October sales slowed to 1,592 units, contributing to a year-to-date decline of nearly 11 per cent. While sales have slowed this year, much of the decline was driven by steep pullbacks in resale apartment condominiums and row-style units. Although sales have fallen across all property types, we have seen a pickup in sales of homes that are priced above $1.5 million, which account for less than four per cent of all sales activity.

The overall pullback in sales was met with further declines in new listings, causing inventories to trend down in October. In line with typical seasonal behaviour, inventories slowed from September, leaving inventories nearly five per cent lower than October 2025 levels. With 6,173 units in inventory and 1,592 sales, the months of supply remained just below four months. The elevated months of supply is mostly due to shifts in the higher-density apartment and row sectors of the market, which both tend to favour the buyer. Meanwhile, detached and semi-detached markets remain relatively balanced.

“Supply choice in the new, rental and resale markets has taken much of the pressure off prices this year. However, supply choice can vary significantly within the market, resulting in divergent impacts on prices,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “Much of the downward pressure on prices is occurring in the oversupplied higher-density segments of the market, while detached and semi-detached prices have remained more stable. Even within the detached market, we see variation as the City Centre and West districts continue to report price gains over 2025, while prices have declined by more than six per cent in the North East district.”

In line with seasonal expectations, October’s benchmark price eased compared with September, and remained similar to last year’s levels. While much of the price adjustment in the market occurred in the second half of 2025, we did not see the same seasonal lift in prices in spring 2026, leaving year-to-date prices nearly three per cent lower than October 2025. Year-to-date benchmark prices ranged from stable in the semi-detached sector to a decline of nearly nine per cent in the apartment condominium sector.

Detached

October detached sales eased to 847 units, down from September and nearly 16 per cent lower than last year's levels. The monthly decline in new listings was more significant than the pullback in sales, causing the sales-to-new-listings ratio to rise to 56 per cent. This also caused inventories to trend down from September, but with 2,832 units in inventory, levels were comparable to October 2025 and typical October levels. Overall, with just over three months of supply, conditions remained relatively balanced, preventing monthly price declines beyond typical seasonal behaviour. In October, the unadjusted benchmark price was $735,100, less than one per cent lower than last year. Year-to-date price gains in the City Centre and West districts were not high enough to offset declines occurring mostly in the North East, North and East districts, leaving total detached prices two per cent lower than 2025.

Semi-Detached

Unlike other property types, sales improved in October compared with September. While this was not enough to offset earlier pullbacks, year-to-date sales fell by less than two per cent compared to last year. At the same time, new listings eased in October, lifting the sales-to-new-listings ratio to 61 per cent, the highest among the four property types. This also caused a steeper decline in inventory levels, bringing the months of supply back down to three months, compared with nearly four months in September. Relatively tighter market conditions throughout the year have prevented any significant change in prices. In October, the unadjusted benchmark price was $685,200, similar to September and nearly one per cent higher than last year. Overall, year-to-date prices have remained stable compared to October 2025.

Row

Sales continued to slow in October, contributing to the year-to-date decline of over 15 per cent. Meanwhile, new listings eased, but not as much as sales, leaving the sales-to-new-listings ratio below 50 per cent for the second month in a row. This also prevented any significant adjustment in inventory levels, which were stable compared with September and five per cent higher than October 2025. With 241 sales and 1,069 units in inventory, the months of supply pushed up to 4.4 months, showing more persistent signs of oversupply. Competition from the new home market and added rental supply choice has weighed on resale row homes, resulting in persistent downward pressure on prices over the past four months. In October, the unadjusted benchmark price was $407,500, more than five per cent lower than October 2025. While year-to-date prices are lower than last year across every district, the North East and East districts reported the steepest declines at more than 11 per cent.

Apartment Condominium

With over five months of supply, apartment condominiums continue to struggle with excess supply and price declines. Easing rental rates and competing product in the new home market have lowered demand for resale condominiums. In October, the pullback in new listings helped drive further inventory declines. However, the 1,691 units in inventory were still 13 per cent higher than typical October levels. Persistent price adjustments have left the unadjusted benchmark price at $288,800 in October, eight per cent lower than last year and 15 per cent below the peak price reached in August 2024. Downward pressure on prices over the past two years has erased much of the gains reported since prices recovered in 2023. Prices have eased across all districts in the city, with the largest declines occurring in the North East and East districts.

REGIONAL MARKET FACTS

Airdrie

Sales continued to trend down in October, contributing to a year-to-date decline of 13 per cent. While sales declined across all property types, the largest year-to-date declines occurred in row and semi-detached homes. Competition from the new home market as well as competing supply in other centres and Calgary has weighed on resale activity this year. In October, new listings also slowed, contributing to further pullbacks in inventory levels and keeping the months of supply at just over four months. The additional supply choice has weighed on resale prices, which are down by nearly five per cent on a year-to-date basis. Prices eased across all property types. In October, the unadjusted detached benchmark price dropped to $587,300, bringing the price difference between Airdrie and Calgary back to 20 per cent.

Cochrane

Easing sales in October were not enough to offset earlier gains, as year-to-date sales remained nearly four per cent higher than 2025 levels. The 62 sales in October were met with 142 new listings, keeping the sales-to-new-listings ratio relatively low at 44 per cent. This caused inventories to rise at a time when inventories typically decline. Higher inventory levels compared to sales caused the months of supply to approach six months for the first time since early 2020. The increase in supply was partly due to a rising share of new homes being listed on the resale market in October. The benchmark price was $571,100, down from September and nearly two per cent lower than October 2025 and on a year-to-date basis.

Okotoks

An increase in new listings compared to sales caused the sales-to-new-listings ratio to fall back into the 50 per cent range, following elevated levels over the past four months. This also caused inventories to increase from September and remain similar to levels reported in October 2025. With 137 units in inventory and 45 sales, the months of supply reached three months, reflecting relatively balanced conditions but still the highest level recorded this year. As conditions have been relatively tight in Okotoks, there has not been as much pressure on prices. While prices eased in October, this is not unusual for this time of year. Year-to-date benchmark prices are one per cent lower than they were last year.

Chestermere

New listings continued to rise in Chestermere compared with sales activity, causing the sales-to-new-listings ratio to remain in the 30 per cent range. This kept inventory levels elevated, with the months of supply remaining just below six months. Elevated supply levels over the past several months have caused prices to trend down since July. In October, the unadjusted benchmark price was $683,800, more than three per cent lower than October 2025. Despite recent declines, year-to-date benchmark prices are only one per cent lower than levels reported 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 Calgary Real Estate Board

The Bank of Canada today increased its target for the overnight rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%.

Since the July Monetary Policy Report, global economic activity has remained resilient, despite higher energy prices. In the United States, the economy continues to grow at a robust pace, supported by consumer spending and AI-related investment. Growth in the euro area has been resilient and broad-based. After slowing in the second quarter, Chinese growth rebounded in the third quarter, owing to strength in exports and a pickup in fiscal spending. With persistently elevated oil prices and refinery margins, inflation has risen in most countries.   

Given the ongoing resilience of the global economy, the Bank has revised up global GDP growth slightly to 3.1% in 2026, while growth in 2027 and 2028 remains unchanged from the July projection at 3.2%.

Global financial conditions have tightened since July. Advanced economy sovereign bond yields are higher. Equity and credit markets have been volatile due to uncertainty about the outlook for the AI sector. The Canadian dollar had weakened somewhat on US-dollar strength but has since recovered to around 71 cents – the same as assumed in the July Report.

Growth picked up in Canada through the middle of the year. GDP growth was 3.3% in the second quarter, and recent indicators point to growth of about 2% in the third quarter. This is stronger than expected in the July Report. Consumer spending has been solid, even with slow population growth. Business investment rebounded, reflecting oil and gas sector activity and spending on machinery and equipment. Despite ongoing weakness in sectors affected by US tariffs, exports overall have strengthened, owing to robust US demand, higher energy production and increasing signs that businesses are adapting to the changing trade environment. The unemployment rate has been around 6½% for several months. A broad set of indicators continue to point to some excess supply in the economy.  

Owing to new US tariffs, growth is expected to slow in the fourth quarter of 2026, before picking up again in 2027. This rebound is supported by business investment, exports and fiscal measures. Consumption growth is expected to moderate and housing to remain relatively weak. 

The Canadian economy is expected to grow 1% in 2026, and 2% in 2027 and 2028. This is a somewhat stronger overall growth projection than the July Report. This forecast is still subject to considerable uncertainty, particularly regarding Canada-US trade relations.

Given persistently high oil prices, CPI inflation has been around 3% since April and is expected to rise to about 3½% by the end of the year. Excluding gasoline, inflation was 2.2% in September and measures of core inflation remain close to 2%. But cost pressures are building, with high fuel prices raising the costs of production and transportation. Imported industrial and electronics input prices have also increased. While businesses have mostly absorbed higher input costs so far, Bank surveys suggest cost pass-through will increase over the next year. Near-term household and business inflation expectations have risen, while longer-term inflation expectations remain well anchored.

