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

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

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

1. Sustainability

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

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

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

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

2. Coziness and Comfort

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

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

3. Self-care in Style

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

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

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

4. Boldness and Vibrancy

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

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

5. Embracing Outdoor Spaces

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

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

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

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

Courtesy CREB

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

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

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

1. Decide what you want

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

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

2. Estimate the costs

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

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

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

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

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

3. Choose a contractor

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

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

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

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

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

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

4. Arrange Financing

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

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

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

5. Track your spending

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

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

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

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

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

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

Courtesy CREB

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Courtesy CTV News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Courtesy CTV News

As Alberta’s economy roars back to life, its real estate market is catching the attention of investors and homebuyers alike. Calgary and Edmonton are experiencing renewed growth, driven by affordability, job creation, and expanding infrastructure. Compared to high-cost markets like Vancouver and Toronto, Alberta stands out as a haven for those seeking strong returns and livable prices. For seasoned investors and first-time buyers alike, Alberta’s real estate market offers a compelling mix of opportunity and stability heading into 2025. 

Let’s explore what’s fueling this resurgence and why now could be the perfect time to invest in Wild Rose Country. 

A Strong Economy Drives Real Estate Growth 

Alberta’s economic rebound is a key driver behind its real estate boom. Thanks to a combination of strong oil prices, a burgeoning tech sector, and investment in renewable energy, the province is enjoying steady economic growth.  

Calgary, long known as Canada’s energy capital, is diversifying its economy with a focus on technology and clean energy. Highlights include: 

• Amazon Web Services (AWS) opened a new data centre region in Calgary late last year, solidifying the city as a tech hub for cloud computing and innovation.
   

• Platform Calgary launched a $500-million innovation district downtown in 2022, supporting over 1,000 startups and creating a collaborative space for entrepreneurs.
   

• Greengate Power Corporation completed the Travers Solar Project, the largest solar farm in Canada, located southeast of Calgary, contributing significantly to renewable energy capacity. 

Meanwhile, Edmonton’s economy thrives as a healthcare, education, and logistics hub. Examples include: 

• The University of Alberta Hospital is one of the top teaching hospitals in Canada, with advanced medical care and cutting-edge research.
   

• The Health City initiative drives innovation in life sciences and health technology, attracting startups and fostering partnerships that contribute to Edmonton’s thriving healthcare ecosystem.
   

• The Cargo Village at Edmonton International Airport has become a key logistics hub, with advanced infrastructure supporting cold storage, agricultural exports, and e-commerce, connecting Edmonton to global markets. 

This economic growth, coupled with international market confidence in Alberta, has translated into job creation, attracting professionals and families to the province. Though Alberta’s unemployment rate currently runs above the national average, the province’s ongoing economic diversification efforts and job creation in sectors like technology, healthcare, and clean energy are helping to drive recovery and long-term growth. Population growth, bolstered by interprovincial migration, is further fueling demand for housing in Calgary and Edmonton. 

As these cities continue to expand their economic bases, their real estate markets are benefitting from a steady influx of new residents, creating long-term stability and growth potential. 

Affordability: A Rare Find in Canada

Compared to the sticker shock of Vancouver or Toronto, Alberta’s affordability is a breath of fresh air. According to the Canadian Real Estate Association (CREA), the median price for a single-family home is $690,000 in Calgary, and $490,000 in Edmonton. In contrast, Greater Vancouver’s benchmark single-family home price exceeds $2 million. It goes without saying that this substantial price gap makes Alberta a compelling option for both first-time buyers and investors.

For investors, Alberta’s lower entry prices mean better cash flow opportunities in rental properties, particularly in cities like Edmonton, where vacancy rates remain healthy but rents are climbing steadily. For buyers, the ability to purchase a single-family home at a fraction of the cost seen in other major cities provides an opportunity to enter the market without sacrificing quality of life.

Expanding Infrastructure Fuels Growth

An ongoing commitment to infrastructure in both Calgary and Alberta also continues to drive real estate investment in Alberta. Both cities are expanding their transit systems, including Calgary’s Green Line LRT project and Edmonton’s Valley Line Southeast extension, which are set to improve urban connectivity and accessibility. These developments make neighbourhoods further from city centres more appealing to buyers and renters.

Additionally, ongoing investments in healthcare and education infrastructure, such as new hospital projects and expansions to post-secondary institutions, are further boosting the appeal of these cities. These projects not only support population growth but also create jobs, which in turn drive housing demand.

