For a lot of millennials, home ownership hasn’t felt impossible — just distant. Something that lives somewhere between rising rents, student loans, lifestyle flexibility, and the very real feeling that the rules our parents played by don’t apply to us anymore.

That’s why when I talk to millennials about buying a home, I don’t lead with pressure. I lead with honesty, choice, and realism. Because this generation doesn’t need convincing — they need clarity.

Millennials value autonomy, transparency, and emotional security. What I see over and over again is that people aren’t delaying home buying because they don’t care — they’re delaying because they’re thoughtful. Many of us watched the 2008 financial crisis unfold during our formative years. We entered the workforce during uncertainty. We learned early that risk deserves respect.

So fear-based messaging and urgency tactics don’t land. What does land is context, information, and control.

That’s why the language we use around home buying matters more than ever.

Home ownership doesn’t need to be framed as a milestone you’re supposed to hit by a certain age. For most millennials, it makes far more sense to think of it as a tool — a way to stabilize monthly housing costs, build equity instead of absorbing rent increases, and create a living space that actually reflects your values and lifestyle. When ownership is positioned as flexible and customizable, it suddenly feels a lot more approachable.  Markets will always fluctuate, but time in the market and finding the right home is more important than timing the market.  

Market conditions also matter in how this story is told. Right now, in many parts of Canada, we’re seeing a real shift toward more buyer-friendly conditions. Inventory has improved. Negotiation power is back. Price growth has cooled. That means more choice, more leverage, and more time to make intentional decisions — which, honestly, suits millennials perfectly. Researching, comparing, and thinking things through isn’t a weakness. It’s a strength.

Interest rates are another topic that needs better framing. Yes, rates are lower than their recent peak — but more importantly, they’re stable and financeable. A lot of millennials assume today’s rates are historically high, when in reality they’re still well below what buyers saw in the 1980s and 1990s. What matters more is how rates interact with pricing, income, and flexibility. In a softer market, stable rates can actually create entry points that simply don’t exist during overheated cycles.  

In Canada, interest rates are not set by individual cities or provinces. They are influenced at the national level by the Bank of Canada, which sets the policy interest rate based on conditions across the entire Canadian economy. This rate acts as a benchmark that lenders use when determining mortgage rates, lines of credit, and other borrowing costs. While banks ultimately set their own rates, they closely follow the Bank of Canada’s decisions.

When the Bank of Canada raises interest rates, it is usually responding to inflationary pressure — meaning the overall cost of goods and services is rising too quickly. Higher borrowing costs reduce how much consumers can afford to borrow, which in turn slows spending across the economy. In real estate, this often translates to reduced buyer affordability, fewer bidding wars, and more balanced or downward pressure on home prices.

On the other hand, when the Bank of Canada lowers interest rates, it is typically trying to stimulate economic activity. Lower rates make borrowing more affordable, encouraging consumers and businesses to spend and invest. In housing markets, this can support buyer demand, improve affordability, and help stabilize or revive real estate activity during slower economic periods.

It’s important to understand that interest rate changes are not designed to control real estate alone. Housing is just one part of a much larger economic system that includes employment, wages, consumer spending, and inflation. This is why a city or province may experience different market conditions than the national average, even though interest rates apply uniformly across the country. 

Psychologically, millennials are also far more engaged when buying is framed as adaptable. First homes don’t have to be forever homes. They’re stepping stones. Chapters, not conclusions. Conversations around starter homes, co-ownership, rental potential, and future mobility help remove the fear of being “stuck” in one decision.

Most importantly, millennials want to feel respected in the conversation. They want to be informed, not sold to. They want advisors who acknowledge affordability concerns without minimizing them, and who are honest about trade-offs, timing, and readiness.

Home ownership becomes approachable when it’s positioned as one of several valid paths to financial and personal stability. In today’s changing Canadian market — with more balance returning and buyer-friendly conditions emerging — the opportunity isn’t about convincing you to buy its giving you the confidence to make informed decisions.  

