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Tariffs, Interest Rates, and the Real Estate Market: What It Means for Buyers and Sellers
In real estate, market dynamics are constantly shifting due to external factors such as interest rates, economic policies, and global trade uncertainties. Recent developments—including the Bank of Canada’s (BoC) interest rate cut and ongoing concerns over tariffs—have introduced both opportunities and challenges for buyers and sellers alike. Understanding how these factors interplay can help you make informed decisions in the current market environment.
The Interest Rate Cut: A Welcome Change?
On March 12, the Bank of Canada announced a reduction in its key interest rate from 3 percent to 2.75 percent. Typically, lower interest rates make borrowing more affordable, encouraging prospective homebuyers to enter the market. In theory, this should lead to increased demand, more transactions, and a boost in home prices.
However, despite this rate cut, many buyers remain hesitant. Over the past two years, many have been waiting on the sidelines, expecting mortgage rates to decline further before making a move. This latest cut was expected to bring them back into the market, but uncertainty around U.S. tariffs is dampening their confidence.
Tariff Uncertainty and the Market’s ‘Wait-and-See’ Approach
One of the biggest reasons for continued hesitation among buyers is the ongoing economic uncertainty related to U.S. tariffs. Trade policies, particularly those enacted under the Trump administration, have created ripple effects across multiple industries, impacting job stability, investment, and overall consumer confidence. When buyers are unsure about the future of the economy, they tend to delay major financial decisions—including purchasing a home.
In addition to buyer hesitation, sellers are also feeling the effects of market uncertainty. Many homeowners who had initially planned to list their properties are waiting until spring in hopes of more economic clarity and improved market conditions. This means fewer listings in the short term, potentially leading to lower inventory levels.
What This Means for Buyers
For prospective buyers, this could be an excellent opportunity to act while others remain hesitant. With the interest rate cut in place, mortgage costs are slightly lower, which can improve affordability. Additionally, if many buyers are taking a ‘wait-and-see’ approach, there may be less competition in the market right now. This can create opportunities to negotiate better deals, especially with motivated sellers who are eager to move their properties before the traditionally busy spring market picks up.
However, it’s also important to consider the broader economic climate. Buyers should assess their own job security, financial situation, and long-term investment goals before making a purchase. While interest rates are favorable now, waiting for more economic stability could still be a prudent choice for those with concerns about future market conditions.
What This Means for Sellers
For sellers, patience may be key. If economic uncertainty is discouraging buyers, pricing competitively and presenting your home in the best possible condition will be essential for attracting interest. Additionally, working with a skilled REALTOR® who understands market trends, pricing strategies, and effective negotiation techniques can make all the difference in successfully selling your home in uncertain times.
That said, the upcoming spring market could present new opportunities, especially if economic conditions stabilize and buyers gain more confidence. Sellers who prepare their homes properly now—taking care of minor repairs, staging, and ensuring strong marketing strategies—will be in a better position once more buyers decide to enter the market.
Looking Ahead: Will Stability Return?
Experts suggest that buyers will continue their cautious approach until they see greater economic stability. If tariff concerns ease and interest rates remain low, we could see renewed market activity later in the year. Until then, both buyers and sellers should stay informed, assess their personal situations carefully, and work with experienced real estate professionals to navigate the complexities of today’s market.
As always, staying ahead of trends and understanding how external factors influence real estate can help ensure you make the best decisions for your financial future. If you’re considering buying or selling in Calgary’s evolving market, reach out—I’d be happy to provide insights and guidance tailored to your needs.
Calgary’s Bold Office-to-Housing Conversion Initiative: Is It Working?
For years, Calgary has wrestled with a pressing challenge: revitalizing its downtown core. Mark Garner, president of the Calgary Downtown Association, recently emphasized the city’s transformation, calling the West End “the place to be.” His statement marks a significant shift from the struggles Calgary’s downtown faced over the past decade, especially as office vacancies soared following the 2014 oil crash and the pandemic-induced work-from-home boom.
