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Traditional expectations of retirement—downsizing to a smaller home, living mortgage-free, and enjoying a simpler life—are shifting for many Canadians, according to a recent survey. Nearly half of those planning to retire in the next two years have no plans to downsize, revealing a generational divide over what homeownership looks like in retirement. While 46 per cent still plan to move into smaller properties, many are opting to stay put due to economic factors, lifestyle preferences, and emotional ties to their current homes.

For those who do choose to downsize, condos are the most popular option, followed by adult lifestyle communities and smaller detached homes. However, lifestyle features tend to influence decisions more than property type. Retirees prioritize single-level layouts, proximity to healthcare and amenities, being close to family and friends, and conveniences like maintenance services and covered parking.

One of the most notable shifts is the increasing number of retirees carrying mortgage debt into retirement. By 2026, 29 per cent of Canadians retiring will still have mortgage payments—more than double the 14 per cent reported in 2016. This change reflects broader housing trends, such as high real estate prices and delayed market entry. Many retirees are choosing to maintain mortgage payments if it allows them to remain in a beloved home or help adult children enter the housing market.

The survey also points to delayed life milestones. More first-time homebuyers are over the age of 35, and the average retirement age has climbed to 65.3 in 2024, up from 64.3 in 2020. Today’s retirees are adapting to new financial realities and lifestyle goals, showing greater flexibility than previous generations when it comes to housing and debt in their later years.

In April 2025, Canada’s housing market showed signs of stabilizing after months of declining home sales, according to the latest figures from the Canadian Real Estate Association. National home sales remained virtually unchanged from March, halting a downward trend that had persisted since late 2024. Despite this pause, sales volumes were still nearly 10% lower compared to the same month a year earlier, with around 44,300 homes sold across the country.

The number of newly listed properties declined slightly by 1% in April, while total active listings rose 14.3% year-over-year to approximately 183,000. However, this figure remains below the historical average of 201,000 for this time of year. This increase in inventory has pushed the national sales-to-new listings ratio to 46.8%, indicating a balanced market by industry standards.

Home prices continued to slide, with the MLS® Home Price Index falling 1.2% month-over-month and 3.6% year-over-year. The national average sale price dropped to $679,866, down nearly 4% from April 2024. However, these national figures mask considerable regional differences. High-priced markets in Ontario and British Columbia experienced more significant price declines, while prices in more affordable regions such as the Maritimes, Quebec, Manitoba, and Saskatchewan have shown growth.

Inventory levels also vary widely across regions. Major urban centers like Toronto and Vancouver are seeing 10- to 15-year highs in available homes, whereas parts of the Prairies and the East Coast are still facing tight supply conditions.

While national averages suggest a cooling market, local dynamics remain diverse. Economic uncertainty and regional disparities continue to shape buyer and seller behavior, highlighting the importance of analyzing market trends on a local level rather than relying solely on national data.

Calgary’s housing market is facing a growing affordability crisis, with homeownership increasingly out of reach for many potential buyers. While Calgary remains one of the more affordable major cities in Canada, its residential real estate market has surpassed the threshold of what is considered affordable. According to the Canada Mortgage and Housing Corporation (CMHC), housing is considered affordable when a household spends less than 30% of its pre-tax income on mortgage, property tax, and utilities. In Calgary, this number has been above 40% for the past three years, signaling a shift away from affordability.

To address this, industry experts gathered at a summit to explore solutions for keeping housing within reach for residents. A central point of discussion was the need to increase the housing supply. However, the challenges are more complex than simply building more homes. The primary issues involve the long timelines and high costs associated with land development. Shortening construction times and reducing costs are key factors in making homes more affordable.

One of the main drivers of Calgary’s affordability crisis is the shortage of available land and the rising costs of development. Land prices in Calgary, while lower than those in cities like Vancouver and Toronto, still put pressure on affordability. Experts agree that urban expansion, the densification of older neighborhoods, and a more competitive land market are necessary to address the affordability issue.

Additionally, there is a shortage of skilled labor in Alberta’s construction industry, partly due to an aging workforce. Solutions such as targeted immigration policies and specialized training programs are seen as essential for meeting housing demand. Further complicating the issue is the need for significant investments in infrastructure like water systems, transit, and power to support new housing projects.

