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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.

The Ontario Real Estate Association (OREA) highlights a growing housing affordability and supply crisis in Ontario and proposes factory-built housing—modular or prefabricated homes—as a viable solution. With demand rising, prices soaring, and housing starts in decline, OREA emphasizes that traditional methods alone cannot meet Ontario’s ambitious housing targets. The association argues that unless significant reforms are made, homeownership will become increasingly out of reach, with nearly half of aspiring homeowners already pessimistic or giving up on the idea entirely.

Factory-built housing involves constructing homes off-site and assembling them on location. This method includes modular, panelized, and mobile homes and can reduce construction time by 20–50% without compromising quality. These homes can align with local architectural styles, meet national building standards, and support multi-unit designs. OREA presents factory-built housing as not only a faster, cost-effective solution to the housing crisis but also as a strategy for economic growth and environmental sustainability.

Several Ontario cities have already seen success with modular housing initiatives. Toronto has built over 200 affordable units, Peterborough completed 50 tiny homes in seven months, and London used a hybrid model to expedite a 61-unit project. At the federal level, Canada’s Rapid Housing Initiative has contributed to over 15,000 new homes using modular construction since 2020.

OREA also emphasizes that factory-built housing could help meet the needs of Ontario’s aging population by enabling the rapid development of accessible, ground-level communities for seniors, potentially easing pressure on the resale market.

However, challenges remain, including inconsistent municipal definitions, outdated regulations, limited public awareness, and transportation issues such as seasonal road restrictions. To address these barriers, OREA proposes five key policy recommendations: standardize definitions, collaborate nationally, reduce regulatory hurdles, invest in public-private partnerships, and amend transport laws.

Overall, OREA argues that with the right policy environment and investment, factory-built housing could significantly boost Ontario’s housing supply, reduce costs, create jobs, and support long-term sustainability goals.

Saskatchewan’s housing market is outperforming national trends, showing notable strength despite broader economic uncertainty and challenges like potential tariffs. According to the latest data from the Saskatchewan Realtors Association (SRA), the province recorded 1,277 home sales in March—an 8% increase compared to last year and 13% above the 10-year average. This growth highlights Saskatchewan's resilience at a time when many other Canadian markets are seeing stagnation or decline.

A major factor behind this robust performance is the widening gap between demand and available housing supply. While inventory levels saw a slight monthly increase from February to March, they remain significantly low—down 21% year-over-year and 50% below the 10-year average. The shortage is especially pronounced in Saskatoon and Regina, where housing supply is nearing historic lows. Saskatoon had less than one month of inventory heading into April, while Regina wasn’t far behind, both well under what's considered a balanced market.

This imbalance is pushing home prices higher across the province. Saskatchewan's benchmark home price reached $353,600 in March, reflecting a $9,000 increase from the previous month and over 6% growth year-over-year. Saskatoon set a new record with a benchmark price of $415,900, marking a $25,000 annual jump. Regina’s prices also continued climbing, nearing all-time highs at $326,300.

Overall, the combination of high demand, low supply, and rising prices paints a picture of a dynamic and competitive housing market in Saskatchewan, standing in stark contrast to trends seen in many other regions of Canada.

The Edmonton real estate market is experiencing continued growth into 2025, with notable increases in home sales and new listings. In March 2025, there were 2,494 homes sold in the greater Edmonton area, marking a 36.9% increase from the previous month and a 1.3% rise compared to March 2024. New listings for homes also surged, with a 44.5% jump from February and a 7.5% increase year-over-year. This strong market performance has surpassed initial predictions for 2025, highlighting a resilient real estate environment despite external factors such as tariffs on Canadian goods.

A major driver of this growth is the affordability of Edmonton’s housing market, particularly when compared to other major Canadian cities like Calgary. The price gap between Edmonton and Calgary remains significant, with a $200,000 difference in housing costs. This affordability continues to attract people to the Edmonton area, bolstering the demand for homes and keeping prices strong. The average price of detached homes in Edmonton is $574,872, representing a 1.2% increase from February and an 11.2% rise compared to the previous year. Other housing types, including semi-detached homes, townhouses, and apartments, have also seen significant price hikes, ranging from 12% to 20%.

In addition to rising home prices, the market has seen a shift in the types of properties being sold. There was a notable increase in detached home sales in March, likely driven by families looking to settle in areas with good schools. However, the surge in housing demand has led to some challenges, such as a shortage of inventory. A large portion of recent housing projects have been rental-based, contributing to a lack of supply for people seeking to purchase homes.

Despite these supply issues, the overall market remains strong, with multiple offers being made on homes in the $450,000-$550,000 range. While the impact of U.S. tariffs on building materials is expected to affect new home builds, Edmonton’s real estate market continues to show resilience, with price increases and strong sales across all housing categories.

Airdrie
March saw 160 homes sold in Airdrie, bringing the total for the first quarter to 395 units. This is 11% lower than last year at this time, but there’s a bit of a silver lining. New listings have been on the rise, which helped ease the sales-to-new-listings ratio down to 57% in March. This also led to more inventory becoming available. In comparison to last year, when supply was tight, we’re now seeing 398 units in inventory—quite the jump from just 164 units last March. With just under two and a half months of supply, the market is gradually becoming more balanced. As the market shifts away from being so seller-focused, home prices are experiencing less upward pressure. In March, the detached benchmark price was $651,300—up from last month and over 2% higher than last year. It’s also not too far off from the peak price of $657,400 we saw last June.