Between 2014 and 2021, office vacancy rates climbed from 9.8% to a staggering 33%, leaving Calgary’s downtown in what urban theorists call a ‘doom loop’—a cycle in which businesses vacate offices, reducing foot traffic, hurting local businesses, and making downtown even less desirable. Compounding this issue was Calgary’s worsening housing crisis, with the vacancy rate dropping from 5.1% in 2021 to just 1.4% in 2023, driving up housing costs and reducing affordability.
Faced with these twin crises, the city took an unprecedented step in 2021, approving a $200 million revitalization plan that included converting office spaces into residential units. But nearly four years in, how effective has this strategy been?
A Pioneering Plan to Reshape Downtown
The city’s Greater Downtown Plan, backed by $200 million in funding, aimed to address housing shortages and economic stagnation. Of this, $153 million was allocated to incentivize office-to-residential conversions. The plan sought to remove six million square feet of office space by 2031, primarily through conversions.
Developers responded with enthusiasm, with the first round of funding fully allocated to 13 projects, and a second round in 2023 adding $52.5 million in funding. Importantly, developers only receive city funding upon completion, ensuring taxpayer dollars are safeguarded.
Early Successes and International Recognition
The first project, an affordable housing initiative by non-profit developer Homespace, converted an office building into a residential space in just one year. The project included two floors designated for the family shelter Inn From the Cold. This success drew international attention, with the Washington Post and the San Francisco Chronicle citing Calgary’s approach as a potential model for U.S. cities struggling with similar challenges.
Today, two major conversions—Cornerstone (112 suites) and HAT at Eau Claire (87 rental units)—are already available, with a third, a 195-unit premium rental complex, opening in summer 2024. Additionally, three more residential buildings are slated for completion by 2028, bringing Calgary’s total investment to $20 million and leveraging $350 million in private funding.
With nine more conversions in the works—six expected to be completed this year and the remainder by 2026—the initiative is gaining momentum. Mayor Jyoti Gondek emphasized the program’s importance, stating, “These investments matter because they build up our tax base… allowing follow-on investments in public safety, roads, and recreation.”
Challenges and Setbacks
Despite its promising trajectory, Calgary’s office conversion program has not been without hurdles.
Structural and Design Challenges: Office buildings are not inherently suited for residential use. Developers must navigate issues such as floor plate sizes, plumbing and electrical systems, insulation, and access to daylight. Some buildings are simply too costly or complex to retrofit, leading at least one developer to withdraw from the program.
Cost Overruns and Construction Delays: The historic Barron Building, for example, saw its projected conversion costs double. As Bill Black, president of the Calgary Construction Association, noted, “There’s so many things that can lurk beneath the surface that you’re not aware of until you get going.” Rising construction costs, supply chain disruptions, and tariff threats from the U.S. have further complicated the process.
Is It Working? A Mixed but Promising Picture
While conversions alone won’t solve Calgary’s housing crisis or eliminate office vacancies, they are making a measurable impact. By the third quarter of 2024, office vacancy rates had declined to 23.3%, down from 33% in 2021. Meanwhile, the city’s overall rental housing vacancy rose from 1.4% in 2023 to 4.8% in 2024, helping to stabilize rent prices.
The initiative also plays a key role in repositioning Calgary as a dynamic, livable city. “If we hadn’t started this four years ago, we would be far behind where we need to be right now,” Mayor Gondek stated. However, experts remain cautious about declaring the program an outright success. Greg Kwong, Alberta region managing director for Coldwell Banker Richard Ellis, pointed out that the initiative is still in its early stages, and ongoing funding and policy support will be necessary for long-term success.
The Path Forward
Calgary’s bold experiment in office-to-housing conversions offers valuable lessons for cities worldwide grappling with vacant commercial space and housing shortages. The program has demonstrated that, with the right incentives and planning, adaptive reuse of office buildings can contribute meaningfully to downtown revitalization. However, challenges remain, and continuous adjustments will be necessary to ensure its viability.
