Buying a home can be a complex financial journey. If you plan to get a mortgage, you’ll hear about the need for a down payment, but your REALTOR® will also mention a deposit.

Are these two terms the same? Let’s clarify the difference between a deposit and a down payment and their impact on your path to homeownership. Whether you’re a first-time buyer or looking to refine your strategy, grasping these concepts will help you make informed decisions and succeed in the housing market. Let’s dive in! 

What is a down payment? 

A down payment is the amount of money a buyer must provide independently of the mortgage loan. Sources for a down payment can include: 

• Savings 

• Investments 

• Gifts from family*

• Borrowed funds** 

Note: If using gifted funds, the lender requires a gift letter. The funds should first be deposited into the buyer's account before being used as a deposit or down payment. Inheritance funds come with different requirements that depend on the lender.

*Note: In some cases, lenders may allow borrowing against personal lines of credit or other properties. 

How much should I save for a down payment? 

In Canada, most lenders require a down payment of 20 per cent of the purchase price. However, insured mortgages allow for down payments as low as 5 per cent. While the minimum down payment is 5 per cent, lenders typically expect an additional 1.5 per cent saved to cover legal fees and other associated costs, including: 

• Appraisal fees 

• Home inspection fees

• Title insurance 

Why do I need to give a deposit when making an offer? 

A deposit is not the same as a down payment and usually doesn’t constitute the entire down payment amount. It serves as a security measure for the seller, ensuring that if the buyer does not complete the purchase, the seller is compensated for their potential loss. In short, your deposit signals to the seller that your offer is serious. 

Does my deposit count toward my down payment? 

Yes, it does. However, the lender will need to track a 90-day history of where the deposit originated in addition to the down payment. For instance, the lender will request 90-day bank statements from the account where the deposit is held. They will need to see a record of the deposit leaving your account (as part of the down payment) and a record of the selling brokerage receiving the deposit. 

How does my deposit contribute to my down payment? 

When your file is conveyed at the law office, the lawyer will request the deposit from the seller’s brokerage. This deposit will then be included in the total purchase funds.

Now that we've clarified the differences between down payments and deposits let’s explore some scenarios, starting with Ideal Camille.

Scenario 1: Ideal Camille

Imagine Ideal Camille, who, with the assistance of her REALTOR®, finds a home listed at $400,000. For a 20 per cent down payment, Camille has saved $80,000 for which she can provide her lender with a 90-day transaction history. She is pre-approved for a mortgage to finance the remainder of the purchase.

To strengthen her offer, Camille and her REALTOR® include a $20,000 deposit. Once the seller accepts the offer, Camille delivers the deposit to the seller’s brokerage and receives a Receipt of Funds, she then provides her lender with confirmation that the deposit has been received by the listing brokerage. This ensures the lender recognizes that $20,000 will be applied to her $80,000 down payment.

Scenario 2: Gift Cliff

Not every transaction is as straightforward as Ideal Camille’s. Take Gift Cliff, who is eager to purchase a $300,000 home. He receives a $15,000 down payment gift from his father, which is only 5 per cent of the purchase price, necessitating an insured mortgage. Excited about the home, Cliff instructs his REALTOR® to include the entire $15,000 as a deposit in his offer.

Once his offer is accepted, the $15,000 deposit is sent to the selling brokerage. Cliff must inform his lender that his down payment will come from this deposit and advise that the deposit was received by the listing brokerage. He also communicates to his lender that the deposit was a gift from his father, prompting the lender to request a gift letter and outline the necessary details for the letter. 

Down payment and deposit pro-tips: 

1. If any portion of your deposit or down payment is a gift or borrowed, consult your mortgage broker regarding the lender's policies on these funds. Some lenders accept gifted funds from anyone, while most require them to be from a direct family member.
   
   

2. Lenders are becoming stricter about tracking the source of funds for down payments. Be prepared to provide at least 90 days of financial history for all funds used for your deposit and down payment.
   
   

3. Avoid transferring large sums in and out of the account, instead holding your down payment during the purchasing process. Any large transfers must have complete records detailing where the money came from, where it’s going, and why. Due to Canada’s strict anti-money laundering policies, it's essential to maintain clear documentation of transactions. The best practice is to keep your down payment in a separate account designated solely for your home purchase. 

Courtesy CREB

Your heating, ventilation, and air conditioning (HVAC) system is the heart of your home. That’s why it’s important to make sure it’s in top working condition throughout the year. 

Luckily, whether you’re an experienced DIYer or just looking for a few tips, there are some easy and inexpensive things you can do in the short, medium, and long term to keep your HVAC system happy and healthy.

The importance of maintaining your system 

“Most of us use our furnace or air conditioner almost every day,” says Ben Sauve, owner of Sauve Heating & Air Conditioning in Prescott, Ontario. “Regular maintenance can extend the life of your HVAC system, improve your indoor air quality, lower your energy bills, and keep your system running smoothly in every season.”