Rental Market Resilience

For those considering Alberta as a destination for rental property investment, the province’s rental market offers promising potential. Both Calgary and Edmonton have seen stable growth in rental demand, driven by population increases and relatively affordable living costs. As reported by CBC, the Canadian Mortgage and Housing Corporation (CMHC) projects that Calgary’s rental vacancy rate will drop to 1.1% this year and 1% in 2025, indicating a need for more rental housing options.

Rents in Alberta are rising steadily but remain far more affordable than in Vancouver or Toronto. A two-bedroom rental in Calgary averages $1,850 per month, while in Edmonton, it’s $1,600. This combination of rising rents and lower purchase prices creates opportunities for investors to achieve strong returns.

A Prime Opportunity for First-Time Buyers

For first-time buyers, Alberta offers a rare chance to enter the housing market without the immense financial barriers seen elsewhere in Canada. Calgary and Edmonton provide a range of housing options, from modern condos in revitalized downtown cores to spacious suburban homes perfect for families. Declining interest rates, combined with Alberta’s affordability, make these cities especially appealing to younger buyers looking to build equity.

Risks to Consider

While Alberta presents exciting opportunities, there are also risks for consideration. The province’s economic performance remains somewhat tied to the volatile energy sector, and changes in oil prices could impact job growth and housing demand. However, Alberta’s ongoing diversification efforts aim to mitigate these risks, making the market more resilient than in past years.

Investors should also consider regional differences. Calgary’s market is more competitive and offers higher appreciation potential, while Edmonton’s lower prices make it a better fit for cash-flow-focused investors. Both markets have their strengths, so understanding local dynamics is crucial.

Why 2025 Could Be Alberta’s Year

As Canada’s real estate market continues to evolve, Alberta’s position as a leader in affordability and opportunity becomes increasingly clear. Calgary and Edmonton offer a unique combination of strong economic growth, expanding infrastructure, and accessible housing prices that make them prime targets for investors and first-time buyers alike.

With population growth in Alberta expected to continue and rental markets showing resilience, the province’s real estate renaissance is more than just a short-term trend. It’s a sign of Alberta’s ability to adapt and thrive, providing both stability and opportunity in an unpredictable market. For those ready to act, Alberta represents a chance to secure real estate in a market that’s affordable, growing, and full of potential.

Courtesy MLA Canada

As we transition into winter, Calgary's housing market is following typical seasonal trends, with activity slowing compared to the fall. However, year-over-year demand remains relatively strong. In November, increased sales in detached, semi-detached, and row homes offset a decline in apartment condominium sales. The 1,797 sales for November mirrored last year’s levels and remained 20 per cent above long-term trends for the month.

The significant shift lies in supply. Inventory levels rose to 4,352 units in November, a notable increase from the 3,000 units reported last year. Despite the recent gains, inventory levels remain below long-term trends for the month.

“Housing supply has been a challenge over the past several years due to the sudden rise in population,” said Ann-Marie Lurie, Chief Economist at CREB®. “Rising new home construction has bolstered supply in rental, new home and resales ownership markets. However, supply improvements vary significantly by location, price range, and property type.”

The months of supply have increased to over two months, representing a shift away from the extremely low levels seen earlier this year and in the past three Novembers, which reported under two months of supply. While these more balanced conditions are promising for potential buyers, many market segments still favour sellers.

Improved supply options have tempered the pace of price growth. Year-over-year gains range from nearly seven per cent for row homes to nine per cent for apartment-style units. The total residential benchmark price reached $587,900, reflecting a year-over-year increase of just under four per cent. This slower growth reflects a shift toward more affordable row and apartment-style units. Seasonally adjusted prices have remained stable over the past four months despite unadjusted prices trending down in line with seasonal patterns.

Detached

Rising sales for homes above $600,000 offset the declines in the lower price ranges caused by limited supply choice. While inventory levels did improve, 85 per cent of the supply was priced above $600,000.  Improving supply caused the months of supply to push above two months in November, with higher months of supply reported for homes priced above $700,000 and less than two months of supply for homes priced below that level. This variation within the market is likely to result in different price pressures.

The unadjusted detached benchmark price was $750,100, slightly lower than last month but over seven per cent higher than prices reported last year at this time. Year-over-year gains have ranged across the city, with slower growth reported in areas with the most competition from newer homes.   

Semi-Detached

There were 173 sales in November, an improvement over last year and contributing to the year-to-date growth of nearly five per cent. This was possible thanks to gains in new listings and higher supply levels. With two months of supply, conditions are not as tight as earlier in the year but still favour the seller, especially for properties priced below $700,000.

As of November, the unadjusted benchmark price was $675,100, nearly eight per cent higher than last November. The pace of price growth has eased over the past several months, primarily due to seasonal factors. Benchmark prices ranged from $926,800 in the City Centre district to $409,300 in the East district of the city. 