As the city moves forward, the success of the program will hinge on balancing incentives with pragmatic expectations. While not a silver bullet, the initiative is proving to be a valuable tool in reshaping Calgary’s downtown, making it a more vibrant and livable space for future generations.
Based on an article in the Calgary Herald on March 12, 2025 and written by Hiren Mansukhani.
Trump’s Tariffs and Calgary’s Mortgage Market: What You Need to Know
As we settle into the first months of the Trump presidency, one unexpected side effect has emerged for Canadian homeowners and buyers: lower fixed mortgage rates. According to a recent article by Robert McLister in the Calgary Herald (March 6, 2025), Trump’s tariff-driven trade policies have rattled the bond markets, pulling down yields and, in turn, reducing fixed mortgage rates.
For those renewing their mortgages or looking to buy, this is a welcome development. Lower interest rates can significantly reduce monthly payments, making homeownership more accessible and easing the financial burden for existing homeowners facing renewal. In fact, CIBC recently made headlines as the first of the Big Six banks to drop advertised fixed rates below 4% since April 2022, slashing rates by up to 50 basis points. Meanwhile, online brokers such as Butler Mortgage and Citadel Mortgages are offering insured five-year fixed rates as low as 3.84%, further intensifying competition in the lending market.
The Good News: Lower Mortgage Rates
If you’re in the market for a home or coming up for renewal, these rate drops could work in your favor. With fixed mortgage rates hitting their lowest levels in years, now might be an opportune time to lock in a competitive rate, particularly if you favor stability in your payments. Variable rates, too, remain a point of discussion, as market indicators suggest there’s a strong chance the Bank of Canada will cut rates again soon.
The Bad News: Economic Uncertainty
However, while lower rates are a positive development, they come with a caveat: economic instability. A trade war triggered by U.S. tariffs could hurt Canadian businesses and lead to job losses, making mortgage affordability less about interest rates and more about job security. As McLister wittily puts it, saving on interest is like getting a discount on a coffin when you’re already dead.
What This Means for Calgary Homebuyers and Homeowners
For buyers, this is a chance to secure a lower-cost mortgage, but it’s crucial to work with a knowledgeable REALTOR® and mortgage professional to ensure you’re making a financially sound decision. For homeowners renewing their mortgages, now is the time to explore lender options beyond the big banks, as smaller lenders and mortgage brokers may offer more competitive rates.
Calgary’s real estate market has seen its ups and downs, but one constant remains: making informed decisions is key. If you’re considering buying, selling, or refinancing, let’s discuss how these market shifts impact your real estate goals. Reach out today, and let’s navigate this ever-changing landscape together.
How to Prepare Your Home for a Stunning First Impression
First impressions matter, especially in real estate. When buyers pull up to your property, they’ll form an opinion before even stepping inside. Here’s how to make sure your home stands out for all the right reasons and gets buyers excited to take a closer look.
Curb Appeal: Your Home’s First Impression
The exterior of your home is the first thing buyers see. A well-maintained yard, freshly mowed lawn, and weed-free flower beds go a long way. If the season calls for it, ensure snow and ice are cleared from pathways and driveways. Repainting trim and your front door with a pop of color can make your home memorable and inviting. These small investments show pride of ownership and make your property feel welcoming.
Creating Space Inside
Buyers need to feel they can move freely through your home. Overcrowded rooms can make spaces feel smaller and less functional. Remove excess furniture and create a logical flow. Each room should have a clear purpose—avoid confusing buyers with a dining room that doubles as an office. If a room has an odd shape, stage it in a way that highlights its potential, whether as a cozy nook, a craft room, or a yoga space.
Fresh Paint, Big Impact
Painting is one of the most cost-effective ways to refresh your home. Neutral, light colors create a bright and spacious feel, appealing to the widest range of buyers. A consistent monochromatic palette throughout the house can tie everything together, making it look polished and well-maintained.
