Higher turnover rents in several major rental markets have decreased tenant mobility, leading to longer average tenancy periods and "more substantial" rent increases when tenants do move, says CMHC.

Canada's housing agency says advertised rents in some major cities are easing due to factors such as increased supply and slower immigration, but renters are still not feeling relief.

In its mid-year rental market update released Tuesday, Canada Mortgage and Housing Corp. said average asking rents for a two-bedroom purpose-built apartment were down year-over-year in four of seven markets.

Vancouver led the way with a 4.9 per cent decrease in the first quarter of 2025, followed by drops of 4.2 per cent in Halifax, 3.7 per cent in Toronto and 3.5 per cent in Calgary. Average asking rents grew 3.9 per cent in Edmonton, 2.1 per cent in Ottawa and two per cent in Montreal, compared with the first quarter of 2024.

Landlords reported that vacant units are taking longer to lease, CMHC said, especially for new purpose-built rental units in Toronto, Vancouver and Calgary, where they face competition from well-supplied secondary rentals such as condominium units and single-family homes.

"Purpose-built rental operators are responding to market conditions by offering incentives to new tenants such as one month of free rent, moving allowances and signing bonuses," the report said, adding some landlords anticipate they may need to lower rents over the next couple of years.

The agency said rents for occupied units are continuing to rise but at a slower pace than a year ago. It said higher turnover rents in several major rental markets have decreased tenant mobility, leading to longer average tenancy periods and "more substantial" rent increases when tenants do move.

In 2024, the gap in rental prices between vacant and occupied two-bedroom units reached 44 per cent in Toronto, the highest among major cities, while Edmonton had the smallest gap at roughly five per cent.

Vacancy rates are expected to rise in most major cities this year amid slower population growth and sluggish job markets, CMHC said.

"As demand struggles to keep pace with new supply, the market will remain in a period of adjustment. This is particularly true in Ontario due to lowered international migration targets, especially in areas near post-secondary institutions," the report stated.

"While the market may have abundant supply in the short-term, there is still a need to maintain momentum in new rental supply to meet the needs of projected future population growth and to achieve better affordability outcomes for existing households."

Despite downward pressure on rent prices, CMHC said affordability has still worsened over time as rent-to-income ratios have steadily risen since 2020, especially in regions like Vancouver and Toronto where turnover rents are driving increases.

A separate report released Tuesday outlined similar trends across the national rental market last month.

The latest monthly report from Rentals.ca and Urbanation said asking rents for all residential properties in Canada fell 2.7 per cent year-over-year in June to $2,125, marking the ninth consecutive month of annual rent decreases.

Despite the drop, average asking rents remained 11.9 per cent above levels from three years ago and 4.1 per cent higher than two years ago, "underscoring the long-term inflationary pressure in the rental market," the report said.

Purpose-built apartment asking rents fell 1.1 per cent from a year ago to an average of $2,098, while asking rents for condos dropped 4.9 per cent to $2,207. Rents within houses and town homes fell 6.6 per cent to $2,178.

“Rent decreases at the national level have been mild so far, with the biggest declines mainly seen in the largest and most expensive cities," Urbanation president Shaun Hildebrand said in a news release.

"However, it appears that the softening in rents has begun to spread throughout most parts of the country.”

B.C. and Alberta recorded the largest decreases in June, with asking rents falling 3.1 per cent year-over-year in each province to an average of $2,472 in B.C. and $1,741 in Alberta.

That was followed by Ontario's 2.3 per cent decrease to $2,329, Manitoba's 1.3 per cent decrease to $1,625 and Quebec's 0.9 per cent decrease to $1,960. Nova Scotia's average asking rent ticked 0.1 per cent lower to $2,268, while Saskatchewan was the only province to record year-over-year growth, at 4.2 per cent, to an average of $1,396.

This report by The Canadian Press was first published July 8, 2025.

Sammy Hudes, The Canadian Press

While previous generations aspired to enter retirement unburdened by housing debt, a growing share of Canadian retirees are facing a different reality. A new Royal LePage–Leger survey of 1,626 adults, conducted found that 29 per cent—or nearly one in three Canadians planning to retire in the next two years—expect to still be paying a mortgage when they stop working. Mortgage‑free retirement? Not so for 29% of soon‑to‑be retirees (Global News)

Key Findings

• Still paying mortgages: 29 percent of near‑retirees (spring 2025) anticipate entering retirement with ongoing mortgage obligations biv.com.

• Mortgage‑free cohort: 45 percent have already paid off their mortgage, with another 6 percent confident they’ll clear it before retiring.

• Homeownership later in life: Canadians are buying homes later, with amortization schedules (often 30 years) pushing mortgage payoffs well into traditional retirement years globalnews.ca.

• Rising mortgage debt among seniors: Canadian seniors with mortgages doubled from 14 percent in 2016 to roughly 28 percent by 2025.

