Shelley Soles ABR®, C.C.S - Certified Condominium Specialist, SRES - Senior Real Estate Specialist, REALTOR®

Agent

Phone: 403.253.1901   Mobile: 403.830.6646   Email
Shelley Soles

January 2025 marks my 19th year in the real estate industry, all of which have been with Royal LePage Benchmark. This is milestone I'm very proud of and grateful for. 

In my business, the people I ride alongside make all the difference - this includes colleagues, clients and business partners. I take these partnerships to heart. Thank you for sharing the ride with me and I look forward to helping more buyer, sellers and investors in the coming year.

Over 95% of my business comes from past clients and referrals. These satisfied clients have spread the word about the great service they’ve received from me and my brokerage, Royal LePage Benchmark. I work primarily in Calgary, Cochrane, Airdrie and Okotoks.

Every one of my clients is unique, and that is exactly how I treat them. I don’t measure my success by sales, but by the relationships I build along the way. My goal is to take the complex process of buying and selling real estate and make it a simple one.
 
So whether you are thinking about buying, selling or investing, give me a call - I would be happy to meet or talk with you to determine how I can help. Absolutely NO obligation!

I send out a newsletter at the beginning of every month - providing a summary of the previous month's activity in many segments of the market - along with some fun, interesting activities in Calgary and area that you and your family may enjoy!  If you'd like to receive a copy, please sign up using the link provided on this page.  

To find out more details on the current Calgary, Airdrie, Cochrane and Okotoks markets, please check out the CREB Monthly Stats tab as it is updated the beginning of every month. If you'd like a more detailed breakdown of any segment of the market, I can provide more data.  

Cheers!

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Listing # A2236228  |  $318,800

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Welcome to Somerset Crossing! This spacious 2-bedroom, 2-bathroom south-facing unit offers 960sf of ... More

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SUPPLY GROWTH WEIGHS ON HOME PRICES


Calgary, Alberta, August 1, 2025 - Thanks to gains mostly occurring in the newer communities, inventory levels in July were 6,917 units, reaching levels not seen since prior to the pandemic and higher than long-term trends. While supply has improved across all property types and all districts, the largest gains are occurring in the areas where there has been new community growth.

The additional supply has weighed on home prices in some parts of the city. The total residential benchmark price in Calgary has trended down over the past several months and is currently 4% below last year’s peak price reported in June 2024.

 “Price declines are not occurring across all property types in all locations of the city, and even where there have been declines, it has not erased all the gains made over the past several years,” said Ann-Marie Lurie, Chief Economist at CREB®. “The steepest price declines have occurred for apartment and row style homes, mostly in the North East and North districts, which coincides with significant gains in new supply.”

The rise in supply occurred as sales continued to slow and new listings improved. In July, there were 2,099 sales, a 12% decline over last year, while new listings reached 3,911 units, an over 8% increase over last year. 

In addition to the persistent economic uncertainty due to tariffs, sales and new listings were impacted by no further reductions in lending rates and added competition from the new home market.
 
Apartment-style homes are reporting the highest months of supply with over four months, while both detached and semi-detached homes are seeing conditions remain relatively balanced at just three months of supply.

For more specific, detailed information on the different segments of the market (detached, semi-detached, row/townhouse, apartment condos) and updates on the Airdrie, Cochrane and Okotoks markets last month, jump over to my CREB MONTHLY STATS page.

Royal LePage House Price Survey and Market Forecast - Better late than never: Spring market stumbles to a sluggish start with economic unease a drag on homebuying activity in Q2

Rising inventory keeps home prices in check as recovery begins

Second quarter highlights: 
The national aggregate home price flatlined, rising a modest 0.3% year over year in Q2 2025, and declining 0.4% over Q1.

Greater Montreal Area’s aggregate home price increased 3.5% year over year, while the greater Toronto and Vancouver markets recorded declines of 3.0% and 2.6%, respectively in the second quarter.

38 of the 64 cities in the report saw year-over-year prices rise or remain roughly flat, while 26 markets saw home prices decline – a majority of which are in the province of Ontario.

For the fifth consecutive quarter, Quebec City leads the country in aggregate price appreciation, increasing 13.5% year over year in Q2.

Royal LePage® lowers its national year-end forecast modestly, with prices now expected to increase 3.5% in Q4 2025 over the same quarter last year.

TORONTO, July 15, 2025 – According to the Royal LePage House Price Survey and Market Forecast released today, the aggregate price of a home in Canada eased upwards modestly in the second quarter of 2025, increasing 0.3 per cent year over year to $826,400.

On a quarter-over-quarter basis, the national aggregate home price decreased by 0.4 per cent.

The start of the spring market – typically one of the busiest times of year for home buying and selling – was noticeably subdued in several regions this year, namely in Toronto and Vancouver, two of the country’s largest and most expensive markets.

Amid global political and economic uncertainty, many homebuyers continued to take a cautious, wait-and-see approach. The Bank of Canada also held back, maintaining its overnight lending rate at 2.75 per cent during its scheduled April and June announcements, citing the need to “gain more information about both the path forward for U.S. tariffs and their impacts.”

