The average sale price in the Calgary housing market has increased by 3.7 percent across all property types between 2023 and 2024, from $571,600 in 2023 to $592,500 in 2024. The number of sales transactions remained steady during the same time period, with a slight increase of 0.1 percent, from 2,171 units sold in 2023 to 2,174 sales in 2024. Meanwhile, the total number of listings saw a healthy increase of 55.7 percent, from 3,190 properties listed for sale in 2023 to 4,966 in 2024. The number of new listings in the region increased by 21.6 percent, from 2,684 in 2023 to 3,264 in 2024. Looking ahead to 2025, the Calgary housing market is expected to transition to a buyer’s market overall, but market conditions will depend on the price point. The mid-to high-price range is expected to be balanced, while demand at the affordable price points will create seller’s market conditions. Average price is expected to rise by five percent in 2025, while the number of sales will likely increase by two percent.

Low housing supply continues to be an issue in the Calgary housing market, with listings within the higher-price point sitting on the market for longer periods. Condominium apartments are expected to see the most sales activity in the region.

First-time buyers will be the primary drivers of market activity next year, targeting detached homes under $700,000 if they qualify, or condos as an entry-level property within the $350,000 price point.

Move-up and move-over buyers are typically purchasing detached homes and attached infills, with budgets ranging from $700,000 – $2 million, depending on area and income.

Meanwhile, retirees are purchasing villas and larger condos, typically with budgets of $800,000 and above.

New construction is at a high in Calgary, with projects focused on apartments and condos, detached homes and attached infills.

Heading into 2025, sellers who are listing properties in the lower price range are confident due to limited supply resulting in quick sales, while higher-end properties are expected to sit on the market longer as inventory grows.

A decreasing interest rate and 30-year amortization will make it easier for first-time homebuyers to purchase a home in Calgary, but a core challenge that persists in the region is the lack of affordable housing supply.

Rental rates are expected to remain stable going into 2025 due to an increase in rental unit availability. This trend may prompt some investors to either scale back or list their properties for sale. Meanwhile, strong in-migration continues as many people choose Calgary as their new home.

Courtesy RE/MAX LLC

The attachment many Canadians have to their family cottage runs deep. These properties often become central to family traditions and legacies, passed down from generation to generation. But with the recent capital gains tax changes, this treasured inheritance could come with a hefty price tag.

 The change and the concern

 Effective June 25, 2024, the capital gains inclusion rate increased from 50 per cent to 66.67 per cent, except for the first $250,000 of net gains per year for individuals and some trusts, which are included in taxable income at 50 per cent.

This change raises significant concerns for families owning cottages or other secondary properties. Property values have soared, and many Canadians face an unpleasant reality: passing down the family cottage might result in a sizeable tax burden for their heirs.

When I work with families concerned about wealth transfer, I’ve seen firsthand how the new rules have impacted planning strategies. One increasingly popular solution is permanent life insurance, particularly joint last-to-die policies, which can offer a tax-efficient way to pay the tax bill.

 Understanding capital gains taxation 

 When someone passes away, their assets, including real estate other than their primary residence, could be subject to capital gains taxes. Capital gains are calculated by subtracting the property’s adjusted cost base (which includes the original purchase price, eligible expenses and capital improvements) from its fair market value at the time of death.

With the new inclusion rate, two-thirds of that gain is now considered taxable income, less the first $250,000 of net gains. For a family cottage purchased or inherited decades ago and now worth millions, this could mean hundreds of thousands of dollars in taxes.

 The role of joint last-to-die life insurance

 For many of my clients with spouses or partners, permanent joint last-to-die life insurance has become the obvious answer to this problem. It’s a relatively affordable solution that allows couples to preserve the value of their assets while avoiding the need to sell properties that hold significant sentimental value.

These policies insure both spouses but pay out only after the second spouse passes away, which is when capital gains taxes on their assets typically become due. The tax-free death benefit from the policy can be used to cover the capital gains taxes, ensuring your client’s heirs aren’t left scrambling to find the funds.

Strategy in practice 

 Let’s look at an example. John and Susan, a couple in their late 60s, had owned a cottage in Muskoka for more than 30 years. It was their dream to pass the cottage down to their two adult children, who grew up spending summers there and now have children of their own who are forming cottage memories. 