To mitigate the impact of rising development costs, there is a push for new funding models, including grants to developers to help offset infrastructure costs. This would reduce the financial burden on taxpayers and speed up the development process.

Addressing Calgary’s housing affordability crisis will require a multifaceted approach, combining urban expansion, more efficient building practices, and targeted financial support for developers. Without these efforts, homeownership may continue to move further out of reach for many residents.

The Toronto housing market continued to cool in April, with home prices falling as buyers gained more leverage amid sluggish demand. The average selling price across the region dropped by 4% compared to the same time last year, landing at around $1.1 million. Despite a slight month-over-month uptick in sales of 1.8%, the market remains far below last year’s activity, with total home sales down 23% annually. This marks one of the weakest Aprils for sales since 2010, excluding the pandemic-affected spring of 2020.

The increase in available listings—up 8.1% year-over-year to nearly 19,000—has outpaced the number of homes sold, pushing the sales-to-new-listings ratio to just under 30%. This shift highlights a buyers’ market, where supply exceeds demand, and purchasers have more options and bargaining power. Prices, which had been relatively steady in recent months, are now facing clearer downward pressure as sellers become more flexible in negotiations.

All property types saw notable price declines over the past year. Condominiums experienced the sharpest annual price drop at 6.8%, followed by detached homes (5.4%), semi-detached properties (4.1%), and townhouses (3.9%). Condos also led in terms of sales declines, with a steep 30% drop, while sales of detached and townhomes decreased by 21% and 23%, respectively.

Uncertainty around the broader economy and job security continues to weigh on buyer confidence. Many potential purchasers are hesitant to make major financial commitments without a clearer outlook. Although mortgage costs have eased slightly, hopes for deeper interest rate cuts were dampened when the Bank of Canada opted to keep rates unchanged in April.

Forecasts from TD Bank suggest that condo prices could fall between 15% and 20% from their peak in late 2023, with much of that decline occurring through 2025. While lower home prices and softer borrowing costs may improve affordability for some, the overall housing market is expected to remain subdued in the near term, as both buyers and sellers wait for more economic stability.

A Brampton man, Moiz Kunwar, is at the center of a growing legal and criminal scandal over an alleged pre-construction housing scam in the Greater Toronto Area (GTA) that has left several homebuyers defrauded and financially devastated. Kunwar, 28, is facing a charge of fraud over $5,000 and possession of property obtained by crime, and is also the subject of two civil lawsuits from at least nine victims seeking to recover hundreds of thousands of dollars in deposits for homes that never materialized.

The allegations suggest Kunwar accepted deposits for homes he had no authority to sell, misleading buyers into signing agreements for properties being built by unrelated, legitimate developers. One of his alleged victims, Brampton grandmother Janet Campbell, is suing Kunwar along with six others after collectively losing nearly $170,000. Campbell believed she was buying a five-bedroom home in Brampton in July 2022, and after repeated assurances from Kunwar, she gave notice to her landlord in anticipation of a January 2024 move-in date. When the promised home failed to materialize, Campbell was forced to spend her remaining savings on temporary accommodations for her family and take out loans to secure a rental.

Kunwar has denied the allegations in court filings, asserting he was merely a sales associate collecting payments on behalf of unnamed superiors, and that he never personally deposited any of the money. He claims he believed the transactions were legal and says he helped some plaintiffs recover partial funds. His defense does not identify these superiors or clarify their association with any registered business.

These allegations are not new. Concerns about Kunwar’s activities first surfaced in 2022, when a local real estate investigation flagged suspicious marketing of pre-construction homes under names resembling those of real developers. One key example was a scheme offering homes supposedly tied to Paradise Developments Inc., a legitimate GTA home builder. The deals, marketed under the name Paradise Development Homes Limited (PDHL), featured low prices and mortgage rates and were especially promoted within Toronto’s Black community. Investigators found that Empire Finance, the private lender listed in promotional materials, was not a registered financial entity, and Paradise Developments confirmed it had no affiliation with either PDHL or Empire Finance.

Kunwar was listed as president of Empire Finance on a business card. In a 2022 interview, he denied collecting deposits, claiming he only passed along information about the deals to acquaintances and had personally invested in two homes. Despite his denial, multiple people said they gave deposits either directly to Kunwar or to others associated with PDHL or Empire Finance. Paradise Developments later confirmed that Kunwar had no authority to sell its homes.

