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®️

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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

The Calgary Real Estate Board (CREB®) is pleased to announce the release of its 2025 Forecast Calgary and Region Yearly Outlook Report. This comprehensive report, prepared by CREB® Chief Economist Ann-Marie Lurie, provides an in-depth analysis of Calgary’s economic and housing market trends for the upcoming year.

The 2025 report highlights how easing lending rates, improved supply, and continued population and employment gains are shaping Calgary’s housing market. However, factors like slowing migration, increased competition from new home construction, and heightened economic uncertainty are expected to moderate growth in resale activity.

According to Chief Economist Ann-Marie Lurie, “In 2025, housing demand is expected to remain strong, with sales forecasted to exceed 26,000 units—over 20 per cent higher than long-term trends. While we anticipate stable sales levels overall, market dynamics will shift as rental rate adjustments and supply improvements influence different segments of the housing market.”

The report also predicts that Calgary’s housing market will transition toward balanced conditions, with price growth moderating to an expected annual gain of three per cent. Variations in price growth are anticipated across market segments, as competition from new homes is expected to impact some sectors of the resale market.

Lurie adds, “While the market is expected to be more balanced than in recent years, significant economic risks—such as potential tariffs—could impact activity. These risks will be crucial to watch as we navigate through 2025.”

The 2025 Forecast Report reinforces CREB®’s commitment to equipping industry professionals and the public with valuable insights to inform decision-making in a dynamic real estate landscape.

 Click here for the full CREB® 2025 Forecast Calgary and Region Yearly Outlook Report.

Courtesy CREB®

For many Canadians, the start of a new year is a time for new resolutions. While eating healthier and getting more exercise still rank as the most common New Year’s resolutions in Canada, with both inflation and interest rates continuing to drop, more and more Canadians are making resolutions for 2025 that include the possibility of buying a home.

If becoming a homeowner is on your radar in 2025, there are a few things you should know before you start looking for your dream home.

Will 2025 be a good time to buy a home?

For the past few years, high interest rates, increases in the cost of living, and political and economic worries have kept Canada’s housing market fairly flat (remember, the national housing market was even as “flat as a pancake” not too long ago). But with both mortgage rates and inflation now on their way down, 2025 is increasingly shaping up to be a busy market.

“I believe the first three months of 2025 will be one of the best times to buy in a very long time,” says REALTOR® Romey Halabi, founder of Toronto Realty Boutique in Toronto, Ontario. 

In Toronto, Halabi says that will likely lead to something that hasn’t happened in “quite some time,”:  a condo market that’s favourable to buyers simply because of the inventory that’s on hand. 

Alan MacDonald, a Chartered Financial Analyst (CFA) and Senior Investment Advisor with RBC Dominion Securities’ MacDonald Advisory Team in Ottawa, Ontario, cautions even if prices fall, however, many Canadians will still be unable to afford to buy a home.

“Falling interest rates mean it’s easier to afford a larger mortgage, which typically draws more people into the real estate market,” MacDonald explains. “But one of the side effects of falling rates over the last 15 years has been an unprecedented boom in housing prices in Canada. So while falling rates should push more people into the market, the hurdle is there are fewer people who can afford to take the plunge.”

In addition, there will likely be a federal election in 2025, which could impact both home sales and prices.

“As we’ve seen in the past, federal elections can influence the housing markets, especially if they involve policy changes that promote affordability and impact demand and prices,” says Luisa Hough, a mortgage broker in Surrey, British Columbia, and co-founder of Verico Xeva Mortgage.

“But along with declining inflation, the predictions are to expect economic stabilization in 2025, which should increase consumer confidence and the housing market,” she adds.

Are you ready to become a homeowner?

The next question to ask yourself is whether you’re ready to become a homeowner. While individual circumstances vary, there are a few rules of thumb that can help you decide if this is the right time for you. For example:

• Are you ready to commit to living in one home for the next few years? If there’s a good chance you may need to move in six months, it’s probably not an ideal time to buy.