The property, originally purchased for $300,000, now has a fair market value of $2 million. When John and Susan learned about the 2024 changes to the capital gains tax rules, they were shocked by the serious tax burden this would create for their children.

• Since the property appreciated by $1.7 million, the estate would be responsible for paying capital gains tax on this unrealized gain upon the second parent’s death. 

• The first $250,000 of the gain would be subject to a 50 per cent inclusion rate. For the remaining $1.45 million, 66.67 per cent would be included in taxable income.

• The total taxable capital gain would be approximately $1.1 million, resulting in an estimated tax bill of over $580,000, assuming Ontario’s highest marginal tax rate of 53.53 per cent.

This staggering amount could force their children into selling the beloved cottage to cover the taxes — something John and Susan are determined to avoid.

Working with their insurance advisor, John and Susan purchased a joint last-to-die life insurance policy with a death benefit of $400,000, intended to cover the bulk of the anticipated tax liability. 

The peace of mind from this type of planning is invaluable. Now, John and Susan can focus on creating more memories at the cottage, knowing it will remain in the family for future generations to enjoy.

 Advise your clients to review their estate plan

 The capital gains inclusion rate increase is a wake-up call for many Canadians. 

Life insurance is not only a way to preserve their legacy, but also a financial tool that can prevent asset liquidation during a difficult time for families. Joint last-to-die permanent life insurance policies are more affordable than individual coverage and couples can typically secure a policy even if only one spouse is insurable. It’s often the best option for long-term estate planning.

By planning proactively, your clients can safeguard their family’s future and ensure that cherished assets like the family cottage are passed on as a legacy — not a liability.

Courtesy Real Estate Magazine

In Alberta, real estate transactions can be complex, especially when dower rights come into play. 

These rights are critical legal protections designed to safeguard the interests of a spouse in a matrimonial home. Understanding dower rights is essential whether you're buying, selling, or mortgaging a property.

What are dower rights?

Dower rights are legal protections granted to the spouse of a registered homeowner in Alberta.

These rights ensure that the spouse who is not listed on the property title, also known as the non-titled spouse, has a say in any major decisions regarding the property.

Under the Dower Act, this means the non-titled spouse must provide formal consent before any disposition of the property occurs. This includes selling the home, refinancing, or taking out a mortgage.

When are dower rights triggered?

To understand whether dower rights apply in a given situation, it is best to proceed with a specific line of questioning:

Is there only one person on title?

• Yes: Dower rights apply.

• No: Dower rights do not apply, regardless of marital status.

Is the person on title married?

• Yes: Dower rights apply. However, this only applies to legally married spouses; common-law partners are excluded from dower protections.

• No: Dower rights do not apply.

Has either spouse, on title and not on title, lived in the property since the time of their marriage?

• Yes: Dower rights apply. Even something as simple as staying overnight in the home can trigger these rights.

• No: Dower rights do not apply.

What to do when dower rights apply

When dower rights are triggered, the spouse not on the title must provide dower consent before any legal disposition of the property can proceed. This applies to the following situations:

• Listing a property for sale: A dower consent is required because many listing contracts include clauses that allow commissions to be secured by caveat against the property title.

• Signing a purchase agreement: Any agreement to sell the property requires spousal consent.

• Obtaining a mortgage: Before a mortgage can be finalized, dower consent must be given.

• Transfer of land: When the property title is being transferred, dower consent is needed.

Dower rights and separation

If you are in the process of separation but are not yet divorced, with a final divorce judgment, dower rights continue to apply until there is a final divorce judgment.

In these cases, it is essential to consult with a family or divorce lawyer familiar with the case. It is best to resolve all issues that may arise regarding dower rights before entering into any real estate contracts.

What is a dower release?

A dower release is a legal document that allows a spouse to relinquish their dower rights.

This document must be signed in front of a lawyer, and the spouse giving up their rights must do so voluntarily, without any pressure or duress. Once a dower release is signed, the property can be sold, mortgaged, or transferred without requiring further consent from the releasing spouse.