• Split on downsizing: Approaching retirees are divided—46 percent plan to downsize within two years of retiring, while 47 percent intend to stay put.

Why the Shift?

Phil Soper, CEO of Royal LePage, points to housing affordability pressures as a major factor. Escalating home prices, delayed entry into ownership, and financial support extended to adult children have stretched mortgage timelines. While the payoff represents financial liberation and stability, this generation is redefining retirement realities.

How Retirees Are Coping

Despite the odds, many are finding ways to manage:

• Supplemental income sources: Investment earnings, part‑time employment, or support from a working spouse are helping bridge monthly payments .

• Financial planning strategies: Advisors suggest delaying Canada Pension Plan withdrawals (until age 70), tapping into investments prudently, or pairing mortgage debt with diversified retirement funding.

Bigger Picture: Canada’s Housing Crisis

The trend reflects broader affordability challenges. The Bank of Canada's housing affordability index reached its worst since 1982, with average homes costing over nine times annual household incomes in 2023. Although interest rates have declined, high prices persist, hampering homeownership .

What It Means for You

1. Plan for mortgage payments into retirement: If you’re close to normal amortization timelines, build mortgage payments into your budget after leaving the workforce.

2. Delay CPP to maximize income: Eating into your investment portfolio to pay the mortgage may backfire—waiting until age 70 to draw CPP can significantly boost monthly income.

3. Downsizing: Pros and Cons: Downsizing can reduce expenses and help pay off your mortgage—but only if you weigh factors like moving costs, emotional ties, and future home equity needs.

4. Consider equity-based solutions: Reverse mortgages (e.g., offered by HomeEquity Bank) allow Canadians 55+ to access home equity without monthly repayments. They can be an option—but total interest may reduce estate value.

What was once a cornerstone milestone—mortgage‑free retirement—has become an increasingly elusive goal. Nearly one-third of near‑retirees now carrying mortgage debt reflects deeper housing affordability issues. But smart financial planning, diversified income strategies, and an openness to options like downsizing or equity loans can help mitigate risks and preserve stability in retirement.

More Real Estate news or market reports, please check here.

Contact us for a Free Home Evaluation.

The Bank of Canada kept its key overnight lending rate at 2.75% again Wednesday.

This marks the second straight hold after the central bank’s rate-cutting streak of seven consecutive reductions ended in April amid the trade war with the U.S. that is wreaking havoc on Canadian monetary policy.

In recent months, the BoC has adopted a strategy that puts more emphasis on assessing short-term impacts, such as economic shocks, economic shocks, rather than usual long-term outlooks when considering whether to hike, hold or cut rates.

The BoC maintained the hold because the bank’s governing council wants to get more information on how U.S. tariffs on Canadian imports could further affect Canada’s economy, BoC Governor Tiff Macklem said during a news conference after Wednesday’s decision.

The hold and Macklem’s comments came on the same day that U.S. President Donald Trump imposed a 50% tariff on steel imports from Canada and a number of other countries, with the exception of the U.K.

“Uncertainty remain high,” Macklem told reporters.

BMO Chief Economist Douglas Porter told The Canadian Press that the uncertainty “really is a doubled-edged sword” for the BoC.

“It doesn’t mean that they should cut more or less,” Porter told CP. “It just makes it more and more uncertain, and they almost have to take it on a meeting-by-meeting basis.”

The hold was widely expected.

First-quarter Canadian economic growth exceeded the bank’s expectation, but compound growth came in as anticipated, Leslie Preston, a TD Bank managing director and senior economist, wrote in a research note provided to Connect. She noted that the economy is softer but not sharply weaker. However, the bank remains concerned about unexpected firm inflation and its preferred measures of inflation have risen.

The BoC also expects the economy to be “considerably weaker” in the second quarter as strong exports and inventories reverse while demand remains “subdued.”

“We expect that barring a trade negotiation miracle with the Trump administration, Canada’s economy is likely to tip into recession this year, and more interest-rate cuts will be required,” wrote Preston.

                                                                                                                                                                                                                                   By: Monte Stewart @Connect Canada

More Real Estate news or market reports, please check here.

Contact us for a Free Home Evaluation.

In May 2025, Calgary saw a surge of demand for detached homes, with several properties selling within just a few days of hitting the market. These quick sales were typically characterized by competitive pricing, desirable styles (especially bungalows and bi-levels), and well-located communities.

📌 Key Highlights:

• Fastest-Selling Communities by volume:

  • Brentwood led the city with 6 fast sales, averaging $831,379 per home.

  • West Hillhurst, Varsity, and Oakridge followed, each with multiple quick transactions.

• Property Styles:

  • Bungalows dominated the market, prized for their single-level layouts.

