The Calgary Real Estate Board (CREB®) is excited to announce the release of its 2026 Forecast Calgary and Region Yearly Outlook Report.

This comprehensive report, prepared by CREB® Chief Economist Ann-Marie Lurie, provides an in-depth analysis of Calgary's economic and housing market trends for the upcoming year. 

The 2026 report highlights how rising starts over the past several years are translating into supply growth at a time when demand is shifting due to slowing migration and shifting economic conditions.   

“In 2025, the market transitioned from one that favoured the seller to more balanced conditions, as improving supply in the new home, rental and resale markets occurred just as demand returned to more typical levels. This took much of the pressure off home prices last year, especially in the apartment and row segments,” said Ann-Marie Lurie, Chief Economist at CREB®.  

Lower migration levels, stable employment and interest rates are expected to prevent any substantial change in demand in 2026. However, supply pressures are expected to continue as 26,000 units that are currently under construction are completed over the new few years. 

“Much of the supply growth will be apartment-style rental and ownership units, and while starts are expected to ease this year, it will take time to absorb the supply, considering the weaker migration levels. Ultimately, this will continue to place downward pressure on prices for apartment- and row-style homes. Meanwhile, conditions are more balanced for detached and semi-detached homes, supporting relative price stability for those homes,” Lurie added. 

The report also notes there are several factors that could impact the housing market over the next few years. The recently signed memorandum of understanding (MOU) between the federal and provincial government provides upside risk to the forecast, as shifts in federal regulatory barriers affecting the energy sector may encourage both confidence and investment in Calgary. On the downside, the renegotiation of the Canada-United States-Mexico Agreement (CUSMA) this year could create additional uncertainty. Combined with lower energy prices, this could potentially slow positive momentum in business investment activity. 

Click here to read the full CREB® 2026 Forecast Calgary and Region Yearly Outlook Report.

Calgary is the sixth best city to live in Canada (16 spots ahead of Edmonton!), according to Numbero’s 2026 Quality of Life Index, which compares hundreds of cities around the world and ranks them based on everything from affordability and climate to health care, safety and even traffic.

With a population of over 1.7 million, Calgary has 200 neighbourhoods to choose from. As this is the month for love, we did some research and found the top five neighbourhoods that Calgarians love, to live in or visit. 

1. Inglewood (SE)

As Calgary's oldest neighbourhood, Inglewood is also home to art galleries, international food restaurants, boutiques, the bird sanctuary, and a vibrant night market in the summer. It's a neighbourhood with a soulful atmosphere that captivates families, creatives and nature lovers alike.

2. Beltline (City Centre)

With a walkable score of 91, the Beltline offers access to over 100 restaurants, lounges and cafes, as well as parks, shops, amenities, and lively murals that uplift the street energy all year long. You can witness the community spirit on a hockey night, walking down the “Red Mile” from the Scotiabank Saddledome to the trendy section of 17th Avenue. 

3. Kensington (NW)

Kensington offers many gems for residents and visitors alike. With numerous businesses and an easy access to transit, the Bow River and Downtown, as well as a cat café and an historic cinema– there’s never a dull day in the neighbourhood. 

4. Bowness (SW)

Bowness is loved by Calgarians due to its diversity, wonderful local businesses, memorable landscapes and numerous opportunities for outdoor recreation thanks to the iconic Bowness Park. During the winter, Bowness Park becomes a winter wonderland with its lagoon transforming into a 1.6 km ice skating trail. In the summer, there’s plenty of space for jogging, canoeing, and mingling among the various picnic tables, surrounded by lush trees. 

5. Saddleridge (NE)

A favourite for young families, Saddleridge is a community that continues to grow. With a variety of schools, easy access to transit and to the airport, the Saddlecreek Ponds and Bear Park, Saddleridge is also home to the Genesis Centre, which hosts a variety of cultural celebrations and events throughout the year.  

One of the most daunting things about buying a house is the finances. Between negotiating the purchase price and handling surprise expenses like closing costs, home-buying money matters can be overwhelming.

With interest rates up, you may be wondering if home buying is still affordable. Learning the strategies for dealing with high mortgage rates will help you feel more confident going forward.

What Is a High Interest Rate for a House?

Interest rates are always in the news because of their wide-ranging impact on the economy and our everyday lives. But what is a high interest rate for a house, and when is it too high to buy? The answer depends on what you’re comparing the current rate to: historical rates, the rates other people are getting, or the rates you can afford.

What Is a High Interest Rate for a House Overall?

Overall, a mortgage interest rate of 8% or more would be considered high in today’s market. Under the current economic conditions, these guidelines apply:

• Below 6% is low to moderate

• 6% – 7.5% is normal

• 5% – 8% is borderline high

• 10% is very high by today’s standards

Historical context is important. Whereas 8% might seem astronomical, homebuyers in the early 1980s were paying over 20% in some cases. Fortunately, when rates do go up, they increase gradually, and it’s unlikely we’ll see anything like 1980s rates in Canada anytime soon!

