales. Sales in January were down by 12 per cent compared to last year. However, even with a pullback in sales, levels remained nearly 30 per cent higher than levels typically recorded in January. 

The total residential benchmark price in January was $583,000, which is relatively stable compared to levels reported at the end of last year and nearly three per cent higher than last January. Price growth ranged across districts within the city as well as property types. 

Detached

Driven by gains from homes priced above $600,000, new listings reached 1,228 units in January, which is 29 per cent higher than last year. At the same time, sales activity slowed to 674 units, which brought levels in line with long-term trends. The improvement in new listings relative to sales did help support inventory gains. However, the 1,448 units in inventory are still nearly 27 per cent lower than levels we traditionally see in January, and the months of supply remained relatively low at just over two months. 

While conditions are not as tight as last year, there is some variation within the city districts as more balanced conditions are taking shape in the City Centre and North East districts. In January, the unadjusted benchmark price was $750,800, slightly higher than last month and seven per cent higher than last January. On a seasonally adjusted basis, prices have remained relatively stable since the second half of last year.

Semi-Detached

Like other property types, gains in new listings relative to sales helped support some gains in inventory levels. While the semi-detached sector represents a relatively small share of activity in our market, sales in January did improve over last year, keeping the months of supply just below two months. Within the city, there is some significant variation, as the City Centre, North East, and West districts are all reporting near or above three months of supply, while all other districts have less than two months of supply.

The unadjusted benchmark price in January was $673,600, slightly lower than last month but over eight per cent higher than levels reported last January. The districts with higher months of supply also reported some modest monthly price declines, offsetting stable to modest gains in the North, North West, South, South East, and East districts.

Row

In 2024, there were 4,647 row home sales, a gain of over two per cent compared to last year and the second-highest total on record. The growth in sales was possible thanks to the 18 per cent gain in new listings, most of which occurred for homes priced above $400,000—the gains in new listings relative to sales supported inventory growth in 2024.

By the year's end, supply improvements helped take the pressure off home prices. However, the annual benchmark price rose by 14 per cent as conditions favoured the seller throughout the year. Prices rose across all districts in the city, with the gains ranging from a low of 12 per cent in the City Centre to over 20 per cent in the most affordable districts in the North East and East.

 Apartment Condominium

January reported a boost in new listings compared to sales activity. This caused inventory levels to rise to 589 units, more than double the near-record low levels reported last January. The recent rise in new listings has helped bring inventories to levels that are more consistent with long-term trends. At the same time, the months of supply also improved, pushing above two months, a trend that started to play out over the second half of last year. 

Improving supply relative to sales has taken some of the pressure off home prices, but not consistently across the city. Citywide, the unadjusted benchmark price was $444.900, slightly lower than last month and nearly five per cent higher than last year. While prices are higher than last year across all districts, the largest monthly adjustment occurred in the North East district. 

REGIONAL MARKET FACTS

Airdrie

Sales in January remained in line with levels reported last month and last year, which were well above long-term trends. However, thanks to a boost in new listings, inventory levels improved, and the months of supply remained above two months for the fifth consecutive month. While 2.6 months of supply is below historical trends for Airdrie, it is a significant improvement over the under two months that has persisted since 2021. More supply in the resale and new home markets has taken some of the pressure off home prices. The unadjusted benchmark price in January was $537,300, down over last month but nearly four per cent higher than last year. 

Cochrane

Like other areas, Cochrane is seeing improved levels of new listings and inventories in their market. There were 104 new listings in January compared to 71 sales, and inventories pushed up to 156 units. January inventory levels are better than levels reported over the past three years but still fall short of long-term trends for the month. Like Airdrie, it has been the fifth consecutive month with the months of supply above two months, easing the upward pressure on home prices. The unadjusted benchmark price in January was $565,900, down over last month but nearly five per cent higher than last January. 

Okotoks

Unlike Cochrane and Airdrie, new listings in Okotoks remained relatively low compared to last year. While the pullback in sales did help support some improvements in inventory levels, the 68 units available in January are still half the levels that were available in January prior to the pandemic. Limited supply has driven much of the price gains in this market since 2021. As of January, the unadjusted benchmark price was $614,900, a slight gain over last month and nearly five 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.

 Courtesy: CREB

🥂 𝕋𝕆ℙ ℙℝ𝕆𝔻𝕌ℂ𝔼ℝ𝕊 𝔽𝕆ℝ 𝟚𝟘𝟚𝟜 🥂

Expressing our deepest gratitude to our past, present, and future clients—as well as our cherished family members—for their unwavering support. Your trust and confidence have been instrumental in our success!