  • Bi-levels and 4-level splits were also popular, especially in suburban neighborhoods.

• Size and Price:

  • Average size for fast-selling homes ranged from 750 to over 2,000 sq ft.

  • The highest price per square foot was recorded in West Hillhurst at $1,038/sqft, due to smaller but high-value inner-city properties.

• Price vs. List:

  • Many homes sold at or above list price, indicating a competitive environment.

  • Example: A property in Penbrooke Meadows listed at $399,900 sold in just 4 days for $350,000 — a quick transaction despite a discount, likely due to location or condition factors.

  • Conversely, a home in West Hillhurst sold at asking price of $990,000 in 1 day, reflecting strong buyer demand.

🏡 Sample of Quick Sales:

📊 Sold Price vs Listing Price Analysis

Homes that sold quickly often did so in a competitive pricing environment. We calculated the Sold-to-List Price Ratio (Sold Price ÷ Listing Price), a key metric to understand market demand and pricing strategy:

• 🔼 Over List Price (Ratio > 100%):
  ~31% of quick-sale homes sold above their listing price, suggesting bidding wars or underpricing strategies.
  Example:

  • Brentwood Bungalow – Listed at $699,900, sold for $750,000 → 107.1% of list price

  • Southview Bungalow – Listed at $399,900, sold for $430,000 → 107.5%

• ⚖️ At List Price (Ratio ≈ 100%):
  Around 44% of homes sold at list price, indicating accurate market pricing.
  Example:

  • Oakridge Bungalow – Listed and sold at $849,900 → 100%

• 🔽 Below List Price (Ratio < 100%):
  The remaining 25% sold below asking, often due to condition, location, or aggressive negotiation.
  Example:

  • Penbrooke Meadows Bi-Level – Listed at $399,900, sold for $350,000 → 87.5%

📌 Top Performing Communities by Price Strength

🔍 Insight Summary

• Buyers acted fastest in Brentwood, which also had the highest number of quick sales.

• Bungalows remain the dominant preference, likely due to accessibility, layout efficiency, and lot size.

• Homes in inner-city and well-established areas (West Hillhurst, Varsity) sold especially fast, often at or above list price.

• Accurate pricing continues to be crucial. Homes priced close to market value are selling at or above list within days.

What happened in Auburn Bay in May 2025, please find market update here.

                                                                                                                                            by CREB®

Ever had clients pull up to their new home with a moving truck at exactly 12:01 p.m. on possession day, expecting to move in right away? If that sounds familiar, you’re not alone. A lot happens behind the scenes on possession day, and it’s not always as simple as turning over the keys at noon.

Helping your clients understand what to expect can make the day much smoother—for everyone involved.

Keep in mind the importance of selecting a closing date.

The busiest closing day of the year is the last business day of June. This year, that’s Monday, June 30. Law offices feel even more pressure on the busiest closing day of the year due to the volume of transactions to complete before the Canada Day holiday.

Unexpected things come up, everything from tenants not vacating to sellers leaving old furniture behind or taking items that were included in the sale. Help the clients avoid delays in having issues resolved. Lou Pesta, Lawyer with Pesta Law, reminds the real estate community of the importance of choosing a closing day and knowing which ones to avoid.

I highly recommend that, as much as possible, the following rules be followed in scheduling completion days;

• Avoid the 1st, 15th and last day of the month

• Avoid Fridays, Mondays and any holidays

Key release reminder

Buyers can only receive the keys once the seller’s lawyer or agent confirms they’re releasable. Even if the buyers are at the door and the truck is ready, keys cannot be handed over early unless the seller has provided written permission.

Setting realistic expectations with the buyers ahead of time—especially that keys may not be available right at noon—can help them better coordinate the rest of their move.

​As of April 2025, Calgary's real estate market is transitioning from a strong seller's market toward more balanced conditions. The Calgary real estate market just experienced a 19% drop in sales compared to last year, but prices are still up. 

Market Overview: Sales Down, Prices Up

Last month, Calgary saw 2,159 sales, a 19% drop from March 2023’s 2,658 sales. However, benchmark prices increased across most property types:

• Detached homes: +4%

• Semi-detached homes: +5%

• Townhomes/row homes: +2%

• Apartments: +3%

This conflicting data suggests Calgary families are navigating a transitioning market. Inventory is growing dramatically (up 102% year-over-year to 5,154 listings), yet prices continue to rise.

Inventory & Market Balance

Historically, Calgary’s balanced market occurs when inventory reaches 6,500–7,000 listings. A surge to 10,000+ would indicate a buyer’s market. Currently, we’re flirting with seller’s market conditions due to strong demand from population growth.

Key observations:

• Months of inventory: Holding steady at 2–2.5 months (seller’s market territory).

• Spring market delay: Sales growth hasn’t spiked as usual, likely due to economic uncertainty (tariffs, elections, interest rates). Expect a delayed spring surge in May–July.

