Improving supply choice has changed the dynamics of the Calgary market driving price declines over the past several months. Higher price adjustments are occurring for apartment and row style properties while detached and semi-detached properties have reported modest declines. As of August, the unadjusted total residential benchmark price was $577,200, down over last month and nearly four per cent lower than levels reported last year.

“Perspective is needed when it comes to price adjustments. The most significant price adjustments are occurring for row and apartment style homes as they are also the product type that are facing the largest gains in supply choice,” said Ann-Marie Lurie, Chief Economist at CREB®. “Meanwhile price adjustments in the detached and semi-detached markets range from modest price growth in some areas to larger price declines in areas with large supply growth. Overall, recent price adjustments have not offset all the gains that have occurred over the past several years.”

August reported 1,989 sales, nearly nine per cent lower than last year. Sales have slowed compared to the high levels reported over the past four years. However, activity is still above long-term trends, reflecting relatively strong demand. What has changed is the supply situation. New listings remain elevated, keeping the sales-to-new-listings ratio below 60 per cent and pushing inventory to 6,661, the highest August amount since 2019. 

More inventory choice coupled with lower sales has caused the months of supply to rise to 3.4 months in August, much higher than the sellers' market conditions reported over the previous four years, but still well below the buyer market conditions observed prior to the pandemic. While the market is much more balanced compared to last year, there is significant variation depending on property type, price range and location.   

Detached

Detached home sales eased to 995 units in August, while new listings rose to 1,748 units, keeping the sales-to-new listings ratio below 60 per cent. This prevented any significant shift in inventory, as the 3,051 units were the highest levels reported in August since 2020. Higher inventory levels and easing supply have helped balance out the detached market. However, districts like the North East, North and East are experiencing buyer market conditions.   

The unadjusted benchmark price in August was $755,600 down by nearly one per cent over last month and last year's levels. While prices have eased there is significant variation depending on location. Compared to last year, prices reported the largest decline in the North East and East district at five per cent, while prices in the city centre were over two per cent higher. As many of the adjustments have occurred over the past few months, year-to-date Calgary prices remain two per cent higher than last year.

Semi-Detached

August sales improved over last year’s levels, but it was not enough to offset earlier pullbacks with year-to-date sales of 1,557—eight per cent lower than last year—but higher than long-term trends. At the same time, new listings slowed compared to sales pushing the sales-to-new listings ratio up to 67 per cent and preventing any further monthly inventory gains. Inventory gains have not been as high for this product type, and the months of supply remained below three months in August. This is one of the reasons that the prices have not seen the same adjustment.

In August the unadjusted benchmark price was $687,200 down over last month, but nearly one per cent higher than last year, and nearly four per cent higher on a year-to-date basis. Price growth has varied across the city, with the largest year-over-year gains occurring in city centre. Meanwhile the largest declines have occurred in the North East, East and North districts.

Row

Sales in August slowed, contributing to the year-to-date decline of nearly 16 per cent. While new listings did ease in August compared to last year and last month, they have generally been on the rise pushing up inventory levels. In August, there were 1,103 units in inventory, reaching the second highest level on record for August, only slightly lower than the record high in reported in 2018. Due to the relatively strong sales, the months of supply has only pushed slightly above three months, far more balanced than last year, but not as high as the 6.4 months report back in 2018.

Nonetheless, additional supply choice has weighed on prices. In August, the unadjusted benchmark price in the city was $439,600, reflecting the fourth consecutive monthly decline and nearly five per cent lower than last August. While prices eased across all districts, price declines exceeded five per cent in the North East, North, South and East districts. These districts generally reported high levels of supply in the resale sector or had significant competition from new home supply.

Apartment Condominium

Sales continue to slow in August contributing to a year-to-date pullback of nearly 30 per cent. While sales are still above long-term trends, they have not been high enough to offset the level of new listings in the market. In August alone there were 877 new listings compared to the 449 sales, keeping the sales-to-new-listings ratio relatively low at 51 per cent. The low ratio that has persisted throughout this year has contributed to the higher inventory levels seen in the market. While August inventory levels did not rise over last month, with 1,979 units available, this is the highest August inventory ever reported.

The months of supply for apartment condos have remained around four months since June. The excess supply relative to demand has been weighing on prices. As of August, the unadjusted benchmark price was $326,500, reflecting the fifth consecutive monthly decline and nearly six per cent lower than levels reported last August. Most of the supply is concentrated in the City Centre, which reported a year-over-year decline of five per cent, slightly higher than the rate of decline reported in the West district at three per cent. Meanwhile, the highest price declines occurred in the North East district at over 11 per cent.