Even after these revelations, Kunwar allegedly continued to solicit deposits as recently as 2024. Three plaintiffs in the current lawsuit signed purchase agreements with him last year. According to lawyer Andrew Ballantyne, who represents Campbell and six other plaintiffs, the fraudulent activity persisted for years after initial concerns were raised, underscoring the ongoing risk of similar schemes.

In a separate lawsuit, another homebuyer claims Kunwar misled him into believing he was an authorized seller, even after prior warnings had circulated. According to the statement of claim, Kunwar held a meeting where he insisted the homebuilder had to publicly deny any connection due to a "confidential agreement." Convinced by Kunwar’s explanation, the buyer later filed suit in 2024 to recover nearly $100,000 in deposits for two properties.

Legal experts note that scams like this often follow familiar patterns — building trust, creating urgency, and preying on buyers’ hopes for affordable homeownership. Victims are often left both financially and emotionally drained. Campbell, now cautious and disillusioned, hopes her experience can serve as a warning to others.

Canadian real estate investors are increasingly retreating from the U.S. market due to rising geopolitical tensions between the two countries, redirecting significant capital back into Canada's housing sector. In 2024, Canadians were responsible for 7,100 U.S. home purchases, primarily in popular vacation destinations. However, the current political climate has prompted many to reassess their investment strategies and shift focus toward domestic opportunities. Recent data indicates that over 80% of Canadians now prefer to keep their real estate investments within Canada, with approximately one-third suggesting this change will be permanent. This shift in investor sentiment could have a substantial financial impact; the exit of just 100 Canadian buyers from a single U.S. state could lead to an estimated $80 million in lost transaction volume. This change aligns with an ongoing trend, as Canadian purchases of U.S. property have been declining by an average of 14.5% annually from 2019 to 2024, reaching their lowest point in 15 years—even below levels observed during the peak of the COVID-19 pandemic. Should this retreat continue, U.S. states that traditionally attract Canadian buyers stand to lose hundreds of millions in real estate activity. Florida alone could face losses exceeding US$653 million over the next two years, while Arizona may see a $366 million decline. Other favored regions such as Hawaii, California, and New York are also projected to experience significant downturns. As a result, Canada’s own recreational property market is poised for renewed growth, particularly in vacation-oriented regions. Markets like Ontario’s cottage country, which began the year slowly, are expected to benefit from increased interest. Forecasts suggest a 4% rise in the average price of Canadian cottages in 2025, with the majority of real estate professionals reporting stable or increasing demand. Meanwhile, some Canadians who had previously considered moving to the U.S. are now reconsidering, though not all are returning to Canada—some are exploring alternatives in less politically volatile countries. For those selling U.S. property, the process can be complex, involving tax obligations such as a 15% withholding by the IRS and required reporting to the CRA. Maintaining U.S.-based financial accounts can help minimize conversion and transfer fees, and expert advice is recommended to manage the legal and financial intricacies involved.

Cochrane
Cochrane’s real estate market remains steady, with April marking the fourth consecutive month where sales have kept pace with last year’s levels. So far in 2025, the area has seen 335 homes sold—about a 5% increase over the same period in 2024. New listings are also rising, but thanks to a stable sales-to-new-listings ratio of 60%, inventory hasn’t surged too rapidly. April’s supply stood at 246 homes, just shy of historical norms. Increased availability has cooled the pace of price growth, but prices are still climbing. The benchmark price reached a new high of $592,000 in April, up nearly 6% from last year.

Airdrie
In Airdrie, home sales continued to slow for the third month in a row compared to last year. While activity has dipped, sales remain stronger than long-term averages, showing that buyer interest is still very much alive. April saw 185 homes sold and 290 new listings hit the market. That pushed the sales-to-new-listings ratio up to 64%, signaling a slight shift toward a more balanced market. Inventory levels have also been climbing and are now back in line with what we typically see this time of year—welcome news after three straight years of very low April inventory. With 2.3 months of supply on the market, pressure on prices is easing. In April, the average home price held steady at $544,700, nearly unchanged from both last month and this time last year.

Okotoks
In Okotoks, sales continue to soften, contributing to a 16% year-to-date drop. While tight inventory has limited activity in recent years, 2025 is showing signs of improvement. With more listings coming online, the sales-to-new-listings ratio dropped to 53%, helping inventory rise slightly to 127 units. Though still below typical levels, the extra supply is easing price pressure. April’s benchmark price was $627,100, down slightly from March but up almost 2% year-over-year.