𝗪𝗲 𝗮𝗿𝗲 𝗵𝗼𝗻𝗼𝘂𝗿𝗲𝗱 𝘁𝗼 𝗯𝗲 𝗿𝗲𝗰𝗼𝗴𝗻𝗶𝘇𝗲𝗱 𝗮𝘀 𝘁𝗵𝗲 #𝟮 𝘁𝗼𝗽-𝗽𝗿𝗼𝗱𝘂𝗰𝗶𝗻𝗴 𝘁𝗲𝗮𝗺 𝗮𝘁 𝘁𝗵𝗲 #𝟭 𝗥𝗘/𝗠𝗔𝗫 𝗼𝗳𝗳𝗶𝗰𝗲 𝗶𝗻 𝘁𝗵𝗲 𝘄𝗼𝗿𝗹𝗱, 𝗥𝗘/𝗠𝗔𝗫 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 (𝗖𝗲𝗻𝘁𝗿𝗮𝗹), 𝗳𝗼𝗿 𝘁𝗵𝗲 𝘆𝗲𝗮𝗿 𝟮𝟬𝟮𝟰.

This achievement is a testament to our commitment to what truly matters—helping our clients successfully buy and sell real estate.

✅ Experienced knowledgeable REALTORS®️

✅ Top-Producing Team

✅ #1 RE/MAX Office in the World

✅ #1 Real Estate Brand in the World

As we look ahead, we are excited to continue delivering exceptional service and putting our award-winning expertise to work for our future clients.

Thank you for being a part of our journey!

𝗩𝗶𝗮𝗻𝗶 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 𝗚𝗿𝗼𝘂𝗽

Viani | Lang | Nguyen | Keogh | Armstrong 

The Bank of Canada today reduced its target for the overnight rate to 3%, with the Bank Rate at 3.25% and the deposit rate at 2.95%.1 The Bank is also announcing its plan to complete the normalization of its balance sheet, ending quantitative tightening. The Bank will restart asset purchases in early March, beginning gradually so that its balance sheet stabilizes and then grows modestly, in line with growth in the economy.2

Projections in the January Monetary Policy Report (MPR) published today are subject to more-than-usual uncertainty because of the rapidly evolving policy landscape, particularly the threat of trade tariffs by the new administration in the United States. Since the scope and duration of a possible trade conflict are impossible to predict, this MPR provides a baseline forecast in the absence of new tariffs.

In the MPR projection, the global economy is expected to continue growing by about 3% over the next two years. Growth in the United States has been revised up, mainly due to stronger consumption. Growth in the euro area is likely to be subdued as the region copes with competitiveness pressures. In China, recent policy actions are boosting demand and supporting near-term growth, although structural challenges remain. Since October, financial conditions have diverged across countries. US bond yields have risen, supported by strong growth and more persistent inflation. In contrast, yields in Canada are down slightly. The Canadian dollar has depreciated materially against the US dollar, largely reflecting trade uncertainty and broader strength in the US currency. Oil prices have been volatile and in recent weeks have been about $5 higher than was assumed in the October MPR.

In Canada, past cuts to interest rates have started to boost the economy. The recent strengthening in both consumption and housing activity is expected to continue. However, business investment remains weak. The outlook for exports is being supported by new export capacity for oil and gas.

Canada’s labour market remains soft, with the unemployment rate at 6.7% in December. Job growth has strengthened in recent months, after lagging growth in the labour force for more than a year. Wage pressures, which have proven sticky, are showing some signs of easing.

The Bank forecasts GDP growth will strengthen in 2025. However, with slower population growth because of reduced immigration targets, both GDP and potential growth will be more moderate than was expected in October. Following growth of 1.3% in 2024, the Bank now projects GDP will grow by 1.8% in both 2025 and 2026, somewhat higher than potential growth. As a result, excess supply in the economy is gradually absorbed over the projection horizon.

CPI inflation remains close to 2%, with some volatility due to the temporary suspension of the GST/HST on some consumer products. Shelter price inflation is still elevated but it is easing gradually, as expected. A broad range of indicators, including surveys of inflation expectations and the distribution of price changes among components of the CPI, suggests that underlying inflation is close to 2%. The Bank forecasts CPI inflation will be around the 2% target over the next two years.

Setting aside threatened US tariffs, the upside and downside risks around the outlook are reasonably balanced. However, as discussed in the MPR, a protracted trade conflict would most likely lead to weaker GDP and higher prices in Canada.

With inflation around 2% and the economy in excess supply, Governing Council decided to reduce the policy rate a further 25 basis points to 3%. The cumulative reduction in the policy rate since last June is substantial. Lower interest rates are boosting household spending and, in the outlook published today, the economy is expected to strengthen gradually and inflation to stay close to target. However, if broad-based and significant tariffs were imposed, the resilience of Canada’s economy would be tested. We will be following developments closely and assessing the implications for economic activity, inflation and monetary policy in Canada. The Bank is committed to maintaining price stability for Canadians.

Information note

The next scheduled date for announcing the overnight rate target is March 12, 2025. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the MPR on April 16, 2025.

Courtesy Bank of Canada