Price Trends by Zone

Not all areas are equal. Year-over-year benchmark price changes:

• Declines: City Center (-1.8%), Northeast (-7%), North (-0.1%), East (-0.1%).

• Growth: Southeast (+8%), West (+1.8%), South (+1.2%), Northwest (+0.9%).

Apartments (especially in the 250K–250K–400K range) are shifting toward balanced conditions, while detached homes under $800K remain competitive.

Seller Realities: Pricing Matters

The list-to-sale price ratio has dipped to 98%, meaning sellers must price within 2–3% of expected value. Overpricing leads to expired listings—currently, 39% of active listings fail to sell, especially in:

• Northeast (76% off-market rate)

• City Center (50%)

• East (45%)

Most struggling properties are apartments (57% of expired listings).

Population Growth & Long-Term Outlook

Alberta’s population grew by 3.5% last year—the highest in Canada. Even with potential federal immigration caps, demand for housing will persist. Key takeaways:

1. Luxury market ($800K+): Moving toward balance, offering more negotiation power.

2. Entry-level homes (<$600K): Tight supply (except select condo segments).

3. Desirable school districts: Detached homes here resist broader slowdowns.

First-time buyers eyeing condos should prioritize well-managed buildings with strong financials.

Final Thoughts

Calgary’s market is in flux, but fundamentals remain strong. Sellers must price strategically, while buyers have opportunities in softening segments. Stay tuned for more updates as interest rates, elections, and economic policies unfold.
                                                                                                                                                      (by HOMEGRAM.ca)

If you’re thinking about selling your home, you may be wondering where to begin. We’ve laid out all the steps you must take, from finding the right REALTOR® to closing the deal. Let this article be your go-to resource when you’re preparing to sell real estate. Below you’ll find thorough information for each step of the way.

1. Why Use a REALTOR?

2. Preparing Your Property and Finances

3. Signing a Listing Agreement

4. Marketing Your Home

5. Receiving an Offer

6. Closing the Sale

Why Use a REALTOR®?

A REALTOR® is not just a licensed or registered broker or real estate agent. A REALTOR® is a member of the Canadian Real Estate Association (CREA) and adheres to the REALTOR® Code of Ethics, which requires high standards of professionalism and expertise. Unlicensed agents won’t have access to crucial data and tools, like the MLS® Home Price Index (HPI)—exclusive to REALTORS®, it’s the most advanced and accurate tool to gauge a neighbourhood’s home price levels and trends—or be able to access MLS® Systems that can vastly increase your marketing power.

How your REALTOR® can help sell your home

A REALTOR® is your No. 1 resource and support to navigate the home selling process smoothly. They can help:

• have your home appraised and help you determine an appropriate asking price;

• advertise and market your home;

• host open houses and viewings with prospective buyers and their REALTORS®;

• help you consider offers and create counter offers;

• negotiate the selling price and contract terms, and direct you through complex contracts;

• find qualified industry professionals, such as real estate lawyers, home appraisers and home inspectors; and

• plan for closing costs and other related expenses.

How to find a REALTOR® who’s right for you

Sticking with a REALTOR® you know and trust makes sense. In general, the REALTOR® who helped you buy your home is probably a good candidate for helping you sell it. But what if you’re on the hunt for a new REALTOR®? Here are a few things you can do:

• Use the Fina a REALTORS® feature and narrow your search using location, designation and specialty filters. You can also find REALTORS® through listings on REALTOR.ca.

• Write down the names and contact information of REALTORS® in your neighbourhood.

• Ask friends or family to recommend a REALTOR®.

• Many REALTORS® are active on social media. Reach out to them directly through Facebook, Instagram, Twitter, LinkedIn or TikTok.

How a REALTOR® determines asking price

A REALTOR® is your local real estate expert. Your REALTOR® understands what’s happening in your local market, as well as industry trends that may impact how you sell your home. Using their exclusive industry knowledge and tools (like the MLS® HPI), REALTORS® can help you set the right price, making sure you don’t miss out on potential earnings or intimidate potential buyers.

Learn more about pricing your home:

• Getting a Home Appraisal? Here’s What You Should Know

  • How a REALTORS® Prices Your Home

Preparing Your Property and Finances

If you have the time and money to invest in home renovations, they can help increase the value of your home. Your REALTOR® can also advise if it’s worthwhile to do a pre-listing home inspection to help identify and address any required fixes that could hinder your home from selling.

Typical renovations and updates to consider before selling your home include:

• updating the cabinetry in your kitchen and/or bathroom;

• updating your kitchen appliances and fixtures;

• updating bathroom fixtures;

• replacing any flooring or roofing that’s in disrepair; and

• replacing dated fixtures such as lights and light switches, cabinet handles, doorknobs, etc.