What Is a High Interest Rate for a House Compared to Other Borrowers

An interest rate might also be “high” if it’s noticeably above what other borrowers are getting. Watch for this if:

• Your rate is 1% to 2% higher than the average for borrowers with good credit.

• You have a strong credit score, but your quotes are still above the market.

• You have stable income and low debt, but you’re being offered higher rates.

If this is the case, the rate isn’t universally high; it’s high for you. Since even a fraction of an interest point can add thousands of dollars to your loan over its lifetime, it’s worth investigating options. Try getting multiple mortgage quotes, look into your credit reports to see if there are errors, and ask lenders about the discrepancy.

What Is a High Rate of Interest for a House in Your Financial Situation?

A mortgage rate might be high given your personal budget and long-term plans, even if the rate itself isn’t objectively high. For example, a rate might be high under your current circumstances if:

• The payments stretch your monthly budget beyond what’s comfortable for you.

• Your income is variable, and you’re not sure if your payments will be within reach each month.

• The home you’re looking at is at the top of your price range.

• A higher rate makes your loan approval less certain.

If any of these ring true, the rate is high for you right now. That doesn’t mean you can’t buy a home; with the right strategies and advice from experienced professionals like a good real estate agent and financial planner, you’ll be on the path to home ownership.

Interest Rates and House Prices

If you’re thinking about how to buy a house in today’s market, you may be wondering, “Do higher interest rates cause lower house prices? If so, how does that play into my home-buying strategy?”

Interest rates can put downward pressure on home prices. When mortgage rates rise, borrowing is more expensive, and buyers can’t afford as much. Demand then decreases, forcing sellers to lower prices. However, the effect of interest rates on prices isn’t immediate, and it can be cancelled out by other factors that influence home prices, such as population growth, economic conditions, and demand in specific areas.

The bottom line? Don’t count on higher interest rates to cause lower house prices. Instead, focus on other strategies to find a house that meets your needs and suits your budget.

Strategies for How to Buy a House with High Mortgage Rates

Buying a home when mortgage rates are high doesn’t necessarily mean being house poor or spending years juggling debt. The key is to plan a solid strategy and execute it in consultation with your lender, financial planner, and real estate agent. Here’s how to buy a house when the numbers are tight:

Understand Your Budget

Be realistic about what you can afford by running the actual numbers. A mortgage calculator can be helpful; make sure you include your down payment, closing costs, and the “hidden costs” of home ownership.

Getting preapproved for a mortgage is the next important step. That will give you a better sense of what you can afford. With a preapproval, you’ll also be in a better position to negotiate your home price; sellers prefer deals that won’t fall through due to financing shortfalls.

Improve Your Financials

A key aspect of how to buy a house in any economy is to strengthen your financial profile:

• Improve your credit score by paying down debt, avoiding new credit cards or loans, and checking your credit report for errors.

• Increase your down payment if possible.

• Look for ways to improve your income or make it more stable.

Going into preapproval with these pieces in place will help you get a higher preapproval amount and a better rate.

Lower Your Loan Amount

A lower loan amount will make your monthly payments more affordable. You can borrow less by:

• Negotiating aggressively on price, with the help of your real estate agent.

• Saving for a bigger down payment.

• Getting a co-borrower.

• Thinking slightly outside your preferred area by exploring the surrounding neighbourhoods.

• Buying a home that needs improvements (taking into consideration the cost of the improvements).

• Using a first-time homebuyers’ program. In Canada, this includes the First Home Savings Accounts (FHSA), the Home Buyers Plan (HBP), the Home Buyers Amount (a non-refundable tax credit) and the GST/ HST New Housing Rebate. There are also provincial and municipal programs available in some regions

Explore Mortgage Options

When thinking about how to buy a home when rates are high, look into options like variable rate mortgages and longer amortization periods. You can always refinance later when circumstances change; you won’t be locked into the decisions you make today. Your lender can help you with options and long-term planning.

There’s no single best strategy for how to buy a home when interest rates are high. The right approach depends on your goals, your needs, and your financial circumstances. Working closely with experienced professionals like a real estate agent, financial planner, and lender can set you on a successful course to home ownership!

When you rent, your landlord quietly pays for things like building insurance, major repairs, property taxes and often some utilities. When you buy, all of that shifts onto your shoulders. If you shop only by focusing on the mortgage payment alone, you risk saying yes to a home that works on paper but feels suffocating in real life. The goal is simple, before you buy, zoom out from just the mortgage and look at the full cost of owning and running the home for a year, including the less obvious expenses of a house that do not show up in a basic payment calculator.

Breaking Down the Key Costs to Plan for Your First Year

Mortgage, Property Tax and Insurance

Start with your all-in mortgage payment. That covers the principal, the interest, and, if your down payment is under 20 percent, mortgage default insurance that is usually added to the loan. Next, add your annual property taxes, based on the home’s assessed value, and your home insurance, which lenders almost always require. If you are buying a condo or townhome, factor in condo or strata fees as well, because they pay for building insurance, shared services and future repairs. These core payments are the expenses of owning a house that you will face every single year, and they form the base of your budget.

