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Market Update: Calgary Real Estate Begins to Balance Out This Spring
As a REALTOR® who’s been active in Calgary real estate for over 15 years, I’ve seen our market shift through many different phases — from red-hot to rock-bottom and everything in between. If there’s one thing I’ve learned, it’s that real estate is always moving, always evolving, and success comes from staying informed and adapting to the market we’re in.
So, what’s happening right now in Calgary real estate?
March has historically been one of the busiest months for resale activity in our city. But this past March looked a little different. We saw demand start to soften compared to last year, with resale activity dipping nearly 19% year-over-year. In fact, the 2,159 sales reported in March represent the lowest level of activity since April 2020 — a clear sign that we’re transitioning into a more balanced market after several years of extremely high demand and low inventory.
What’s Causing the Shift?
According to Ann-Marie Lurie, Chief Economist at the Calgary Real Estate Board (CREB), part of the cooling can be attributed to broader economic uncertainties — from concerns over interest rates to global trade issues — but much of it is simply the market finding its footing after a prolonged surge.
When you’ve had strong sales activity for an extended period of time, a pullback is not only expected, but healthy. And that’s what we’re seeing now.
More Inventory, More Choice
One of the most noticeable changes is the surge in inventory. As of the end of March, Calgary had 5,154 active listings — more than double what we saw in spring 2024. New listings also jumped nearly 27% to 4,019, giving buyers more options than they’ve had in a long time.
This increase in supply led to a 55% sales-to-new-listings ratio — a key metric that indicates a more balanced relationship between buyers and sellers. For the past few years, we’ve been in a strong seller’s market, where homes were often snapped up within days (or even hours), often with multiple offers. That dynamic is now shifting.
What’s Happening with Prices?
Despite the cooling in demand and the increase in supply, prices have remained relatively stable — and in many segments, they’re still inching up.
- The overall benchmark price across all property types held steady at $592,500.
- Semi-detached homes saw the largest jump in price, up 5% to $691,900.
- Detached homes climbed 4% to $769,800.
- Apartment condos increased 3% to $336,100.
- Row homes rose 2% to $454,000.
It’s important to note that not all areas of the market are experiencing the same pressure. The most competitive price point right now? Anything under $700,000, especially in the detached market. These properties are still in relatively short supply and continue to attract strong interest from buyers.
On the flip side, for properties priced above $700K — particularly detached homes — inventory levels are rising, and buyers have more choices, including newly built homes that are typically priced higher. According to CMHC, the average new single-family home in Calgary was priced around $860,000 in February.
What This Means for Buyers
If you’re a buyer who has been waiting on the sidelines, frustrated by a lack of inventory or discouraged by fierce competition, now might be your window of opportunity. With more listings coming online and fewer bidding wars than we’ve seen in recent years, there’s room to breathe — and room to negotiate.
But don’t be fooled into thinking it’s a “buyer’s market” across the board. Well-priced, well-presented homes — especially under $700K — are still moving quickly. Preparation and strategy remain essential.
This is where working with the right REALTOR® makes all the difference. From helping you navigate mortgage pre-approval to spotting hidden value in a hot neighborhood, my goal is to guide you through the process with confidence and clarity.
What This Means for Sellers
For sellers, the message is simple: expectations matter. We’re not in the same ultra-competitive market we were a year or two ago, and that means pricing, marketing, and presentation are more important than ever.
That doesn’t mean your home won’t sell — in fact, it very well could, and quickly — but you need to make sure it stands out and is priced according to today’s market, not last year’s. With more competition among listings, strategic pricing and professional marketing (photos, staging, digital exposure) will be the key to getting top dollar.
Looking Ahead
Even with demand slowing compared to last year, it’s important to keep things in perspective. March 2025 still ranks as the sixth-strongest March for sales over the past 15 years, according to CREB data. Calgary continues to attract new residents and investors, and our affordability (especially compared to other major Canadian cities) remains a strong draw.
Of course, the big wild card is interest rates. If rates begin to fall later this year — and there’s reason to believe they might — we could see another boost in demand heading into late spring and summer.
Final Thoughts
The bottom line? Calgary’s market is shifting, but not stalling. It’s moving from a place of frenzied activity to one that’s a little more balanced, a little more thoughtful — and in many ways, a little more predictable.
Whether you’re buying your first home, upgrading to something bigger, or preparing to list your property, now is the time to take a fresh look at your strategy and ensure you’re working with someone who understands this evolving landscape.
