🏡 How First-Time Buyers Can Get Their 5% GST Back on New Homes in Canada

If you recently purchased a newly built home in Canada as a first-time buyer, there’s great news you might not be aware of — you may be eligible to get the full 5% GST back on your purchase. That’s potentially thousands of dollars in savings sitting on the table!

💸 What Is the 5% GST Refund for First-Time Buyers?

As part of the federal government’s effort to make housing more affordable, the Goods and Services Tax (GST) has been eliminated for first-time homebuyers purchasing newly built or substantially renovated homes priced at or below $1 million — provided it will be their primary residence.

If you already bought a new home recently, this change may apply to you, and you could qualify for a refund on the GST you paid at closing.

✅ Who Qualifies?

To be eligible for the refund:

• You must be a first-time homebuyer

• The home must be newly built or substantially renovated

• The purchase price must be $1 million or less

• You must intend to live in the home as your primary residence

This applies whether the home is a detached house, townhouse, condo, or even a pre-construction property that has recently closed.

🧾 How Much Can You Get Back?

The GST in Canada is 5% of the purchase price. That means on a $600,000 home, you could be entitled to a $30,000 refund — and even more if the price is closer to the $1 million cap.

📌 How to Apply

The refund isn’t automatic — you must apply for it. The process involves submitting the appropriate form through the Canada Revenue Agency (CRA), along with documents such as your purchase agreement and proof of residency.

If you need help or want to check your eligibility, send me a message and I’ll provide you with:

• The application link https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/gst-hst-rebates/new-housing-rebate.html

• Step-by-step instructions

• Support to make sure you don’t miss out

🎯 Why This Matters

This refund is a huge win for first-time buyers who may be stretching their budgets just to get into the market. If you’ve already bought and moved in, don’t overlook this opportunity to put money back in your pocket.

📬 Want Help Claiming Your Refund?

If you think you qualify, or just want to make sure, reach out today and I’ll help you determine your eligibility and guide you through the process.

• Sales Activity: Calgary recorded 2,236 home sales in April 2025, a 22% decrease compared to April 2024. Despite this decline, sales remained in line with long-term trends.CREB® Resources+1CREB® Resources+1

• New Listings and Inventory: New listings rose to 4,038 units, a 15.7% increase year-over-year, leading to an inventory of 5,867 units, more than double the levels reported last year. The months of supply increased to 2.62, indicating a move toward balanced market conditions.

• Benchmark Prices: The unadjusted residential benchmark price was $591,100, a slight decrease from the previous month but relatively stable compared to April 2024. Detached and semi-detached homes maintained consistent prices, while apartment and row-style homes experienced slight declines from last year's peak.

Regional Market Insights:

• Airdrie:

  • Sales: 185 units.

  • Benchmark Price: $544,700, relatively unchanged from last year.

  • Inventory: 433 units with 2.34 months of supply.

• Cochrane:

  • Sales: 94 units.

  • Benchmark Price: $592,000, nearly 6% higher than the previous year and at a record high.

  • Inventory: 246 units with 2.62 months of supply.

• Okotoks:

  • Sales: 56 units.

  • Benchmark Price: $627,100, nearly 2% higher than last April.

  • Inventory: 127 units with 2.27 months of supply.

• Chestermere:

  • Sales: 62 units.

  • Benchmark Price: $705,900.

  • Inventory: 237 units with 3.82 months of supply.

• Langdon (Rocky View Region):

  • Sales: 162 units.

  • Benchmark Price: $658,000.

  • Inventory: 495 units with 3.06 months of supply.

• Strathmore (Wheatland Region):

  • Sales: 46 units.

  • Benchmark Price: $461,700.

  • Inventory: 117 units with 2.54 months of supply.

Conclusion:

April 2025 marked a transition toward more balanced market conditions in Calgary and surrounding areas. Increased new listings and inventory levels have eased the competitive pressure on buyers, leading to a stabilization of home prices. While sales have declined compared to the previous year, they remain consistent with long-term trends, indicating a healthy market adjustment. Buyers now have more options, and sellers may need to adjust expectations as the market continues to balance.