Attention to Flooring
Worn or stained carpets? Scratched hardwood floors? These can be major turn-offs for buyers. Consider replacing carpeting or refinishing hardwood to make your home shine. If budget allows, explore cost-effective options like luxury vinyl plank, which can give your floors a modern look without breaking the bank.
Deep Cleaning: No Corner Overlooked
A clean home is non-negotiable. Go beyond decluttering and give your home a deep clean. Dust light fixtures, clean the grout in bathrooms, and ensure every surface gleams. Buyers will notice the effort, and it leaves one less objection in their minds.
By taking these steps, you’ll ensure your home is ready to impress buyers from the moment they arrive. Small changes can have a big impact on how your home is perceived—and how quickly it sells.
5 Mistakes to Avoid When Selling Your Home
Selling your home is an exciting step, but it can also be stressful if things don’t go as planned. Avoid these common mistakes to make the process as smooth and successful as possible.
- Choosing a REALTOR® Based Solely on the Suggested Price
It’s tempting to go with the agent who promises the highest price for your home, but this isn’t always the best choice. A REALTOR® should be able to back up their suggested price with a detailed market analysis. Equally important are their marketing plan, communication skills, and approach to negotiations. Make sure you’re hiring someone you trust to guide you through the process—not just someone who tells you what you want to hear.
- Guessing the Right Price
Assuming your home will sell for the same price as a nearby property or basing your price on a gut feeling can lead to trouble. Every home is unique, and a professional evaluation considers factors like condition, upgrades, and market trends. Guesswork often results in wasted time and a longer sale process.
- Overpricing to “Test the Market”
Pricing your home too high in hopes of testing the market can discourage serious buyers. Many buyers watch the market closely and skip overpriced listings. Even if you reduce the price later, your home may be viewed as stale or problematic. The right price from the start generates excitement and interest.
- Letting Emotions Impact Pricing
Your home holds memories and meaning for you, but this emotional attachment doesn’t translate to added market value. Buyers are focused on objective factors like location, size, and condition. Trust the numbers provided by your REALTOR® to avoid letting emotions cloud your judgment.
- Underestimating the Importance of the First Two Weeks
The first two weeks your home is on the market are critical. This is when interest is at its peak, and buyers are most excited about new listings. If your home is overpriced or not presented well, you risk losing momentum. Ensuring everything is perfect from the start will increase your chances of a quick and successful sale.
By avoiding these common mistakes, you’ll set the stage for a smoother transaction and maximize your home’s potential on the market.
Asking Rents in Canada Decrease to an 18-Month Low Amid Market Adjustments
The Canadian rental market is undergoing a notable shift, with asking rents hitting an 18-month low as of January 2025. According to the latest National Rent Report from Rentals.ca and Urbanation, the average asking rent for all residential properties fell to $2,100—marking a 4.4% annual decline and a $96 decrease compared to the previous year. This marks the fourth consecutive month of annual rent decreases, a stark contrast to the 38 months of continuous rent increases prior.
A Changing Rental Landscape
Despite recent declines, it’s important to note that rental prices are still up 5.2% compared to two years ago and remain 16.4% higher than three years ago. However, the current downward trend suggests an ongoing market adjustment that could bring more affordability for renters in the months ahead.
“The downward trend for rents in Canada accelerated during the first month of 2025. Heightened downside risks for the economy, combined with declining international population inflows and multi-decade highs for apartment completions, suggest rents will continue to weaken in the months ahead. This will result in improved affordability for renters,” said Shaun Hildebrand, President of Urbanation.
Where Are the Biggest Rent Declines?
The most significant declines were seen in the secondary rental market, with asking rents for condominium apartments dropping by 6.5% year-over-year to an average of $2,219. Meanwhile, rental rates for houses and townhomes fell by 8.9% to $2,144.
Purpose-built rental apartments experienced a milder decline of 1.7%, though certain unit types defied the trend. Studio apartments and three-bedroom units in purpose-built rental buildings remained in high demand, experiencing slight rent increases of 0.5% and 2.1%, respectively.