• Are your career and short-term plans fairly stable? Or are you thinking about making any big changes that could have an impact on your housing needs, personal situation, or income?

• If you’re currently renting, are you ready to take care of all the repairs, maintenance, and other tasks that come with owning a home?

• Perhaps most importantly, are you financially ready to own a home? Buying a home could be the biggest financial decision you ever make. An affordability calculator can help you calculate your monthly housing costs and figure out how much you can afford to spend. Just remember to factor in all the expenses that come with homeownership, not just the mortgage payments. This includes things like condo fees, insurance, utilities, repairs and maintenance, and property taxes.

“When a buyer is thinking about buying a new home, their decision should be based solely upon their needs,” Halabi says. “An expanding family, marriage, moving to a new city, getting into a new school district—these are all life moments that may require a new home.”

For Hough, the “right time to buy” is less about what’s happening in the market, and more about your personal choices and circumstances.

“If you have the down payment, income, and are ready to make the move to being a homeowner, then it’s the right time to buy,” she says. “We can’t time any market. So as long as you’re in the position to purchase, the right time is when you’re ready.

“Real estate is generally not a short-term investment where you can try and time the market for one or two years,” she adds. “But if you stay invested in real estate long term, you can generally do well.”

When to contact a REALTOR® (and how they can help)

If you’ve resolved to become a homeowner this year, start your search for a local REALTOR® who will work best for you and your needs as early in the process as possible. 

“It’s never too early to start working with a REALTOR®,” Halabi says. “They’re the first draft in your real estate team, as they can help connect you with a mortgage broker, lawyer, and anyone else you need.”

In addition to connecting you with their network of professionals, a REALTOR® can also answer any questions you may have, keep you informed about the latest ups and downs in the market, walk you through each step in the home buying process, and help you negotiate the best possible price for your new home.

If you don’t already have a REALTOR®, ask friends or family members for recommendations, or check out reviews of REALTORS® in your area online and through social media. You can also use a Find a REALTOR® tool to narrow your search down by location, languages spoken and areas of specialization.

“Getting the conversation going with a REALTOR® is the first step in educating yourself in how the process works” Halabi says. “Work with someone you actually like, because you’re going to be spending a lot of time together, and you want to ensure you’re comfortable being honest.”

What to do before you buy

If you decide you’re ready to buy, there are a few simple things you can do to make the home buying process as seamless as possible, and get the best possible deal on your new home. Your REALTOR® will help build a plan for your specific needs and timing, but you can always start with the basics. This includes:

• Make a list of your wants and needs in a home, so you know exactly what to look for. Do you want a single-family home, a townhouse or a condo? How many bedrooms or bathrooms? What other features are important to you?

• Identify which neighbourhoods you want to live in. If you’re thinking about moving to a new area, check out our Neighbourhood Guides or ask your REALTOR® for advice.

• Find out your credit score, and see what you can do to improve it if necessary.

• Use an affordability calculator to figure out how much you can afford to spend on a home, and create a budget to make sure you stay on track financially.

• Get pre-approved or pre-qualified for a mortgage so you’ll know in advance exactly what price range you should be looking at.

• Lastly, find out if you’re eligible for the Home Buyers’ Plan (HBP), GST/HST housing rebate, home buyers’ tax credit, or any other federal home buying programs and incentives. If you aren’t sure what these programs are or if you qualify, check with your REALTOR®.

“The first step I always recommend to my clients is to get their pre-approval, so you know how much you can afford,” Halabi says. “Next, decide what your top neighbourhoods are. Then make a list of your must-haves and nice-to-haves. When buyers are prepared and organized, they won’t get caught up in an emotionally charged decision.”

For Hough, getting pre-qualified for a mortgage is almost always the best first step to take.