April brought a noticeable boost in new listings across Calgary, pushing overall inventory up to 5,876 units. While that’s more than double what we saw at this time last year, it's important to remember that last spring had unusually low supply. In fact, current inventory levels are right in line with what we’d expect for April. Meanwhile, sales reached 2,236 units—down 22% from last year, but still consistent with long-term trends.

According to Chief Economist at CREB®, economic uncertainty has impacted market activity, but we’re still doing better than in the years leading up to the pandemic. Factors like population growth, relatively steady employment, lower lending rates, and improved supply have helped keep things moving—and prices stable.

With more homes available, the market is shifting into more balanced territory, now sitting at nearly three months of supply. That said, conditions still vary depending on the type and price of property. Lower-priced detached and semi-detached homes remain in short supply, while apartment and row-style homes are seeing more balance.

Let’s take a quick look at how each segment is doing:

Detached Homes:
Sales were down 16% year-over-year in April, with 1,102 homes sold. New listings rose to 1,907, helping increase inventory to 2,511 units. While supply is growing, demand remains strong in the lower price ranges. The benchmark price was $769,300—steady from March, and up over 2% from last year.

Semi-Detached Homes:
Sales dipped again in April, with 190 units sold. Inventory reached 484 units, bringing the months of supply to 2.6—much higher than last year’s tight market. Prices stayed flat month-over-month but still show a 3% year-over-year increase. The City Centre stood out with a 5% annual price jump.

Row Homes:
Sales slowed, but new listings surged, boosting inventory to 1,005 units—the highest since 2021. With nearly three months of supply, pressure on pricing has eased. April’s benchmark price was $457,400, similar to last year, though some districts like the North and Northeast saw slight declines.

Apartments:
Sales fell 30% from last year’s record but still beat long-term norms. New listings hit a record for April, and inventory continues to climb. With three months of supply, pricing remains stable. The benchmark price sat at $336,000—on par with last year but slightly below last summer’s peak.

Alberta and British Columbia are leading Canada’s next wave of real estate development, marking a shift in the country’s economic trajectory. Institutional construction investments across Canada rose by nearly 10% in 2024, with B.C. seeing the second largest increase. This growth is tied to the movement of people and businesses, as well as the diversification of key industries like technology, life sciences, logistics, and renewable energy.

Alberta, in particular, is attracting many new residents from other provinces seeking affordability and job opportunities. Calgary and Edmonton are driving Canada’s housing recovery, fueled by strong local demand and relatively lower costs. In contrast, B.C.’s high home prices and slower population growth are expected to keep sales below long-term averages.

A major factor in Western Canada’s growth is its pro-development environment. Unlike more bureaucratic markets like Toronto and Vancouver, municipalities in Alberta and smaller B.C. communities offer quicker approval processes, enabling faster development. This efficiency is appealing to developers and investors looking to meet rising demand, especially in multi-family residential, industrial, and mixed-use projects.

However, challenges persist. Tariffs and supply chain disruptions have raised concerns about construction costs, with early indications suggesting a 4-6% increase in hard costs. This has led to a more cautious approach, particularly for multi-family projects. Developers are now focusing on more affordable, quicker-to-execute projects like wood-frame townhouses and low-rise developments, which are in higher demand and carry lower risk.

Looking ahead, B.C.’s housing market will likely experience mixed results in 2025. While resale markets are expected to recover with lower mortgage rates, slower population growth and rising rental vacancies could create challenges. The large number of new high-rent units in Vancouver may push average rents up, but increased vacancies could put downward pressure on asking rents.

For sustainable growth, both provinces need infrastructure investments in roads, utilities, transit, and healthcare. Without these, Alberta and B.C. risk facing the same congestion and infrastructure issues seen in other markets.

In summary, Western Canada offers significant opportunities, but success will require careful planning, caution, and collaboration with governments and communities. If done right, it could set the standard for addressing Canada’s housing and economic challenges.

Calgary’s rapid growth is becoming more apparent as the city’s population continues to rise. Over the past two years, around 174,000 new people have moved to Calgary, which is roughly the size of Kelowna, B.C. This increase in population has led to growing concerns about housing and how best to accommodate new residents. With a population of 1.6 million, Calgary needs more housing options to maintain its livability.