Regional Highlights: Ontario and B.C. See Notable Declines
Among the provinces, Ontario experienced the steepest rent declines, with apartment rents dropping 5.2% annually to an average of $2,329. British Columbia remained Canada’s most expensive rental market, despite a 2.6% annual decrease bringing the average asking rent for purpose-built and condominium apartments down to $2,463.
In contrast, some provinces saw rental increases. Alberta, Saskatchewan, and Manitoba recorded modest annual rent increases between 2-3%, reflecting sustained demand in these more affordable markets. Quebec saw near-stable rents with a 0.4% increase, while Nova Scotia rents dipped slightly by 0.7% year-over-year to $2,195.
Big City Rental Trends
Among Canada’s major cities, Toronto experienced the largest rent drop, with average apartment rents declining 7.6% year-over-year to $2,615, the lowest in 30 months. Calgary followed closely, with a 6.0% decline bringing the average rent to $1,925. Meanwhile, Vancouver saw its 14th consecutive month of rent declines, with an annual drop of 5.2% bringing the average rent to $2,896. Since its peak in July 2023 at $3,340, Vancouver’s rental rates have fallen by 13%, equating to a $443 per month reduction.
Changing Demand for Shared Housing
The supply of shared accommodations has grown significantly, leading to lower roommate rents. Listings for shared housing increased by 42% year-over-year in January, particularly in Calgary. This increased supply drove the national average asking rent for shared accommodations down by 7.6% to $933—the lowest level in 18 months. Alberta and Ontario saw the most significant declines, with roommate rents dropping 2.7% and 2.6%, respectively.
What This Means for Renters
For prospective tenants, this market shift represents an opportunity to secure rental housing at more affordable rates than in recent years. With increasing supply, particularly in shared accommodations and purpose-built rentals, renters may have more negotiating power and a wider range of options.
As the market continues to adjust, it will be important for both landlords and tenants to stay informed about regional trends and pricing shifts. If you’re considering a move or looking for investment opportunities in rental properties, understanding these dynamics can help you make well-informed decisions.
Final Thoughts
While Canada’s rental market has seen significant declines in recent months, affordability remains a challenge in many urban centers. However, with economic uncertainties, shifting population growth patterns, and an increase in available rental units, 2025 could be a year of continued rent stabilization—offering some relief for renters nationwide.
If you have questions about navigating the rental market or real estate investment opportunities, feel free to reach out for expert advice tailored to your needs.
2025 Calgary Real Estate Market: Trends, Opportunities, and What It Means for You
As we step into 2025, Calgary’s real estate market is shaping up to be an exciting space filled with opportunities for buyers, sellers, and investors. Following a few dynamic years marked by record-breaking population growth and tight market conditions, the year ahead offers a mix of stability, balance, and growth. Let’s dive into the trends you need to know and how they might impact your real estate goals.
A Strong Market with Shifting Dynamics
The Calgary housing market is projected to maintain its strength, with sales expected to stay 20% above long-term trends. Easing lending rates, continued migration, and better inventory options are fueling demand, even as economic uncertainty and slower population growth temper the pace.
While 2025 won’t replicate the frenzied pace of past years, the forecasted 26,000+ sales reflect a robust market that’s finding its balance. For buyers and sellers alike, this is a year to navigate opportunities carefully, armed with the right information and strategies.
Detached Homes: A Stable Option Amid Changing Conditions
Detached homes continue to be a cornerstone of Calgary’s housing market. Improved supply in higher price ranges is expected to ease the tight conditions that dominated recent years, creating more balanced market dynamics. Lower lending rates are unlocking opportunities for buyers who may have been priced out previously.
What to Watch:
- Price growth is expected to moderate to 3% as the market stabilizes.
- Demand for homes in the $600,000+ range will benefit from increased inventory, offering more choices for move-up buyers.
- Communities with lower-priced detached homes will likely see stronger price growth due to persistent demand.