Not maintaining your HVAC system properly could also void your manufacturer’s warranty, warns Nicholas Perreault, Maintenance and Warranty Coordinator with Presidential Ventilation in Mount Uniacke, Nova Scotia.

“Most manufacturer warranties require HVAC systems to be maintained annually,” he explains. “Not maintaining your system properly may void your warranty, and end up costing you more.”

Short-term maintenance tips (weekly, monthly, bi-monthly)

But what does maintaining your HVAC actually involve? In the short term—on a weekly, monthly, or bi-monthly basis— you can maintain your HVAC system by carrying out simple tasks like:

• checking smoke and carbon monoxide detectors monthly;

• check your air filters monthly, and replace as needed;

• keeping indoor vents and registers clear of clutter, and making sure your registers aren’t accidentally pushed closed;

• vacuuming or brushing off registers, vents, and outdoor HVAC units every few weeks to remove dust or debris, and leaving at least two feet (60 centimetres) of clearance around outdoor air conditioning units and heat pumps; and

• monitoring your monthly energy bills to watch for any spikes in consumption that could indicate a problem.

“The most important thing you can do to keep your HVAC system working well is replace the air filter when it gets dusty,” Sauve says. “Dirty filters restrict airflow, which makes your HVAC system work harder and consume more energy.”

When buying a new filter, Perrault recommends getting a high-quality wired mesh filter with a high Minimum Efficiency Reporting Value (MERV) rating. The MERV rating tells you how well the filter traps the tiny particles that can clog your system and impact your air quality.

“The best MERV rating for a residential home generally falls between eight and 13,” he says. “That provides a good balance between air filtration and system efficiency.”

Medium-term maintenance tips (yearly)

Over the medium term—think yearly rather than monthly— several other issues can pop up that will need attention. To avoid unnecessary breakdowns or repairs:

• invest in a programmable thermostat;

• clean your air conditioner’s evaporator coil and drain line yearly before the heat sets in;

• check your heating system once a year for leaks, and seal any gaps around windows, doors, and ductwork; and

• hire an HVAC professional to inspect your entire system once or twice a year to prevent serious problems before they occur.

“After high winds or snowstorms, it’s also a good idea to make sure the outside vents aren’t blocked or damaged,” Sauve adds. “Same goes for your gas meter, propane tanks, and oil tank pipes.”

Maintenance tips for the long term (every two years or so)

Lastly, to help keep your energy bills low and your HVAC system running well over the long run:

• have your furnace gas line inspected by a professional every few years;

• have your ducts inspected and cleaned by a reputable provider (be leary of unsolicited phone calls) every two to three years, and after any large renovations;

• if your HVAC system is 15 to 25 years old (or older), consider upgrading to a more modern system before it breaks down; and

• when it comes time to buy a new system, ask questions about energy efficient options available to you and suitable for your home and lifestyle – like a heat pump.

“Heat pumps are approximately 350% efficient and can save hundreds of dollars per year on your energy costs,” Sauve says. “When installed properly, they heat and cool your home regardless of the outdoor temperature.”

Perrault also recommends setting your thermostat at a temperature that’s comfortable all year round, and then leaving it alone. 

“Temperature swings of more than two degrees make the system work much harder,” he explains. “So the less you play around with the thermostat, the fewer problems you’ll have.”

Warning signs of trouble 

Even the best-maintained system will eventually run into problems. The key is to take care of them as soon as possible.

“Ignoring a problem will only make things worse,” Sauve says. “It can also make other components work harder or become more difficult to repair.”

You can spot most issues just by keeping your eyes and ears open. For instance, common warning signs of potential trouble with your HVAC system include:

• reduced airflow;

• uneven heating and cooling;

• strange noises or smells coming from the system;

• frequent cycling (the system turning itself off and on);

• difficulty keeping your home warm in the winter or cool in the summer; and

• sudden increases in your monthly utility bills.

“If you’re not warm in the winter or cool in the summer, there’s likely something wrong with the HVAC,” Sauve explains. “If you hear different noises or smell new smells, that’s a good indication something’s wrong. If you see black, sooty marks around inside or outside vents, call your HVAC company immediately.”

How to troubleshoot common problems 

Most HVAC issues are better left to a professional. But there are a few things you can try on your own. For example, if your system isn’t working efficiently:

• clean or replace your air filter;

• make sure the vents and registers aren’t obstructed;

• check if the furnace has power. Check the furnace switch and if the breaker/fuse needs to be reset; and

• make sure the thermostat is turned on and set properly, and replace the batteries if needed.

Know when to call a professional 

No matter how handy you are, every homeowner should know when it’s time to call in the professionals.

“Ninety-nine per cent of HVAC issues should be looked at by a certified technician,” Perrault says. “Playing with a complex digital HVAC system could cause even more damage. Contacting the company that installed your system is always a better option than trying to troubleshoot it yourself.”

Sauve says he couldn’t agree more. “If it’s more than cleaning the vents or changing filters or batteries, leave it to the pros,” he notes. “Even if the furnace isn’t giving heat, there are electrical dangers to be wary of. So put safety first, and pick up the phone before you pick up your toolbox.”