“In my eyes, every buyer must get pre-qualified,” she says. “There’s a misconception on pre-approval vs. pre-qualification. There are similarities in both… [but] pre-qualification is a more formal process, where we ask for all the documentation and information upfront to ensure if there are any obstacles during the mortgage process, we can address them.

“Pre-qualification helps the borrower clarify their budget, strengthen their offer and speed up the subject-to-financing process,” she explains. “Getting pre-qualified early on can save time and stress for the borrower.”

Maximize your down payment

If you still have some time between now and when you’re planning to buy, try to save as much as you can for that all-important down payment. This will help maximize your chances of getting approved and getting the best possible rate on your mortgage.

If you don’t have enough saved up to afford the home you want, creating a budget can help you save more. You can also grow your down payment in the meantime by putting what you’ve already saved into a safe, liquid investment like a GIC or high-interest savings account, or temporarily investing your savings in an RRSP, TFSA, or the new First Home Savings Account (FHSA).

“Investments with a short time frame such as 12 months or less should be in savings accounts or cashable GICs,” MacDonald notes. “There are a number of providers that offer high interest bonuses to new accounts, so it’s worth doing a bit of shopping.

“Buyers who haven’t owned a home in the last four years should also take advantage of the FHSA, which lets you contribute up to $8,000 per calendar year,” he adds. “You get a tax deduction for each contribution and no tax payable when you use the funds to buy your first home. But unlike an RRSP or TFSA, the contribution room doesn’t carry forward if you don’t open an account.”

Additional considerations for first-time home buyers

If you’re a first-time home buyer, there are some additional things you may need to prepare. For instance, some first-time buyers aren’t aware of how long the home buying process can take.

“The home buying process length can differ from buyer to buyer,” Halabi explains. “I’ve had clients who are very open to one or two neighbourhoods who found a home in a couple weeks. But others who have more specifics on their must-have list could take longer.

“Most sellers ask for a 30 or 60-day close,” he adds. Meaning, the final transfer of ownership would take place either 30 or 60 days after the agreement is signed. 

Depending on your budget, you may need to start with a smaller or more modest home for your first property. This can allow you to build both your equity and your experience, while still getting your foot on the first step in the property ladder.

Plus, don’t put yourself in a situation where you buy more home than you can realistically afford or maintain. While you may be tempted to stretch your budget to get a home that seems perfect, being “house rich, but cash poor,” can be a very stressful—and risky—way to live.

“For people who are currently renting, the mortgage payment may be close to what you pay in rent,” MacDonald says. “But there are all kinds of other expenses associated with homeownership, like taxes, insurance and upkeep. If you don’t have exact numbers, use 2% or 3% of the purchase price to estimate your added monthly ancillary costs. Then try living for six months as though you already own the home, to see if you can do it before you make the leap.”

The information discussed in this article should not be taken as financial or legal advice. This article is for informational purposes only.

Courtesy Realtor.ca

Many people find buying or converting their primary residence to an investment property unexpectedly complex. Choosing the right property and hiring professional property management are critical decisions. Real estate professionals are key in guiding their clients with these key decisions.

 Investment property types: Pros and cons

 Choosing an investment property type has the potential to be difficult for clients, as each comes with distinct advantages and disadvantages. Vacation rentals, fully furnished executive rentals and unfurnished residential rentals cater to different markets:

• Vacation rentals offer high short-term income potential and flexibility but require intensive management and face regulatory challenges.

• Fully furnished executive rentals attract business professionals seeking convenience for medium-term stays, offering steady income and reduced turnover, though furnishings can increase costs and wear.

• Unfurnished residential rentals target long-term tenants, providing consistent income and lower upkeep, but may lack flexibility and have more extended vacancy periods. 

Realtors must consider market demand, regulations and client goals when recommending these options, balancing profitability with the specific needs of landlords and tenants.

Clients also need to consider the financial aspects of their investments carefully. While rental income is often the primary focus, many other factors come into play when purchasing a rental property.