For those considering selling, this market rewards preparation and competitive pricing. A well-marketed home in desirable neighborhoods will continue to attract interest.
Semi-Detached & Row Homes: Rising Stars of Affordability
Affordability challenges in the detached market have shifted many buyers toward semi-detached and row homes, a trend that’s set to continue in 2025. These property types offer a more accessible entry point while maintaining the benefits of homeownership.
Key Highlights:
- Semi-detached home prices are forecasted to grow by 3.1%, while row homes will see an increase of 3.4%.
- Rising supply levels in these segments will ease price pressures, creating opportunities for buyers.
- Affordability-focused districts, such as the North East and East Calgary, are expected to see the strongest demand and price growth.
For buyers, these property types offer a chance to step into homeownership without the higher price tag of detached homes. Sellers, meanwhile, can benefit from strong demand by presenting their homes as move-in ready options for cost-conscious buyers.
Apartments: More Choices, Moderate Price Growth
The apartment market in Calgary is experiencing significant changes as new construction adds supply to both the rental and resale sectors. In 2025, these dynamics are expected to bring more balance to a market that has seen sharp price increases in recent years.
The Outlook:
- Price growth is expected to slow to 1.8% as inventory increases and rental demand eases.
- Buyers looking for affordable options will find more choices, especially in higher-priced segments.
- Developers are adding purpose-built rental units, which will continue to compete with resale apartments and moderate price growth.
For investors, the apartment market remains a viable option, but strategic property selection will be critical in balancing rental income potential with market competition.
Economic and Demographic Trends Supporting Growth
Calgary’s real estate market isn’t just about housing—it’s deeply connected to the city’s economic and demographic trends. In 2025, Alberta’s economy is expected to grow, driven by:
- Investments in energy, AI, and alternative industries like carbon capture and food manufacturing.
- Resilience in the energy sector, supported by favorable exchange rates and the TMX pipeline.
- Anticipated rate cuts by the Bank of Canada, which will make borrowing more affordable.
While international and interprovincial migration is slowing from record highs, Calgary’s population growth remains robust compared to provincial averages. This continued influx of people will sustain demand for housing across all market segments.
What Buyers Need to Know in 2025
With increased supply and moderating price growth, buyers have a chance to find their ideal home without the competitive pressures of previous years. Here’s how you can make the most of this opportunity:
- Be Prepared: Get pre-approved for a mortgage and understand your budget to act quickly when the right property becomes available.
- Explore Your Options: With more inventory in the market, you can compare different property types and neighborhoods to find the best fit.
- Work with an Expert: Partnering with a REALTOR® who knows the local market can help you navigate this evolving landscape and secure the best deal.
Advice for Sellers in a Balancing Market
While Calgary’s real estate market remains strong, the shift toward balance means sellers need to be strategic to achieve their goals. Here’s how to succeed:
- Price It Right: Competitive pricing is crucial in attracting buyers and generating interest in a market with more options.
- Focus on Presentation: Staging your home and addressing any necessary updates can make your property stand out.
- Partner with a Pro: A knowledgeable REALTOR® will provide insights on market trends, marketing strategies, and negotiation tactics to maximize your sale.
Looking Ahead: Opportunities for Investors
For real estate investors, 2025 offers a mix of opportunities and challenges. Lower lending rates and increased rental supply create favorable conditions for those seeking long-term rental properties. However, choosing the right location and property type will be essential to navigate increased competition and evolving market dynamics.
Key Areas to Watch:
- Affordable neighborhoods with strong rental demand.
- Semi-detached and row homes for mid-range investment opportunities.
- High-growth districts benefiting from population inflows and infrastructure developments.
Calgary Real Estate in 2025: A Market of Opportunities
The 2025 Calgary real estate market offers a unique blend of stability and growth. With increased supply, moderating price growth, and favorable economic conditions, buyers, sellers, and investors have a chance to achieve their goals in this dynamic environment.