And for a generation that values intentional living above all else, that makes all the difference.

As we settle into the new year, I want to start by wishing you and your loved ones a happy, healthy, and steady year ahead. After the volatility of the past few years, stability has become something many of us truly value.

With 2025 now behind us, this feels like a natural moment to pause, reflect on what shaped Canada’s mortgage and housing markets over the past year, and look ahead at what 2026 may bring.

2025 Recap: Some Relief, but No Return to “Normal”

If 2024 marked the turning point for interest rates, 2025 was more about gradual relief and adjustment.

The Bank of Canada lowered its policy rate four times over the course of the year, bringing it from 3.25% down to 2.25% by late October, where it remained through year-end. Prime rates followed suit, offering welcome — though measured — relief for variable-rate borrowers.

Inflation stayed close to the Bank of Canada’s 2% target for much of the year, which helped ease pressure on everyday costs and gave policymakers room to lower rates without reigniting inflation concerns. While economic growth was uneven, Canada largely avoided a sharp downturn, supported by resilient employment and steady consumer spending.

Lower borrowing costs encouraged more buyers to re-enter the housing market, particularly through the spring and summer. National home sales trended higher compared with early 2025, and prices posted modest year-over-year gains. That said, affordability remained stretched in many regions, reinforcing the idea that the market was finding balance — not accelerating rapidly.

Housing supply and affordability also stayed front and centre for governments and regulators throughout the year. Budget 2025 included measures such as the expansion of the GST rebate for new purpose-built rental housing and changes aimed at improving access to insured mortgages. These initiatives are intended to support housing construction and ease affordability pressures over time, though their impact will continue to unfold.

Looking Ahead to 2026: A Steadier Year, with Fewer Surprises

As we move into 2026, the outlook is measured but constructive.

Most economists expect the Bank of Canada to remain on hold for much of the year, with limited room for further rate cuts unless economic conditions weaken meaningfully. Mortgage rates may drift modestly lower, but significant declines are unlikely. After years of volatility, this points to a more stable rate environment.

Housing activity is also expected to remain steady rather than surge. Pent-up demand and gradual affordability improvements should continue to support sales, but headwinds remain. Policy uncertainty, shifting immigration patterns, and softness in parts of the condominium market could weigh on activity in some regions, while tight supply is likely to limit broad price declines.

As a result, price growth in 2026 is expected to be modest and highly regional.

For many households, this will be an important year for decision-making — particularly for those facing mortgage renewals after locking in much lower rates several years ago. Planning ahead and reviewing options early will be especially important.

Here to Help You Plan for the Year Ahead

Whether you’re thinking about buying, renewing, refinancing, or simply want a clearer picture of your options, I’m here to help.

Often, a short conversation early in the year can make a meaningful difference later on. If you’d like to review your situation or talk through what 2026 could look like for you, feel free to reach out anytime.

Here’s to a steady, informed, and successful year ahead.

A slower start to the year, especially for higher-density homes

As we moved into January, Calgary’s real estate market took on a more measured pace — which is actually quite typical for this time of year. We saw 1,234 total sales, down about 15% from January last year, but still very much in line with long-term seasonal norms. Where things really shifted was in higher-density homes, as buyers took a bit more time before jumping back in after the holidays.

What I’m seeing — and what the data confirms — is that buyers are feeling less urgency right now. Inventory has been building across most segments, giving buyers more choice and more confidence to pause, compare, and wait for the right fit. At the same time, sellers didn’t hesitate to list early in the year, which caused the sales-to-new-listings ratio to fall to 44%, driven largely by apartments and row homes.

This push and pull between buyer caution and seller activity led to inventory rising to 4,391 homes, the highest January level we’ve seen since 2020. That said, conditions vary significantly by property type. Detached homes remain much tighter, while row and apartment homes are carrying more supply than we’ve seen in recent years. Overall months of supply now range from under three months for detached homes to around five months for apartment-style properties.