Courtesy Realtor.ca

Alberta is calling. At least, that’s the message the province has been trying to send out to the rest of the country for the last two years. The campaign is a push to bring skilled talent to the province from other parts of the country, primarily British Columbia and Ontario. The most recent phase of the campaign offers a refundable tax credit to skilled tradespeople who help build the province’s housing and infrastructure.

And, it seems to be working. Since 2021, the province’s population has grown significantly, both in major cities like Calgary, and in more rural parts as well. This means demand on the real estate market is  increasing, while supply hasn’t changed much.

What’s happening in Alberta now?

The growth in Alberta has been noticeable. Brad Mitchell, CEO of the Alberta Real Estate Association notes “we have the highest migration in any of the provinces.” From April 1, 2023 to April 1, 2024, Alberta’s population grew at a rate of 4.41%, according to the provincial government. Alberta gained about  50,000 new residents in the span of the first few months of 2024.

British Columbia and Ontario have been the strongest sources of migration, although Mitchell adds there was a substantial influx of Ukrainian immigrants following the start of the war in that country, with much of Alberta maintaining strong Ukrainian roots. While the federal government primarily drives international immigration, Alberta has led the interprovincial migration efforts. 

On Episode 51 of the Canadian Real Estate Association’s REAL TIME podcast, Ann-Marie Lurie, a chief economist with the Calgary Real Estate Board, explained the challenges this can bring to the market.

“Our market has been performing very differently than what you’re seeing in some other major markets in the country,” she said. “We’ve seen extremely strong demand, we have limited supply, we’re in seller market conditions, and we’ve had strong price growth. This has been happening all the while, while we have very strong or very high interest rates.”

Real estate can still be significantly more affordable in Alberta compared to other parts of the country, with median house prices half the price tag seen in Toronto or Vancouver. Yet with a limited supply, and higher than usual interest rates (even though interest rates are on the decline lately) making homeowners nervous to sell, it means newcomers to Alberta are now having to pay more than they might have expected. 

What’s next for Alberta?

Mitchell notes across the province there has been high demand on lower-cost housing, particularly under $450,000. Lurie agrees, saying on the podcast “it hasn’t necessarily entirely curbed our demand, but we have seen that shift towards more affordable product. What we could start to see happen is a pickup in some of the higher-end product in our market as rates start to come down.”

While Mitchell notes population growth is a good thing for the economy, and helps diversify and strengthen the province as a whole, it does require planning to adequately address supply challenges. 

For Lurie, that includes addressing land development to keep up with growth. 

“We’ve seen land costs rise significantly, especially when there have been some boundaries placed on new development within the city limits and outside of our city. Those are things that we’re looking at on a policy basis,” she added. 

Ultimately, municipal and provincial governments will need to work together on a plan to continue to bring this growth forward.

A unique market

“I think it’s going to be very important for both buyers, sellers, and REALTORS® to really understand some of the dynamics within our market,” Lurie said, stressing there are some major differences in Alberta from other parts of the country. “Again, what we’re seeing [compared to the rest of the country] is very differing trends in the lower price ranges, and different product types, and as well as by location.”

Mitchell echoes this sentiment, emphasizing that even though prices are climbing, Alberta may continue to be an attractive option for those looking to re-settle from across the country.

Courtesy Realtor.ca

Rising sales in the upper price ranges were not enough to offset the pullback occurring in the lower price ranges, as sales in September were 2,003, 17 per cent below last year's record high. Despite the decline, sales this month were still over 16 per cent higher than levels traditionally achieved in September.

“We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges,” said Ann-Marie Lurie, Chief Economist at CREB®. “While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market. While the challenges in the lower price ranges are not expected to change, improved supply combined with lower lending rates should keep demand strong throughout the fall, but without the extreme seller market conditions that contributed to the rapid price growth earlier this year.” 

New listings in September rose to 3,687 units, the highest September total since 2008. This rise in new listings compared to sales did support some inventory growth. September inventory levels pushed up to 5,064 units, nearly double the exceptionally low levels reported in the spring, but remain below the 6,000 units we typically see in September.

Improving inventory levels compared to sales is continuing to shift our market toward more balanced conditions. In September, the months of supply reached 2.5 months. While this is a gain over last year’s record low, conditions are still tilted in favour of the seller.

Additional supply in the market has taken some of the pressure off home prices over the past few months, following stronger-than-expected gains throughout the spring. In September, the unadjusted benchmark price was $596,900, slightly lower than last month but over five per cent higher than last year’s levels. Year-over-year gains ranged from nearly nine per cent growth for detached homes to nearly 14 per cent gains in the apartment condominium market. The gains for each property type outpaced the growth in total residential prices, mostly due to the shifting composition of sales.

Detached

The nine per cent growth in sales over $700,000 was not enough to offset the steep pullbacks reported for homes priced below $600,000, causing September sales to total 942 units, a 17 per cent decline over last year. Improved sales for higher-priced homes were possible thanks to rising new listings, as that segment of the market is starting to demonstrate more balanced conditions for homes priced above $700,000.