Whether you’re looking to buy your first home, sell and move up, or expand your investment portfolio, understanding these trends is key. As always, I’m here to provide guidance, answer your questions, and help you make informed decisions. Let’s navigate this exciting year together!
📩 Reach out today to start planning your real estate journey.
Why Calgary Stands Out as One of Canada’s Most Affordable Rental Markets
As we step into 2025, it’s worth taking a closer look at the rental market trends across Canada and how they highlight Calgary as an incredibly affordable place to live. For those considering a move to this vibrant city or current residents exploring their options, Calgary’s rental landscape offers unique advantages compared to other major markets across the country.
National Trends in Rental Markets
Last year, Canada experienced a notable shift in the rental market. Average asking rents for all residential property types dropped 3.2% by the end of 2024, landing at a 17-month low of $2,109 in December. This decline marked the first annual decrease in rents since 2020. In contrast to previous years of rapid rent growth—8.6% in 2023 and a staggering 12.1% in 2022—2024 signaled a cooling period for the market. This trend has been attributed to a combination of factors, including increased housing supply, changing economic conditions, and evolving tenant demands.
Calgary: A Refreshing Exception
Among Canada’s largest cities, Calgary stood out for its remarkable affordability. Average apartment rents in Calgary fell 7.2% in 2024 to $1,921, making it more budget-friendly than Montreal ($1,998), Ottawa ($2,165), Toronto ($2,632), and Vancouver ($2,882). This significant decrease in Calgary’s rental prices followed a sharp 14% increase in 2023, showcasing the city’s adaptability and value for renters.
Notably, Calgary’s three-bedroom apartment rents saw the largest decline among Canada’s biggest markets, dropping 8.2% to $2,420. This affordability is a compelling reason why families and professionals continue to see Calgary as an attractive option. The drop in rents reflects a healthy rental market that balances demand and supply while offering competitive pricing compared to other metropolitan areas.
Comparing Calgary to Other Markets
In contrast to Calgary, cities like Toronto and Vancouver remain among the priciest markets. Vancouver’s average apartment rents dropped 5.8% last year but still hover at $2,882, the highest in the country. Similarly, Toronto rents fell 7.1% to $2,632, maintaining its position as one of the most expensive rental markets in Canada. These cities face unique challenges, such as limited housing supply and higher demand, which keep their rental prices elevated.
Meanwhile, smaller markets in Alberta, such as Edmonton, experienced a 2.7% increase in rents, highlighting Calgary’s unique position as a city offering both urban amenities and financial accessibility. For individuals and families seeking to relocate within Alberta or from other provinces, Calgary represents an appealing alternative that combines affordability with a high quality of life.
What Makes Calgary Unique?
Calgary’s rental market reflects its broader economic stability and quality of life. The city offers:
- Affordable Living Costs: Despite being a major urban center, Calgary’s overall cost of living remains lower than other Canadian cities, allowing residents to enjoy a higher standard of living. Groceries, transportation, and utilities are all reasonably priced, making everyday expenses manageable.
- Strong Job Market: Calgary’s diverse economy, driven by industries like energy, technology, and agriculture, continues to attract professionals seeking career opportunities. The city also fosters innovation and entrepreneurship, creating a dynamic job market with room for growth.
- Vibrant Lifestyle: From its proximity to the Rocky Mountains to a thriving cultural scene, Calgary offers something for everyone. Residents can enjoy world-class outdoor activities, festivals, and a growing culinary landscape. The city’s emphasis on community and inclusivity adds to its charm.
- Infrastructure and Accessibility: Calgary’s efficient public transportation system and well-planned neighborhoods make it easy to navigate and settle into the city. Whether you’re commuting to work or exploring recreational activities, Calgary offers convenience and connectivity.
Why Renters Are Choosing Calgary
For many renters, affordability is only part of the equation. Calgary also provides a sense of community and stability that is hard to find in other large cities. The availability of quality rental options at reasonable prices means that renters can focus on building their careers, enjoying leisure activities, and planning for the future without feeling financially strained.