“When I have a client looking at investment properties, we discuss everything at the beginning of the sales process,” says Julia Stauffer, real estate agent with Macdonald Realty in West Vancouver.

“I want to ensure they have their finances in order beforehand. Many clients overlook the costs associated with these properties. Depending on the property, there can be mortgage fees, property taxes and maintenance costs. Too often, people focus solely on rental income and fail to account for these expenses.”

Phillip Davies, owner of Cartref Properties, echoes this sentiment. “When I bring on a new rental client, I always advise them that operating costs can vary, impacting their income. A rental property is no different from other investments. I tell them it should be treated as a long-term investment and held for at least five years.”

 Complexities of rentals in an ever-changing market

 However, buying the property is only the first step. For many owners, understanding the complexities of rentals can be overwhelming, and rental agreements, provincial regulations and market trends are just some of the factors to consider when renting a property.

Clients choosing to hire a professional property manager or take on the responsibility themselves can greatly impact their experience. “Part of my discussion with clients involves the management process. It comes down to the buyer’s confidence and experience level when deciding whether to hire a professional manager,” says Stauffer.

“The Metro Vancouver rental market is difficult for landlords right now. There are ever-changing regulations to keep up with, and mistakes have costly ramifications for landlords. We’re also seeing an increase in availability, so understanding how to market units is key. Rental units are staying vacant slightly longer, and rent prices are trending downward,” Davies adds.

 The right representation matters; experience and transparency are key

 The right representation matters, and finding a good fit with a property manager is crucial. Clients are often referred to management companies through their colleagues, friends or realtors.

Wallis Lee, Managing Broker at Sutton Max Realty and Property Management, notes that her team is often involved during the sale. “80 to 90 per cent of our clients come from referrals, particularly from realtors. We’re often asked to provide a quote for rental management as part of the sales package,” Lee explains.

“Sales is a full-time job, and so is property management. It’s impossible to do both effectively while providing the best service to clients,” she adds, emphasizing the importance of working with a specialized manager. Lee notes that property management is more than simply renting the unit. There’s ongoing coordination of the property, from daily operations to financial needs.

Davies agrees and highlights the importance of hiring a manager experienced in handling the specific property type being rented. He also stresses the need for financial transparency. A reliable management company should provide regular financial statements detailing the rental’s income and expenditures.

 Investing in rental properties can be complex for the uninitiated. It requires careful planning, financial preparation and an understanding of complex regulations. With the proper guidance from real estate professionals and property managers, buyers can make informed decisions about how to best manage their assets.

Courtesy RealEstateMagazine

The year ended with 1,322 sales in December, a three per cent decline over last year, but nearly 20 per cent higher than long-term trends. Overall sales in 2024 were just shy of last year’s levels, as gains for higher-priced homes offset pullbacks in the lower price ranges caused by supply challenges.

“Population gains over the past several years have supported sales activity that has outperformed long-term trends. In 2024, sales would likely have been higher if there was more supply choice, especially in the lower price ranges,” said Ann-Marie Lurie, Chief Economist at CREB®. “That being said, we did start to see shifts occurring in the market in the second half of the year as supply levels started to improve for higher priced homes.” 

As of December, there were 2,989 units available in inventory, still below long-term trends for the month but a significant improvement over the lower levels reported last December and levels reported early this year. Improved rental choice and significant gains in new home activity helped boost new listings in the resale market, driving higher inventories in the year's second half. 

While conditions vary depending on price range and property type, more housing options have helped to take some of the pressure off home prices, which stabilized in the second half of the year following steep gains in the spring. Overall, on an annual basis, total residential benchmark prices improved by over seven per cent. 

As we move into 2025, supply will continue to be a dominant theme. However, how they impact prices will ultimately depend on the type of supply being added and how demand holds up in the face of a changing economic climate. On January 21, CREB® will release its forecast report, highlighting the expectations and risks facing the market in the coming year. 