As of September, the unadjusted detached benchmark price was $757,100, a slight decline over last month, but nearly nine per cent higher than levels reported last year. It is not unusual to see some monthly adjustments in the fall, especially following stronger gains in the spring. With tighter conditions being experienced for lower-priced products, price growth has also ranged within the detached sector. The North East and East districts continue to report the largest year-over-year price gains.

Semi-Detached

September reported 299 new listings and 182 sales, causing the sales-to-new listings ratio to trend up over last month to nearly 61 per cent. Despite the gain over the past several months, the improvements in new listings relative to sales have supported rising inventory levels. However, with less than 400 units available, inventory levels remain nearly 33 per cent below long-term trends for September. 

Like the other property types, recent gains in new listings are causing the months of supply to improve over last year's levels. However, with just over two months of supply in September, conditions continue to favour the seller. Following strong gains in the spring, in September, the unadjusted benchmark price eased slightly over last month, but at a price of $678,400, levels are over nine per cent higher than last year at this time.

Row

Over 600 new listings came onto the market in September, where over 70 per cent of the new listings were priced above $400,000. While new listings improved across most districts, 34 per cent of the new listings were in the North and South district, likely a reflection of the new home activity occurring in those areas. Sales in September totalled 377 units, slightly lower than last year's levels.

Inventories in September rose to 747 units, a significant improvement over the previous two years, but still below long-term trends. Nonetheless, the rise in inventory relative to sales did cause the months of supply to increase to nearly two months. Conditions continue to favour the seller, but improved choice did slow the pace of price growth. The unadjusted benchmark price in September was $459,200, 10 per cent higher than September 2023 levels.

Apartment Condominium

Strong gains in new listings continued into September, with 993 units entering the market. At the same time, sales dropped to 502 units, causing the sales-to-new listings ratio to drop to 50 per cent and inventories to rise to 1,623 units. Of the inventory in the market, over 72 per cent was priced above $300,000, a significant shift compared to last year, where less than 58 per cent of the listings were above that range. 

Gain in supply compared to sales caused the months of supply to rise to 3.2 months, the highest level seen since the end of 2021. Improving supply in the new home market is likely contributing to the rise in supply and has taken some of the pressure off home prices. In September, the unadjusted benchmark price was $345,000, 14 per cent higher than last year at this time. Year-to-date prices are still averaging a year-over-year gain of 17 per cent.

REGIONAL MARKET FACTS

Airdrie

Thanks to a boost in new listings relative to sales, inventory levels trended up in September, reaching 349 units, an improvement over the persistently low levels reported over the previous three years. With 151 sales in September, the months of supply rose to 2.3 months. While conditions still favour the seller, it is a significant improvement over the under two months of supply that has persisted since the start of 2021.

Improved supply choice has taken some of the pressure off home prices. However, with an unadjusted benchmark price of $551,000 in September, prices are nearly seven per cent higher than last year. 

Cochrane

Over the past few months, easing sales did not offset earlier gains, as year-to-date sales were nearly six per cent higher than last year. However, like other areas, new listings in Cochrane have been on the rise, and the 50 per cent sales-to-new listings ratio this month helped support a gain in inventory levels. With 174 units in inventory and 58 sales, the months of supply in September rose to three months, the first time it has reached three months since the end of 2020.

While supply levels are improving, they remain well below long-term trends. Nonetheless, the gain prevented any further upward pressure on home prices this month. In September, the unadjusted benchmark price was $578,300, similar to last month but nearly nine per cent higher than last year.

Okotoks

A boost in new listings compared to sales supported inventory gains. While inventory levels have trended up over the past three months, the 106 units still represent exceptionally low levels for the town. 

The months of supply reached two months in September, something we have not seen consistently since early 2021. While this is a significant improvement from levels seen in the spring, conditions still favour the seller. The unadjusted benchmark price in September reached $630,300, nearly one per cent higher than last month and nine per cent higher 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.

Calgary has risen to the fifth most livable city in the world, and most livable city in North America, in the Economist Intelligence Unit’s annual list of the world’s most livable cities. 

The annual rankings were released in June, by the global research firm, with Calgary rising from its position as the seventh most livable city in 2023. This marks the 11th year the city has ranked among the top 10 most livable cities in the world. 

The EIU says its Livability Survey quantifies the challenges that might be presented to an individual's lifestyle in 173 cities worldwide. 

Cities are evaluated and assigned quantitative and qualitative scores across five categories – stability, healthcare, education, culture and environment, and infrastructure. Calgary, which has consistently placed among the top ten cities since 2013, received top marks in education, healthcare and stability. 

“Calgary’s rank as the most livable city in North America is testament to the high quality of life and opportunity that exists in the city,” said Geraldine Anderson, Vice President, Marketing, Communications, Strategy and Strategic Alliances, Calgary Economic Development. 

“We can see it in the record number of people moving to Calgary who come here to build a life and a career.” 