Around closing, you also need to account for several one-time costs. These include the inspection, appraisal, legal fees, land transfer tax, title insurance, a possible survey, tax or utility adjustments with the seller, and the cost of moving. They do not repeat every month, but they do hit your bank account in year one. In Canada, these closing costs often add up to roughly 1.5 to 4 percent of the purchase price. Treat them as part of your overall first-year budget, not as an afterthought you figure out at the last minute, especially once you add them to all your other house expenses.

Monthly Running Costs: Utilities and Services

Next is what it costs to actually live in the home each month. That usually includes electricity, gas or heating oil, water, sewer, and any garbage or recycling charges in your city. On top of that, most households will have internet and maybe basic TV or home phone, plus any services you outsource like lawn mowing, snow removal or regular pest control. These are the bills that show up again and again, and together they make up a large part of what it really costs to keep the lights on and the home comfortable.

If you are coming from a small or well-insulated apartment where heat or water was included, expect these amounts to be higher in a larger home. Ask the seller or your agent for recent utility bills and base your budget on one of the expensive months, such as the coldest winter or hottest summer bill. That way, seasonal spikes feel normal instead of like a nasty surprise, and you can fit these house expenses into your monthly cash flow without constant stress.

Maintenance, Repairs and Big Ticket Fixes

As a homeowner, you pay for everything that breaks or wears out. That means small fixes like leaky taps, running toilets, sticky doors and tired caulking. It also means bigger jobs, such as servicing or eventually replacing your furnace, AC, hot water tank and major appliances like the fridge, stove, dishwasher, washer and dryer. Outside, you need to plan for roof work, gutter cleaning, driveway cracks, siding touch-ups and occasional pest control to keep unwanted guests out. These jobs might not happen often, but when they do, they can be some of the most significant expenses of a house you will face.

A useful rule of thumb is to expect to spend around 1 to 3 percent of your home value per year on maintenance and repairs, depending on age and condition. Your home inspection is your best roadmap, so note anything the inspector says should be dealt with in the next one to three years, such as an older roof or water heater, and assume those items will need real money sooner rather than later. Thinking this way also helps you compare long-term patterns like condo fees vs house expenses, since both are ultimately about paying for upkeep, just in different ways.

Setting Up Your Home From Scratch

If you are moving from an apartment and almost nothing fits or works in the new place, assume you are starting from zero. In the first year, you will likely need proper beds and frames, a sofa and chairs that suit the new living room, a dining table and chairs, some storage such as dressers, shelves and closet systems, window coverings for privacy and sleep, plus basic rugs and lamps so rooms do not feel bare. You will also need infrastructure that many renters do not own yet, including a simple tool kit, cordless drill, step stool, ladder and basic safety gear like fire extinguishers and smoke or carbon monoxide detectors where needed.

Then there is the seasonal gear. Spring and summer may demand a lawn mower or lawn service, a trimmer, hose, rake and basic gardening tools. Fall can add leaf rakes or blowers and gutter tools. Winter often means snow shovels, ice melt, ice choppers, heavy door mats, boot trays and possibly a snow blower or paid plow service if you have a bigger driveway. If you go in expecting that nothing from the apartment will be enough, you can plan these costs in stages instead of panic buying everything on a credit card after you move in.

Cash Buffer for Emergencies and First Year Mistakes

Finally, you will want a cash buffer that covers two things: genuine emergencies and normal first-year mistakes. Emergencies are the big ones; losing part of your income, a furnace that dies in January, a serious leak, situations where not paying is not really an option. For those, it helps to have some money parked in a plain savings account that you only touch when something truly important breaks, and when putting the cost on a credit card would be hard to manage.

Then there are the learning costs of being new at this, such as buying the wrong part and needing to replace it, calling in a professional to fix a do-it-yourself attempt, overpaying your first contractor or damaging something while figuring out maintenance. A simple, practical move is to open a small, separate savings account and send a set amount there every month. When one of those inevitable expenses pops up, you pay from that account on purpose instead of reaching for high-interest debt.

If you build your budget around these areas before you buy, and think frankly about all the owning a house expenses that will come with your purchase, your first year of homeownership is far more likely to feel manageable and not like a financial trap.

Ready to own instead of just browsing? Talk to a local REMAX agent to compare condo fees vs house expenses and see what you can actually afford. Message us today and get moving.

Buying a home in Canada can feel both exciting and a bit out of reach. A down payment does not have to stay a distant dream or something you only think about in passing. Once you start building a plan for how to save for a house that fits your real life, it becomes much more manageable. With a bit of structure, a few simple money habits, and a clear sense of direction, you can turn that big number into something you are steadily working toward and see real progress month after month.

Choose Where to Save Your Down Payment

First Home Savings Account (FHSA)

A First Home Savings Account is usually the best place to start if you qualify. You can put in up to $8,000 a year, to a maximum of $40,000 total. Your contributions reduce your taxable income, so you may pay less tax or get a refund. You can invest the money, let it grow tax-sheltered, and then take it out tax-free to buy your first home, without paying it back. All of that together makes the FHSA one of the simplest, most powerful tools for how to save for a down payment in Canada.