Detached
Easing lending rates have likely supported some recent year-over-year gains in detached home sales over the past three months. Improving sales were driven by gains for homes over $600,000, which also reported improvements in new listings. Inventory levels did improve within city limits for detached homes; however, conditions varied across districts. The City Centre, North East and North District all reported relatively balanced conditions over the last quarter of the year, while all other districts continued to struggle with seller market conditions. 

The relatively tight market conditions throughout the year caused prices to rise by nearly eleven per cent in 2024, a faster pace than what was reported in 2023. Much of that growth occurred during spring when supply levels were exceptionally low. Prices grew across all districts, with the strongest growth occurring in the most affordable districts of the North East and East. 

Semi-Detached
Limited supply choice for lower-priced detached homes drove many purchasers toward the semi-detached sector. In 2024, there were 2,355 sales, with an annual gain of five per cent. Thanks to gains in new listings relative to sales, inventory levels started to improve, supporting a shift toward more balanced conditions by the fourth quarter. However, much of this shift occurred in the higher-priced City Centre district, where the months of supply averaged three months in the last quarter. 

The annual average benchmark price increased by nearly 11 per cent to $669,042 in 2024. Like detached homes, exceptionally tight conditions throughout the spring caused the pace of price growth to rise over the seven per cent annual gain reported in 2023. Prices improved across all districts, ranging from an annual gain of under 10 per cent in the City Centre and West to gains exceeding 15 per cent in the North 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

Easing sales in the second half of the year offset earlier gains, causing apartment sales to slow by four per cent compared to last year. However, last year was a record high for sales, and the 7,568 transactions this year reflect the second-highest year on record. At the same time, new listings have been on the rise, supporting inventory gains and a shift toward more balanced conditions by the end of the year.

 As more supply became available, we did see some price adjustments in the last quarter of the year. However, the quarterly decline did not offset the strong gains that occurred earlier in the year, and the annual benchmark price rose by 15 per cent. Price growth ranged from a low of 11 per cent in the city centre to over twenty per cent in the North East, East and South districts. 

REGIONAL MARKET FACTS

Airdrie
Despite some recent pullbacks, sales activity reached 1,951 units in 2024, a gain of over four per cent compared to last year. The gain, in part, was possible thanks to a boost in new listings that helped add some much-needed supply to the Airdrie market. Much of the inventory gain occurred in the later portion of the year, causing the months of supply to push above two months in September and improve throughout the last quarter of the year.

The shift toward more balanced conditions took some pressure off prices over the last quarter of the year. However, on an annual basis, the benchmark price rose by nearly eight per cent, a faster pace than the previous year. Prices rose across all property types, with faster growth occurring for the relatively more affordable higher-density homes.

Cochrane

Market conditions in Cochrane favoured the seller throughout most of the year as strong sales relative to new listings prevented any significant shift in inventory levels. However, by the last quarter of the year, we started to see more new listings relative to sales, causing the sales-to-new listings ratio to ease to levels more consistent with balanced conditions. This helped support some inventory gains; however, over the last quarter of the year, inventory levels were still well below long-term trends for the area.

 The inventory gains relative to sales in the later part of the year did push the months of supply above two months. This helped take some of the pressure off home prices but not enough to offset earlier gains. Overall, the annual benchmark price rose by nearly nine per cent averaging $565,808 in 2024.

 Okotoks

New listings rose by 16 per cent in 2024, supporting sales growth of nearly eight per cent. The gains in new listings also helped support some gains in inventory levels this year. However, throughout most of the year, inventory levels were half the levels traditionally seen in the market and have not been high enough to change the seller market conditions that have persisted in Okotoks since 2021.

 The tight market conditions drove further price growth this year and at a faster pace than last year. Benchmark prices in Okotoks averaged $615,708 in 2024, nearly eight per cent higher than last year. Several years of price growth caused a rise in activity for semi-detached and row-style units, driving tighter conditions in those sectors and priced growth that exceeded 11 per cent on an annual basis.

