Canadian home prices fell 0.6% to $661,800 in July, with declines in six provinces and gains in three Atlantic provinces. Since March 2022, national prices dropped 21.3%, mainly due to a 25.5% fall in Ontario and 15.5% in B.C. Most provinces' prices remain near record highs despite increased supply, slower population growth, and fewer sales, as policy stimulus continues to support prices amid ongoing affordability challenges.
~7-in-10 Canadians see the market as unfair to first-time buyers, and the starting point is honest expectations around sacrifice, goals, and trade-offs.
Pre-approval matters because minimum down payments rise with price, lenders may ask for more, and monthly affordability depends on income, debts, insurance, closing costs, upkeep.
Savings tools include a first-home savings account with up to $8K yearly and $40K total, plus a tax-free retirement-plan withdrawal option for buyers.
Beyond savings accounts and retirement-plan tools, buyers may qualify for a $1.5K federal credit, new-home tax rebates, and provincial or local assistance.
Stay grounded: use local board and portal data, set a bidding ceiling, focus on must-haves, and lean on trusted Real Estate and mortgage pros.
In Calgary, housing affordability improved during Q2 2026, placing the city among six tracked metros that posted quarterly gains in the latest monitor.
The broader monitor described this as part of a record 10-quarter improvement streak, showing affordability kept moving in a better direction through Q2 2026.
Even with Calgary improving, the monitor said affordability remained below historical norms across every metro it tracked, underscoring that progress has not fully reset conditions.
Across the tracked market set, the latest gains came as falling prices outweighed slightly higher mortgage rates, a shift from the earlier rate-driven recovery.
Looking ahead, the bank did not expect mortgage rates to deliver more affordability relief, leaving income growth and contained home-price gains as key supports.
As someone deeply invested in the Calgary real estate market, I’m always watching for shifts that impact first-time buyers. Over the past two years, Calgary’s home prices have actually declined, making that first step onto the property ladder a bit more attainable. By 2026, it’s estimated that first-time buyers will need about eight years to save for a 20% down payment on a $750,500 home. Rising incomes are helping to balance out the higher prices expected through 2024-2025, easing the path to home ownership. It’s encouraging to see affordability improving—helping more Calgarians turn their dreams of owning a home into reality is exactly why I love what I do.