Registered Retirement Savings Plan (RRSP) With Home Buyers’ Plan (HBP)

The Home Buyers’ Plan lets you use your RRSP to help with your first home. You can take out up to $60,000 from your RRSP, per eligible person, to buy or build a qualifying home. You do not pay tax when you withdraw it, as long as you pay it back over a period of up to 15 years. This can turn your RRSP into a useful second source for your down payment, especially if you are in a higher tax bracket and benefit from the deductions.

Tax-Free Savings Account (TFSA)

A TFSA is a very flexible place to build your house savings. You do not get a tax deduction when you contribute, but your money can grow tax-free, and you can take it out anytime without paying tax or having to repay it. That makes it a great fit if your plans might change, you want easy access to your savings, or you have already used your FHSA and RRSP options. It also fits naturally into any long-term plan for how to save money for a house without locking yourself in too tightly.

High-Interest Savings and Cash Accounts

High-interest savings accounts are a great place for the part of your down payment and closing costs that needs to stay safe and easy to reach. Your money does not go up and down with the market, and you can access it quickly when you need it. Using a separate “house savings” account, instead of your regular chequing, also makes it easier to track your progress and avoids the temptation to spend that money on everyday purchases.

Non-Registered Investment Accounts

If your home purchase is still a few years away, and you are okay with some market ups and downs, you can use a regular investment account to try to grow your down payment faster than keeping it in cash. You might choose a diversified, long-term mix of investments, knowing that your balance can rise and fall and that gains may be taxable. As you get closer to buying, slowly move this money into safer options, so a sudden drop in the market does not derail your plans when your timeline is short and you want more certainty.

Boost Your Savings With Extra Cash and Side Income

You can give your plan a big push by selling things you no longer need, such as electronics, furniture, gear, or collectibles, and sending every dollar straight into your dedicated house account. You can also add a side income stream, like freelancing, tutoring, rideshare or delivery driving, or weekend shifts. If you treat all of that extra money as down payment money, not lifestyle money, then even an extra $200 to $300 per month becomes a steady boost instead of cash that just disappears. This is a very practical way of how to save for a down payment on a house when your regular paycheque is not quite enough on its own.

Use Gifts, Borrowing, and Investments Carefully

If family is able and willing, a properly documented gift from close relatives can safely top up your down payment. It is usually the least risky of the “extra” options. Borrowing your down payment through a personal loan or line of credit raises your overall debt and can make qualifying for a mortgage harder. Selling other investments or assets, such as non-registered stocks or a second car, can also help, but may trigger tax and affect other goals. All three options should be weighed carefully, ideally with a professional, before you rely on them as part of your plan.

Maximize Government Incentives and Tax Advantages

Government programs and tax rules can give your savings a helpful boost. FHSA and RRSP contributions can lower your taxable income and may lead to a tax refund you can add to your down payment. If you are thinking about how to save money for a down payment, it is worth checking whether you qualify for first-time home buyer tax credits, land transfer tax rebates, or other local incentives, and making these part of your plan from the start.

Keep Your Savings Plan Realistic and Sustainable

The best savings plan is one you can actually live with. You want to push yourself enough that you see real progress, but not so hard that you keep raiding your savings or feel constantly deprived. If the monthly amount you need is simply too high, you can adjust by giving yourself more time, aiming for a slightly lower-priced home, or leaning more on side income instead of deeper lifestyle cuts. It also helps to check that your future mortgage, tax, utility, and maintenance costs will still leave you room to breathe once you are in the home. This is a much healthier approach to how to save money for a house over several years.

Down Payment Questions Home Buyers Ask

How much should I aim to save if I do not know my exact home price yet?

If you are not sure about your final price range, a simple starting point is to pick a realistic ballpark, for example $500,000 to $700,000, aim for 5 to 10 percent of the midpoint as a down payment, and add a few thousand for closing costs, then refine the number once you have talked to a lender and have a clearer sense of what you qualify for and what monthly payment feels comfortable.

How do I decide how to split savings between FHSA, RRSP, and TFSA?

A simple way to think about it is to start with the FHSA if you are eligible, because it gives you a tax deduction now and tax-free withdrawals for your first home. Next, look at RRSP contributions if you expect to benefit from the tax deduction and plan to use the Home Buyers’ Plan (HBP). Then, use a TFSA for extra flexibility or once your FHSA and RRSP are at the level you want. You can always adjust this mix over time as your income, tax situation, and comfort with HBP repayment change.

How aggressive should I be with cutting expenses for my down payment?

You want to cut enough that you see real progress, but not so much that your life feels joyless and you snap back into old habits. Start by attacking the easy wins first, like trimming takeout and coffee, cancelling unused subscriptions, and putting limits around impulse spending, then track how much those changes free up over a few months. If you are still falling short of your goal, that is when it makes sense to look at bigger, more strategic moves, such as downsizing your rental, renegotiating major bills, or even giving up a second car so you can speed up your timeline in a way that actually sticks.

Ready to turn your down payment plan into a real set of keys in your hand? Connect with your local REMAX agent today to get expert guidance on neighbourhoods, prices, and properties that match your budget and goals.