For more detailed information, you can refer to the full CREB® April 2025 reports:

• City of Calgary Monthly Statistics

• Regional Monthly Statistics

Welcome to this stunning two-story home in the highly sought-after community of Copperfield, now making its first appearance on the market! This impeccably maintained property features three spacious bedrooms, including two luxurious primary suites with ensuite bathrooms and walk in closets, providing comfort and privacy for everyone. The fully finished basement offers unparalleled versatility, featuring a third bedroom and a well-appointed three-piece bathroom—ideal for guests or family activities. You'll love the large, cozy living room, which creates the perfect atmosphere for relaxation and entertaining. Step outside to discover a beautifully landscaped, low-maintenance backyard that has been thoughtfully designed with a spacious deck and a charming interlocking brick patio—perfect for hosting gatherings or enjoying peaceful evenings outdoors. Located on a quiet street with great neighbours, this home is conveniently situated close to schools, shopping, transit, and the South Health Campus. Don’t miss out on this incredible opportunity to own a piece of Copperfield paradise!

​March 2025 saw significant shifts in Calgary’s real estate market, with declining sales but rising inventory levels, signaling a move toward more balanced market conditions. The surrounding areas, including Airdrie, Chestermere, Cochrane, Okotoks, Strathmore, and Langdon, continued to experience price growth despite varying sales trends.

Calgary Housing Market Overview:

• Sales Activity: Calgary recorded 1,720 home sales, a 19% decline from March 2024, though sales remained above historical averages.

• New Listings and Inventory: New listings increased by 4% year-over-year to 2,832 units, pushing total inventory to 4,187 units, a 75% rise from last year. This led to 2.4 months of supply, indicating a shift away from extreme seller’s market conditions.

• Benchmark Prices: The unadjusted residential benchmark price rose to $587,600, a 0.93% increase from March 2024. While detached and semi-detached home prices remained stable, apartment and row-style homes saw slight declines.

Regional Market Insights:

• Airdrie:

  • Sales: 160 units in March 2025.

  • Benchmark Price: $544,900 (5.5% YoY increase).

• Cochrane:

  • Benchmark Price: $686,800 (5.5% YoY increase).

• Okotoks:

  • Benchmark Price: $715,500 (5.2% YoY increase).

• Chestermere:

  • Benchmark Price: $818,100 (4.4% YoY increase).

• Strathmore:

  • Benchmark Price: $568,600 (7.1% YoY increase).

• Langdon:

  • Data not explicitly available in the CREB® report.

Conclusion:

Despite a decline in sales across Calgary and its surrounding areas, home prices have continued to increase, driven by limited supply in certain markets. With rising inventory levels, buyers are seeing more options, while sellers may need to adjust expectations. Market conditions appear to be shifting from an extreme seller’s market toward a more balanced environment, particularly for higher-density housing segments.

For those considering buying or selling, staying informed about inventory trends, pricing shifts, and interest rates will be crucial in navigating the evolving real estate landscape.

Bank of Canada Reduces Policy Interest Rate Amid Escalating Trade Tensions

On March 12, 2025, the Bank of Canada (BoC) announced a 25 basis point reduction in its target for the overnight rate, bringing it down to 2.75%. This decision marks the seventh consecutive rate cut and comes in response to escalating trade tensions with the United States, notably the recent U.S. tariffs on Canadian steel and aluminum exports.

Rationale Behind the Rate Cut

The BoC's decision is primarily driven by concerns that the ongoing trade dispute could hinder Canada's economic growth, elevate inflation, and increase unemployment rates. The uncertainty stemming from these trade tensions has already led to a decline in consumer and business confidence, with sectors such as manufacturing and discretionary consumer spending adjusting their sales forecasts and pricing strategies accordingly.

Implications for Borrowing and the Economy

The reduction in the policy rate is intended to make borrowing more affordable for both consumers and businesses. Lower interest rates typically lead to reduced costs for mortgages, personal loans, and business financing, which can stimulate economic activity by encouraging spending and investment.

Bank of Canada's Cautious Stance

Despite the rate cut, the BoC remains cautious about future monetary policy adjustments. Governor Tiff Macklem emphasized that while the central bank is committed to supporting the economy, there are limitations to what monetary policy can achieve in counteracting the adverse effects of a trade war. The BoC will closely monitor economic indicators, including inflation trends and employment data, to assess the necessity of further rate adjustments.