Row

Row home sales improved in November compared to last year, contributing to nearly three per cent of year-to-date gains. Sales have remained exceptionally strong over the past three years as purchasers seek more affordable options. At the same time, new listings have also improved relative to sales, supporting year-over-year gains in inventory levels. Despite inventory improvements, conditions remained relatively tight with nearly two months of supply. 

Following steep gains earlier in the year, the pace of price growth has eased. As of November, the unadjusted benchmark price was $454,200, nearly seven per cent higher than last year. Year-to-date average benchmark prices have improved by nearly 15 per cent. Row prices in the City Centre were the highest at $620,000, while the North East and East districts were the only areas to report benchmark prices below $400,000.

Apartment Condominium

Sales in November slowed over last year's record high. However, the 429 sales were still 47 per cent higher than long-term trends. New listings for apartment-style units have been on the rise. With 1,482 units available in November, more supply is available now than during the spring, and it is the only sector to see levels rise above long-term trends for the month.

The additional supply caused the months of supply to push above three months and is taking some of the pressure off home prices. As of November, the unadjusted benchmark price was $337,800, down over last month, but still nine per cent higher than last year. Supply has improved for units priced above $200,000, but most gains have been in the $300,000 - $500,000 range.   

 REGIONAL MARKET FACTS

Airdrie

With 344 units available, Supply in Airdrie is returning to levels more consistent with activity reported prior to 2020. Supply levels have improved across all property types, with detached and row-style properties accounting for 84 per cent of the supply. While sales have remained strong relative to long-term trends, recent gains in new listings helped support improvements in supply levels.

Improved supply choice is taking some of the pressure off home prices. In November, the total residential benchmark price was $543,300, four per cent higher than last November. Apartment-style properties reported the largest year-over-year change at nearly 16 per cent. 

Cochrane

New listings in the town reached a record high for November. The rise in new listings was met with a surge in sales, as November sales were amongst the highest levels reported in November. Much of the growth in sales was driven by detached activity. Strong sales activity prevented a significant shift in inventory levels, which remain 18 per cent below the month's long-term trends.

The pace of price growth has eased over the past few months, which is not uncommon for this time of year. As of November, the unadjusted benchmark price was $568,600, nearly four per cent higher than levels reported last year at this time. While prices grew across all property types, the largest price gains were reported for apartment-style homes.

Okotoks

Unlike other centres, Okotoks reported a pullback in new listings to 47 units this month. At the same time, there were 52 sales, preventing any significant change to the low inventory situation in the area. Okotoks has struggled with supply since the end of 2020, keeping the months of supply low below two months throughout most of that time. 

In November, the unadjusted benchmark price was $624,000, six per cent higher than last year's levels. Prices have improved across all property types, with the largest gains occurring for row-style properties. Detached prices have also been on the rise and, in November, pushed up to $707,300. 

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

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

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

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

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

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

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

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

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

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

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

Courtesy RE/MAX LLC

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

 The change and the concern

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

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

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

 Understanding capital gains taxation 

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

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

 The role of joint last-to-die life insurance

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

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

Strategy in practice 

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

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

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

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

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

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

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

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

 Advise your clients to review their estate plan

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

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

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

Courtesy Real Estate Magazine

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

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

What are dower rights?

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

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

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

When are dower rights triggered?

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

Is there only one person on title?

• Yes: Dower rights apply.

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

Is the person on title married?

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

• No: Dower rights do not apply.

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

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

• No: Dower rights do not apply.

What to do when dower rights apply

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

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

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

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

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

Dower rights and separation

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

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

What is a dower release?

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

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

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

Conclusion

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

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

Courtesy CREB

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

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

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

Getting started

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

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

Who to notify when your address changes

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

Service providers

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

Medical care or providers

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

• Doctors and physicians

• Holistic health services providers

• Dentists

• Pharmacies

• Optometrists

• Veterinarians

• Medical insurance programs

Government services

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

Educational Institutions

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

Personal contacts

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

Other

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

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

Courtesy Realtor.ca

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

Change Clocks 

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

Update Home Lighting 

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

Outdoor Lighting Check 

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

Thermostat Adjustments 

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

Maximize Morning Light 

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

Outdoor Prep

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

Review Home Security 

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

Check and Replace Air Filters 

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

Declutter and Deep Clean 

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

Courtesy: Zoocasa

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

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

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

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

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

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

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

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

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

Row

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

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

Apartment Condominium

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

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

 REGIONAL MARKET FACTS

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

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

Cochrane

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

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

Okotoks

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

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

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

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