Learn more about home renovations and improvements:

• Cost-Effective Exterior Renovations that Could Help Sell Your Home

  • Home Renovations That Could Be Worth Doing Before Selling

Managing your money before selling

There are also costs and financial implications to consider when selling a home. Always consult a professional financial advisor before making personal financial decisions, especially when it’s likely to be one of the largest transactions you’ll make in your life.

Discharge mortgage

This refers to using the proceeds from the sale of your home to discharge or pay off your current mortgage. In an open mortgage, you can pay it all off without any penalties. If you have a closed mortgage, be prepared to pay a penalty.

Portable mortgage

A portable mortgage means you can take your mortgage money with you and buy a new home, without penalty.

Capital gains tax

If you had tenants living in part of your home, such as the basement, you’ll pay capital gains tax on a portion of your profits. You may also owe capital gains tax if you’re selling a vacation or investment property.

Signing a Listing Agreement

Signing a listing agreement officially gives your REALTOR® the green light to start the process of selling your home. The agreement serves three main purposes:

• It defines the relationship with your REALTOR®.

• It provides detailed information about your home, which can be placed on a real estate board or association’s MLS® System.

• It forms the basis for drafting offers on your home.

What the listing agreement includes

• Authority—This describes the legal relationship between you and the real estate brokerage and sets a time limit for the REALTOR® to sell your home.

• Price—Your REALTOR® will provide useful information and advice on what price will attract buyers.

• Real estate commission—This may be a flat fee or a percentage of the final sale price, paid to your REALTOR®.

• A physical description of your property—Your REALTOR® will write a description highlighting your property’s best features.

• Legal information—This includes the lot number, land surveys and the zoning code.

• Financial information—You’ll want to let potential buyers know the minimum deposit you require.

• Completion date (closing date) —This is the amount of time you need to move out once your home is sold. Typically, homeowners provide 60 to 90 days; however, being flexible may help sell your home faster.

• How the home will be shown—Your REALTOR® can arrange viewing appointments and open houses. Any specific instructions about viewings can also be noted.

• Inclusions— You can name chattels and fixtures that would be included when the buyer purchases your home. Chattels are moveable items like microwaves and window blinds. They’re not automatically included in the sale, but they can sweeten the deal. Fixtures are permanent improvements to a property, like central air conditioning, installed lighting and wall-to-wall carpeting. Fixtures are assumed to be included in the sale of the home.

Marketing Your Home

Prepare your home for the market

Before your REALTOR® gets professional photos taken and holds any viewings or open houses, make sure you’re presenting your home in its best light. Below are a few typical tasks homeowners can do before putting their home on the market.

• Paint—A fresh coat of paint can go a long way in refreshing a space!

• De-clutter—This is a great opportunity to make your home more appealing to buyers by getting rid of unwanted items packing your belongings.

• Clean—Make sure your floors and fixtures, especially in your bathroom and kitchen, are clean for viewings and open houses. Consider hiring a professional cleaner.

• Improve curb appeal—Consider weeding and mowing your lawn or, if you have a larger yard, hiring professional landscapers to make your home exterior more appealing.

• Staging—Consider hiring a professional stager or rearranging pieces in your home in a way that will help buyers envision themselves in their new potential home.

Get more tips for preparing your house for selling:

• Home Renovations That Could Be Worth Doing Before Selling

  • Eco-Friendly Kitchen Upgrades to Consider When Renovating

  • Elements You’ll Want to Consider When Renovating Your Bathroom

Marketing your listing

Your REALTOR® will use every tool in their arsenal to advertise your home. This typically includes combining these following tactics:

• Professional photography and videography—REALTORS® will often work with professional photographers and videographers to get high-quality coverage of your home you can’t get with a smartphone or typical digital camera.

• Social media and real estate sites— Just about every REALTOR® has a social and/or web presence of their own or through their brokerage where they will share your listing and make sure there are eyes on it.

• Virtual and 3D tours—REALTORS® know potential buyers want as many visuals as possible when looking for homes, and video tours and 3D imaging is another way to help buyers imagine themselves in their new home.

• ca—REALTORS® have access to post your listing on Canada’s No. 1 real estate platform. That means your listing is getting the most exposure.

• Traditional marketing—A for sale sign outside your home can attract potential buyers as they pass by.

• Their network—Your REALTOR® is part of an extensive community of REALTORS® and real estate professionals who can connect them with potential buyers.

• Open house for REALTORS®—A REALTOR® open house is an efficient way to attract REALTORS® to see your home with their own eyes.

• Open house for buyers—Many buyers want to get a feel for your home before they start working with a REALTOR®. These events are typically done on weekends over the course of a few hours.

• Walk throughs—Your REALTOR® can coordinate with potential buyers and their REALTOR® to give a private walkthrough of your home.