In 2024, Calgary saw a record 20,000 new housing starts, the highest per capita rate among Canadian cities. Despite this, the demand for housing continues to outpace supply. Last year, 36,000 new residents struggled to find housing, adding to the 220,000 Calgarians already facing affordability issues. Many others live in homes that no longer meet their needs but have few alternatives. The need for more diverse and affordable housing options across the city is clear.

The City of Calgary has made notable progress in addressing these challenges. Over 80% of the actions outlined in the Housing Strategy 2024-30 are already underway, with initiatives such as increases in secondary suites and office-to-residential conversions in downtown. However, much more needs to be done to keep pace with the city’s growth.

While suburban development has been a part of the city’s expansion, it can be costly for taxpayers and have environmental impacts. A more sustainable solution involves increasing urban density. A 2023 city survey showed that 83% of Calgarians support building more housing across the city, including different types of housing. However, new developments in established neighbourhoods often face opposition.

It’s important to strike a balance between community concerns and the need for more housing. By 2035, Calgary will need a variety of housing options to continue thriving as a major urban center. Ensuring that the city remains affordable and sustainable for future generations requires careful planning and a willingness to consider long-term needs.

When you come across a proposal for new housing, think about the broader picture and how we can all contribute to meeting the housing needs of Calgarians. More housing choices across the city will help ensure Calgary remains a vibrant, sustainable place to live.

With the federal election just around the corner, housing affordability is emerging as a decisive issue for Canadian voters. This concern is not just about present-day financial pressures, but also about the long-term implications for the next generation’s ability to own homes. Recent data from Statistics Canada emphasizes how homeownership—or the lack of it—can shape intergenerational wealth and opportunity.

A key finding is that children of homeowners are far more likely to own homes themselves compared to those from renting families. This is largely because homeowners can more easily transfer wealth to their children, often in the form of down payment assistance or inheritance. In 2023, the median inheritance received by homeowners was over $85,000—nearly three times what renters received. Additionally, over 40% of homeowners reported receiving familial financial support to buy a home, compared to fewer than 10% of renters.

These disparities have serious implications. Homeownership tends to create a cycle of wealth-building, while renters—especially those who don’t receive financial help from family—face increasing barriers to entering the housing market. Even though renting is sometimes promoted as a viable lifestyle choice, particularly due to lower maintenance costs and the potential to invest saved money elsewhere, Statistics Canada shows that homeownership remains the dominant path to wealth accumulation. In 2023, housing equity made up 42% of Canadian households' total wealth, and nearly half of the net worth of younger families.

This growing divide is exacerbated by rising housing prices. As property values soar, homeowners gain more equity, enabling them to provide even more support to their children. This trend increases the wealth gap between families who own property and those who don’t. From 2019 to 2023, young homeowning households saw their median net worth more than triple, while the net worth of their renting counterparts rose only modestly.

As Canadians head to the polls, the issue of housing affordability is not just about the present—it’s about shaping a future where the ability to own a home isn't determined solely by one's family background. With the leading parties proposing strategies to build more homes and assist first-time buyers, there is growing pressure on policymakers to address these disparities and offer greater support to young families without inherited wealth.

Public support for restrictions on foreign homebuyers, such as taxes and purchase bans, has been strong for several years. However, as economic uncertainty slows an already weak condo pre-sales market and hampers plans for new rental developments, there’s renewed debate about whether current rules on foreign buyers should be revised.

Currently, Canada has a federal ban on non-Canadians buying residential properties in key urban areas, in effect until January 2027, while British Columbia also imposes a 20% foreign buyer tax and other housing-related levies.

Some developers and real estate professionals argue that easing restrictions on foreign investment—especially for new builds—could provide the capital needed to get stalled projects moving, particularly rental developments that are harder to finance. They point to examples like Australia, which recently banned foreign buyers from purchasing existing homes but still allows investment in new housing.

While some in the industry support targeted changes to attract foreign capital, federal political parties have largely stayed silent or doubled down on restrictions. Public sentiment remains strongly in favor of bans, especially among older voters. Younger voters, though more focused on housing affordability, may not be receptive to allowing foreign investors more access to the market.

Academic analysis also highlights that restrictions have helped temper housing price increases, but stresses that better oversight and regulation would be needed if Canada were to allow more foreign involvement in new housing projects.