Sellers, on the other hand, continue to actively list their homes for sale despite lower than normal activity.

“Homebuyers approached the start of the 2025 spring market with hesitation, dampening what is typically the busiest season on the real estate calendar,” said Phil Soper, president and CEO of Royal LePage. “With trade disputes, a federal election, and international conflicts dominating headlines through the first half of the year, many prospective buyers chose to wait. Yet, market fundamentals remain sound; interest is strong while activity is subdued, reflecting the uncertainty weighing on consumer sentiment. Encouragingly, June’s robust employment report may help rebuild confidence and bring more buyers off the sidelines in the months ahead.”

According to a recent Royal LePage survey, conducted by Burson, 28 per cent of Canadians who currently rent say that, before signing or renewing their current lease, they considered buying a property rather than renting.

When asked what factors influenced their decision to rent instead, 40 per cent of respondents said they are choosing to wait for property prices to decline; 29 per cent are choosing to wait for interest rates to decrease further; and 28 per cent say they are working towards buying a property, and continuing to rent allows them to save for a sufficient down payment. Respondents could select more than one answer.

The spring slowdown in activity was most evident in markets across Ontario and British Columbia, where rising inventory and stagnant demand have persisted for several months. Notably, activity began to pick up in the final weeks of the quarter – a break from the usual seasonal slowdown and an early signal that market momentum may be shifting.

“Canada has always been a ‘market of markets,’ and that reality is on full display in 2025,” said Soper. “Most regions saw modest year-over-year price growth this spring, with Quebec in particular outperforming other provinces, posting growing sales volumes and robust price appreciation. Cautious consumer sentiment in Toronto and Vancouver – the country’s most expensive housing markets – continued to weigh heavily on national average calculations in our second quarter report. Toronto posted a strong rebound in activity from mid-May through June, while sales activity in Vancouver stabilized in the final month of the quarter – early signs that confidence is returning. These conditions underscore the importance of interpreting national housing trends through a local lens.”

The Royal LePage National House Price Composite is compiled from proprietary property data nationally and regionally in 64 of the nation’s largest real estate markets.

When broken out by housing type, the national median price of a single-family detached home increased 1.1 per cent year over year to $870,200, while the median price of a condominium decreased 0.8 per cent to $592,000.

On a quarter-over-quarter basis, home prices continued to flatline, with the median price of a single-family detached home increasing just 0.2 per cent, and the median price of a condominium decreasing a modest 1.0 per cent. Price data, which includes both resale and new build, is provided by RPS Real Property Solutions, a leading Canadian real estate valuation company.

“With borrowing costs stable and inventory levels continuing to build, the foundation is in place for a stronger market this fall – and signs of renewed confidence are beginning to emerge,” noted Soper. “After a market slowdown, there’s always the risk that a sudden surge in demand could reignite uncomfortable levels of house price inflation. But, unlike previous cycles, inventory is higher than recent norms, which should help absorb returning demand and keep price appreciation in check. This makes for a healthier, more balanced recovery as buyers come back into the market.”

Affordability is improving in Canada’s most expensive markets.

The combination of salaries increasing while borrowing rates decline and home prices stagnate has resulted in improved affordability in Canada’s housing market; particularly in Ontario and British Columbia.

As home prices have moderated from their all-time high in early 2022, wages have steadily increased. Between April 2022 and April 2025, national average weekly earnings have risen 11.8 per cent.
Meanwhile, Canada’s aggregate home price has declined 3.6 per cent from its peak.

“Housing affordability has already begun to improve. Wage growth is outpacing home price gains in many markets, and borrowing costs have eased over the past year. But these gains remain fragile – sustainable affordability hinges on our ability to significantly boost Canada’s housing supply over the long term,” said Soper.

New Liberal government faces familiar housing challenges.

In April, for the first time in nearly a decade, Canada swore in a new Prime Minister. Mark Carney now faces the same pressing challenge as his predecessor: restoring housing affordability. It will be a key test for his leadership and his government’s long-term economic strategy.

“Policy support that accelerates permitting, expands infrastructure investment, and incentivizes purpose-built rental development will be essential to meeting long-term housing demand,” noted Soper. “Affordability gains will only be possible if supply keeps pace with household formation. All eyes are now on the government’s fall budget for a clear roadmap to support housing development, investment and economic stability.”

In the week leading up to the federal election, Royal LePage asked Canadians to identify the most important issues they wanted to see prioritized.

According to results of a survey, conducted by Burson, 86 per cent of respondents selected the economy and cost of living as one of their top five priorities; more than a third (36%) selected it as their most important priority. Other top priorities included health care (75%), housing (62%), government spending and taxes (56%), international trade (42%) and immigration (35%). Respondents selected and ranked their top five priorities.