In 2023, Calgary welcomed a record number of newcomers – nearly 100,000 people – and Alberta emerged as the fastest growing province in the country. 

“We’re pleased to see Calgary rise in the ranks this year and to see the world take note of the exciting things happening in our city. That said, the work doesn’t stop. We will continue to work with community organizations, businesses and Calgarians to ensure we build on the momentum, keep investing in ourselves and ensure Calgarians can see a future for themselves and the next generation," said Anderson.

Calgary’s consistent rank aligns with a broader vision of building long-term prosperity for the city by focusing on livability, talent, business environment, brand and innovation in the city’s economic action plan, Uplook.

Courtesy: Calgary Economic Development

When you’ve decided to sell your home, each second that passes seems to bring another item to add to your already lengthy to-do list. On top of quick changes between being a home buyer and home seller, you spend hours sorting through article after article explaining how you can quickly sell your home for top dollar, in an unrealistic time period

We understand that finding time to prepare your house for sale can sometimes feel like mission impossible. On top of having a RE/MAX agent there to help you through every step of the way, we’ve provided you with a list of the top five things to consider, to help ensure the transition from “For Sale” to “Sold” is a smooth one.

Maintenance

As a home owner, you are constantly being reminded about the seasonal maintenance items you need to tackle to ensure your home runs like a well-oiled machine. While it’s easy to let things like cleaning the gutters, painting the window frames, and power washing the siding fall to the wayside, checking them off your to-do list will pay off in the long run.

De-Clutter

The thing about de-cluttering when selling is that you can only put it off for so long. It’s either now when it will appeal most to buyers, or later when you are dealing with the added stress of your move.

Rent a Storage Unit

De-personalizing your home before selling will allow potential buyers to picture themselves in the space. Go through each room, and determine what should stay, and what would be better suited in a storage unit until you can re-introduce it into your new home.

Choose Neutral Colours

Adding a fresh coat of a muted, neutral paint will not only appeal to buyers, but will freshen up your homes interior and can provide a large return on your investment – up to 112%!

Know your Neighbourhood

Knowing what sells in your neighbourhood will give you a good indication of the type of improvements to consider when preparing your home for sale. Ask your RE/MAX Agent to help you look through comparable listings in your neighbourhood, and create a list of projects you can tackle within a realistic budget and time frame.

Now that you know the things to consider, all that’s left is to start doing them! Each of these five items seem like large, overwhelming tasks but we promise they will pay off in the long run when there is a sold sign proudly displayed on your front lawn.

Courtesy RE/MAX.ca

Don’t get swept up among the leaves and the myths of the fall real estate market. If you’re thinking about listing your home for sale, we dispel some common misconceptions, and share some helpful tips to help turn that “For Sale” sign to “Sold.”

Curb appeal doesn’t matter in the fall real estate market.

False! Summer may have come to an abrupt end, but that doesn’t mean your home’s exterior should fall by the wayside (pun intended!). Curb appeal counts, regardless of the season. During the autumn months, ensure walkways and gutters are cleared of leaves and debris, the lawn is mowed and trees are neatly trimmed. Take your exterior a step further with some hearty landscaping that can weather the cooler temperature.

The weather is cold, and so is your home.

When summer inevitably comes to an end, the first sign will be the plummeting temperatures outdoors. Just because it’s cooler outdoors doesn’t mean your home décor needs to reflect that! Consider a fresh coat of paint in a warmer shade, and don’t be afraid to bring the temperature up a couple degrees to make your guests feel comfortable. If you don’t want to make a large change, a few additions like cozy pillows or throws can go a long way to show the comfort of your home during the cooler months.

Fact: Second only to a kitchen and bathroom reno (which can be pricey), a fresh coat of paint gives you the best return on your investment on the resale market.

Buyers pay less attention to price.

Wrong! Price is always a key factor for homebuyers and sellers alike, and pricing your home incorrectly is the biggest mistake you can make when selling in the fall. Landing on the right list price can be complicated, depending on a number of factors such as season (that’s right!), and market factors such as supply, demand and economic conditions. If you’re wondering what your home is worth in your local resale market, work with an experienced real estate agent. A RE/MAX agent will help ensure your home is priced correctly.

You’re sold, you’re done.

The papers are signed and the deal is done, so all that’s left to do is pack up and move, right? Not quite. Remember that people get busy in the fall, which means you may find yourself short when it comes time to pack, or booking a company to help you move. Even family and friends may be hard to nail down for a day of lugging furniture. To eliminate these issues, plan well in advance. Make sure your moving date is scheduled firm in everyone’s calendar, and plan ahead to ensure you aren’t left without a solution if someone has to back out. A stress free move will make a world of difference in the first couple days in your new home.

Now that you know the common myths about the fall real estate market, you can tackle these small projects in preparation for the fall selling season. Despite the cool weather, it’s bound to be a hot one!

Courtesy RE/MAX

For years, RE/MAX agents have earned the trust of buyers and sellers across Canada. This stems from their unparalleled experience, productivity, and professionalism in the ever-changing real estate market, but is also derived from the overall reputation of the RE/MAX brand.