Additionally, Calgary’s steady economic growth has contributed to a sense of optimism among its residents. The city’s commitment to sustainability, innovation, and urban development ensures that it remains a forward-thinking and attractive place to live.
Future Outlook for Calgary Renters
As we move forward, Calgary’s rental market is expected to remain stable and affordable compared to other major cities in Canada. The city’s proactive approach to housing development and urban planning helps keep supply in line with demand, preventing drastic fluctuations in rental prices. For those considering relocating or looking for rental opportunities, Calgary provides an excellent balance of affordability, lifestyle, and opportunity.
Whether you’re a young professional, a growing family, or someone seeking a fresh start, Calgary stands out as a city where you can thrive without breaking the bank. With its vibrant culture, strong economy, and commitment to affordability, Calgary continues to be a top choice for renters in Canada.
Source: Rentals.ca National Rent Report
The Importance of Investigating the Property Title Before Listing Your Home
When preparing to sell your home, one of the first tasks your real estate professional will undertake is reviewing the property title. The title is a critical document that establishes your legal ownership of the property and confirms your authority to sell it. Here’s what you need to know about this essential step.
What is a Property Title?
A property title is your legal claim to the property. It includes:
- Ownership Information: Who owns the property and their authority to sell it.
- Legal Address: The official address of the property.
- Type of Ownership: Details of the ownership structure, such as sole ownership, joint tenancy, or tenancy-in-common.
- Encumbrances: Registered items like utility rights of way, caveats, easements, or liens. These can include unpaid taxes, condominium fees, or other interests registered by third parties.
Why It Matters
Understanding what’s on the title is crucial because any discrepancies or issues can delay or derail a sale. For example:
- A lien for unpaid property taxes must be resolved before the property can be transferred to a buyer.
- Utility rights of way or easements could affect the property’s use and appeal.
How Your Real Estate Professional Helps
A knowledgeable and organized REALTOR® will carefully review the title to identify any issues. If anything seems out of order, they’ll explain what it means and recommend professionals, such as lawyers or title insurance providers, to help clear up any complications before listing your home.
Taking the time to ensure the property title is accurate and free of complications not only makes the selling process smoother but also demonstrates professionalism to potential buyers.
Real Property Reports: Why They’re Crucial for a Successful Home Sale
When selling your home, having an updated Real Property Report (RPR) with a municipal stamp of compliance is more than a formality—it’s a necessity. Here’s why the RPR is so important and what you need to do to prepare yours for a sale.
What is a Real Property Report?
An RPR is a legal document that provides a detailed survey of your property. It includes:
- Property Boundaries: Confirms the exact dimensions of your property.
- Structures: Shows the location of buildings, fences, patios, and other structures.
- Encroachments: Identifies if anything, like a deck or fence, is outside your property boundaries.
- Utility Rights of Way: Marks any easements or rights of way that could affect the property’s use.
This document should also have a compliance stamp from your local municipality, verifying that the property meets local zoning and building regulations.
Why It’s Important
Without an up-to-date RPR, you could face significant delays or even jeopardize the sale of your home. The purchase contract typically requires the seller to provide an RPR with compliance, and not having one could lead to:
- Voided Sales: A buyer may walk away from the deal if the RPR isn’t ready.
- Withheld Funds: A buyer might hold back part of the payment until the RPR is completed and compliant.
Updating Your RPR
If you’ve made changes to your property—such as adding a deck, fence, or garage—you’ll need to update the RPR. In many cases, updating the original RPR is less expensive than commissioning a new one, provided the original survey company is still in business.
How Your REALTOR® Can Help
Your real estate professional will guide you through the process, ensuring you have the necessary documentation ready before listing your home. They may refer you to survey companies or legal professionals to expedite the process and ensure everything is in order.
The bottom line? An updated RPR with compliance is a small step that makes a big difference in ensuring a smooth and successful home sale. Prepare early to avoid unnecessary delays and complications.