The conflict in the Middle East is now in its eighth month and there is no clear path to resolution. The combination of higher-for-longer energy prices and increased pass-through adds to the persistence of inflation in the projection. CPI inflation is expected to average 3% in 2027, a percentage point above the July projection, then come down to 2% in the middle of 2028. The main sources of uncertainty around this forecast are developments in the Middle East and businesses’ responses to cost pressures.

In the outlook, inflation is higher and more persistent than in the July Report. Growth has picked up this year and is expected to recover further. Against this backdrop, Governing Council decided to increase the policy rate to reduce the risk that continuing high energy prices spread broadly to the prices of other goods and services. There could be a need to increase the policy rate further, but given uncertainties, Governing Council agreed to proceed carefully. The Bank remains committed to maintaining Canadians’ confidence in price stability.

September sales totalled 1,650 units, similar to August and nearly four per cent lower than in September 2025. While September sales typically pull back compared with August, stronger detached home sales helped prevent the typical seasonal pullback.

At the same time, new listings also rose from August, causing the sales-to-new-listings ratio to fall to 49 percent, leaving inventory levels relatively stable compared with August. Stable sales and inventory levels in September prevented any change in the months of supply compared with August, which remained at just under four months.

While the overall market is showing higher supply levels compared with sales activity, conditions vary significantly by property type. Detached properties remain in balanced territory, and the monthly boost in new listings supported gains in sales in September. Meanwhile, higher supply levels for apartment and row homes are contributing to buyer market conditions, as demand is spread across more alternatives in the rental and new home markets.

“The variation in market conditions between property types is related to where the supply was added. The construction boom over the past three years was mostly driven by gains in higher-density sectors, significantly increasing the supply of apartment and row-style homes,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “Meanwhile, detached homes did not see the same boost in construction, preventing broad-based supply growth. Thanks to a stronger job market and slower but positive net migration, housing demand has remained strong enough to absorb some of the supply, but not enough to offset the high-density supply added to the market, resulting in a more significant impact on prices for higher-density homes.”

As the market moves through the fall, it is not unusual to see some unadjusted monthly declines in prices. However, many of these adjustments were seasonal, as seasonally adjusted figures show that prices in September are relatively stable compared with August. The unadjusted residential benchmark price was $566,700, nearly one per cent lower than last year. Most of the price adjustments have occurred in higher-density row and apartment-style units, which have reported year-over-year declines of eight per cent and six per cent in September. Meanwhile, detached prices are one per cent lower than last year, mostly due to declines in the North East, East and North districts.

Detached

Sales in September reached 896 units, up from August and more than four per cent higher than last year. The improvement in sales was partly due to a boost in new listings in September compared with August, giving consumers more options. With a sales-to-new-listings ratio of 52 per cent and a months of supply at just over three months, conditions remained relatively balanced. However, conditions have varied across the city, with less than three months of supply in the North West, West and South districts, and nearly six months of supply in the North East district. While the overall market is relatively balanced, the unadjusted benchmark price was one per cent lower than last year. The decline was primarily driven by steep pullbacks in the oversupplied North East district. Meanwhile, prices were higher than last year in both the City Centre and West districts.

Semi-Detached

The year-over-year gain in sales was not enough to offset earlier declines, as year-to-date sales have declined by two per cent for a total of 1,678 sales. The decline in sales matched year-to-date declines in new listings, but a monthly boost in September listings caused the sales-to-new-listings ratio to dip to 45 per cent, contributing to monthly inventory gains and pushing months of supply to nearly four months. While this is a shift from the tighter conditions reported in this sector throughout most of 2026, it is too early to say whether this will continue into the final quarter. While unadjusted prices did trend down in September, much of the decline was in line with typical seasonal behaviour. The unadjusted September benchmark price was $685,200, comparable to levels reported last year at this time.

Row

Sales in September eased compared with August, while new listings rose, causing the sales-to-new-listings ratio to drop to 45 percent. This also contributed to higher inventory levels compared with both last year and August, resulting in the months of supply rising above four months for the first time since the beginning of the year. Additional competition from new units has weighed on resale activity, as the price spread between new and resale homes remains relatively narrow. The additional supply choice for buyers has also weighed on row prices, but not to the same extent as in the apartment sector. As of September, the unadjusted benchmark price was $412,400, down nearly six per cent from last year. While prices have declined across all districts, the steepest declines, at more than 11 percent, have occurred in the North East and East districts, while the smallest declines have occurred in the North West, at two per cent.

Apartment Condominium

Apartment sales improved from August, slowing the year-over-year pace of decline to 14 per cent. New listings also rose over August, with 343 sales and 717 new listings, leaving the sales-to-new-listings ratio at 48 per cent. The monthly gains in sales supported modest reductions in inventory levels and prevented any further increases in the months of supply, which remained just above five months. The excess supply of apartment-style units has weighed on prices throughout most of the year. As of September, the unadjusted benchmark price fell to $291,400, down more than one per cent compared with August and more than eight per cent lower than last September. While some of the monthly decline is seasonal, seasonally adjusted prices continued to decline.

REGIONAL MARKET FACTS

Airdrie

Sales in Airdrie continued to slow in September, contributing to the year-to-date decline of 13 percent. Sales slowed across all property types, as increased competition from the new home market and competing markets in Calgary and other surrounding areas are weighing on demand. While sales eased in September, new listings also slowed and inventories trended down compared with August. However, the pullback in sales outpaced the inventory declines and the months of supply rose to four months. Additional supply choice continues to weigh on prices as well. As of September, the unadjusted total residential benchmark price was $505,800, nearly four per cent lower than last year. Prices have eased across each property type, with the largest declines occurring for higher-density homes.

Cochrane

Despite the monthly pullback, sales remained higher than last year, and on a year-to-date basis, sales have increased by nearly six per cent. The rise in sales came with an increase in new listings, with new homes accounting for nearly 30 percent of this year’s total listings. With 163 new listings and 68 sales, the sales-to-new-listings ratio dropped to 42 percent in September, the lowest monthly level seen since January. This contributed to higher inventory and pushed the months of supply to five months. Despite this one-month shift, prices improved compared with August and are similar to last year’s levels.

Okotoks

An increase in new listings compared with sales caused the sales-to-new-listings ratio to drop to 76 per cent in September, still higher than most other areas, but below the ratios of more than 80 per cent reported over the past two months. With 122 units in inventory and 56 sales, conditions remain relatively tight with just over two months of supply. Despite tighter conditions, increased competition from the new home market and competing markets has weighed on prices earlier this year. However, with an unadjusted total residential benchmark price of $606,800 in September, prices are stable relative to last September and are only one per cent lower on a year-to-date basis.

Chestermere

Sales in September rose, helping to offset some of the gains in new listings. While the sales-to-new-listings ratio remained low at 38 percent, inventory levels trended down from August and brought the months of supply back below six months. Significant new construction in the area, along with competing supply in Calgary and other surrounding areas, has weighed on prices in Chestermere over the past few months. However, year-to-date prices are only one per cent lower than last year. The unadjusted total residential benchmark price was $690,200 in September, down from August but similar to last year’s levels.

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

The Bank of Canada rate pause reached seven consecutive holds on September 2, 2026, with the target for the overnight rate still at 2.25%. The Bank of Canada last changed its policy rate on October 29, 2025. Over those seven announcements, the reasons for holding shifted: early in the pause, the concern was weak growth; by September, the Bank was warning about inflation risks from energy prices and tariffs.

Key Takeaways

• Final rate cuts: The Bank of Canada reduced its policy rate twice in fall 2025, lowering it to 2.50% on September 17 and 2.25% on October 29.

• Extended pause: The Bank then held the policy rate at 2.25% on December 10, 2025, and again on January 28, March 18, April 29, June 10, July 15 and September 2, 2026.

• Changing message: The rate pause began with the Bank describing 2.25% as "about the right level" and ended the summer with warnings about increased upside risks to inflation.

• Housing outlook: The Bank's assessment of Canada's housing market evolved from saying activity "remained weak" in March to reporting "some rebound in housing activity" in September.

• Mortgage rates: While the prime rate at chartered banks has remained 4.45% throughout the pause, five-year Government of Canada bond yields have moved higher, putting upward pressure on fixed mortgage rates.

• What's next: The next scheduled Bank of Canada rate announcements are October 28, 2026 and December 9, 2026.

How the Bank Got to 2.25%

The Bank of Canada lowered its policy rate by 25 basis points on September 17, 2025, to 2.50%, and by another 25 basis points on October 29, 2025, to 2.25%. At the October cut, the Bank said Canada’s economy had contracted by 1.6% in the second quarter of 2025, and the unemployment rate stood at 7.1%. It added that if the economy evolved as projected, the Governing Council saw the rate “at about the right level.” Every decision since has kept it there.

The Rate Pause at a Glance

• October 29, 2025 - Cut to 2.25% - Weak economy from U.S. trade actions; rate seen as about right.

• December 10, 2025 - Hold - Surprisingly strong Q3 growth of 2.6%; unemployment down to 6.5%.