According to Leger’s 2024 Reputation Study, RE/MAX was ranked the most reputable real estate company in Canada.*

Leger is the largest Canadian-owned market research and analytics company. Its 2024 Reputation Study provides a comprehensive analysis of the reputation of 302 Canadian companies across 30 sectors of activity. Among them, RE/MAX leads in the real-estate sector and was voted #89 overall.

Each company was evaluated by more than 2,100 Canadians, with a total of more than 38,632 interviews conducted as part of the study. Data was collected from November 21, 2023 to January 22, 2024.

The study measures 6 core pillars of corporate reputation: financial strength, social responsibility, honesty and transparency, quality, attachment, and innovation.

“Behind every successful real estate transaction is a foundation built on trust,” says Christopher Alexander, President of RE/MAX Canada. “We’re honoured to be recognized as the most reputable real estate company in Canada, and we look forward to continuing to help buyers and sellers achieve their real estate goals in this ever-changing market.”

*Based on Leger’s 2024 Reputation Study that provides a complete sector analysis of reputation for 302 companies in Canada. Data was collected from Nov 21, 2023 to Jan 22, 2024.

Finance Minister Chrystia Freeland has announced changes to mortgage rules she says are aimed at helping more Canadians to purchase their first home.

"It is going to put the dream of home ownership in reach for more young Canadians," Freeland told reporters Monday, announcing changes she said will come into force in December.

The price cap for insured mortgages will be boosted for the first time since 2012, moving to $1.5 million from $1 million, to allow more people to qualify for a mortgage with less than a 20 per cent down payment.

"That is going to have a real impact for thousands, even millions of Canadians," Freeland said.

The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.

On Aug. 1 eligibility for the 30-year amortization was changed to include first-time buyers purchasing a newly built home. Freeland said this change better reflects the housing market while "giving first-time homebuyers a leg-up."

She pushed back on suggestions that the measures will only further inflate housing prices. She said boosting the price cap for insured mortgages reflects how Canada's gross domestic product has grown over years.

"It needs to keep up with the increase in the size of the Canadian economy," Freeland said. "That's just a recognition of economic reality."

Justice Minister Arif Virani is also releasing drafts for a bill of rights for renters as well as one for homebuyers, both of which the government promised in its budget five months ago.

Virani says the government intends to work with provinces to prevent practices like renovictions, where landowners evict tenants and make minimal renovations and then seek higher rents.

Ottawa also wants to boost transparency by making sales price history available on title searches, and protect potential buyers from blind-bidding.

"What we find is important is ensuring that there's a level playing field when you're trying to rent a place to live, or to actually get to the stage of buying a home," Virani said.

The government is touting the measures it announced Monday as the "boldest mortgage reforms in decades," and it comes after a year of criticism over high housing costs.

The Liberals have been slumping in the polls for months, including among younger adults who say not being able to afford a house is one of their key concerns.

Freeland says she plans to table a Fall Economic Statement but would not say when. Such a move may lead to a confidence vote in the Commons, following the NDP ending a formal agreement to prop up the minority Liberal government in such votes.

She also said the government is "absolutely not" considering a home-equity tax on primary residences above a certain value, when asked about government engagement with a group that promotes such a policy.

Courtesy CTV News

No layperson tracks mortgage rates daily, unless they have a peculiar hobby. Hence, the birth of mortgage rate comparison sites.

Rate sites are the most important mortgage shopping innovation since the invention of the Internet. They unequivocally help people save more, and their rates serve as benchmarks when negotiating with lenders.

But rate sites aren’t all created equal. With 17 years of mortgage rate tracking and a decade running a rate comparison site under my belt, I can tell you that each site has its quirks. Knowing these quirks is key to scoring not just a great rate, but a phenomenal one.

How rate sites work

Rate sites are in it to make a buck. Their cash flow comes mainly from three streams: charging advertisers (lenders and mortgage brokers) around $40 to $100 per lead; selling advertising; or earning commissions by funneling borrowers to their own brokerage.

The key takeaway is that rate sites are just the start of mortgage research. Moreover, most of them focus on prime mortgage customers only, so if your credit has seen better days, or your debt-to-income ratio is high, or you have a less marketable property, you’re probably out of luck.

Most rate sites also fall short in giving you the full scoop needed to make a savvy mortgage choice. For instance, they often skip over such mortgage minefields as:

• Nightmarish prepayment penalties

• Lack of portability

• Refinance restrictions

• Crummy early-refinance rates, and

• Lousy rates when converting from variable to fixed

Rate sites also don’t tell you a lender’s qualification criteria. For example, some don’t quote rates specific to your equity. (Rates differ by the size of your loan relative to your home value — a.k.a. your “loan-to-value” ratio, or LTV.)

In short, confirming rate site info with a competent mortgage broker is crucial. For prime borrowers who can get approved anywhere, rate sites give you a running start. They show you which providers are offering deals you should shortlist before contacting them for the whole story.