Cochrane
In Cochrane, March sales remained steady compared to last year, and the first quarter has shown a slight increase from 2024, staying well above long-term averages. There’s been an uptick in new listings, but with sales still strong, the sales-to-new-listings ratio remained high at 67%. This has slowed down the growth in inventory a bit compared to some other areas. By March, there were 213 units in inventory—higher than last year’s low levels, but consistent with typical trends for the time of year. This balanced inventory and solid sales are bringing things closer to a more stable market, especially compared to the last few years. Price growth has slowed as a result, but in March, detached benchmark prices reached $686,800, up from last month and more than 5% higher than this time last year. While growth has slowed, March still set a new record high for detached prices in Cochrane.

Okotoks
Okotoks saw 129 sales in the first quarter, a decrease from last year’s 155 during the same period. However, new listings are starting to improve, and the sales-to-new-listings ratio is holding steady above 60%. That means inventory is still quite low. With only 96 homes available in March and 53 sales, there’s less than two months of supply, which has kept pushing prices higher, both monthly and year-over-year. While price growth has slowed since last year, March’s detached benchmark price hit $715,500—setting a new record high for the town and more than 5% higher than last March.

In March, ongoing economic uncertainty, particularly from tariff concerns, affected consumer confidence and slowed housing activity, with sales dropping by 19% year-over-year to 2,159 units. All property types saw declines in sales, especially higher-density homes. However, sales still outpaced those from 2015-2020, a time of significant economic strain. The decline in demand was balanced by a rise in new listings and growing inventories, helping to shift the market back toward more balanced conditions after years of favoring sellers.

March saw over 4,000 new listings, leading to a decrease in the sales-to-new-listing ratio to 54%, which supported further inventory growth. Residential inventory reached 5,154 units, and the months of supply increased to 2.4 months. While the market has shifted from last year’s conditions, there is still limited supply across all property types, providing a better balance between buyers and sellers, though regional and price differences remain.

The increase in supply has also eased pressure on home prices. The benchmark price for residential properties in March remained steady at $592,500, similar to both last month and last year. Prices for detached and semi-detached homes have stayed near their peaks, while apartment and row home prices are slightly below their high points from last year.

Detached Homes
Sales of detached homes in March declined by 10% compared to last year, totaling 1,035 units. However, the increase in new listings helped raise inventory levels. The months of supply for detached homes rose to just over two months, an improvement from last spring. Homes under $700,000 remain in tight supply, but homes priced above $800,000 are seeing more balanced conditions. The benchmark price for detached homes rose to $769,800, up 4% from last year.

Semi-Detached Homes
Sales of semi-detached homes slowed in March, contributing to an 11% decrease in the first quarter. The increase in new listings helped boost inventory, raising the months of supply to 2.2 months. The benchmark price for semi-detached homes reached $691,900, more than 5% higher than last year.

Row Homes
March saw a large increase in new row home listings, with 697 units added. This led to a rise in inventory and a more balanced market. The unadjusted benchmark price for row homes rose 2% year-over-year, reaching $454,000, but it remains nearly 4% below the peak from last June.

Apartment Condominiums
Condo sales in March dropped the most compared to other property types, but they were still above long-term trends. Increased new listings led to higher inventory levels, with the months of supply rising to over three months. The benchmark price for condominiums was $336,100, nearly 3% higher than last year, but still below last August’s peak.

Canada’s luxury real estate market began 2025 with strong momentum, but this pace slowed as concerns over the economy and global political instability emerged. The latest Luxury Market Report shows that while many Canadian markets saw impressive year-over-year sales growth in January and February—particularly in smaller cities like Saskatoon and Montreal—the latter part of the winter season experienced a shift. This change was driven by factors such as stock market fluctuations, tariffs, and rising political uncertainty.

Initially, homebuyers were eager to invest in the luxury market, buoyed by consumer confidence, strong stock market performance, and favorable lending conditions. However, this optimism quickly waned amid escalating tensions between Canada and the U.S.

Smaller cities took the lead early in the year, with sales in places like Saskatoon and Montreal doubling, while cities such as Edmonton and Ottawa saw sales rise by more than 50%. In contrast, larger, higher-priced markets like Hamilton, Greater Vancouver, and the Greater Toronto Area (GTA) experienced declines in sales.

Despite these challenges, the luxury segment remains resilient. The GTA’s ultra-luxury market continues to thrive, with several homes selling for over $7.5 million. Similarly, luxury condominiums in Vancouver and Toronto are showing positive trends, particularly following the December 2024 changes to federal mortgage insurance rules, which have supported buyers in markets like Edmonton and Saskatoon.

Shifting demographics are also driving demand, as more people relocate to cities like Calgary, Edmonton, and Saskatoon. There is also growing interest in multi-generational and downsized luxury properties.

While some markets are taking a cautious wait-and-see approach, the long-term outlook for Canada’s luxury real estate remains positive. With increasing wealth, population growth, and an impending wealth transfer, demand for high-end properties is expected to stay strong, even in the face of potential economic challenges.