• January 28, 2026 - Hold - Outlook little changed; CUSMA review identified as a key uncertainty.

• March 18, 2026 - Hold - Middle East conflict lifted energy prices; Q4 GDP fell 0.6%. 3.01%

• April 29, 2026 - Hold - Iran war pushed inflation forecasts higher; housing activity remained constrained by affordability.

• June 10, 2026 - Hold - Q1 GDP down 0.1%; CPI reached 2.8% in April.

• July 15, 2026 - Hold - Economic growth resumed; CPI reached 3.2% in May, largely driven by gasoline prices.

• September 2, 2026 - Hold - Q2 GDP rose 3.3%; new U.S. tariffs were introduced; upside inflation risks increased.

Sources: Bank of Canada policy rate history; Bank of Canada announcements as archived in REMAX Canada’s rate announcement recap

Hold by Hold: What the Bank Said

December 10, 2025: First Hold

Canada’s economy grew by a surprisingly strong 2.6% in the third quarter, though the Bank noted that final domestic demand was flat. The unemployment rate fell to 6.5% in November, and CPI inflation slowed to 2.2% in October. The Bank repeated that 2.25% was about the right level if the economy tracked its October forecast.

January 28, 2026: Second Hold

With a new Monetary Policy Report, the Bank projected growth of 1.1% in 2026 and 1.5% in 2027. CPI inflation was 2.4% in December, and the Bank’s preferred core measures had eased to around 2.5%. It named the upcoming review of the Canada-US-Mexico Agreement as a key source of uncertainty.

March 18, 2026: Third Hold

The conflict in the Middle East pushed up oil and natural gas prices, and global bond yields rose. GDP contracted by 0.6% in the fourth quarter of 2025, and the Bank said housing markets remained weak. CPI inflation had eased to 1.8% in February, but the Bank expected gasoline prices to push it higher in the coming months.

April 29, 2026: Fourth Hold

The April Monetary Policy Report revised inflation projections up because of the jump in energy prices. The Bank said housing activity declined in the fourth quarter and was held back by slow population growth, economic uncertainty, and ongoing affordability issues. It also said it would “not let higher energy prices become persistent inflation.”

June 10, 2026: Fifth Hold

GDP edged down by 0.1% in the first quarter, weaker than expected, and housing activity declined. CPI inflation rose to 2.8% in April, and oil prices were roughly $10 a barrel above the Bank’s April assumptions. The unemployment rate was 6.6% in May.

July 15, 2026: Sixth Hold

The Bank estimated second-quarter growth at 2.5% and said sources of growth appeared to be broadening. CPI inflation had risen to 3.2% in May, mainly because of gasoline, while inflation excluding gasoline was 2.2%. The Bank described housing activity as weak but looking to be stabilizing.

September 2, 2026: Seventh Hold

GDP grew by 3.3% in the second quarter, and the unemployment rate edged down to 6.4% in July. The Bank reported “some rebound in housing activity” after several weak quarters. It also noted that trade talks between Canada and the United States had broken down, with new US tariffs and Canadian countermeasures announced. The September 2 press release has the full statement.

What the Pause Has Meant for Mortgage Holders

For variable-rate borrowers, the pause has meant stability. The prime rate at chartered banks has been 4.45% since the October 2025 cut, according to Bank of Canada data, so payments tied to prime have not moved.

For fixed-rate shoppers, the picture is different. The five-year Government of Canada bond yield rose from 2.73% on the day of the October 2025 cut to 3.42% on September 2, 2026. Fixed mortgage rates are influenced more by bond yields than by the policy rate, which is why CREA’s September 8 commentary said borrowers are already facing higher fixed rates. The REMAX guide to mortgages and interest rates in Canada explains how each rate type responds.

What to Watch at the Next Announcements

The Bank has two scheduled announcements left in 2026: October 28, with a new Monetary Policy Report, and December 9. CREA’s reading after the September decision is that a potential hike is back on the table for one of those meetings, though not a done deal. Three things will affect the next announcement, based on what the Bank said in September:

• Whether high gasoline prices start to spread to the prices of other goods and services

• How the new US tariffs and Canadian counter-tariffs affect growth, hiring and consumer prices

• Whether the second quarter rebound in the economy, including housing, holds up

Frequently Asked Questions

How Many Times Has the Bank of Canada Held Rates in a Row?

The Bank of Canada has held its policy rate at 2.25% for seven consecutive scheduled rate announcements, maintaining the same setting throughout 2026 to date.

When Did the Bank of Canada Last Change Its Interest Rate?

The Bank last changed its policy rate on October 29, 2025, when it lowered the target for the overnight rate by 25 basis points to 2.25%.

Why Has the Bank of Canada Held at 2.25%?

At the beginning of the pause, the Bank described 2.25% as about the right level to keep inflation near its 2% target while supporting an economy affected by U.S. tariffs. Throughout 2026, policymakers balanced slower economic growth against inflation pressures tied to energy prices. In September 2026, the Bank said the economy and inflation were evolving broadly as expected but noted that upside risks to inflation had increased.

Has the Prime Rate Changed During the Pause?

No. The prime rate at Canada's chartered banks has remained 4.45% since the Bank of Canada's October 2025 rate cut, providing stability for variable-rate borrowers throughout the pause.

When Is the Next Bank of Canada Announcement?

The next scheduled Bank of Canada rate announcement is October 28, 2026, accompanied by a new Monetary Policy Report containing updated growth and inflation forecasts. The final announcement of 2026 is scheduled for December 9, 2026, while the first announcement of 2027 is scheduled for January 27, 2027.

Courtesy REMAX LLC

Consistent with trends throughout most of 2026, both sales activity and the number of new listings coming onto the market have continued to trend down compared with 2025 levels. In August, sales in Calgary were 1,660 units, down 16 per cent compared with last year, while new listings fell by nearly 10 per cent to 3,141 units.

The pullback in sales has not occurred across all price ranges, as homes priced over $1,000,000 have recorded gains over last year. These gains have mostly been driven by detached and semi-detached homes and are also consistent with where most of the supply growth has occurred.

“While sales growth in the upper end of the market was possible thanks to improved supply choice, it also reflects longer-term confidence in our market, as some buyers are not shying away from taking advantage of the available supply,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “Meanwhile, we have not seen the same pickup in activity in the lower price ranges, as favourable rental conditions are slowing the transition to ownership.”

Inventory levels in August eased compared with the previous month and the same period last year, at 6,509 units. However, given the pullback in sales, the months of supply pushed up to nearly four months. Also consistent with trends throughout this year, conditions vary significantly by property type, with nearly six months of supply for apartment-style homes compared with over three months of supply for lower-density detached homes.

The relatively balanced conditions in the detached and semi-detached sector have prevented any significant shifts in prices compared with the steady price declines occurring in the oversupplied higher-density segments of the market. As of August, the total residential benchmark price was $569,800, similar to the previous month and one per cent lower than 2025 levels.

Detached

Gains in higher-priced sales were not enough to offset the pullbacks occurring for homes priced below $1,000,000, as sales fell by 12 per cent to 875 units. At the same time, new listings trended down compared with both July and August 2025 levels, reaching 1,635 units. The steeper decline in sales compared with inventory levels was enough to support a modest monthly gain in inventory levels and drove up the months of supply to over three months. Market balance varies significantly based on price range and location. The months of supply remain below three months in the North West, West, South and South East districts, and above four months in the North and North East districts. The wide range of market balance is also reflected in pricing. Year-over-year gains of over two per cent have occurred in the West and City Centre districts. Meanwhile, price declines were the steepest in the North East at over six per cent. Overall, the benchmark price in August was $744,300, similar to July and down by one per cent compared with last year.

Semi-Detached

Easing sales in August were enough to push year-to-date sales down to 1,516 units, over two per cent lower than last year’s levels. The easing of August sales was not matched by new listings, causing the sales-to-new-listings ratio to fall to 56 percent. While inventories eased slightly compared with the previous month, they remain nearly five per cent higher than last year. The steeper monthly pullback in sales compared with inventories was enough to push the months of supply above three months, the first time this has happened since January. Despite the shift, conditions remain relatively balanced, and prices have been relatively stable. As of August, the unadjusted benchmark price was $690,500, similar to the previous month and nearly one per cent higher than last year's levels. Price gains in the City Centre, North West and West districts offset pullbacks in other areas, contributing to the annual gain.

Row

Sales continued to ease in August compared with last year, contributing to the year-to-date pullback of 15 per cent. Additional new-home supply, along with more rental product availability, has contributed to some of the pullback in sales activity. Meanwhile, the pullback in new listings has helped prevent any further gains in inventory levels, and the months of supply remained near four months for the second month in a row. Like other sectors, conditions vary depending on location. The months of supply pushed above four months in the City Centre, North East and North districts, while remaining near three months in the West district. Prices have been easing across all districts in the city. The range of decline varied from over 12 percent in the North East to just over one per cent in the North West district. As of August, the benchmark price was $415,200, down nearly one per cent from July and five per cent lower than levels reported last year at this time.