Market Reactions

Following the BoC's announcement, the Canadian dollar experienced a modest appreciation against the U.S. dollar, reflecting a balanced policy statement that did not strongly signal additional immediate rate cuts. Additionally, the Canadian government has announced retaliatory tariffs on U.S. imports valued at approximately CAD 29.8 billion, further intensifying the trade dispute.

Looking Ahead

The BoC's next scheduled interest rate announcement is set for April 16, 2025. In the interim, the central bank will continue to evaluate the economic landscape, particularly the evolving trade relations with the United States, to determine appropriate monetary policy actions.

In February 2025, the Calgary real estate market displayed signs of stabilization, with inventory levels rising and price growth moderating across various property types.

Overall Market Trends

• Sales Activity: Calgary recorded 1,721 sales in February, marking a 19% decrease from the previous year. Despite this decline, sales remained above historical averages for the month.

• New Listings and Inventory: New listings reached 2,830 units, aligning with historical norms. This influx contributed to a substantial 76% year-over-year increase in inventory levels, totaling 4,145 units. The months of supply rose to 2.4, more than double the figure from the same period last year.

• Benchmark Prices: The unadjusted benchmark price for residential properties was $587,600, showing a modest 1% increase compared to February 2024.

Detached Homes

• Sales and Listings: Sales declined by nearly 20% year-over-year to 765 units, while new listings saw a 6% increase, totaling 1,265 units. This dynamic led to a 61% rise in inventory levels, reaching 1,698 units.

• Prices: The benchmark price for detached homes rose by approximately 5% from the previous year, reaching $760,500. Notably, the City Centre district experienced an 8% price increase.

Semi-Detached Homes

• Market Activity: New listings increased by 7% to 240 units, while sales decreased by nearly 14%, totaling 165 units. Inventory levels grew by 46% compared to the previous year.

• Pricing: The benchmark price for semi-detached homes was $683,500, reflecting a 7% year-over-year increase. The City Centre and South districts led this growth with approximately 8% increases.

Row/Townhouses

• Supply and Demand: Sales decreased by over 9% year-over-year, while new listings rose by almost 4%. Inventory levels more than doubled to 655 units, though they remain below historical averages for February.

• Price Trends: The benchmark price for row homes was $446,880, up nearly 3% from the previous year. The East district notably experienced a significant 12% price increase.

Apartment Condominiums

• Market Dynamics: Sales reached 473 units, a 26% decrease from the previous year but still above long-term averages for February. New listings remained stable year-over-year at 852 units, a record high for the month. Inventory levels increased by 90%, leading to a months of supply figure of 3.1.

• Pricing: The benchmark price for apartments was $334,200, approximately 4% higher than February 2024. The West district saw the largest price growth at over 8%.

Regional Market Highlights

• Airdrie: Sales declined by nearly 9% to 123 units, while new listings increased by 23% to 225 units. Inventory levels more than doubled to 345 homes, resulting in a months of supply figure of nearly three months. The benchmark price was $537,600, a 1.6% year-over-year increase.

• Cochrane: Both sales and new listings exceeded long-term averages, with 75 sales and 126 new listings. Inventory rose by over 48% year-over-year to 196 units, leading to a months of supply figure of 2.6. The benchmark price increased by over 5% to $577,100.

• Okotoks: Sales decreased by 4% to 45 units, while new listings grew by 7% to 60 units. Inventory levels remained low at 69 units, resulting in a months of supply figure of 1.5. The benchmark price was relatively stable compared to January, with a slight increase of under 1% year-over-year.

Chestermere

Chestermere's real estate market in February 2025 exhibited notable trends, reflecting both stability and growth across various property segments.

Inventory and Listings

The total number of active listings in Chestermere stood at 168, a decrease from 188 in December 2024 and 216 in November 2024. This decline indicates a tightening market, potentially leading to increased competition among buyers.

Average and Median Prices

• Average Price: The average home price in Chestermere was $1,012,286, reflecting a 2.28% decrease from December 2024's average of $1,035,371. Despite this monthly dip, the market has shown resilience over the past months.

• Median Price: The median home price experienced a slight increase of 0.70%, rising from $673,131 in December 2024 to $677,846 in January 2025. This uptick suggests sustained demand for mid-priced properties.

Price Trends by Property Size

• Multi-Million Dollar Homes: This segment, comprising 42 properties, had an average price of $1,713,341, with an average of 3.76 bedrooms and 3.28 bathrooms.