However, it's important to remember that a dower release can be revoked. Always check the title for any pending changes to a dower release before proceeding with any transaction.

Conclusion

Dower rights are a vital component of Alberta real estate law, protecting the interests of spouses in matrimonial homes. Understanding when these rights apply and how to navigate them can prevent potential legal pitfalls in real estate transactions.

If you are unsure how dower rights might affect your property dealings, consult with a lawyer to ensure compliance with the Dower Act.

Courtesy CREB

Moving is often an exciting adventure, but it also comes with a long to-do list. From coordinating movers, to picking up the keys, every single task on your to-do list feels important. There’s one task that’s often overlooked, put off to the very last minute, or forgotten completely—updating your address.

It might not be as thrilling as exploring your new neighbourhood or planning your upcoming home improvement projects, but dedicating time to ensuring your address is changed will save you from missing online shopping deliveries, bills, and other major headaches (or even fines!) down the road.

This comprehensive guide will help you navigate the task of updating your address so you can spend more time enjoying your new home!

Getting started

It goes without saying, the first step in changing your address is ensuring you have it written down/recorded correctly. Reference your sale agreement or lease agreement if you’re in doubt, and ensure you have the correct street number, suite number, street direction, and postal code. 

The second step is to set up a mail forward with Canada Post. Mail forwarding acts as a catch-all for anything you have missed in the excitement of your move. Using a mail forwarding service for one year offers peace of mind. Prices start at $92.50, and can be set up in-person or online in as little as 10 minutes. Mail that’s forwarded is tagged with a yellow sticker. As these items are received, initiate a change of address request with the mailer. By the end of year one, you should have caught most of what was initially missed. Set up your mail forward at least 30 days before your moving date.

Who to notify when your address changes

From the government to your grandma, your list of who to notify about your address change might seem long, but this checklist will help you identify who to notify and when.

Service providers

You’ll need to contact your phone company, cable and internet provider, hydro services, insurance provider, and more when you move. Plus, don’t forget things like subscription boxes and streaming services for good measure. Here are some of the service providers you’ll need to notify, and when to do so.

Medical care or providers

Be sure to update any medical care providers of your new address at your next visit or by phone after you move. This can include:

• Doctors and physicians

• Holistic health services providers

• Dentists

• Pharmacies

• Optometrists

• Veterinarians

• Medical insurance programs

Government services

Provinces and territories have laws about how long you have to notify them of an address change when it comes to your driver’s license, vehicle registration, and health card. For example, in Ontario, you’re required to notify them no longer than six days after your address changes for your license and registration, and 30 days for your health card. In Alberta, you have 14 days for your license and registration. Here are the government services you should be notifying of an address change, when to do so, and how to do it. For exact deadlines, make sure to check your provincial/territorial website for details. 

Educational Institutions

Schools, daycares, colleges, scholarship programs, and trade programs all need to be notified of an address change. If you’re moving out of the school district, make sure to make this change as far in advance as possible to allow for registration and transfer times.

Personal contacts

Most people you’re close with will know you’re moving, so they’ll know an address change is happening and likely ask for the address anyway. However, make sure you inform your employer or human resources department of a move within one or two weeks of moving so all relevant files, paystubs, and tax documents can be up to date. This can be done in person, by email, or by phone. 

Other

We’ve already covered most of the main people or places to notify of an address change, but there are some others that don’t quite fall into a specific category.

Changing your address doesn’t have to be a daunting task. With a little planning and organization, you can make the transition to your new home smooth and stress-free. If you feel as though you’re forgetting something, your REALTOR® can answer any questions about organizations you may need to notify!

Courtesy Realtor.ca

Daylight savings time is the perfect opportunity to renew your home for the coming season. From thermostat adjustment to outdoor preparation, use this checklist to keep your house safe, cozy, and efficient all year round.

Change Clocks 

The most obvious task: don’t forget to adjust clocks that don’t change automatically, including those on kitchen appliances, car dashboards, and thermostats. It’s also a good idea to confirm that smart home systems are synced correctly to the new time.

Update Home Lighting 

With earlier sunsets in the fall, consider adding task lighting or dimmable bulbs to brighten your home and create a cozy evening atmosphere. Strategic lighting can help reduce the impact of losing natural light, improving both functionality and ambiance.