Apartment Condominium

Apartment-style homes continue to face the most oversupply in the market, with nearly six months of resale supply. More rental supply is weighing on ownership demand from both first-time buyers and investors, which is slowing sales activity while supply levels remain elevated. In August, sales activity continued to fall, contributing to the year-to-date decline of 26 percent. New listings have also been declining enough to prevent any further inventory gain, but not enough to help the market shift away from buyer-market conditions. Persistently high supply levels relative to demand have weighed on apartment-style prices for the past two years. As of August, the unadjusted benchmark price was $295,400, nearly one per cent lower than the previous month and eight per cent lower than 2025 levels. Prices peaked in August 2024 at $341,300 and currently sit nearly 13 percent lower than the peak price.

REGIONAL MARKET FACTS

Airdrie

Sales continued to trend down in August, contributing to the year-to-date decline of 13 percent. Easing sales have also been met with a seven per cent pullback in new listings over the same period. Throughout most of the year, inventory levels have generally trended higher than last year’s levels and longer-term trends. Over the past few months, we have started to see the pullback in new listings relative to sales cause the sales-to-new-listings ratio to rise, and this has helped prevent any further inventory gains and kept the months of supply below four months. Nonetheless, pressure from competing markets continues to weigh on resale prices. As of August, the unadjusted total residential benchmark price was $508,800, down one per cent from July and over four per cent compared with last year at this time. Steeper price declines are occurring for higher-density apartment-style homes.

Cochrane

Sales improved in August, contributing to the year-to-date gain of over five per cent. Much of the gain in sales has been driven by semi-detached activity. New listings also improved in August compared with last year. The 148 new listings and 94 sales caused the sales-to-new-listings ratio to push above 60 per cent, and inventories edged down compared with the previous month. The boost in sales in August compared with inventory levels caused the months of supply to drop back down to just over three months. Nonetheless, prices still trended down in August. The unadjusted total residential benchmark price eased by nearly one per cent compared with July and is two per cent lower than levels reported last year.

Okotoks

Further declines in new listings likely limited sales activity in August, as the sales-to-new-listings ratio remained elevated at 81 percent. This contributed to the monthly pullback in inventories, keeping conditions relatively tight with just over two months of supply. Okotoks has struggled with lower-than-average supply levels since 2021, but additional supply choice in competing markets is helping prevent further upward pressure on prices. As of August, the unadjusted total residential benchmark price was $608,400, over one per cent lower compared with July and nearly two per cent lower than last year's levels.

Chestermere

The pullback in sales continues to outpace the declines in new listings, as the sales-to-new-listings ratio dropped below 30 percent in August. This has contributed to elevated inventory levels. While Chestermere is growing, the higher inventory, combined with the pullback in sales, has caused the months of supply to rise, reaching nine months in August. This has continued to weigh on prices, which trended down in August compared with July and currently sit over one per cent lower than 2025 levels.

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.

The Bank of Canada has held its target for the overnight rate at 2.25%, which impacts Canadian mortgage rates, among other things. The decision marks the seventh consecutive scheduled announcement in which the policy rate has not changed. The Bank pointed to a broadening economic recovery while flagging inflation risks tied to energy prices and to new tariffs between Canada and the United States. The next scheduled interest rate announcement is October 28, 2026.

GDP was up by 3.3% following weakness in the first quarter, the Bank noted in its announcement, with growth visible in consumption, and “some rebound in housing activity.” CPI inflation hovered around 3%, largely driven by higher gasoline prices tied to the ongoing Middle East conflict. Excluding gasoline, inflation stood at 2.2%, with core inflation measures remaining close to 2%.

The Bank held the policy rate steady as the economy and inflation continue to evolve broadly in line with its July forecast, while noting increased risks to inflation and continued uncertainty surrounding economic growth.

Target for the overnight rate

2.25%

Unchanged on September 2, 2026. Seventh consecutive hold.

Source: Bank of Canada interest rate announcement, September 2, 2026

Key Takeaways

• The Bank of Canada held its target for the overnight rate at 2.25% on September 2, 2026, marking its seventh consecutive rate announcement without a change.

• Canada’s economy strengthened in the second quarter, with GDP increasing by 3.3% following weak growth in the first quarter.

• Housing activity showed signs of a rebound after several weak quarters.

• CPI inflation has been around 3%, largely due to higher gasoline prices. Excluding gasoline, inflation was 2.2% in July, while measures of core inflation remained close to 2%.

• The Bank is watching inflation risks associated with high energy prices, U.S. tariffs and Canadian counter-tariffs, while also assessing whether Canada’s economic recovery can be sustained.

• The next Bank of Canada interest rate announcement is scheduled for October 28, 2026.

Bank of Canada’s 2026 Policy Interest Rate Announcement Schedule

The Bank of Canada announces its decision on the overnight rate target eight times a year, typically on a Wednesday. The schedule for 2026 is as follows:

• Wednesday, January 28

• Wednesday, March 18

• Wednesday, April 29

• Wednesday, June 10

• Wednesday, July 15

• Wednesday, September 2

• Wednesday, October 28

• Wednesday, December 9

Read the full interest rate announcement below:

The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.

The continuing conflict in the Middle East is keeping energy prices high. As well, new US tariffs and Canadian counter-measures have been announced following the breakdown of trade talks between Canada and the United States. Both situations remain fluid.

In the United States, economic growth continues to be solid, driven by consumer spending and AI-related investment. Growth in the euro area was stronger than expected in the second quarter, while China’s economy slowed. Overall, the global economy has shown resilience in the face of geopolitical headwinds, with growth broadly consistent with the July Monetary Policy Report (MPR) projection. With still-high oil prices and elevated margins for refined energy products, inflation in most countries remains high.

Financial conditions have tightened since July. Long-term bond yields have moved up globally, including in Canada. The Canadian dollar has appreciated slightly on US-dollar weakness.

As expected, Canadian economic activity strengthened in the second quarter, with GDP up by 3.3%, following very weak growth in the first quarter. While some of the recent strength reflected temporary factors, the pick-up in activity was broad-based. Consumption showed solid gains. Following several weak quarters, there was some rebound in housing activity. Exports and business investment were up sharply. Labour market conditions have improved in recent months, with the unemployment rate edging down to 6.4% in July. Still, demand for labour remains subdued and indicators point to continued excess supply in the economy.

Overall, recent data reaffirm Governing Council’s view of a broadening recovery in Canada’s economy. However, uncertainty is high and new US tariffs and threats of further action pose risks to the sustainability of the recovery.

CPI inflation has been hovering around 3% in recent months, mainly because of persistently higher gasoline prices. So far, there has been little evidence of higher energy prices spreading to other components of inflation: excluding gasoline, inflation was 2.2% and measures of core inflation remained close to 2% in July. However, with the Middle East conflict still ongoing and little progress reopening the Strait of Hormuz, upside risks to the Bank’s inflation forecast have increased. The longer that high oil prices and elevated refinery margins persist, the greater the risk of spillover to the prices of other goods and services. New US tariffs and Canadian counter-tariffs will also raise costs for some businesses and could feed into consumer prices over time.

With the economy and inflation evolving broadly as forecast in the July MPR, Governing Council agreed to leave the policy rate unchanged. However, the upside risks to inflation have increased, while new tariffs make growth prospects more uncertain. Governing Council will assess the sustainability of the economic rebound and the outlook for inflation, and is prepared to adjust monetary policy as needed. The Bank remains committed to maintaining Canadians’ confidence in price stability through this period of global upheaval.

FAQs

What is the Bank of Canada interest rate today?

As of September 2, 2026, the Bank of Canada’s target for the overnight rate is 2.25%. The Bank Rate is 2.5%, and the deposit rate is 2.20%.

Did the Bank of Canada raise interest rates in September 2026?

No. The Bank of Canada held its policy interest rate at 2.25% on September 2, 2026. This was the seventh consecutive scheduled interest rate announcement in which the overnight rate remained at 2.25%.

When is the next Bank of Canada interest rate announcement?

The next Bank of Canada interest rate announcement is scheduled for October 28, 2026. The Bank will also release its next Monetary Policy Report on that date.

Why did the Bank of Canada hold interest rates?

The Bank held its policy rate because economic growth and inflation have evolved broadly in line with its July forecast. However, it noted increased upside risks to inflation from high energy prices and tariffs, as well as uncertainty about whether Canada’s economic rebound will continue.

How does the Bank of Canada interest rate affect mortgage rates?

The Bank of Canada’s policy rate can influence borrowing costs throughout the economy. Changes in the overnight rate generally have a more direct impact on variable mortgage rates, while fixed mortgage rates are influenced more heavily by bond yields and broader financial market conditions.

Does a Bank of Canada rate hold mean mortgage rates will stay the same?

Not necessarily. A policy rate hold means the Bank of Canada has not changed its overnight rate, but mortgage rates can still move. Fixed mortgage rates can change as bond yields and financial market conditions change, while lenders can also adjust the rates they offer borrowers.

Will the Bank of Canada cut interest rates in 2026?