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

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

The past five years have been of immense change. As we adapted to the realities of COVID, and then moved away from them, our homes adapted to our lifestyles. 

Many people now spend more time at home working, studying and exercising.  For this reason, it’s no surprise that the trends for 2025 focus on comfort, ease, and making our spaces truly ours. 

Check what design experts in North America have predicted for home trends in 2025:

1. Sustainability

The rise of climate change concerns has made people reconsider the ways they relate to their environment. 

According to The Home Network, in 2025, there will be a bigger focus on making homes more energy-efficient to not only be kind to the environment, but also save money on utilities, increase home value, and benefit from tax incentives.

Aside from making homes energy-efficient, according to HomeNetwork people are also choosing natural (and even homemade) cleaning products instead of ones with high amounts of chemicals, and are opting to buy furniture made out of sustainable materials such as cork.  

Experts also predict an increase of natural plants in homes – not just for decoration but to truly bring nature into the spaces to help improve air quality and reduce stress.

2. Coziness and Comfort

Comfy and inviting furniture became popular last year, but in 2025, design experts predict it will take the lead through the use of curves: Rounded sofas like the famous “Blob” sofa, chairs and circular coffee and dining tables, as well as accent chairs and oblong mirrors that help create a sense of fluidity and comfort. 

Warm neutral palettes, earthy tones, and organic colours, along with wood elements such as ceiling beams, trim, millwork, wall paneling, and cabinetry are expected to be seen more this year to add warmth.

3. Self-care in Style

COVID made us realize the importance of mental health, self-care and rest. As we move forward, people have prioritized these aspects of health. This includes bathing, which has become more than a duty. It’s now an immersive experience to relax and rejuvenate. 

For this reason, experts predict that people will move towards bathrooms that can be turned into micro-spas with mesmerizing bathtubs, spacious showers, underwater speakers and luxurious bath products. 

Originally designed for large spaces, wet rooms are also expected to be popular as homeowners include separate showers and tubs in them for more comfort.

4. Boldness and Vibrancy

This year, maximalism is coming back. Houzz senior editor Michelle Parker told Forbes Magazine that designers are getting more and more requests to include layers of bold colours, patterns and textures. Examples are grooved walls and ceiling panelling in bold colours, as well as patterned furniture, rugs and pillows. 

Lively colours like magenta and tangerine carefully mixed and matched with contrasting textures (rough, smooth, soft, hard) seek to add vibrancy and energy to spaces in 2025. 

5. Embracing Outdoor Spaces

Owners of single-family homes with backyards and front porches found solace in these spaces during the pandemic to escape cabin fever.

While we live in a post-COVID era, the love of homeowners for their outdoor havens has stayed. So much so that Forbes Magazine reported that going into 2025, homeowners with backyards will focus on creating memorable outdoor entertaining spaces to welcome guests. 

According to Michelle Parker, homeowners are embracing outdoor cooking methods that go beyond the classic BBQ and are choosing to install pizza ovens, smokers, ceramic kamado-style barbecues and Argentinian-style gaucho grills that use wood or charcoal. 

In addition to the culinary aspect, more people are also focused on adding more features to their space, such as outdoor showers, waterproof sound systems and freestanding home offices.

Courtesy CREB

It’s no secret that home renovations take time and money. According to Spring Financial, the cost can range from $15,000 to $200,000, depending on the size of your space and the complexity of the project.

So, whether you’re looking to give your basement a new look or enhance your bathroom, having a solid financial plan for your home renovation project can help you make the best decisions for your home, time and wallet.

Here are some steps to create a financial plan that will work in your favour:

1. Decide what you want

Think about your goal with this project and the details required to make it happen. Be strategic about the order you want things to happen.

To do so, you can write a detailed list of everything you’d like the project to include, and divide the items between wants and needs, so you are aware of the things you’d like to splurge on, and the things you are willing to compromise.