The new year brings new ideas for home improvement. But there are specific changes that bring the most return on investment. And they’re not necessarily the priciest. Here’s a look. 

Paint  

Paint is the most effective—and even dramatic—renovation that won’t break the bank. According to experts, a fresh coat of paint typically garners a 60 per cent return on your investment.  

As a homeowner, you can take care of most of the areas in the house, but eavestroughs and frames around second-story or rooftop windows are probably best left to professionals with the proper equipment and experience.  

Professional painters can also help you choose the best colour palette for your space, as well as scrape the walls, seal trim and plaster or repair minor damage before applying top-quality paint that’s appropriate for each surface. 

Strong structures 

A strong structure translates into having a roof that doesn’t leak, windows that are in good condition, as well as properly functioning gutters and drains, and a sealed, dry and crack-free basement and foundation. 

While not as glamorous, all of these features make it easier for your home to pass the home inspection and for buyers to choose it over other properties. 

Doors and hardware 

These renovations can go from replacing the front door and adding a secure knocker and lockset to adding a baseboard and door trim. However, it’s the quality of the materials that can add more value to your space.  

For example, a solid wood front door with a quality lockset can bring $2,500 in return on investment, while solid core interior doors with hardware could bring in $250 per door.  

Kitchen  

Everybody’s favourite! Whether you invest on the lower-cost end and focus on a countertop refresh, get new appliances or switch your cabinets, kitchen renovations typically garner a 75 to 100 per cent return.  

Similar to doors, the quality of the materials you select is key to adding value to your home. 

Bathrooms  

When purchasing a property, buyers often pay attention to the bathrooms and their condition. So when it comes to yours, ask yourself what its strengths and weaknesses are—and what they’re missing—then focus on that.  

On average, a bathroom renovation budget can go from $5,000 to $10,000. However, a well-done bathroom renovation has a return of 62 per cent.  

Source: Re/Max

Regardless of where you’re buying or the market conditions, there’s one thing every homebuyer has in common: you have to make an offer to purchase a home.

Whether you’re still in the browsing stages or have started to put your plan into action, as a prospective buyer, it is wise to do some legwork and gain insight into the process of how to make an offer on a house in Canada. While your real estate agent is there to guide you, the more you know about the home-buying process, the smoother it will be.

An efficient process is especially pivotal in a seller’s market, where you’ll need to take quick and decisive action when you find a property that interests you.

Preparing for Making an Offer

Having all your ducks in a row makes home hunting easier and allows you to pounce on the perfect property when you find it.

Get Cash Ready for Your Down Payment and Deposit

Part of understanding the ins and outs of how to make an offer on a house is ensuring you have cash on hand for both your upfront and closing costs. Don’t know the difference between an upfront deposit and a down payment? Since a more robust deposit could be the key to winning a bidding war, it’s vital that you do.

Ideally, you’ve placed your savings in either a regular savings account, a TFSA (Tax-Free Savings Account), or an FHSA (First-Time Home Buyer’s Savings Account), as withdrawing the cash outright or selling investments within these accounts and then withdrawing the money will be tax-free.

On the other hand, if you need to take money out of an RRSP or sell investments to come up with the cash you’ll need, you should understand the tax implications of those actions and include them in the next step.

Creating a Purchase Budget

When you visit your bank or mortgage broker, they’ll let you know how much mortgage you’re pre-qualified/pre-approved for. But that doesn’t mean you should bid the total amount when you make an offer on a house. You’ll need to create a purchase budget to better understand what you can afford.

Break out your favourite spreadsheet software, drop in your current savings plus all your expected sources of income over the next twelve months, then add in what you’ll need for your down payment, deposit and closing costs – including any tax repercussions from liquidating registered accounts, etc.

Calculate what your monthly property tax, insurance, utilities, condo or homeowners association (HOA) fees would be, then calculate the monthly mortgage payments for various offers. For example, if you pre-qualified for an $800,000 mortgage, you’ll want to determine how offers from $650,000 to $750,000 affect your monthly mortgage payments.

By creating a budget that spans a full year (or more), you can play around with different offer amounts and know whether you’ll have enough cash left over every month to renovate or redecorate as needed or whether you’ll be “house poor”; meaning almost all your income will go towards just getting by, versus being able to truly enjoy your new home.

The maximum budget for your offers will become apparent, ensuring that you don’t get caught up in the heat of the moment and make an offer beyond what you can afford.

Do Another Walkthrough at a Different Time of the Day

If you liked what you saw during your first showing and plan to make an offer on the condo or house, consider doing another walkthrough at a different time of day.

A home inspection will tell you what you need to know about the “fitness” of the structure, electrical and plumbing, so what you’re evaluating on your second go-round is not just whether the look and location are better than homes you’ve seen before, but whether this house will suit your needs now and at least five years forward.

Visiting at a different time of day is crucial, as you might watch a neighbourhood that seemed serene and peaceful in the morning, transform into a maelstrom of constant noise and traffic after dark.