Future interest rate decisions will depend on economic conditions and the outlook for inflation. The Bank has said it will assess the sustainability of Canada’s economic rebound and inflation outlook and is prepared to adjust monetary policy as needed. Its remaining scheduled rate announcements in 2026 are October 28 and December 9.

What does the Bank of Canada rate hold mean for homebuyers?

A rate hold provides some short-term stability in the Bank of Canada’s policy rate, but it does not guarantee that all mortgage rates will remain unchanged. Homebuyers should consider the mortgage rate available to them, their down payment, monthly payment and overall affordability when determining their home-buying budget.

It has now been one month since Calgary’s citywide residential rezoning was officially repealed, bringing an end to one of the most significant and controversial changes to Calgary’s residential land-use rules in recent years.

On August 4, 2026, the City of Calgary implemented the repeal of the 2024 citywide rezoning. So, one month later, what has actually changed — and what does it mean for Calgary homeowners, buyers, sellers and investors?

The Short Answer: The Zoning Has Changed, But the Full Impact Will Take Time

The biggest immediate change is that approximately 99% of properties affected by the 2024 citywide rezoning have returned to the land-use designation that was in place before the rezoning.

The City has reinstated the previous low-density residential districts and changed the zoning of affected properties back to their pre-August 2024 designations, subject to specific exemptions.

However, this does not mean that every property has simply gone back to exactly where it was two years ago.

Properties that had already reached certain stages of the development process — including qualifying development permit, building permit or subdivision applications — may retain their newer zoning under the exemption rules. Properties that were independently rezoned through an application made by the owner after August 6, 2024 may also be exempt.

What Does This Mean for Calgary Homeowners?

For many homeowners, the change may have little immediate practical effect.

If your property has returned to a traditional low-density residential designation, the rules governing what can be built on the property are generally more restrictive than they were under the citywide R-CG zoning.

For example, a property that is no longer zoned R-CG may not simply proceed with a rowhouse or townhouse development as it could have under the previous rules. A land-use redesignation application may now be required before moving forward with certain forms of redevelopment.

There are also changes surrounding secondary and backyard suites. Secondary suites are now permitted uses in low-density residential districts, while backyard suites remain subject to different rules depending on the zoning designation. A property generally cannot have both a secondary suite and a backyard suite under the restored rules.

Has There Been Any Market Fallout?

Not yet — at least not enough to draw a reliable conclusion.

It is important to separate the change in zoning regulations from changes in real estate values.

The repeal has only been in effect since August 4, and there is typically a considerable lag between a change in planning policy and its impact on construction activity, redevelopment decisions, housing supply and ultimately property values.

The City continues to publish information on development permit, land-use amendment and subdivision applications, with application information updated weekly.

As a result, it will take several months — and likely considerably longer — before we can properly evaluate whether the repeal has materially affected:

• The number of infill and redevelopment projects being proposed

• The number of new housing units being created

• Land values for redevelopment properties

• Investor demand for development sites

• The supply of townhomes and rowhouses

• The availability and pricing of older homes on larger lots

• Neighbourhood redevelopment patterns

In other words, the zoning change is immediate, but the market consequences are not.

One Thing We Are Already Seeing: Zoning Matters More Than Ever

For buyers and sellers, one of the most important takeaways is that you cannot assume a property's development potential based solely on what was possible during the 2024–2026 period.

Two homes that look almost identical from the street may now have very different redevelopment potential depending on their individual land-use designation, lot characteristics, applicable planning policies and whether the property qualifies for an exemption.

This is particularly important when evaluating properties as potential redevelopment sites.

A buyer considering an older bungalow, for example, may be looking at much more than the existing house. The property's zoning could have a significant impact on whether the highest and best use is a single-family home, semi-detached development, rowhouse development or another form of redevelopment.

The Bottom Line for Calgary Real Estate

The repeal of citywide rezoning represents a significant change in Calgary's development landscape, but it is too early to declare winners and losers in the real estate market.

What we do know is that the rules have changed.

What remains to be determined is how Calgary's homeowners, developers, builders and buyers respond to those changes.

The City is also continuing work on broader long-term growth planning. The draft Calgary Plan is expected to return for further consideration and public engagement as the City continues to determine how Calgary should accommodate growth and where future housing opportunities should occur.

For anyone considering buying, selling, building or redeveloping a property, understanding the current zoning — not the zoning that existed a year or two ago — is essential.

Check the Current Zoning for Your Property

If you're wondering what you can build on your property, or you are considering purchasing a property for redevelopment, the first step is to check its current land-use designation.

The City of Calgary provides an online tool where you can enter a property's address and view its current zoning and information about the applicable land-use district.

You can check the current zoning for any Calgary property here:

View Calgary's Current Land Use Districts & Zoning

Keep in mind: zoning is only one part of determining a property's development potential. Lot dimensions, existing buildings, setbacks, parking, community plans, development regulations and other factors can all affect what may ultimately be possible.

Have Questions About a Calgary Property?

If you are thinking about buying or selling a property where redevelopment potential may be a factor, would be happy to help you understand the real estate implications of the current zoning and what it could mean for the property's value.

The Viani Real Estate Group has been helping Calgarians make informed real estate decisions for more than 25 years.

Contact us if you would like us to take a closer look at a specific property and its potential.

As we move into the second half of the year, it is not a surprise to see slower market activity. In July, both sales and new listings eased over June levels, declining to 1,904 sales and 3,323 new listings. Sales were nine per cent lower than last year’s levels, while new listings were 15 percent lower. The adjustment in both sales and new listings caused little change in the sales-to-new-listings ratio, which sat at 57 percent.

In July, the unadjusted total residential benchmark price was $569,200, down slightly over June and two per cent lower than levels reported last year. The persistent oversupply of apartment condos is contributing to a steeper price decline of over eight per cent. Meanwhile, at the other end of the spectrum, detached prices have eased by under two per cent compared to last year, mostly driven by adjustments in the North East and North Districts.

“Several consecutive years of high construction levels and the sudden drop in mostly international migration have contributed to the shift in housing market conditions mostly for higher-density homes, a transition that started in the second half of last year,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “While new home construction is slowing, there are over 17,000 apartment-style units under construction. This continues to weigh on rental and higher-density properties, driving price adjustments.”

While demand has slowed this year, levels remain stronger than those reported during the challenging market conditions experienced from 2015 to 2019. What has shifted significantly is the additional supply choice across the housing spectrum. Total resale inventory levels remained relatively stable compared to both June and July 2025. However, the slower July sales pushed the months of supply up to three and a half months. While the months of supply is rising across all property types, conditions remain mostly balanced in the detached and semi-detached sectors. In the higher-density sectors, the market continues to favour the buyer for apartment-style homes with nearly five months of supply, while row is experiencing some signs of oversupply.

Detached

Sales in July eased to 1,012 units, down nearly two per cent over last year. These numbers have been trending lower throughout most of the year. While slower sales are partly due to changing economic conditions, we have also seen a pullback in the number of new listings. In July, new listings fell to 1,707 units, nine per cent lower than last year, contributing to the year-over-year inventory declines that have persisted since March. The pullback in sales this month outpaced the pullback in inventory levels, causing the months of supply to rise to nearly three months. While this is still in a balanced range, conditions do differ from under two months in the West District to over five months in the North East District. Added competition from the new home market is also weighing on recently built homes listed on the resale market. As of July, the unadjusted detached price in Calgary was $743,900, lower than June and nearly two per cent lower than prices reported last July. While prices have eased over 2025’s peak, it has not erased all the gains reported over the past several years. Price movement has varied significantly across each district. Compared to last year, prices have improved in both City Centre and the West District. The steepest decline occurred in the North East at nearly six per cent.

Semi-Detached

Despite a typical monthly pullback, sales remained similar to last year, keeping year-to-date levels relatively consistent with 2025. While new listings eased in July, they remain down three per cent so far this year. Throughout most of 2026, conditions have remained relatively balanced, with a sales-to-new-listings ratio remaining near 60 percent and months of supply below three months. As of July, the unadjusted benchmark price was $691,000, down from June but similar to last year's level. While prices have remained relatively stable for semi-detached homes, there is variation throughout the city. Most sales activity occurred in the City Centre, where year-to-date prices have remained stable compared with 2025. The West District was the only district to record a year-over-year price gain, while the steepest declines occurred in the North East, where buyers' market conditions have emerged.

Row

For the third consecutive month, row sales have trended down, contributing to a year-to-date decline of 15 percent. Over the past several months, we have also reported a pullback in new listings, keeping the sales-to-new-listings ratio above 55 percent. While inventory levels have also been trending down, they remain elevated based on long-term trends. The steep pullback in sales this month was enough to push the months of supply up to nearly four months. An upward trend in the months of supply over the past few months has prevented any further price increases. In July, the unadjusted benchmark price eased to $418,500, down over the previous month and six per cent lower than last year’s levels. Added competition in the new home market has also weighed on resale row prices. However, like other property types, year-to-date price declines range from 12 percent in the North East and East Districts to a three per cent decline in the West District.