Receiving an Offer

Negotiating a purchase price is one of the most intimidating aspects of the home buying and selling process. Working with a REALTOR® ensures you’re getting the best price and are accepting an offer that’s in your best interest. Your REALTOR® can help you every step of the way.

Consult with a lawyer

When selling, it’s essential to have a real estate lawyer handle all the various legal documents that change hands. Your REALTOR® can also give you the name(s) of experienced lawyers in your area, but make sure you’re doing your own proper due diligence. Your lawyer will review important documents that require your signature.

Responding to an offer

When you receive an offer, your REALTOR® can advise you on the merits of the offer and the asking price, closing date, and conditions. Take some time to consider the offers you’re presented! In general, there are three options when responding to an offer:

1. Accept the offer

You settled on the price you were hoping for, maybe even more. The closing date looks good and there are reasonable or no conditions. Your REALTOR® will formally accept the offer, and you’ll start to move on to the closing process.

2. Reject the offer

If you receive an offer that’s not close enough to your asking price, or that has unreasonable conditions, you can reject the offer. Your REALTOR® will communicate this to the buyer or buyer’s representative.

3. Provide a counter offer

The offer is close, but something’s not quite right. Your REALTOR® can help with the delicate art of negotiation by “signing back” or sending a counteroffer. Some of the most common reasons for a sign back include:

• you want a higher offer price;

• you want to change the closing date; or

• there may be some undesirable conditions in the offer (these could include a requirement for the buyer to obtain financing, approval to assume mortgage, sales of purchaser’s home, or a property inspection, etc.).

Closing the Sale

Congratulations, the negotiations were a success! Before your house is truly sold, it’s time for the vital final steps, known as “closing”. Your REALTOR® and lawyer will take care of the complex legal maneuvers.

Closing tips for sellers

• By the time you accept an offer, your REALTOR® will advise you of reporting requirements by FINTRAC, the federal agency responsible for administering Canada’s money laundering and terrorist financing legislation and regulations. Your REALTOR® is required by federal law to complete a client identification form and must ask the seller for a verified ID, such as a driver’s license or passport.

• Your lawyer will be advised that an agreement has been signed. Make sure your representation is ready to close the transaction.

• Immediately begin satisfying any conditions of the agreement requiring action on your part before the set date of completion.

• Contact your telephone, internet, and cable companies about transferring or removing service. Your lawyer will often handle the transfer of utilities.

• Inform your property insurance agent and arrange cancellation or transfer of your homeowner’s insurance.

• Contact a moving company to arrange your move on, or prior to, the closing date. (You can always ask friends and family to help you move, but the process can be quite labour intensive.)

• Send out your change of address notices and advise the post office.

• Coordinate with your REALTOR® to arrange the exchange of keys.

Find out more about a seller’s responsibilities for closing:

• Sellers’ Responsibilities During Closing

  • Stigmatized Homes: What You Legally Have to Disclose When Selling

How your lawyer helps with the closing process

• If you plan to “discharge” or pay off your mortgage with proceeds of the sale, your lawyer will obtain a statement from your lender showing your outstanding balance on the mortgage, and any penalties you’ll have to pay to discharge the mortgage.

• If you’re transferring your mortgage and the buyer is assuming your mortgage, your lawyer can liaise with your lending institution.

• A few days before closing, your lawyer will ask you to sign the paperwork enabling the title to be transferred to the buyer.

• On closing day, your lawyer will receive and distribute the proceeds from the sale, pay off your mortgage and other costs, and give you a cheque for the net proceeds.

Moving out

If you can, start packing early and spread it out over many days. Label all your boxes by room (and especially if the boxes carry anything fragile) so the movers know where to put them and how to treat the boxes. If you intend to hire professionals, contact a moving company, or truck rental company well in advance and ahead of the exchange of keys.

Tip: Set up mail forwarding from your previous address, and ensure to change your address in your records, especially for banking, the Canada Revenue Agency and government accounts.

                                                                                                                                                                                                                           BY REALTORS.ca TEAM

CREB® REALTOR® Community Foundation has opened grant applications for their Legacy, Community and Transformation Grants. The Foundation is awarding a total of $590,000 in grants this year, which is $90,000 more than 2024.

The three different grant streams are designed to support projects of varying scales and fund local housing- and shelter-related initiatives for those who need it most.

Legacy Grants

This is the largest and most substantial investment from CREB® REALTOR® Community Foundation. Funding from this is designed to make a substantial impact and create new housing and shelter options in the community. Grants can be for multi-year projects up to a maximum of $1 million distributed over three years.

Community Grants

The Community Grant is designed to fund major repairs or renovations to existing housing and/or shelter supply, with the purpose of keeping people housed in the community.

Transformation Grants

The Transformation Grant provides funding for minor renovation projects to existing infrastructure, with the purpose of improving housing quality for the community’s most vulnerable.