If you have questions about what this market means for you, I’m always happy to connect.
Let’s talk about your goals and how to make the most of this new phase in Calgary real estate.
Patrick Murray
REALTOR® | Calgary Residential Real Estate | Coldwell Banker Mountain Central
📍 Master Certified Negotiation Expert | Certified Condominium Specialist
Calgary Real Estate: Still Affordable Compared to Other Major Cities?
Affordability is top of mind for many Calgarians and residents of surrounding communities when it comes to real estate. With home prices on the rise and interest rates holding firm, it’s no surprise that buyers—particularly first-time buyers and young families—are asking whether homeownership in Calgary is still within reach.
While prices have certainly climbed, Calgary remains one of Canada’s more affordable major cities when household income is taken into account. A recent study by Ratesdotca compared the average price of a home to the income needed to qualify for a mortgage in six of the country’s largest urban centres. The findings offer some valuable perspective on where Calgary stands.
At the end of 2024, the average home price in Calgary was approximately $572,900. To qualify for a mortgage at the study’s assumed rate of 6.7% (based on the current stress test), a household would need to earn $129,000 annually. Fortunately, the median income in Calgary exceeds that threshold, making the city one of only a couple of markets where the average household has enough income to qualify for the average home.
Edmonton topped the list, with a required income of just $91,000 for the average home price of $397,400—and a median income of more than $141,600.
Compare that to Toronto, where the average price was over $1 million. There, a household needs to earn more than $232,000 annually to qualify, yet the median income is only about $134,000—a shortfall of nearly $100,000. The national average income ($124,700) also falls short of what’s needed to afford the average Canadian home, which was over $676,000.
Here in Calgary, while prices continue to rise—the Calgary Real Estate Board reported an average home price of over $639,000 in March 2025, up more than 7% year over year—our local economy continues to provide relatively high-paying jobs. This has helped keep homeownership within reach for many, especially when compared to the extreme price-to-income gaps in other cities.
That said, affordability is still a growing concern. Sales have declined over 20%, and many buyers are debating whether to purchase now before prices rise further or wait for possible rate cuts that might improve their buying power.
The good news? Opportunity still exists. Some buyers are rethinking location, opting for different neighbourhoods, or considering multi-family properties. Others are strategically entering the market now, knowing that timing it perfectly is rarely possible—but making a well-informed, confident move is always a good decision.
At Patrick Murray Luxury Homes, I’m here to help you navigate this evolving market with clarity, insight, and a plan tailored to your needs. Whether you’re considering selling your home or you’re buying your first home, looking to move up, or investing in Calgary real estate, let’s find the right path forward—together.
Calgary’s Bold Innovation Strategy: What It Means for Homeowners and Buyers
Calgary has always been a city that rises to the occasion. Whether it’s weathering economic challenges, supporting entrepreneurship, or adapting to global changes, this is a place built on resilience and forward-thinking.
That spirit was proudly on display this week as Calgary Economic Development unveiled a bold Innovation Strategy at its 2025 Report to the Community. The plan sets an ambitious course for our city — one that could see 187,000 new jobs created and more than $28 billion added to our economy by 2034. As a long-time Calgary REALTOR® and proud member of this community, I’m genuinely excited about what this means for current and future homeowners.
A Roadmap for Economic Resilience
The newly launched Innovation Strategy is all about future-proofing Calgary’s economy amidst global uncertainty. With ongoing trade disputes and economic shifts, it’s crucial for cities like ours to focus on what we can control — building capacity, unlocking innovation, and attracting talent and investment.
The strategy includes creating sector-specific innovation nodes across Calgary. These hubs will bring together post-secondary institutions, accelerators, startups, and private industry in focused, resource-rich environments. Unlike traditional innovation districts confined to one location, Calgary’s approach will be interconnected — forming a city-wide network of opportunity.
This vision builds on existing momentum from key facilities like the Life Sciences Innovation Hub, Energy Transition Centre, and Aerospace Innovation Hub — each representing growing sectors with long-term potential.
What Does This Mean for Real Estate?
While the strategy’s primary focus is economic development, the ripple effects will absolutely be felt in Calgary’s housing market. Here’s how:
✅ Job Creation = Housing Demand: 187,000 projected jobs over the next decade means more people moving to the city, whether they’re local graduates, out-of-province professionals, or international talent. More people = more homes needed.
✅ Increased Investment Confidence: With nearly $7 billion projected from just one strategic initiative (the Prairie Economic Gateway), Calgary is becoming an increasingly attractive place for investors — both in business and in property.