Apartment Condominium

Increased rentals and new supply are weighing on ownership demand for resale condos as sales have fallen by nearly 26 percent so far this year. While new listings have been easing over last year’s levels and are helping to bring down inventory, the 1,999 units available in the resale market are still elevated compared to long-term trends and sales. The combined impact of additional supply and reduced demand has kept the months of supply in a range that has favoured the buyer since the end of spring 2025. The persistent excess supply has placed downward pressure on prices. As of July, the unadjusted benchmark price was $297,600, down over June, over eight per cent lower than last year’s levels and 13 per cent below peak levels reported in 2024. While the rate of decline has ranged across districts, all districts have reported relatively steep adjustments in prices.

REGIONAL MARKET FACTS

Airdrie

Sales continued to trend down in July compared to 2025, contributing to the year-to-date decline of nearly 14 percent. However, new listings have also been easing, helping to push the sales-to-new-listings ratio back above 55 percent in July. While this did little to cause a shift in inventory, the months of supply eased back below four months. Should this trend continue, it will help to support a more balanced state in the Airdrie market. Nonetheless, supply choice in the resale market along with added competition coming from both the new home market in Airdrie and supply choice in Calgary are weighing on prices. Detached prices in July eased to $603,100, four per cent lower than last year’s levels. This decline has outpaced Calgary’s, and now the price spread between Calgary and Airdrie is returning to levels that are more consistent with historical norms.

Cochrane

While sales have eased for two months in a row, year-to-date, they remain higher than levels reported in 2025. This was partly possible due to gains in new listings, which have raised inventory over last year’s levels. Much of the inventory growth was driven by higher-density homes. In July, the months of supply pushed above four months, and the sales-to-new-listings ratio dropped to 46 percent. This represents a shift from earlier in the year, and if it persists, it could have further implications for prices. Overall, the unadjusted detached benchmark price was $659,400 in July, down over June and nearly four per cent lower than last year. Like other markets, the added competition from new home products and competing markets is weighing on resale prices.

Okotoks

With 78 new listings and 70 sales in July, the sales-to-new-listings ratio rose to 90 percent, causing inventories to trend down over the previous month. Supply has improved over the low levels that have persisted over the previous five years but remain below long-term trends and have kept the months of supply relatively low at two months. However, benchmark prices have continued to trend down, likely due to the increased competition coming from the new home sector and new community developments occurring in the south end of Calgary. As of July, the unadjusted detached benchmark price eased to $695,700, over two per cent lower than prices reported last July.

Chestermere

Year-to-date sales in Chestermere have reached 333 units, 18 percent lower than last year. The decline in sales has not matched the decline in new listings, keeping the sales-to-new-listings ratio relatively low at 36 percent. This has resulted in relatively persistent inventory gains, driving up months of supply, which pushed near seven months in July. Additional supply choice in the resale market, competing new home market and supply in Calgary has weighed on prices in Chestermere. As of July, the unadjusted detached benchmark price was $771,900, down over June and nearly five per cent lower than prices reported in July of 2025.

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

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

-Yes, Here’s How!

Many Canadians assume they need a 20% down payment before they can buy a house. If you don’t have a 20% down payment, it can feel like homeownership is out of reach. In reality, eligible buyers can purchase with much less. The minimum starts at 5%, though the amount depends on the home’s price.

A smaller upfront investment comes with trade-offs. You will usually need mortgage loan insurance, and your monthly payment may be higher. Still, opting for a low down payment can be a practical option if you understand the rules, qualify for a mortgage, and leave enough room in your budget for closing costs and homeownership expenses.

Key Takeaways

The minimum down payment is 5% on the first $500,000 and 10% on the portion above $500,000 for eligible homes priced below $1.5 million.

Mortgage loan insurance is usually required when your down payment is below 20%. The premium is generally added to your mortgage.

First-time buyers may combine the First Home Savings Account and the Home Buyers’ Plan to build their down payment.

First-time buyers and buyers of new builds may qualify for a 30-year insured mortgage amortization.

The 20% Down Payment Myth

The Real Minimum Is Tiered

Canada’s minimum down payment depends on the purchase price. For a home priced at $500,000 or less, the minimum is 5%. For a home priced above $500,000 and below $1.5 million, buyers need 5% on the first $500,000 and 10% on the remaining amount. Homes priced at $1.5 million or more require at least 20% down and do not qualify for mortgage loan insurance.

For example, on a $600,000 home, the minimum down payment is $35,000: 5% of the first $500,000, or $25,000, plus 10% of the remaining $100,000, or $10,000. On a $400,000 home, the minimum is $20,000.

Why 20% Still Matters

A 20% down payment removes the need for mortgage loan insurance. It can also lower your mortgage balance and monthly payment. It is not the minimum amount needed to buy a home. We often see buyers delay their search because they view 20% as a requirement rather than one option among several. A larger down payment can provide more flexibility, but reaching that milestone may also mean waiting longer, changing neighbourhood preferences, or competing for different properties later. The right approach depends on your financial position, housing needs, and the opportunities available in your local market.

What Lenders Look At

Your down payment is only one part of mortgage approval. Lenders also review your income, credit history, existing debts, employment situation, and ability to pass the mortgage stress test. Self-employed buyers, buyers with weaker credit, or buyers using non-traditional down payment sources may face extra documentation requirements or need a larger down payment.

Mortgage Loan Insurance and Your Costs

What Mortgage Loan Insurance Does

If you buy with less than 20% down, your lender will usually require mortgage loan insurance. This coverage protects the lender if you stop making mortgage payments. It does not cover missed payments, job loss, or a decline in your home’s value. The premium depends on your down payment percentage and mortgage terms. It is usually added to your mortgage rather than paid in cash at closing.

10% vs. 20% Down Payment Compared

A 10% down payment means borrowing more and paying a mortgage loan insurance premium. A 20% down payment avoids the premium and reduces the amount you finance. Compare the monthly payment, total interest over your amortization, insurance premium, closing costs, and the time it would take to save the larger down payment.

When Paying the Premium May Make Sense

Mortgage loan insurance can help buyers enter the market sooner. This may suit someone with stable income, manageable debt, emergency savings, and a home they expect to own for several years. It may be less suitable if the purchase would leave you with little cash after closing or a payment that feels difficult to manage. Buying sooner does not guarantee price growth, so the decision should still work if home values remain flat or decline.

Saving for a Down Payment

Start With the First Home Savings Account

The First Home Savings Account allows eligible Canadians to contribute up to $8,000 each year, to a lifetime limit of $40,000. Contributions may reduce your taxable income, and qualifying withdrawals for a first home are tax-free. A couple where both buyers qualify could save up to $80,000 through FHSAs. Unused funds can generally be transferred to an RRSP without affecting RRSP contribution room.

Add the Home Buyers’ Plan

The Home Buyers’ Plan allows eligible buyers to withdraw up to $60,000 from their RRSP to buy or build a qualifying home. The withdrawal is not taxed if you meet the rules and repay it over the required period. A buyer who has fully used both programs could access up to $100,000. A qualifying couple could access up to $200,000. The amount available depends on their savings, contribution room, and eligibility.

Check New-Build and Local Tax Rebates

Eligible first-time buyers of a newly built or substantially renovated home may qualify for a federal GST/HST rebate of up to $50,000. The full rebate applies to homes valued at $1 million or less. A partial rebate may apply to homes priced between $1 million and $1.5 million, based on the applicable eligibility rules and rebate calculation.

Consider a 30-Year Amortization

First-time buyers purchasing a newly built home may qualify for a 30-year amortization on an insured mortgage. A longer amortization can lower your monthly payment and may help you qualify for a larger mortgage. It also means paying interest for longer. Review the total borrowing cost before choosing this option.

What a Low-Down-Payment Purchase Looks Like in Practice

Budget Beyond the Down Payment

The down payment is only one part of your upfront cost. You may also need money for legal fees, land transfer tax, an inspection, moving costs, property insurance, adjustments, and applicable taxes on your mortgage loan insurance premium. Many buyers budget roughly 1.5% to 4% of the purchase price for closing costs, though the total varies by province, municipality, property type, and available rebates. Keep an emergency fund after closing rather than using every dollar for the purchase.

Build Equity from a Smaller Starting Point

With a 5% or 10% down payment, you begin with less equity in the home. Each mortgage payment can still build equity because part of the payment goes toward principal. This approach tends to suit buyers who plan to own the home for several years. A longer time horizon can give you more room to manage market changes, selling costs, and the early years of mortgage payments.

Frequently Asked Questions

When is it smarter to wait and save 20%?

Waiting may make sense if a major life change could affect your income or expenses within the next few years. This may include parental leave, a career change, caring for a family member, or plans to return to school. A larger down payment can reduce your monthly mortgage payment and leave more room for these changes.

The type of home also matters. Buying with less than 20% down may feel more manageable when you don’t have 20% down payment and the property has predictable costs, such as a newer condo with a healthy reserve fund. An older detached home with an aging roof, furnace, plumbing, or foundation may require more cash after closing than a smaller down payment leaves available.