“CREB® REALTORS® are passionate about housing and finding ways to further support the communities they call home,” said Christian Twomey, Chair of the CREB® REALTOR® Community Foundation. “The Foundation grants are how CREB® REALTORS® form connections and give back to those who need it most.”

Organizations in Calgary and surrounding areas are encouraged to review the CREB® grant funding guidelines and fill out the pre-application to determine if they qualify for the grants. Applications are open from March 11, 2025, to May 20, 2025, and can be found linked here.

                                                                                                                                                   by CREB®

On March 4, 2025, the United States implemented a 25% tariff on most Canadian goods and a 10% tariff on Canadian energy imports. These measures, aimed at addressing concerns over drug trafficking and cartel activities, have significant implications for various sectors of the Canadian economy, including real estate. (businessinsider.com)

This article examines the potential effects of these tariffs on Calgary's real estate market.

1. Increased Construction Costs

The tariffs are expected to raise the cost of construction materials such as lumber, steel, and aluminum. This escalation in material costs could lead to higher prices for new homes, making affordability a growing concern for potential homeowners across Canada. Additionally, developers may postpone or cancel projects due to increased expenses, potentially exacerbating the existing housing supply shortage. (realtor.com)

2. Economic Slowdown and Housing Demand

The imposition of tariffs could slow economic growth, particularly affecting sectors like manufacturing and energy that are integral to Canada's economy. A slowdown may result in job losses and reduced consumer confidence, leading to decreased demand in the housing market. Consequently, home sales could decline, and property values might stagnate or decrease, especially in higher-priced neighborhoods. (realeconomy.rsmus.com)

3. Potential Interest Rate Adjustments

In response to economic uncertainty and potential inflationary pressures from increased import costs, the Bank of Canada might adjust interest rates. Higher interest rates would raise borrowing costs, further reducing affordability for prospective homebuyers and potentially dampening real estate market activity. (realeconomy.rsmus.com)

4. Impact on the Rental Market

As homeownership becomes less attainable due to rising prices and borrowing costs, more individuals may turn to renting. This shift could increase demand in the rental market, leading to higher rents and reduced vacancy rates. Investors might find opportunities in the multi-family rental sector, capitalizing on the heightened demand.

5. Energy Sector Considerations

The 10% tariff on Canadian energy exports poses challenges for Canada's energy sector, a cornerstone of the national economy. Reduced competitiveness in the U.S. market could lead to decreased revenues, job cuts, and diminished investment in energy projects. These developments may have a cascading effect on the real estate market, particularly in regions with high concentrations of energy sector workers. (apnews.com)

The U.S. tariffs introduced on March 4, 2025, are poised to impact Calgary's real estate market through increased construction costs, potential economic slowdown, interest rate fluctuations, shifts in the rental market, and challenges in the energy sector. Stakeholders, including policymakers, developers, investors, and consumers, should closely monitor these developments and adapt strategies accordingly to navigate the evolving landscape.

Exterior Maintenance

☑ Inspect Roof & Gutters

• Check for winter damage (loose or missing shingles).

• Clean out gutters and downspouts.

• Ensure downspouts direct water at least 5 feet away from the foundation.

☑ Check Siding & Foundation

• Look for cracks or gaps in siding, brick, or stucco.

• Seal any gaps to prevent water damage and pests.

☑ Examine Windows & Doors

• Re-caulk or replace weather stripping if needed.

• Clean and check for any broken seals or cracks.

☑ Service Air Conditioning System

• Clean or replace HVAC filters.

• Remove debris from around outdoor A/C units.

• Schedule a professional A/C tune-up before summer.

☑ Inspect & Clean Deck, Patio & Driveway

• Look for cracks or heaving in concrete or asphalt.

• Pressure wash decks and patios; reseal if needed.

☑ Check Outdoor Faucets & Sprinklers

• Turn on exterior taps slowly and check for leaks.

• Test the sprinkler system and adjust for efficient watering.

Interior Maintenance

☑ Test Smoke & Carbon Monoxide Detectors

• Replace batteries and ensure all detectors are working.

☑ Check Plumbing for Leaks

• Inspect under sinks, around toilets, and in the basement.

☑ Deep Clean & Declutter

• Wash windows and screens.

• Clean behind appliances, including refrigerator coils.

☑ Pest Control

• Check for signs of mice, ants, or other pests.

• Seal any gaps where pests could enter.

☑ Inspect & Clean Furnace

• Vacuum around the furnace and replace the filter.

Yard & Landscaping

☑ Prepare Lawn & Garden

• Rake up any leftover leaves and dethatch the lawn.

• Aerate and fertilize for healthy growth.

☑ Prune Trees & Shrubs

• Trim dead branches to prevent storm damage.