✅ Neighborhood Transformation: As innovation nodes develop, we can expect specific areas of the city to benefit from increased infrastructure, commercial vibrancy, and residential interest. Smart buyers and sellers will want to keep a close eye on these evolving pockets of opportunity.
✅ Stronger Resale and Rental Markets: A thriving economy supports home values and can lead to lower vacancy rates, higher rents, and increased demand for both ownership and investment properties.
Calgary is Ready for the Future — Are You?
I’ve been helping people buy and sell homes in Calgary for over 15 years. One of the best parts of my job is getting to see how this city grows and evolves — and right now, the future is looking brighter than ever.
Whether you’re thinking about moving up, downsizing, investing, or relocating to Calgary, now is a great time to explore your options. Our city is making strategic moves that will benefit homeowners for years to come — and I’d love to help you be a part of that growth.
Have questions about how Calgary’s economic vision might affect your real estate decisions? Let’s talk. 📞🏡
Patrick Murray is a licensed REALTOR® based in Calgary, Alberta. With over 15 years of experience and specialized training in negotiation and condominium sales, Patrick helps buyers and sellers make confident, informed real estate decisions.
Calgary’s Luxury Real Estate Market Holds Strong in 2025
Despite growing concerns about potential U.S. tariffs on the oil and gas industry and the looming federal election, Calgary’s luxury real estate market is showing remarkable resilience. Recent data reveals that luxury home sales over $1.5 million have increased by more than 11% compared to the same period last year. A total of 68 properties changed hands in the first two months of 2025, up from 61 sales during the same period in 2024.
The city’s appeal continues to draw buyers from Ontario and British Columbia, a trend that started during the pandemic and shows no signs of slowing down. Between July 1, 2023, and July 1, 2024, Calgary saw a net migration increase of close to 21,000 residents — the highest gain in over two decades. Statistics Canada also reports that Calgary has experienced the fastest population growth rate among all Canadian metropolitan areas in the past 20 years, at 5.8%.
Economic Strength Driving Demand Calgary’s strong economy has undoubtedly played a substantial role in maintaining momentum in the luxury market. While interprovincial migration has contributed to population growth, the city’s economic diversity has had an equally significant impact. The thriving oil and gas industry remains a cornerstone, while an emerging tech sector and ongoing efforts to attract new businesses have bolstered demand for high-end properties.
This combination of factors has led to luxury homes now accounting for 2.2% of the overall market, up from 1.6% during the same period last year. Detached homes dominate the segment, making up nearly 93% of sales, while condominium and semi-detached properties make up the remaining 7%. The bulk of sales so far this year have been priced under the $2 million mark, while inventory remains healthy, with over 200 listings priced above $1.5 million — including 35 ultra-luxury properties priced over $3 million.
Changing Preferences in the Luxury Market While established luxury neighborhoods like Upper Mount Royal, Britannia, and Elbow Park continue to attract buyers, there’s a noticeable shift toward inner-city communities like Altadore and Hillhurst. These areas offer new infill developments on generous lot sizes, ranging from 60 to 80 feet of frontage, appealing particularly to younger, move-up buyers looking for modern, spacious homes.
We’re also seeing downsizing trends among Calgary’s aging population, with 14% of residents now aged 65 and older. Empty nesters and retirees are trading their larger homes for smaller properties or condo apartments, while some are investing in vacation properties in B.C., Arizona, or California. Proximity to Calgary’s international airport makes this lifestyle shift even more appealing.
Multi-generational living is also making waves in the luxury segment. Acreage properties with secondary residences for adult children or older parents are drawing interest. In the city, carriage house suites and apartments over garages are becoming more popular in established neighborhoods, offering flexibility for extended family living.
What Lies Ahead for Calgary’s Luxury Market Given the current landscape, including the potential impact of tariffs and stock market volatility, the future remains uncertain. Yet Calgary’s real estate market has a history of resilience, bouncing back stronger after every challenge. With a strong local economy and the highest number of millionaires per capita in Canada, the city’s luxury market is expected to remain robust.
Most moves in the current market are needs-based, and buyers at the top end tend to be less influenced by market timing, making the luxury segment more resilient. Whether it’s the city’s economic opportunities or lifestyle appeal, luxury real estate in Calgary continues to thrive.
If you’re curious about how these trends might impact your real estate goals, feel free to reach out — I’m always happy to chat and share insights!
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.