Chatting up the neighbours can also help you learn about the property and the surrounding area.

How Long to Make an Offer on a House After a Property Viewing?

While there’s no universal timeline for how long to make an offer on a house, acting quickly is typically advantageous. If you’re happy with what you’ve seen, there’s no reason to wait to make an offer. In fact, in a hot market with multiple daily showings, the sooner you can get an offer on the table, the better. In many Canadian housing markets, desirable properties can receive multiple offers within 24 to 48 hours of being listed.

Your real estate agent can provide valuable guidance on timing based on local market conditions. Remember that taking too long to make an offer on a house in Canada could mean missing out on your dream home.

How to Make an Offer on a House in Canada

Mortgage Pre-Approval

New home buyers often wonder if they need pre-approval before making an offer on a house. Unless you plan to pay cash for the house, you’ll need to secure financing, and that’s where pre-approval comes into play. It will also help if you need to move quickly with your offer.

Once you plug your pre-approved mortgage amount into your purchase budget, you’ll know exactly how much you can spend, and you’ll also be able to reassure the seller that you won’t have to back out of the purchase based on financing.

A pre-approval also locks in the current interest rate for up to 120 days, so you can shop with peace of mind, knowing that you’re insulated from rate hikes in the near future. If interest rates drop before you buy, your lender should honour the new lower mortgage rate when you’re ready to make your purchase.

Decide on an Offer Amount

When considering how high or how low an offer to make on a house, a crucial step is understanding the property’s value. To do that, you’ll want to get your real estate agent to conduct a Comparative Market Analysis (CMA), which compares the property with similar homes in the area that have recently sold, are currently on the market, or were on the market and didn’t sell. This analysis helps you gauge the house’s fair market value based on factors such as location, condition, size, and unique features.

When determining the offer amount, it’s essential to balance the property’s market value with your budget; however, the current market conditions also influence the decision.

In a buyer’s market, you may have more leeway to negotiate BELOW the asking price, whereas in a seller’s market, you might need to offer at or ABOVE the asking price to be competitive. Your offer should reflect both the property’s worth and what you can afford, keeping in mind that your initial offer sets the stage for all future negotiations.

Additional Considerations

When making an offer on a house, there may be additional considerations beyond the offer amount, such as a home inspection, mortgage financing and an agreement on a closing date, which are crucial for a successful transaction. When thoughtfully addressed in your offer, they protect your interests, demonstrate your commitment to the seller, and make your offer more appealing.

When learning how to make an offer on a house in Canada, you’ll also want to consider several other factors beyond price that can strengthen your position:

• Earnest Money: Offering a larger deposit can signal your serious intent to purchase

• Possession Date Flexibility: Accommodating the seller’s preferred moving timeline

• Contingency Limitations: Fewer conditions make your offer more attractive

• Repair Requests: Being reasonable about what you’ll ask the seller to fix

We’ll go into more depth on some of these conditions below.

Real Estate Paperwork

When you’re ready to make an offer on a house, your agent will draw up the necessary paperwork, typically referred to as a Real Estate Purchase Agreement, although its name may differ across the country. According to Canada Mortgage and Housing Corp., your offer documents must include the following specific details in order to be valid:

• Your legal name, the name of the seller and the address of the property

• The amount you’re offering to pay (the purchase price) and the amount of your deposit

• Inclusions and exclusions (for example, are the window coverings included in the purchase?)

• The date you want to take possession (“closing day”)

• A request for a current Land Survey

• The date the offer expires

Any other conditions that must be met before the contract is finalized (for example, a satisfactory home inspection)

The Price

When making an offer on a house, be prepared to negotiate. Your negotiating power will depend on a few factors. The current market conditions in the immediate neighbourhood will dictate whether you can make a lowball offer – a likely scenario in a buyer’s market – or perhaps an offer that’s higher than the asking price, which became common in the record-breaking seller’s market brought on by the pandemic.

Deposit

While “deposit” and “down payment” are often used interchangeably, they are different. At the time of the offer, the buyer should come prepared to put a deposit on the home they hope to buy.

The deposit will be rolled in with your down payment, showing the seller that you’re serious about buying the home and that you have your finances in order. If the buyer walks away from the deal, they will typically forfeit their deposit.

There’s no standard deposit amount. It will vary based on the property type and the buyer’s desire for the particular home. The deposit is generally given to the seller’s agent to be held in trust until the deal is finalized, but some sellers may require the deposit to be placed in an escrow account.

Down Payment

A down payment is the amount of money paid up-front as a lump sum when you buy a home. It is calculated as a percentage of the total purchase price.

In Canada:

• For homes with a purchase price of $500,000 or less, the minimum down payment is five percent.

• The minimum down payment for homes priced $500,000-$999,999 is five percent for the first $500,000 and 10 percent for the remaining portion.

• Homes over $1.5 million require a 20-per-cent deposit.

Keep in mind that this is the bare minimum required to qualify for a mortgage. However, anything below 20 per cent is considered a “high-ratio” mortgage and requires mortgage loan insurance.