Pricing has also adjusted. After declines in the latter part of 2025, benchmark prices are lower than where we started last year. However, when we look at seasonally adjusted numbers, prices actually stabilized in January compared to the end of 2025. Year over year, total residential benchmark prices are down close to 5%, largely due to continued softness in the oversupplied row and apartment segments.

Detached Homes

Detached properties continue to be one of the more balanced segments of the market. In January, we saw 657 sales and 1,243 new listings, similar to last year’s levels. Inventory rose to 1,753 homes, which is close to long-term averages for January.

With less than three months of supply and a 53% sales-to-new-listings ratio, conditions remain relatively balanced. The benchmark price came in at $724,000, slightly lower than December and just over 3% lower than last January. Price changes varied across the city, with minimal declines in the West and larger pullbacks — over 6% year over year— in the North East. Most of the month-to-month easing came from the City Centre and North West.

Semi-Detached Homes

Semi-detached homes made up about 10% of total market activity in January, with 118 sales and 251 new listings. While activity picked up compared to December, new listings rose faster than sales, easing the sales-to-new-listings ratio to 47%.

Inventory increased modestly, but with about 3.5 months of supply, this segment is still considered fairly balanced. Rising supply since late 2025 has helped bring more price stability. The benchmark price sat at $667,000, essentially unchanged from December and only 1% lower than last year. Prices remain higher year over year in the North West and West, while other districts have seen slight declines.

Row Homes

Row homes faced more pressure in January. Sales dropped to 186 units, nearly 25% lower than last year, while supply continued to build. This pushed months of supply above four months, shifting conditions more clearly in favor of buyers.

Despite the increased competition, prices held steady month over month, with the benchmark price similar to December. That said, prices are still 5% lower than January 2025. The strongest monthly gains were seen in the City Centre and West, while the largest year-over-year declines occurred in the North East and East, where resale homes are competing heavily with new construction.

Apartment Condominiums

Apartments continue to be the most challenged segment of the market. January brought 787 new listings compared to just 273 sales, pushing the sales-to-new-listings ratio down to 35%. Inventory climbed to 1,435 units, the highest January level ever recorded.

With over five months of supply, downward price pressure persisted. The benchmark price declined to $301,200, nearly 1% lower than December and 8% lower than last year. Prices fell across every district, with year-over-year declines ranging from 6% in the City Centre to 13% in the North East.

Regional Market Highlights

Airdrie

Sales in Airdrie softened compared to last year but remained relatively strong for January, with 106 sales and 227 new listings. The sales-to-new-listings ratio eased to 47%, leading to a slight increase in inventory. Months of supply now sit just above three months, in line with long-term norms.

The benchmark price edged up month over month to $513,900, reflecting normal seasonal trends. However, prices remain 5% lower than January 2025, following adjustments last year.

Cochrane

Cochrane saw a notable rise in new listings, reaching 149 homes, the highest January level on record. With just 54 sales, the sales-to-new-listings ratio dropped to 36%, pushing months of supply to five months.

Prices have now trended down month over month for three consecutive months. As of January, the benchmark price was $550,800, nearly 2% lower than both December and last year.

Okotoks

Okotoks continues to face limited inventory, which is restricting overall sales activity. January recorded 33 sales and 52 new listings, resulting in a strong 63% sales-to-new-listings ratio. Inventory remained tight at 79 homes, keeping months of supply just above two months.

Prices were stable month over month, but the benchmark price of $599,500 is still 2% lower than last year, following price adjustments in 2025.

My Takeaway

January feels like a reset month — more choice for buyers, less urgency, and a market that’s taking a breath before spring. Detached and semi-detached homes remain relatively balanced, while apartments and row homes are clearly offering more negotiating power for buyers. As we head toward the spring market, how inventory and buyer confidence evolve over the next couple of months will be key.

If you want to chat about what this means for your specific neighbourhood or your plans this year, I’m always happy to help.