Outdoor Lighting Check 

As the days grow shorter, inspect outdoor lights, security lights, and timers to ensure they are properly set for the season. Well-placed lighting not only enhances curb appeal but also improves safety by illuminating walkways and entrances.

Thermostat Adjustments 

Changing daylight means changing routines, making this the perfect time to update your thermostat settings for optimal comfort and efficiency. As cooler weather arrives in the fall, adjusting your heating schedule can help maintain a cozy home while keeping energy bills in check.

Maximize Morning Light 

Brighten your mornings by pulling back curtains, adding mirrors, or incorporating light-colored decor to reflect natural sunlight throughout your home. These simple changes can make mornings feel fresher and boost your mood, especially during darker seasons.

Outdoor Prep

Before daylight hours shorten, complete any remaining outdoor maintenance projects, such as cleaning gutters or storing patio furniture. Take advantage of any good weather to winterize outdoor spaces and avoid last-minute repairs as the season shifts.

Review Home Security 

Use daylight savings as a reminder to replace batteries in smoke and carbon monoxide detectors, even if they aren’t dead. This small task ensures your home’s safety systems stay functional year-round.

Check and Replace Air Filters 

Swap out old air filters to improve air quality and help your HVAC system run efficiently. Clean filters reduce energy consumption and keep your home comfortable when switching from cooling to heating.

Declutter and Deep Clean 

Daylight savings serves as a great reminder to do a seasonal deep clean and declutter. Organize closets, clear out storage spaces, and donate unused items to keep your home feeling refreshed and free of clutter.

Courtesy: Zoocasa

Sales gains for homes priced above $600,000 offset declines at the lower end of the market, resulting in October sales that were similar to last year. The 2,174 sales in October increased over September and stood 24 per cent above long-term trends for the month.

“Housing demand has stayed relatively strong in our market as we move into the fourth quarter, with October sales rising over last month,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, activity would likely have been stronger if more supply choices existed for lower-priced homes. Supply levels in our market are improving relative to the ultra-low levels experienced last year, but much of the gains have been driven by higher-priced units for each property type. This results in conditions far more balanced in the upper end of the market versus the seller's market conditions in the lower to mid-price ranges of each property type.” 

The gains in new listings relative to sales over the past six months have supported inventory gains in the city. As of October, 4,966 units were available, a significant improvement over the near-record low of 3,205 units reported last October. While inventories are starting to reach levels more consistent with long-term trends, the inventory composition has changed as nearly half of all the residential inventory is now priced above $600,000.

Adjustments in supply are helping move the market away from the tight market conditions experienced in the spring. However, conditions remain relatively tight, with 2.3 months of supply and a 67 per cent sales-to-new listings ratio, and the months of supply does vary significantly by price range and property type. For example, detached homes priced below $700,000 are reporting less than two months of supply, while homes priced over $1,000,000 are reporting over three months of supply. This is likely resulting in different price pressures depending on price range and property type.

Overall, the total residential benchmark price was $592,500 in October, over four per cent higher than last October and on a year-to-date basis, averaging over eight per cent higher than last year's levels. The unadjusted benchmark prices did ease slightly over last month due to seasonal factors, as seasonally adjusted prices remained relatively stable in October compared to September. 

Detached
Home sales rose to 1,071 in October, a gain over last month and nearly 10 per cent higher than last year. While new listings were higher than last year, they slowed over last month, causing the sales to new listings ratio to rise to 69 per cent and preventing any further monthly gain in inventory levels. With 2,199 units available, the months of supply remained near two months, a gain over the under two months reported last year at this time, but slightly lower than last month.

The unadjusted detached benchmark price was $753,900 in October, slightly lower than last month but still eight per cent higher than levels reported last October. Additional supply choices in the higher price ranges have taken some of the pressure off home prices. However, the recent monthly pullbacks are more related to seasonal conditions, as seasonally adjusted prices have remained relatively stable over the past three months.