• Ensure tree limbs aren’t too close to the house.

☑ Check Fence & Gate

• Repair any loose boards or posts.

• Stain or seal wooden fences to protect from moisture.

Higher cost of labour and materials, plus an increased risk of flooding or wildfires means homeowners can expect to pay more for insurance in 2025.

IBC (Insurance Bureau of Canada) is essentially warning that insurance rates, insurance premiums could very well spike in 2025. And the reason why is because the insurance industry is grappling with record breaking losses. So last year, insurers paid out 8.5 Billion dollars in insured losses alone. That’s actually over 2 Billion more than in 2016, the next worst year on record. That was back when the Fort McMurray wildfires happened. Now this is largely being blamed, on the weather.

2024 was the most devastating year on record in Canada for severe weather events, but also inflation and labour shortages in construction have something to do with it. They’re driving up costs for insurers. The claims have increased 115% over the last 5 years. And not only that, the costs for repairing and replacing personal property have risen nearly 500% in that time. So insurers are up against a wall here. And what they say is that really, Canada is not doing enough to help prevent not only the natural disasters, but that kind of damage that they can cause. So the Insurance Bureau is calling on government to do a few different things. They say that they need to invest in things like flood proof, infrastructure, the to adopt rules to make sure homes are not being built on flood plains, the in to facilitate firesmart programs for communities in high-risk zones. And lastly, RCMP need to implement building codes to not only protect Canadians and buildings or hope this country, but livelihoods. They say as well, how costly has some of these recent weather events ban? Quite costly, the most expensive back in 2024 was actually the Calgary hailstorm that hit on August 5. The viral videos that went around of windows being smashed and cars being absolutely destroyed. Given the severity and the increasing frequency of weather events like this, insurers are telling Canadians that the insurance is going to spike this year.

                                                                                                                                                                       by CTV News

By Joel Schlesinger  •  for the Calgary Herald

More than 60 per cent of new units under construction in November were apartment-style condos. Photo by Brent Calver /Postmedia

Calgary’s resale real estate market is poised for a strong year — though growth will be at a slower pace than recent years — but the threat of tariffs from the United States could dramatically change the outlook as the province’s economy might be thrown into a recession.

That’s the assessment of the Calgary Real Estate Board’s 2025 forecast, which envisions two possible outcomes — one good and one bad for the city’s real estate and economy this year.

“If it wasn’t for this risk, the outlook would have been a little different, probably brighter — though the market is in good shape heading into the year,” says Ann-Marie Lurie, chief economist with CREB.

Indeed, the outlook speaks to strong conditions for the real estate market should tariffs not become an issue.

Sales are expected to remain 20 per cent above the historical average, reflecting the strength of demand in the market, particularly for affordable single-family detached homes.

As well, interest rates are forecast to fall even more this year, expanding purchasing power for prospective buyers.

CREB predicts the city should see more than 26,000 sales this year, though activity will mark a slightly declining trend since the record high of 2022.

Supply is expected to expand with the report adding that increased supply from a record level of new home starts will shift the market into more balance between buyers and sellers. About 29 per cent of the more than 22,600 starts last year were single-family detached homes, but multi-family development has been very robust.

Of all the 23,700 housing unit types under construction in November, 30 per cent were rental and 61 per cent were apartment condo homes.

This activity will likely put downward price pressure on the resale apartment and rental market this year “That’s where we will likely see some adjustments with more choice, which will limit some of the price growth,” Lurie says.

Overall, prices in the resale market are expected to climb, especially for single-family detached homes priced under $1 million. As well, sales are expected to be slightly higher than last year due to rising supply of homes priced above $600,000 and pent-up demand.

Row and semi-detached homes should see modest price and sales growth. Increased supply will likely keep prices from exceeding three per cent growth year over year in all three segments. In contrast, significantly more supply in the apartment market — partly due to new construction — is likely to keep sales strong, but prices could fall about three per cent, CREB forecasts.

Much of the forecast is dependent on what happens south of the border. The report, in turn, also painted a more dire scenario involving the Trump administration implementing tariffs on Canadian exports to the U.S. — including oil and gas, Canada’s largest export to the U.S. — which could be in place as early as Feb. 1.

The forecast notes the tariffs are likely to harm the province’s economy, possibly pushing it into recession, negatively affecting employment and consumer confidence.

The resale market would also be hit, Lurie says

“You’d have all this supply coming on just as demand is negatively affected.” Still, it’s likely that any ill outcome from the tariffs would not send prices below pre-pandemic levels, she adds.

As well, the report notes the tariffs could be fleeting or may never emerge at all. In either case, the housing market would then be on track for a strong year that reflects more balance for buyers and sellers.

“Despite that one risk, market conditions are still pretty good by historical norms,” Lurie says.

For Calgary Real Estate summary in January, please read the link here.