REGIONAL MARKET FACTS

Airdrie

Easing sales in August contributed the year-to-date decline of 12 per cent for 1,248 sales so far this year. The 152 sales this month was met with 265 new listings, pushing the sales-to-new listings ratio up to 57 per cent and preventing any further monthly inventory gains. As of August, there was 535 units in inventory, above long-term trends and the highest levels reported since before the pandemic. The rise in supply has helped shift the market to more balanced conditions. However, with more supply options in both the new home, resale markets and in competing locations, there has been some downward pressure on prices in Airdrie. In August, the unadjusted total residential benchmark price was $531,100, down over last month and four per cent lower than levels reported last August.

 Cochrane

The 70 sales this month were met with 139 new listings causing the sales-to-new listings ratio to fall to 50 per cent, the lowest ratio reported for August since 2015. The pullback in sales compared to new listings prevented any significant shift in inventory levels, pushed the months of supply up above four months. Despite the shift this month, prices in Cochrane remained relatively stable in August, with the unadjusted benchmark price sitting at $589,100, similar to last month and nearly two per cent higher than last year. On a year-to-date basis prices are four per cent higher than the previous year.

 Okotoks

New listings in August reported a significant pullback relative to sales and the sales-to-new-listings ratio pushed up to 80 per cent. While sales have generally remained in line with long-term trends, new listings have not had the same increase that other areas have reported, preventing significant gains in inventory levels. As of August, there was 116 units in inventory, a 29 per cent gain over last year, but still 30 per cent lower than levels traditionally seen in August. Despite tighter conditions, prices have reported some monthly declines. However, year-to-date benchmark prices remained two per cent higher than last year’s levels, with gains reported across each property type.

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

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

The nation’s resale real estate market appears to be recovering from a slowdown in activity that bottomed in the spring amid concerns over a trade war. Still, a new report from RBC Economics noted that Canada’s two largest markets — while seeing an increase in sales in July, year over year — remain weighed down by a lack of affordable supply for first-time buyers. In turn, new listings have grown year over year in Toronto and Vancouver to match rising sales, resulting in a decline in overall prices.

The study found the national picture is modestly brighter, though the large markets still are affecting growth. Resales grew nearly seven percent year over year and almost four percent month over month in July.

New listings grew about six per cent in July from last year, and were flat from June to July.

Prices were also flat month over month, though down about three percent from last year.

Calgary and Edmonton were among the three major markets seeing year-over-year declines in resales, down about nine and two percent respectively. Sales, however, increased about three per cent in Calgary month over month, while they grew almost two per cent in Edmonton. Vancouver was the other market in the study seeing a decline, down about two per cent year over year — though up nearly nine per cent in July from June.

New listings increased about eight per cent in Calgary and 16 per cent in Edmonton in July versus July last year. Month over month, listings grew about one per cent in Calgary, and nearly seven per cent in Edmonton. Despite declining demand in Edmonton, its MLS price index grew more than five percent year over year, though down about one percent month over month.

In Calgary, the price index declined about two percent in July compared with the same period last year, and was flat from June to July.

Courtesy the Calgary Herald

Thinking of building vs. buying a home? There are many factors to consider, such as your timeframe, the location and design of the house. Let’s take a closer look at the pros and cons of each option.

Benefits of Building vs. Buying a Home

Customization

When you build a home from scratch, you choose everything from the location to the floor plan to the finishes. You move into the house of your dreams, tailored to your tastes and how you want to use the space. No need to plan updates or renovations; you get to enjoy your customized space right from the start!

Control Over Costs

Building vs buying a house gives you more flexibility over costs. You choose the materials at each step of the process, and you decide where to spend more money and where to cut back. For example, you can go all out on a chef’s kitchen if that’s key to your enjoyment of your home and leave the basement unfinished as a future project.

Energy Efficiency

Newer homes are more energy efficient. Modern builds keep homes comfortable and utility prices low with features like low-e windows, foam insulation, and high-efficiency HVAC systems. Note that you can get tax credits and rebates for some energy-efficient home features.

Environmental Advantages

If you build vs buy, you can choose materials that are free of toxins and sustainably sourced. This lowers the impact on the environment and ensures your home is a healthy living space. You can also install features like solar panels, tankless water heaters, and a greywater recycling system more easily when building vs buying a home.

Fewer Repairs

A new build won’t need repairs to major systems or appliances for quite a while. Fewer repairs means more money you can put toward your mortgage or spend on things like travel and entertainment.

Less Market Competition

Housing inventory in Canada is critically low, and competition among buyers is high. Building vs buying a house in Canada means you don’t have to worry about bidding wars or waiving contingencies to get the home of your dreams.

Downsides of Building vs Buying a Home

Longer Timeline

A new home can be bought in a matter of days; a build takes an average of seven months, but can be much longer. During that time, you will need to spend time on the planning, visit the build site repeatedly, and pay for housing elsewhere.