Forecast

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 3.5 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down modestly to reflect slower-than-usual sales activity in Ontario and British Columbia. Nationally, home prices are forecast to see modest appreciation throughout the remainder of the year, with sharper gains expected in the fall.

“Given the backdrop of global economic uncertainty and cautious sentiment at home, we expect steady but uneven progress across regional markets this summer, rather than a broad-based rally. If optimism continues to build and Canadians feel more secure about the economy – and our ability to successfully manage the country’s relationship with the United States – we could see a more confident and active housing market emerge later this year,” concluded Soper. 

Calgary
The aggregate price of a home in Calgary remained flat, increasing 0.4 per cent year over year to $696,500 in the second quarter of 2025. On a quarterly basis, the aggregate price of a home in the region increased just 0.6 per cent.

Broken out by housing type, the median price of a single-family detached home increased 1.2 per cent year over year to $806,500 in the second quarter of 2025, while the median price of a condominium decreased 1.6 per cent to $269,300 during the same period.

“Calgary is starting to show signs of more balanced market conditions, with inventory increasing across all housing types, giving buyers more choice,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “While sales activity has dipped slightly, it remains healthy overall. Competition has eased noticeably compared to last spring, although multiple offers are still happening sporadically, mostly in the more affordable price points or in highly sought-after neighbourhoods.

Detached homes are maintaining their value, whereas prices for condos and townhomes have started to soften, especially as we see an increase in the completion of new developments and purpose-built rental projects, adding to the available inventory.”
Lyall noted that consumer sentiment remains generally optimistic, with both first-time and move-up buyers driving market demand.

Many homeowners who had been holding off listing their properties are now coming to the table, contributing to the increase in inventory.

“Looking ahead, I anticipate these stable market conditions will continue throughout the summer and into the fall, supported by a steady increase in new listings. This boost in inventory will help sustain a more balanced market. Home prices are expected to remain relatively flat this upcoming quarter, with little movement in either direction.”

Royal LePage is forecasting that the aggregate price of a home in Calgary will increase 3.0 per cent in the fourth quarter of 2025, compared to the same quarter last year. 
 
To obtain a copy of the full report, please contact me at ssoles@royallepage.ca.

Here’s what you need to know about Canada’s First Home Savings Account (FHSA)


Saving for your first home? When it comes to putting money away to buy their first home, the federal government’s ‘tax-free in, tax-free out’ First Home Savings Account aims to give Canadians a helping hand.

Since April 1 2023, Canadians aged 18 or older who are purchasing their first home are eligible to enroll in a tax-free First Home Savings Account (FHSA). Introduced in the 2022 federal budget, the FHSA combines elements of a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP), allowing users to make tax-deductible contributions and tax-free withdrawals from the account for the purposes of saving for a home. 

Am I eligible for the FHSA?
In order to open an FHSA, users must be at least 18 years old and a Canadian resident. Account holders must also be a first-time homebuyer — someone who has not owned a home and lived in it during the calendar year before the account is opened, or at any time during the prior four calendar years. 

An FHSA can be used for a maximum of 15 years, and stay open until December 31st in the year that the account holder turns 71 years old. Users cannot contribute to their spouse or common-law partner’s FHSA. 

How much can I contribute to my FHSA?
FHSA holders can contribute an annual maximum of $8,000 into their account, with a lifetime contribution limit of $40,000. Unused contribution room can be carried over to the next year up to a maximum of $8,000.

Carry-forward amounts start accumulating after the user opens the FHSA for the first time. Only the account holder can claim an income tax deduction for contributions made in a particular taxation year.

It is possible to have more than one FHSA open at a time, but the total amount that an individual can contribute to all of their FHSAs cannot exceed their annual and lifetime contribution limits. Similar to a TFSA, a 1% tax is applied on over-contributions to an FHSA for each month that the excess amount exists in the account. 

What are the benefits of the FHSA?
An FHSA marries together the concepts of a TFSA and an RRSP in one account. Contributions to an FHSA, like an RRSP, are tax-deductible.

Additionally, any withdrawals made for the sake of purchasing a home are non-taxable, similar to a TFSA, including any investment growth.

Users can take advantage of a series of qualified investments in their FHSA, including mutual funds and publicly-traded securities, plus government and corporate bonds. Users can also set up a self-directed FHSA to manage their own portfolio.

What happens when I want to take money out of my FHSA?
If a user wants to withdraw funds from their account, there are a few things to keep in mind. The account holder must be a first-time homebuyer at the time a withdrawal is made.

The qualifying home must be acquired (or construction must be completed) no more than 30 days prior to the withdrawal, and before October 1st of the following year, with the intention of occupying the property as their principal residence within one year after acquiring it. Be sure to read carefully the definitions of a first-time homebuyer and a qualifying home. 

If you wish to transfer money out of your FHSA to another account, you can do so to another FHSA, an RRSP or a Registered Retirement Income Fund (RRIF). Be sure to close your FHSA on or before December 31st of the year following your first qualifying withdrawal, when your participation period concludes.

To learn more about the First-Home Savings Account, visit Canada.ca.