The best rate sites

Wowa

Wowa is run by a PhD in chemical physics who wanted to make rates more transparent. What separates Wowa is that it strives to be a personal finance encyclopedia. Its mortgage calculators are robust, and its mortgage tips are accurate.

In the rate department, Wowa swiftly showcases top offers by province for the three key loan types — insured, insurable, and uninsured — making lender and broker names clearly visible.

Wowa.ca also spans a broader range of lenders and products than most of its peers and includes rate history. It even shows non-prime rates and rental rates from brokers, which most others don’t — although, the best rental rates are often available directly from big banks.

Rates.ca

Rates.ca, or RDC for short, features a wizard interface that quizzes you before spitting out a rate recommendation without much explanation, leaving some users scratching their heads as to why it’s the best choice.

The wizard at RDC also fences fixed-rate shoppers into only three- or five-year terms, which is a real bummer if you’re in the market for a one-, two-, or four-year mortgage. Plus, it doesn’t cater to all provinces.

RDC does offer a rate table, yet both the wizard’s and the table’s rates sometimes lag in timeliness or competitiveness compared to other sites we monitor. On the upside, RDC’s rate table shows 65 percent and 80 percent LTV “insurable” rates, which are often lower than uninsured rates — for those with 20 percent equity or more and homes purchased for under $1 million.

EveryRate

Everyrate is the latest to the rate comparison party, having launched just a few months back. The reason it’s relevant is that it claims to have the most lenders of any competitor. That matters because a regional provider will often have lower rates than a national lender.

The platform also prides itself on a clean interface that dives deeper into rate features than most, a domain where other rate sites typically drop the ball.

Everyrate turns a profit by funneling users to its own brokerage, so you won’t spot other brokers here (a downside). They also have “Hot Rate” deals with obscured lender identities, mirroring tactics from hotel sites like Hotwire.

Ratehub

This is the most prominent rate site in Canada, and you’ll see them everywhere on Google if you search anything mortgage-related. The issue with Ratehub is that it doesn’t show as many lenders, which means you may miss some deals.

Ratehub also excludes competing mortgage brokers from its site. Instead, it tries to route mortgage customers to its in-house brokerage. Sometimes that’s a good thing, because it frequently has the lowest rates for select terms, but not always.

Ratehub also hides the names of some lenders, which many users find irritating. Its mortgage calculators are top-notch, however, and it also shows rental property rates.

Financial Post

The Financial Post’s rate page has one main goal: to quickly show the lowest insured and uninsured rates from all established reputable providers. It displays both national and regional lenders and only filters out lenders and brokers if they’re deemed unreliable for our readers — albeit, one can never guarantee reliability, even with major lenders.

FP’s rate table isn’t designed to show 30-year amortization rates or insurable rates (i.e., rates for mortgages with 20 percent equity that meet insurer criteria), but lenders advertising the best insured rates also typically have outstanding insurable rates.

FP’s rate page is meant as an objective launchpad for deeper research, one that doesn’t arbitrarily leave lenders out just because they don’t pay to advertise.

Cutting to the chase

There are other rate comparison sites that didn’t make the cut here, in most cases because, in my experience, they don’t show substantial value.

Keep in mind, when hunting for a mortgage, relying solely on one rate site, broker, or lender won’t be sufficient. To land the best deal, you need to do some legwork and contact multiple providers.

And a crucial reminder: the lowest rate doesn’t always translate to the lowest total borrowing cost. The fine print in mortgage contracts can outweigh small rate discrepancies by a long shot.

Courtesy Financial Post

The Bank of Canada has lowered its key interest rate by 25 basis points to 4.25 per cent.

It’s the third cut since June, and the first time the central bank has posted three consecutive reductions since the global financial crisis in 2009. Governor Tiff Macklem says if the economy continues to improve, Canadians can expect more rate cuts later this year. The next rate update is scheduled for Oct. 23. 

In remarks to reporters, Macklem said the Canadian economy grew by 2.1 per cent in the second quarter of this year. The gain, led by government spending and business investment, was slightly higher than the central bank’s July forecast.

“That a healthy rebound from the near-zero growth we had in the second half of 2023,” said Macklem.

The bank’s July forecast is predicting even growth in the second half of this year and inflation is expected to ease, according to Macklem.

“We are determined to get inflation down to the two per cent target, and we want it to stay there,” said Macklem. “The economy functions well when inflation is around two per cent.”

Canada’s employment rate remains a concern for the central bank with the unemployment rate rising to 6.4 per cent in June and staying there in July. According to Macklem, the uptick was mainly seen amongst youth and newcomers to Canada.

“Business layoffs remain moderate, but hiring has been weak,” said Macklem. He also noted that slack in the labour market is expected to slow wage growth.

According to the Bank of Canada, the global economy expanded by about 2.25 per cent in the second quarter of 2024. Economic growth was stronger than expected in the United States led by consumption, however the American labour market has slowed.

It’s widely expected the bank will lower the overnight target rate again at its scheduled meeting in late October.