Can my down payment be gifted?

In many cases, lenders accept a non-repayable gift from an immediate family member as part or all of your down payment. You will usually need a signed gift letter, proof that the funds were transferred, and bank statements showing where the money came from. Lenders may also want the gift deposited before closing so they can review the paper trail.

A gift can help you buy a house sooner, but it does not replace mortgage qualification. You still need to meet income, credit, debt-service, and stress-test requirements. You should also have enough money for closing costs, moving expenses, and a financial buffer after you get the keys.

Does mortgage loan insurance protect me if I cannot make payments?

No. Mortgage loan insurance protects the lender if you default, not you. It does not cover your payments if you lose your job, become ill, or face another financial setback. Before you buy a house, consider how long you could cover the mortgage and essential bills with your savings, and avoid taking on a payment that leaves no room for repairs, rising costs, or a change in income. An emergency fund and appropriate disability or life insurance can provide more direct protection.

You do not need a 20% down payment to buy a house.

Contact us today to discuss your next home purchase.

Where the real estate market is concerned, Mr. Wonderful has been stirring the pot for quite some time, urging young professionals not to rush into home buying.

The Mr. Wonderful moniker is well known to be tongue-in-cheek. It was originally a sarcastic jab that Canadian multimillionaire entrepreneur Kevin O’Leary leaned into after it was flung at him by fellow panelist Barbara Corcoran on the American business reality television series Shark Tank, where O’Leary quickly became the resident villain.

He had a similar reputation before that on Dragons’ Den, the show’s Canadian equivalent.

Due to his often brutally blunt critiques and strict focus on the bottom line, O’Leary tends to be highly polarizing. He’s drawn scrutiny for some of his public statements. Among these is his advice that young people should avoid entering the real estate market until they marry, start a family and need long-term stability. He recommends that until then, they rent and invest in diversified income-producing assets like stocks and bonds, rather than taking on the weight of high transaction fees, a mortgage and other home-carrying costs.

Arguing that a home is often a “money pit” that funnels funds mostly into the bank’s pocket, he frequently warns that home ownership, at least early on, should be viewed as a liability. The bigger the house, the bigger the financial drain, he maintains.

“In my opinion, most people in their 20s and even 30s have no reason to be taking on that kind of debt,” O’Leary has previously told CNBC.

While most North American finance gurus frame homeownership as the keystone of generational wealth, O’Leary believes that too many people overestimate its benefits.

“You’re not rich if it’s all tied up in real estate,” he recently declared on the Fox Business Network.

O’Leary’s guidelines around protecting equity by not over-leveraging, not having mortgage payments exceed one-third of after-tax income and not reselling before at least five years have passed, largely align with official recommendations.

But his broader commentary, including his view that buying a home is a poor investment for the young, is often criticized as being out of touch.

Industry pushes back

“Home ownership remains one of the most important ways Canadians can build long-term wealth. So delaying a purchase can mean missing out on future equity and wealth creation,” says Don Kottick, president of Remax Canada.

“For real estate professionals, this is where their advisory role becomes critical,” continues Kottick. “There are many different pathways into homeownership, whether that’s a recreational property, co-ownership, a home with rental income potential, or a more affordable market outside the original search area. It’s about helping buyers find the right path that works best for their needs.”

Toronto-based Remax Realtron COO Cameron Forbes notes that a key advantage of home ownership over stocks is that a portion of each mortgage installment goes toward paying down principal, gradually building equity.

“In that sense, a home can serve as a powerful long-term savings vehicle alongside other investments.”

From a tax perspective, Forbes adds, “Canada also offers a significant advantage to homeowners through the principal residence exemption, which generally allows gains on the sale of a primary home to be realized tax-free.”

O’Leary’s comparison of the two assets ignores the forced savings and capital-gains-exempt benefits of housing, experts observe. It’s also been pointed out that renting instead of buying, then routinely “investing the difference” in stocks as O’Leary recommends, often fails in practice.

Not everyone fits neatly into O’Leary’s rubric, Yahoo Finance acknowledged in a report late last year.

“Some people want to buy a house solo. Others don’t want kids at all. Some are divorced, cohabitating, or just prefer homeownership” over renting long-term and battling unpredictable rent hikes, the platform stated.

There are also a growing number of single women entering the market independently.

There’s no one-size-fits-all.

The data on delayed buyers

While stats do show that Canada’s younger generations are waiting longer to buy their first home than ever before, it’s generally not due to lack of desire. Our first-time home buyers are now among the oldest in the world. Although nationally the 2026 Canada Mortgage and Housing Corporation’s “Mortgage Consumer Survey” still places most first-time buyers in the 25 to 34 age range, affordability pressures increasingly appear to be pushing that into the late 30s and beyond.

Figures jump significantly for first-time buyers in Ontario and British Columbia, where the median age has climbed to a seasoned 40 and 46, respectively, according to a widely quoted global housing study late last year by United Arab Emirates-based developer Bloom Holding.

The Ontario data engine/land registry Teranet reports: “What used to be an early career milestone has shifted deeper into mid-career, as prospective buyers need more time to build savings or equity before taking that first step into the market. Even with recent price moderation, this age trend highlights the affordability issues that continue to shape demand, delaying entry but not diminishing aspirations.”

Beyond the balance sheet

These shatterproof aspirations speak to the psychological and less quantifiable aspects of home ownership – autonomy, a sense of community and belonging, a safety net, a hedge against inflation.

“Home ownership is more than just a roof over our heads,” says Kim Fairley, president of the Ontario Real Estate Association. “It continues to hold symbolic and practical importance…It’s the place where we create memories, raise our families, and build our lives. While buying a home is one of the largest financial decisions you can make in your life, it often translates to financial security, becoming a nest egg for middle-class families to pass down and build generational wealth.”

Housing can also be downsized or tapped into via a reverse mortgage later in life to help fund retirement.

There’s certainly also value in investing in the stock market, says Fairley.

“But you can’t live in a stock.”

CMHC expects slow economic growth, weak housing demand, declining home prices, lower housing starts and easing rental markets in 2026. Housing market conditions are expected to improve gradually in 2027 and 2028.

Highlights

• We expect the economy to grow slowly in 2026. Stronger underlying activity from consumer spending, government investment and exports will be offset by ongoing geopolitical and trade uncertainty. Growth is projected to improve moderately in 2027 and 2028.

• Housing activity will likely remain weak in the near term, as very slow population growth, uncertainty, high borrowing costs and modest income growth continue to limit demand. We expect sales to improve gradually over the forecast period but to remain below levels typically seen in the last decade.

• We expect continued downward pressure on home prices and construction. Average prices will likely decline in 2026 and then rise slowly, while housing starts will continue to fall throughout the forecast period due to weak demand, high costs and elevated inventories.

• Rental construction is expected to ease gradually from its historical 2025 peak. Rent growth will slow, but rents are still high relative to incomes.

Economic forecast: Slow growth amid uncertainty

Our Canadian economic outlook has changed little since the Winter Housing Market Outlook. Baseline growth in 2026 is still expected to be a modest 0.7%. Consumer spending, government investment and a rebound in exports should support growth. On the other hand, weaker residential construction and strong import growth should weigh on the economy.

Uncertainty remains high throughout the forecast period. Global tensions, especially the U.S.-Iran war, will likely push inflation up temporarily in 2026. Ongoing U.S.-Canada trade uncertainty will likely weigh on business investment and hiring decisions.

Economic conditions will vary across the country. Western Canada is expected to lead growth in 2026, helped by stronger commodity prices resulting from the U.S.-Iran war. Central Canada is more affected by trade risks and is likely to lag. Conditions in Atlantic Canada remain the weakest. After 2027, economic growth should pick up compared with 2026, but it will still be moderate. As the economy strengthens more broadly, differences between regions should narrow, supported by more diversified trade and stronger business investment.

These economic conditions set the backdrop for the housing market outlook in Canada. Uncertainty and subdued economic and income growth continue to limit housing demand in the near term.

Housing forecast: Uneven adjustment to soft housing demand

Housing market activity in 2026 has so far been weaker than expected, particularly in sales and prices. This reflects slower population growth, ongoing economic uncertainty, high mortgage rates and slow income growth. Buyers continue to act cautiously. As a result, improved affordability alone hasn’t been enough to bring many buyers back into the market.

As economic growth and income gains strengthen in 2027 and 2028, buyer confidence should improve, and housing demand should gradually recover from these weak levels. Sales are expected to increase gradually over the forecast period but remain below typical levels seen in the last decade.

Conditions will differ across regions. Market momentum is expected to keep sales high in Prairie and Quebec markets. In contrast, British Columbia and Ontario will likely continue to struggle with historically weak sales levels due to affordability challenges and slower population growth.

Home prices will continue to adjust to weak housing demand and muted sales. Prices are expected to decline through 2026 and then grow only modestly afterward. Overall, very slow population growth and limited income gains should keep price increases moderate across the country.