2. Estimate the costs

After writing a detailed list of your needs and wants, you may have a vague idea of how much money you’ll need.

But to be sure, start researching potential costs associated with home renovation projects in your area through cost estimation websites or home renovation forums. Think about the materials, labour, appliances or furniture costs as well (if applicable).

Then, create a detailed plan of the estimated costs so you can communicate this information to your contractors. You can do these through a spreadsheet that includes each portion of the project, and an estimated time for finishing.

During this process, think about the value of your home. If your project costs more than 10 to 15 percent of your home’s value on a single room, the renovation will not proportionally add to the value of your home.

Tip: Small purchases like paint brushes, sandpaper and hand tools can add to your expenses, so make sure you also budget for the little things and unexpected costs. As a rule of thumb, try to allocate around 10 to 20 percent of your total budget as a contingency fund. Just in case.

3. Choose a contractor

Unless you’re a DIY pro or work in the home renovation industry, you’ll likely need a contractor to execute your vision in a timely manner and within budget.

To choose the best contractor for your project, you can ask friends and family for referrals, or search online for companies in your area with positive reviews (don’t overlook the negative ones). If you’re looking to renovate your bathroom, look for experts in this area and try to narrow down your search to three.

Once you have your best three options, take the time to call them and set up a meeting to discuss your project (including budget, timeline and preferences) and ask for written estimates, as well as references. Don’t be shy to approach their past clients and ask them about their experience.

After comparing contractors, you can decide which one will be best for your project.

Tip: Be careful with contractors who give you a cheaper bid, as this can open doors to errors that can cost you more money in the long term. Alternatively, you can use competing bids to negotiate with your preferred contractor.

Fun fact: Seasons influence the price of home renovations. If you’re looking to make an indoor renovation, winter is your best bet. On the other hand, although summer is the premier season for outdoor renovations, contractors are in high demand, driving up the renovation costs.

4. Arrange Financing

Now that you know the costs of your renovation, it’s time to think about where the money will come from.

You can take money from your savings or investment accounts, but if those aren’t an option, you can look into home equity loans or a line of credit.

There are many options available, so take the time to research their pros and cons. Make sure you compare the interest rates and terms from different lenders. This way, you’ll be better informed and can save money in the long run.

5. Track your spending

Stay within your budget by creating a system to monitor the costs. You can use a spreadsheet, a budgeting app, or project management software to record every single purchase and expense related to your renovation: labour costs, materials, and yes, even the paint brushes.

Pay attention to your budget and frequently review it to compare the actual expenses against your initial estimates. This will allow you to see which areas cost more than you expected and adjust your spending as necessary.

If you’re over budget, you can see where you could cut costs or reallocate funds by going back to your list of needs versus wants. Sometimes, you have to compromise and that’s okay.

You could also opt to save money on specific things. For example, if there’s any required painting, you can do it yourself and remove that cost from your budget.

In the case that you find yourself under budget, you can use the extra cash for additional upgrades or save it for future projects.

As you embark on your home renovation journey, having a solid budget will support you in having a positive experience while turning your idea into reality.

Courtesy CREB

The Canadian Real Estate Association says the number of homes sold in November rose 26 per cent compared with a year ago, marking the second straight month of large year-over-year gains.

A total of 37,855 homes changed hands last month across Canada, compared with 30,042 in November 2023, following a 30 per cent year-over-year increase of sales in October.

The association said rising home sales activity was driven by gains in Greater Vancouver, Calgary, Greater Toronto and Montreal, along with some smaller cities in Alberta and Ontario.

The national average sale price for November rose 7.4 per cent compared with a year earlier to $694,411.

"Not only were sales up again, but with market conditions now starting to tighten up, November also saw prices move materially higher at the national level for the first time in almost a year and a half," CREA senior economist Shaun Cathcart said in a news release.