Semi-Detached
Sales in October rose over last month and were over six per cent higher than levels reported last year at this time, contributing to the year-to-date growth of over three per cent. New listings for semi-detached homes have also been on the rise, supporting some steady gains in inventory levels. The shift in supply compared to demand has helped push the market toward more balanced conditions, especially for higher-priced properties. However, with only two months of supply, the overall conditions still favour the seller.

The unadjusted benchmark price was $677,000 in October, similar to last month and over eight per cent higher than last year. Year-to-date prices have averaged an over 11 per cent gain. 

Row

Following a strong start to the year, sales activity has slowed since June. However, the pullback in sales is not due to a shift in demand but related to supply constraints. The declines in sales have been driven by homes priced under $400,000, the same segment of the market which reported a 35 per cent decline in new listings. Year-to-date sales have remained relatively stable compared to last year, as pullbacks in the lower range offset the gains in the upper price ranges. Over 70 per cent of the sales have occurred over $400,000, a significant shift from last year, where the upper end accounted for 47 per cent of all the sales.

Improvements in supply did cause the months of supply to push above two months in October, the first time that has happened since the end of 2021. Supply growth, especially in the upper price ranges, has helped take some pressure off prices. However, with an unadjusted benchmark price of $456,600, prices are still over eight per cent higher than last October and year-to-date, which have averaged an increase of nearly 16 per cent.

Apartment Condominium

While sales in October improved over last month, October marks the fifth consecutive month with a year-over-year decline. However, it is important to note that the 6,782 sales so far this year are only down slightly over last year's record high and nearly double the number of sales we have averaged over the previous decade. Higher lending rates, rising rents, and limited supply choices for lower-priced properties have fuelled demand for apartment condominiums. However, like other property types, sales declines were driven by pullbacks for lower-priced units due to a significant drop in supply. Inventory levels in October did rise over the previous year, with most of the gains occurring in the $300,000 - $500,000 range, supporting more balanced conditions in those price ranges. Meanwhile, conditions remained relatively tight for lower-priced condominiums.

The additional supply choices, especially in the higher ranges of the condominium market, are taking some of the pressure off prices. In October, the unadjusted benchmark price was $341,700, down over last month but still 11 per cent higher than last year's levels. While much of the monthly decline can be attributed to seasonal factors, areas with a relatively high number of newly constructed and completed projects are impacting resale activity, resulting in a slightly higher monthly decline. Nonetheless, on average, year-to-date prices are nearly 17 per cent higher than levels reported last year.

 REGIONAL MARKET FACTS

 Airdrie
While both sales and new listings improved over the levels reported last October, the monthly pullback in new listings was enough to cause the sales-to-new-listings ratio to rise over last month, reaching 67 per cent. While this slowed the growth in monthly inventory levels, the 365 units in inventory is a significant gain over the exceptionally low levels of 213 reported last year at this time. Following three consecutive years of low inventory levels, recent gains are helping shift the market toward more balanced conditions. 

A shift away from the extreme sellers’ market has reduced the pressure on home prices. The unadjusted benchmark price was down over last month in October, but it was still five per cent higher than last October. Some of the monthly decline is related to seasonal factors, as seasonally adjusted data indicates prices remained relatively stable over the past four months.

Cochrane

Sales this month improved over last year, keeping above long-term trends for the town. At the same time, new listings also improved, reporting the highest October total on record. Recent gains in new listings relative to sales have helped support some steady gains in inventory levels. However, with 178 units available in October, inventories are still below long-term trends, keeping the months of supply relatively low at 2.3 months. 

While conditions are not as tight as in the spring, the shift is slowing the pace of price growth. The unadjusted benchmark price in October was slightly lower than last month but still six per cent higher than last year's levels. Overall year-to-date average benchmark prices are over nine per cent higher than last year's levels.

Okotoks

Sales in October improved over last year's levels as recent gains in new listings provided choices for many buyers struggling with supply options. While the sales gain relative to new listings prevented further monthly gains in inventory levels, the 103 units available in October significantly improved over the near-record low of 66 units reported last October. 

With less than two months of supply, conditions continue to favour the seller. The persistent seller market conditions have driven price growth in this market throughout most of the year. While unadjusted prices did ease slightly over last month in October, levels are still over six per cent higher than last October and over eight per cent higher on a year-to-date basis. 

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

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