Prairie markets will likely lead price growth because demand remains strong in that region, while Quebec should see modest gains due to more balanced market conditions. British Columbia and Ontario are likely to see the weakest growth because of slower population growth, affordability challenges and higher supply.

Subdued housing demand will also weigh on new construction. Housing starts are expected to decline further as builders continue to respond to unsold inventories and high construction costs. Historically low levels of construction will be most visible in Ontario and British Columbia, particularly in the condominium market. Housing starts in the Prairies and Quebec will also decline, but from recent peaks. Rental construction is expected to ease gradually from its historic 2025 peak. Maintaining a sustainable level of rental construction remains important to support future housing needs, particularly as demand currently suppressed by affordability constraints should materialize towards the end of the forecast horizon.

National rental markets should continue easing in 2026. New supply is increasing, especially from purpose-built rental projects. This will help lift vacancy rates and slow average rent growth, particularly for asking rents. This easing is more noticeable in larger markets such as Toronto and Vancouver, which are more affected by slower population growth and a larger supply of condominiums in secondary rental markets. In contrast, Prairie markets will likely continue to see modest rent increases, reflecting stronger demand.

Although overall rental conditions are improving, affordability remains a challenge. Rents are still high relative to income, especially when units turn over.

Alternative scenario

Downside risks to the forecast remain. Inflation could remain high if the U.S.-Iran war drives oil prices higher and further disrupts supply chains, or if trade tensions intensify. This would further weaken confidence and slow income growth. In this case, housing demand would remain soft for longer. Home sales, prices and construction would recover more slowly, and rental markets would continue to ease as supply outpaces demand.

Forecast Summary (Calgary)

• Total Starts (New builds)
  - 2024_ 24,369
  - 2025_ 27,684
  - 2026_ 22,000  Forecast baseline
  - 2027_ 21,000  Forecast baseline
  - 2028_ 19,000  Forecast baseline

Resale Market

• MLS Sales
  - 2024_ 34,567
  - 2025_ 27,902
  - 2026_ 26,500 Forecast baseline
  - 2027_ 26,000 Forecast baseline
  - 2028_ 27,000 Forecast baseline

• MLS Average Price
  - 2024_ $622,457
  - 2025_ $644,091
  - 2026_ $650,000 Forecast baseline
  - 2027_ $645,000 Forecast baseline
  - 2028_ $650,000 Forecast baseline

Rental Market

• Vacancy Rate
  - 2024_ 4.8
  - 2025_ 5.0
  - 2026_ 5.9 Forecast baseline
  - 2027_ 6.2 Forecast baseline
  - 2028_ 5.8 Forecast baseline

• Average rent: Two-bedroom
  - 2024_ $1882
  - 2025_ $1914
  - 2026_ $1948 Forecast baseline
  - 2027_ $1982 Forecast baseline
  - 2028_ $2030 Forecast baseline

Courtesy CMHC

Calgary, Alberta, July 2, 2026 – June sales in Calgary improved over May, reaching 2,197 units. Despite the monthly gains, sales were nearly four per cent lower than last year and just below the long-term average for June, largely due to pullbacks in apartment-style units. While sales are down across most price ranges so far this year, there have been gains in both the highest price ranges and the most affordable ranges across most property types. 

“The easing of demand for resale homes does not come as a surprise given the recent decline in migration, which is impacting both rental and ownership demand for higher-density homes. The bigger change in our market relates to inventory, which has been on the rise in the rental, resale and new-home markets following several consecutive years of record-high housing starts,” said Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB®). “Inventory growth has mostly occurred in high-density homes, resulting in buyer’s market conditions and steep price adjustments for condominium apartments. While it will take time to absorb the high-density supply, detached supply growth has been limited and some districts are reporting record-high prices.” 

New listings are starting to pull back compared with 2025 and the sales-to-new-listings ratio rose to 56 per cent. This has slowed the pace of inventory growth in the market and kept the months of supply at just over three months. This is considered a balanced range in the city, but conditions vary across property types. The apartment condominium sector is experiencing buyer’s market conditions, with the months of supply at nearly five months and a sales-to-new-listings ratio of 45 per cent. 

The range of conditions is also impacting prices. In June, the unadjusted benchmark price was $572,500, up over the previous month and two per cent below levels reported last June. However, apartment-style properties have reported an annual decline nearing nine per cent, leaving condominium prices in June at $299,000. Meanwhile, the benchmark price for a detached home rose over the previous month, reaching $750,500, one per cent below last year’s level, with most of the adjustments driven by specific pockets of the market.

Detached

Sales activity in June reached 1,202 units, in line with last year’s levels, as gains for homes priced over $1,000,000 and under $600,000 offset pullbacks in the other price ranges. Sales growth in these segments was partly supported by increases in new listings and inventory growth in those same ranges. While overall inventories have remained in line with last year’s levels and conditions remain relatively balanced, the pullback in new listings this month caused the sales-to-new-listings ratio to rise to 60 per cent. Despite balanced conditions citywide, the North East and East districts are experiencing excess supply relative to demand. In these districts, the months of supply is elevated and the sales-to-new-listings ratio is below 50 per cent. Relatively balanced conditions have supported monthly price gains since the start of the year. It is only the City Centre and West districts that have recorded enough of these gains to reach record-high prices in June. The West district, which has also been experiencing seller’s market conditions, has reported the strongest year-over-year growth at nearly four per cent. Meanwhile, buyer’s market conditions in the North East are contributing to price declines nearing seven per cent. As of June, the citywide benchmark price was $750,500, up over the previous month and over one per cent lower than last year.

Semi-Detached

Improving sales in June were nearly enough to offset earlier pullbacks, leaving year-to-date sales down by only one per cent compared with last year. The 234 sales in June were met with 363 new listings, pushing the sales-to-new-listings ratio back above 60 per cent and slowing the pace of inventory growth compared with earlier in the year. With two and a half months of supply, conditions remained relatively balanced and continued to support stable prices. In June, the unadjusted benchmark was $694,600, up over the previous month and similar to levels reported last June. Similar to the detached sector, price movements vary significantly across the city. Compared with last year, prices have improved in the North West, West and City Centre districts, reaching a new record high in June while the steepest declines occurred in the North East at nearly six per cent.

Row

June saw a pullback in both sales and new listings activity, causing the sales-to-new-listings ratio to rise to 55 per cent. This prevented any further gains in inventory levels, which remain above long-term trends. With 1,152 units in inventory and 338 sales this month, the months of supply sat at nearly three and a half months. While this is higher than both the detached and semi-detached sectors, it remains within the upper end of a balanced range. Additional supply choice has led to price adjustments. Year-over-year declines have occurred across all districts, ranging from two per cent in the South to 10 per cent in both the North East and East districts. Unadjusted prices improved in June over the previous month, as gains in the City Centre, North West and South districts offset pullbacks in the East, North East, West and South East districts.

Apartment Condominium

Sales in June continued to fall compared with last year, causing year-to-date sales to decline by 26 per cent to a total of 2,260 units. While new listings eased this month, the 931 new listings and 423 sales kept the sales-to-new-listings ratio at 45 per cent. In June, inventory levels reached 2,076 units – slightly lower than last June’s level but more than 24 per cent above typical inventory levels. This kept the months of supply at around five months, contributing to further price adjustments. In June, the unadjusted benchmark price was $299,000, down over the previous month and nearly nine per cent lower than last year. Prices have declined across all districts, with decreases exceeding 14 per cent in the North East and East districts. The smallest decline occurred in the North West district at seven and a half per cent.

REGIONAL MARKET FACTS

Airdrie

Sales in June continued to ease compared with last year, contributing to a year-to-date decline of 14 per cent. New listings also eased this month, but with a steeper pullback in sales, the sales-to-new-listings ratio fell to 47 per cent. June inventory levels rose to 538 units. Higher inventory and slower sales pushed the months of supply above four months. Elevated levels of supply in Airdrie, along with increased competition from neighbouring and new home markets, have weighed on resale prices. In June, the unadjusted benchmark price was $516,900, up slightly over the previous month but nearly four per cent lower than last year. Prices declined across all property types, with larger decreases observed in higher-density homes.

Cochrane

Easing sales in June did not offset earlier gains, as year-to-date sales of 569 units were slightly higher than last year’s levels. Meanwhile, new listings also eased, keeping the sales-to-new-listings ratio above 60 per cent. Inventory levels eased slightly from the previous month, reaching 323 units in June. The monthly pullback in inventory did not outpace the pullback in sales, causing the months of supply to push above three months. Despite the increase, relatively tight conditions have supported monthly price gains over the past five months. As of June, the unadjusted benchmark price was $580,200, less than two per cent lower than prices reported at this time last year.

Okotoks

With 89 new listings and 70 sales in June, the sales-to-new-listings ratio rose to 79 per cent, preventing any further monthly gains in inventory levels. Inventory has improved compared with last year but remains below long-term trends, especially for detached homes. While conditions are more balanced compared to last year, lower supply levels have helped keep prices stable. In June, the unadjusted benchmark price was $618,600, similar to the previous month and less than two per cent lower than last June.

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