• Newly Built Homes: Among 113 newly constructed homes, the average price was $731,219, offering modern amenities and designs.

• Reduced Price Homes: There were 6 homes with reduced prices, averaging $784,597, potentially presenting opportunities for value-seeking buyers.

Benchmark Price

The benchmark price for detached homes in Chestermere reached $790,500, marking a significant 10.1% increase compared to the previous year. This substantial rise underscores the strong demand and limited supply in the detached housing market.

Overall, the Calgary real estate market in February 2025 showed signs of transitioning towards more balanced conditions. While sales activity has moderated, increased inventory levels provide buyers with more options, and price growth has stabilized across various property types.

The Best Home Renovations for Increasing Property Value in Calgary

When it comes to increasing your home's value in Calgary's competitive real estate market, not all renovations offer the same return on investment (ROI). Strategic upgrades can boost your home's appeal to potential buyers and significantly increase your sale price. Here are the top home improvement projects that deliver the best ROI in Calgary:

1. Kitchen Renovations

A modern, functional kitchen is one of the biggest selling points for homebuyers. Investing in a kitchen renovation can yield a substantial return, especially if you focus on both aesthetics and practicality.

High-ROI Kitchen Upgrades:

- Cabinet Refacing or Repainting: Refreshes the look without the cost of full replacement.

- Stone Countertops: Quartz or granite adds a luxurious feel and is highly durable.

- Energy-Efficient Appliances: Modern appliances appeal to eco-conscious buyers and reduce utility bills.

- Updated Fixtures: Stylish faucets, sinks, and cabinet hardware provide an easy, cost-effective refresh.

Average ROI in Calgary: 75% - 100% depending on the scope and quality of the renovation.

2. Bathroom Remodels

Bathrooms are another key area where upgrades can add significant value. Buyers are looking for clean, updated spaces that feel like a spa retreat.

High-ROI Bathroom Upgrades:

- Walk-In Showers: Frameless glass showers with quality tiling are highly desirable.

- Vanity and Countertops: Upgrading to a double vanity or stone counters enhances functionality and aesthetics.

- Modern Lighting: LED mirrors and updated light fixtures add a contemporary touch.

- Flooring: Heated floors in bathrooms are a luxurious upgrade that performs well in Calgary's colder climate.

Average ROI in Calgary: 70% - 90% depending on materials and features added.

3. Basement Development

In Calgary, where homes often feature unfinished basements, converting this space into livable square footage is a valuable investment. Finished basements can serve as extra living areas, rental suites, or entertainment spaces.

High-ROI Basement Upgrades:

- Legal Secondary Suites: Adding a legal rental suite can provide passive income and increase property value.

- Home Office or Gym: In the post-pandemic era, home offices and fitness spaces are highly desirable.

- Entertainment Areas: Home theaters or recreation rooms add lifestyle value for families.

Average ROI in Calgary: 70% - 90%, with legal suites offering the highest return.

4. Curb Appeal Enhancements

First impressions matter. Enhancing your home's exterior can attract buyers before they even step inside.

High-ROI Curb Appeal Upgrades:

- Landscaping: Low-maintenance gardens and well-maintained lawns increase attractiveness.

- Exterior Painting: A fresh coat of paint on siding, trim, and doors boosts curb appeal.

- Entry Door Replacement: Modern, energy-efficient doors improve security and aesthetics.

- Outdoor Lighting: Pathway and accent lighting enhance safety and evening curb appeal.

Average ROI in Calgary: 50% - 80%, with landscaping and door replacements yielding the best returns.

5. Energy Efficiency Improvements

As energy costs rise, buyers are increasingly drawn to homes with sustainable features that lower utility bills.

High-ROI Energy Upgrades:

- Windows and Doors: Replacing old windows with energy-efficient models improves insulation.

- Insulation Upgrades: Proper attic and wall insulation reduces energy loss.

- Smart Home Features: Thermostats, lighting, and security systems offer convenience and savings.

Average ROI in Calgary: 60% - 90%, with energy-efficient windows providing the best returns.

6. Flooring Upgrades

New flooring can transform the look and feel of your home while providing practical benefits like durability and easy maintenance.

High-ROI Flooring Options:

- Hardwood Flooring: Timeless and durable, especially in main living areas.