Unexpected Costs and Delays

Your contractor will provide you with an estimate, but unexpected expenses often arise, pushing budgets up. Delays are extremely common and can increase your timeline by weeks if not months.

More Time Consuming

Building a home from the ground up is a lot of work. You have to choose a contractor, negotiate terms, decide on the layout and design, and choose cabinetry, fixtures, and finishes. Homeowners also need to visit the build site regularly and be in constant communication with the contractor. Time is a major consideration in the build vs buy decision.

Less Negotiating Room

Beyond the original negotiation with your contractor, you won’t have room to negotiate the cost of the build itself.

That said, choosing materials and finishes yourself can save you a lot of money. Do your research, and you can find ways to keep expenses down. In the build vs buy debate, building is more work, but offers key opportunities to save.

Benefits of Buying a Home

More Predictable Costs

Buying a home is often less expensive than building one, but this depends on location and market conditions. As long as you have a home inspection and a thorough title search, you won’t have the unexpected costs that often arise with new builds.

Established Location

If you want to be in an established community, it is much easier to find a home for sale than it is to find vacant land you can build on. Established neighbourhoods also have mature trees, well-thought-out infrastructure, and nearby amenities like parks and schools.

Faster Move-In

Your timeline is a key factor in the build vs. buy decision. If you buy a home, you could close in as little as 30 days; if you build, it will take 6-9 months if everything goes to plan. With delays, it can take much longer.

Fewer Decisions and More Convenience

Building a house involves numerous decisions, from the location to the light switch plates. If you buy instead of building, all you have to worry about is the move itself. Although you may want to make changes to the space, you can do it at a more leisurely pace.

More Negotiating Room

When buying a home, you can negotiate for a lower price, closing costs, or necessary repairs. If you’re buying land and building vs buying a house, you can negotiate on the price of the land, but most other costs will be as per your contractor’s estimate or higher.

Disadvantages of Buying a Home

Limited Customization Options

With an existing home, there’s only so much you can change. Things like paint colours and trim aren’t difficult to match to your taste, but the layout of the home can’t be changed without major renovations. If there is a particular feature you are looking for in a home, this gets even more challenging.

House-Buying Stress

In a seller’s market, finding the right home at the right price can be time-consuming and stressful. You might face a bidding war, rejected offers, and placing bids on multiple houses in a serial fashion. Competition in low-inventory markets can also drive prices up, and you could spend more than you originally planned.

Maintenance Issues

Older homes will need repairs and upgrades sooner than a brand-new one will. If you buy a home built before 1970, it may also contain asbestos or lead paint, which will need to be dealt with immediately. Regardless of the type of home you purchase, getting a home inspection is always recommended.

Both building a home and buying one can be excellent options for prospective homeowners, and deciding which is best can feel challenging. By carefully considering each factor, you can feel confident in making the right choice for your budget and lifestyle. Contact us today to discuss building versus buying in Calgary and the surrounding areas. We would be happy to put our experience to work for you.

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

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

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

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

Detached

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

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

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

Semi-Detached

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

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

Row

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

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

Apartment Condominium

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

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

REGIONAL MARKET FACTS

Airdrie

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

Cochrane

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

Okotoks

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Information note

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

Courtesy The Bank of Canada

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

Choosing the Best Location to Buy a Home

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

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

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

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

Step 1: Urban versus Suburban

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

Step 2: Explore the Neighbourhood

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

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

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

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

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

Step 3: Research Proximity to Work and School

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

Step 4: Think About Family & Friends

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

Step 5: Look Into Crime Rates

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

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

Step 6: Contact us

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

www.vianigroup.com

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

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

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

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

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

Detached

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

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

Semi-Detached

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

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

Row

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

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

Apartment Condominium

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

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

REGIONAL MARKET FACTS

Airdrie

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

Cochrane

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

Okotoks

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

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

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

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

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

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

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

Outlook varies by region

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

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

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

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

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

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

Courtesy REM

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

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

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

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

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

Thank you

Joe Viani

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

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

Why You Should Get Multiple Mortgage Quotes

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

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

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

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

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

Does Getting a Mortgage Quote Hurt Your Credit?

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

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

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

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

Where to Get Mortgage Quotes in Canada

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

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

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

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

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

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

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

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

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

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

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

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

Different stories across the country

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

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

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

Toronto: A hesitant uptick

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

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

Montreal: Resilience amid uncertainty

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

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

Vancouver: Slowdown persists

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

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

Calgary: Defying the trend

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

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

Coutrest Real Estate Magazine

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

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

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

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

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

Detached

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

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

Semi-Detached

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

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

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

Row

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

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

Apartment Condominium

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

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

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

REGIONAL MARKET FACTS

Airdrie

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

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

Cochrane

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

Okotoks

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

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

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

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