Mortgage default insurance, or mortgage loan insurance, protects the mortgage lender if you aren’t able to make your monthly mortgage payments. While mortgage loan insurance is required if you have less than a 20-per-cent down payment, a lender may still require it – even if you put the complete 20-per-cent down – especially if you’re self-employed or have a poor credit history.

Firm Versus Conditional Offer in Real Estate

With the competitive market brought on by the pandemic, it was common to hear of bidding wars where buyers would make an offer without any conditions. This is called a firm offer. The buyer is 100 per cent certain of the purchase. They do not require any conditions for a home inspection or financing. Once the offer is made, the buyer can’t back out of the deal.

Conversely, a conditional offer requires specific terms to be satisfied for the offer to be valid. These conditions protect the buyer; some common conditions include:

• Purchase conditional on financing: This is a common condition for first-time homebuyers making an offer on a house, and it requires the sign-off of the mortgage lender for the deal to go through. The buyer will have a few days to get this, and the process will include a home appraisal. If the lender does not agree to finance the property, the buyer will notify the seller, and the offer becomes null and void.

• Purchase conditional on home inspection: A home is likely the biggest purchase you’ll make in your lifetime, so it’s always recommended that the offer be contingent upon a satisfactory home inspection. A professional home inspector will look at things in and around the home that are openly visible (they will not be opening up walls or floors). The inspector will examine the structure, roof, plumbing, heating, and electrical systems to ensure the house is in good condition. If the home isn’t up to par, this condition allows the buyer to request repairs, a price reduction, or to rescind the offer entirely.

• Purchase conditional on the sale of a home: If a prospective homebuyer already owns a home, they may want to ensure it is sold before agreeing to purchase a new property. This isn’t ideal for the seller, as every condition has a potential domino effect.

A firm offer is typical in a hot market. With all other things being equal, a seller is more likely to accept an unconditional offer over one that could fall through for several reasons.

Negotiations

An experienced real estate agent will be able to advise you on what you can realistically negotiate, depending on the market conditions. In a buyer’s market, you hold the cards, knowing that there are plenty of other options on the market. In a seller’s market, you compete with other buyers vying for the same property, so quick action and a strong offer are more likely to work in your favour.

When entering negotiations, you must have a clear understanding of your bottom line and your top limit. Your real estate agent will present your offer to the seller’s agent, who will either accept, reject, or counter your proposal.

If your initial offer isn’t accepted, be prepared for a counteroffer. This is where knowing how low an offer to make on a house can provide negotiating room. Some negotiation strategies to consider:

• Start with a reasonable offer that respects the seller’s position while protecting your interests.

• Respond promptly to counteroffers to maintain momentum.

• Be willing to compromise on less important terms while standing firm on your deal-breakers.

• Consider non-price factors that might appeal to the seller.

• Know when to walk away if the deal no longer makes financial sense.

In multiple-offer scenarios, you might not get a second chance to negotiate, so your initial offer should reflect your best terms.

Legal

Your offer is a legal document, so ensure you read and understand everything outlined within it. If you don’t, you shouldn’t sign the offer until you’ve reviewed it with a lawyer. Once accepted, an offer becomes a binding contract that establishes the rights and obligations of both buyer and seller.

It’s advisable to have a real estate lawyer review your offer before submission, particularly for complex properties or transactions. After acceptance, your lawyer will handle the closing process, which includes title transfer, registration, and the disbursement of funds.

Feeling Better About How to Make an Offer on a House in Canada?

Buying a home is a big deal, from the shopping and vetting process to the financial and emotional commitment you’re about to make. The offer is also a legally-binding document.

All your questions about making an offer on a house are valid, as even seemingly minor details will have a domino effect throughout the rest of the purchasing process and even long after you’ve taken possession.

Don’t go it alone. Work with an experienced REMAX agent and an experienced real estate lawyer to avoid potential pitfalls and ensure your best interests come first.

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If you’re a homebuyer, owner or seller, you want to maximize your investment, and one way to do that is with home renovations that add value.  Your ROI in resale, whether you’re renovating for near-term resale or long-term liveability, will depend on a number of factors, such as local housing market conditions, your level of investment, and trends as dictated by demand. With that said, there are some home renovations that people often consider “money in the bank.”

Renovations on the Rise

For home sellers, the right renovations may help find a buyer faster, and one who’s potentially willing to offer a higher price. On the buying side, renovating a fixer-upper home is one way homebuyers can get into their neighbourhood of choice at a lower price. Meanwhile, for homeowners who aren’t quite sold on moving, renovations have become a way to get the home they want and need, without having to move before they’re ready. Post-pandemic, as Canadians grappled with a severe housing inventory shortage, renovations quickly took centre stage.

So, what reno trends have Canadians been digging into, and which ones are worth the effort? We surveyed REMAX Canada brokers and agents from coast to coast, for their professional opinions on the top home renovations to consider.* Here’s what they had to say.