"Normally we might expect this market rebound to take a pause before resuming in the spring; however, the Bank of Canada's latest 50-basis point cut together with a loosening of mortgage rules could mean a more active winter market than normal."

The Bank of Canada's half-percentage-point cut last week marked the fifth consecutive time it has lowered its policy rate since June, bringing it to 3.25 per cent.

On a seasonally adjusted month-over-month basis, national home sales rose 2.8 per cent from October.

The number of newly listed properties was down 0.5 per cent month-over-month.

There were just over 160,000 properties listed for sale across the country at the end of the month, up 8.9 per cent from a year earlier but still below historical averages for that time of year.

"With variable rates down and inventory up, buyers are striking before the iron gets hot," said NerdWallet Canada spokesman Clay Jarvis in a statement.

Jarvis predicted the spring season will be competitive. With that in mind, some buyers may have chosen to get off the sidelines last month to avoid paying more next year when more demand leads to higher listing prices.

"Their mortgage will be a little more expensive today, but that's a trade-off some buyers will be willing to make. Consider it an opportunity cost," he said.

"The market's going to finish the year on a high note. We're not going back to the madness of December 2021, but we should see some serious sales increases compared to last year."

Courtesy CTV News

Canada’s central bank has cut interest rates for the fifth consecutive time as the country’s economy grows at a slower rate than projected.

The 50-basis-point cut comes as Canada's economy grew by one per cent in the third quarter of 2024, and the fourth quarter is looking weaker than projected, according to the Bank of Canada.

“Monetary policy no longer needs to be clearly in restrictive territory,” said Bank of Canada governor Tiff Macklem in a statement.

Macklem noted consumer spending and housing activity both picked up as a result of lower interest rates.

Another factor in cutting the interest rate was Canada’s unemployment rate rising to 6.8 per cent in November as the bank says the number of people looking for work has increased faster than the number of jobs.

“It has been especially hard for young people and newcomers to Canada to find work,” said Macklem.

A significant shift in immigration policy by the federal government has calmed population growth in the country and some private sector economists believe that could push unemployment even higher in the months to come.

“We expect the jobless rate to push higher yet, likely averaging 7 per cent in the first quarter of next year, before receding slightly,” wrote BMO’s chief economist Douglas Porter in a recent analysis paper.

In making its decision, the bank cited the incoming U.S. administration and the threat of 25 per cent tariffs on Canadian exports to the U.S., adding increased uncertainty and clouding the economic outlook.

“No one knows how this will play out in the months ahead – whether tariffs will be imposed, whether exemptions get agreed, or whether retaliatory measures will be put in place,” said Macklem.

The central bank expects inflation to remain close to the two per cent target over the next two years as its prediction of shelter price inflation has eased, as has inflation from goods prices. However, there is a caveat: “Elevated wage increases combined with weak productivity could push inflation up,” said Macklem.

In addition to the threat of tariffs, the central bank has to take new federal measures into account. Last month, the federal government announced a two-month GST holiday on a long list of consumer goods.

“We expect the GST holiday to temporarily lower inflation to around one-and-a-half per cent in January,” said Macklem. “But that effect will be unwound after the GST break ends in mid-February.”

Those factors as well as proposed one-time payments of $250 for working Canadians who earned less than $150,000 last year, and changes to mortgage rules will affect the dynamics of demands and inflation according to the central bank. As a result, the bank is forecasting a more “gradual approach” to future rates decisions.

The central bank also took into account the possibility of new spending on the Canada U.S. border, which the Liberal government could introduce next month ahead of Donald Trump’s inauguration. Trump has demanded increased security at the border to stem the flow of illegal migrants and drugs.

It’s unclear how much money the government is planning to spend, but that could be announced in the Fall Economic Statement, which is going to be presented Dec. 16 by Finance Minister Chrystia Freeland.

The Bank of Canada’s next scheduled date for announcing the overnight rate target is January 29, 2025.

Courtesy CTV News