Courtesy CTV News

Housing activity continues to move away from the extreme sellers’ market conditions experienced throughout the spring. Easing sales, combined with gains in supply, pushed the months of supply above two months in August, a level not seen since the end of 2022.

“As expected, rising new home construction and gains in new listings are starting to support a better-supplied housing market,” said Ann-Marie Lurie, Chief Economist at CREB®. “This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties. It will take time for supply levels to return to those that support more balanced conditions.”

Inventory levels in August reached 4,487 units, 37 per cent higher than last August but nearly 25 per cent lower than long-term trends for the month. Higher-priced properties mostly drove the supply gains, as the most affordable homes in each property type continued to report supply declines.

The supply gains were made possible by both an increase in new listings in August and a pullback in sales activity. There were 2,186 sales in August, representing a 20 per cent decline from last year's record high but still 17 per cent higher than long-term averages for the month. The sales declines were driven by homes priced below $600,000.

Following stronger-than-expected gains earlier in the year, the pace of price growth is starting to slow. In August, the total unadjusted residential benchmark price was $601,800, six per cent higher than last year and just slightly lower than last month. Year-to-date, the average benchmark price rose by nine per cent.

Detached

Detached home sales fell by 14 per cent compared to last year, as gains in homes priced above $600,000 were not enough to offset declines in the lower price ranges, which continue to struggle with low supply levels. In August, there were 2,011 detached homes available in inventory, with over 85 per cent priced above $600,000.

The improving higher-end supply compared to sales helped push the months of supply up to nearly two months. While market conditions are still tight, this is a significant improvement from the under-one-month supply experienced in the spring. Shifting conditions are relieving some pressure on home prices. In August, the unadjusted detached benchmark price was $762,600, slightly lower than last month but still over nine per cent higher than last year.

 Semi-Detached

With 297 new listings and 172 sales, the sales-to-new-listings ratio in August dropped to 58 per cent, which is more consistent with pre-pandemic levels. This shift supported a rise in inventory levels, and the months of supply rose to nearly two months.

While conditions remain relatively tight, the boost in new listings has helped ease some of the pressure on prices. In August, the unadjusted benchmark price was $681,200, a decline from last month but nearly 10 per cent higher than last year.

Row

New listings row for homes priced above $400,000, contributing to year-to-date growth of nearly 16 per cent. At the same time, slower sales over the past three months have contributed to inventory gains. In August, there were 660 units available, a 75 per cent increase over the exceptionally low levels reported last year. While inventories are still low by historical standards, as with other property types, this shift is helping ease pressure on home prices.

The unadjusted benchmark price in August was $461,700, slightly lower than last month but over 12 per cent higher than last August. Monthly adjustments were not consistent across districts, with adjustments in the City Centre, North West, North, and West districts mostly driving monthly declines. Despite the monthly adjustments, year-over-year prices remain higher than last year across all districts and range from a low of 10 per cent in the City Centre to a high of 26 per cent in the East district.

 Apartment Condominium

New listings in August reached 1,001 units, a record high for the month. The gains in new listings were met with a pullback in sales, causing the sales-to-new-listings ratio to drop to 60 per cent and inventories to rise to 1,476 units. Unlike other property types, overall condominium inventory levels were relatively consistent with longer-term trends for the month.

Rising inventory and easing sales caused the months of supply to increase to nearly two and a half months, not as high as levels seen before the pandemic but an improvement over the extremely tight conditions seen over the past 18 months. In August, the unadjusted benchmark price was $346,500, similar to last month and nearly 16 per cent higher than last year’s prices.

REGIONAL MARKET FACTS

Airdrie

New listings in Airdrie continued to rise this month compared to last year. However, with 242 new listings and 172 sales, the sales-to-new-listings ratio remained relatively high at 71 per cent. This prevented a stronger gain in inventory levels and kept the months of supply below two months. The tightest conditions in the market continue to be in the lower price ranges of each property type.

While conditions continue to favour the seller, they are not as tight as during the spring months, taking some pressure off home prices. In August, the unadjusted benchmark price was $553,300, similar to last month and nearly eight per cent higher than last year.

 Cochrane

August reported 81 sales and 109 new listings, keeping the sales-to-new-listings ratio elevated at 74 per cent, enough to prevent any gain in inventory levels. With 144 units available, inventory levels are nearly 42 per cent below long-term trends for the month.

Persistently tight conditions continue to drive further price growth in the town. In August, the unadjusted benchmark price was $578,600, slightly higher than last month and over eight per cent higher than last year’s levels. Prices have risen across all property types, with the largest gains occurring for apartment-style properties.

 Okotoks

A boost in detached sales supported the rise in August sales compared to last year. The 67 sales in August were met with 84 new listings, pushing the sales-to-new-listings ratio near 80 per cent. This prevented any significant shift in inventory levels, which remain nearly 47 per cent lower than long-term trends.

With just over one month of supply, conditions remain relatively tight. The unadjusted benchmark price in August was $622,700, similar to last month and over seven per cent higher than last August.

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

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