9 Home Renovations That Pay Off on the Resale Market

Kitchen Renovations

93.5% of REMAX brokers said kitchen renovations give the best ROI, including new or updated cabinets, countertops and appliances. This can be attributed to the scale, cost and the general inconvenience (albeit a temporary one) of a kitchen renovation. Yes, renovating the kitchen yourself once you take possession of the home will be cheaper, however many homebuyers simply don’t want to put themselves through it – especially if they just completed a kitchen renovation on the home they are selling. The “move-in ready” factor is significant.

Bathroom Updates

61.3% of REMAX brokers identified bathroom renovations as a great high-return renovation. By the same logic as the kitchen renovation, homebuyers who want move-in ready homes with all the bells and whistles generally don’t want to take on expensive, time-consuming and inconvenient renovations, such as bathroom.

Fresh Paint

58% of REMAX brokers said a fresh coat of paint is the simplest and cheapest investment, and it pays off on the resale market. Aside from giving the home an instant refresh, home stagers also recommend light and neutral paint colours to make a home appear bigger, brighter and cleaner.

New Floors

45.2% of REMAX brokers said new flooring is a popular upgrade among homebuyers. Homebuyers largely prefer hardwood or tile over wall-to-wall carpets, which tend to trap stains and odours, and can really show a home’s age. This is a must, and if the seller is lucky, tearing up that old carpet could even reveal a hardwood floor underneath that just needs some TLC to bring it to its former glory.

Finished Basement

16.1% of REMAX brokers said finished basements are a great selling feature on the resale market. In fact, any renovations that add liveable square footage to a home are always in demand. A lower-level family room, home office, an extra bedroom or bathroom in the basement can all give your listing a significant boost at the offer table.

Outdoors & Landscaping

12.9% of REMAX brokers said outdoor projects can provide good ROI. As a result of the pandemic, people have been spending more time at home and thus, large years, pools and hot tubs, decks and patios, and landscaping are all appealing on the resale market. Depending on the scope of the project, this could be one of those low-investment, high-return upgrades that pay off on resale.

New Roof

12.9% of REMAX brokers said roofing was a good option to invest some renovation dollars before listing a home for sale. New roof tied in sixth place with outdoor projects and landscaping.

Open-Concept Floor Plan

9.7% of REMAX brokers said redesigning a home with an open-concept floor plan can pay off. This isn’t a small or inexpensive project by any means, but removing wasteful walls and halls can instantly modernize an older home and make it live larger than its actual square footage would otherwise allow.

Replace Windows

6.5% of REMAX brokers said new windows net higher offers on the resale market. While this isn’t exactly the sexiest of renovations, astute buyers will appreciate the tens of thousands of dollars that new windows will cost, so having these replaced before listing can benefit both buyer and seller. Furthermore, new windows can give your home an understated refresh, inside and out.

If you’re planning to buy or sell, or want to transform your new place into your forever home, some thoughtful renovations can help you make the most of your investment. A professional real estate agent can provide advice and tips based on real market conditions, so you can dig into your renovations without reservations.

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*Insights based on the 2021 REMAX Renovation Investment Report.

After years of volatility, rising rates, price swings, and wavering buyer sentiment, the Canadian housing market may finally be inching toward a turning point, according to the latest REMAX housing market report. Instead of a dramatic rebound, 2026 is shaping up to deliver something buyers have been craving: a bit more affordability and a lot more predictability. With rates easing and inventory improving in key regions, many Canadians are rethinking their timelines, even if confidence isn’t fully restored. 

Here’s what’s driving the shift: 

Buyers Are Warming Up Again 

It’s been a cautious year, but confidence is creeping back. One in 10 Canadians plans to buy a home in the next 12 months, thanks to softer prices, more choice, and early signs of stability. After months of wait-and-see, many feel the window to re-enter the market may finally be opening. 

A Fresh Wave of First-Time Buyers 

First-timers aren’t just returning; they’re becoming a major force. Half of all potential buyers fall into this group, many of them younger Canadians who feel more hopeful about the economy heading into next year. With easing conditions, they’re dusting off their savings strategies and getting ready to act. 

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 A Small Rate Drop Could Make a Big Difference 

For nearly a quarter of Canadians, one thing could seal the deal: a further 0.5%–1% drop in interest rates. With the Bank of Canada already cutting rates through 2025, even small adjustments could trigger a surge of pent-up demand in early 2026. 

 Location Decisions Are Shifting Again 

Return-to-office mandates are back on the radar, especially for younger buyers. Commute times, transit access, and neighbourhood flexibility are once again shaping searches. For many, the “right location” now means balancing affordability with a realistic weekday routine. 

 Markets Across Canada Are Stabilizing 

Whether you’re looking west, east, or somewhere in-between, most regions are moving toward balanced conditions. Ontario and B.C. saw prices cool, Prairie markets held steady, and Atlantic Canada continues to shine with predictability and modest growth. After years of extremes, balance is a welcome change. 

 The bottom line is that Canadians haven’t given up on homeownership but they’re approaching it with clearer eyes and firmer expectations. Slower rate cuts, affordability hurdles, and economic unease mean 2026 won’t be a dramatic comeback for everyone. Still, if current trends continue, it could be the first year in a long time where the market feels a little more dependable and that alone may be enough to bring hesitant buyers back in. 

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