- Luxury Vinyl Plank (LVP): Affordable, stylish, and water-resistant, ideal for basements and kitchens.

- Tile: High-end tile in bathrooms and entryways adds sophistication.

Average ROI in Calgary: 70% - 80%, with hardwood offering the highest return.

Final Thoughts

When planning renovations to increase your Calgary home's value, focus on projects that combine aesthetic appeal with practical improvements. Consider the needs of local buyers, and prioritize upgrades that offer the highest ROI. By making smart investments, you can enhance your property's marketability and maximize your return when it comes time to sell.

Calgary Real Estate Market Report – January 2025

The new year has arrived, and with it comes fresh insights into Calgary’s real estate market. January 2025 has set the tone for what buyers, sellers, and investors can expect in the months ahead. Let’s take a closer look at the key trends shaping the market.

Market Overview

• Sales Activity: December 2024 concluded with 1,322 sales, a 3% decrease from the previous year but nearly 20% above long-term averages. Throughout 2024, total sales were slightly below the prior year's figures, with higher-priced home sales compensating for declines in lower-priced segments due to limited supply.

• Inventory Levels: December's inventory stood at 2,989 units, below long-term averages but a significant improvement from the previous December and earlier in 2024. Enhanced rental options and increased new home activity contributed to this rise in new listings, bolstering inventory in the latter half of the year.

• Price Trends: Tight market conditions throughout 2024 led to an approximate 11% increase in detached home prices, with significant growth during the spring when supply was particularly constrained. Price appreciation was observed across all districts, with the most substantial gains in the North East and East areas.

Surrounding Areas

Airdrie

• Sales activity reached 1,951 units in 2024, marking a 4% increase from the previous year.

• An uptick in new listings helped alleviate some supply shortages.

• Inventory gains were more pronounced in the latter part of the year, pushing the months of supply above two months by September and continuing to improve in the final quarter.

• The annual benchmark price rose by nearly 8%, with more rapid growth in affordable, higher-density homes.

Cochrane

• Seller-favorable conditions prevailed for most of the year, as strong sales relative to new listings kept inventory levels in check.

• However, the last quarter saw an increase in new listings relative to sales, leading to more balanced conditions and slight inventory gains, though still below long-term trends.

• The annual benchmark price increased by nearly 9%, averaging $565,808 in 2024.

Okotoks

• A 16% rise in new listings in 2024 supported an 8% growth in sales.

• Despite these gains, inventory levels remained about half of traditional market levels, maintaining seller market conditions since 2021.

• The tight market drove an almost 8% increase in benchmark prices, averaging $615,708 in 2024.

• Semi-detached and row-style units saw price growth exceeding 11% annually due to heightened activity.

Chestermere

• Sales activity remained strong in 2024, with a steady demand for single-family homes and waterfront properties.

• New listings increased slightly, offering more options for buyers while maintaining a competitive market.

• Inventory levels remained relatively low compared to long-term trends, keeping upward pressure on prices.

• The annual benchmark price saw a notable increase of approximately 7%, reflecting the sustained demand for homes in this lakeside community.

Market Outlook for 2025

CREB®'s 2025 Forecast anticipates that easing lending rates, improved supply, and continued population and employment growth will sustain strong housing demand, with sales projected to exceed 26,000 units—over 20% higher than long-term trends. The market is expected to transition toward balanced conditions, with price growth moderating to an anticipated annual gain of 3%. Variations in price growth are likely across market segments due to increased competition from new home construction. Potential economic risks, such as tariffs, could influence market activity and warrant close monitoring throughout the year.

These insights provide a comprehensive overview of the current state and future expectations for Calgary and its surrounding real estate markets as of January 2025. For personalized insights or assistance in buying or selling, don’t hesitate to reach out. Let’s make 2025 a successful year for your real estate goals!

Seasonal Tips: Preparing Your Home Year-Round

Each season brings unique challenges and opportunities for homeowners. Here’s how to keep your home in top shape all year long.

1. Spring Maintenance

Spring is the perfect time to freshen up your home. Key tasks include:

• Inspecting and cleaning gutters

• Checking the roof for winter damage

• Servicing your HVAC system before summer heat

2. Summer Home Care

Warmer months require attention to outdoor spaces and cooling systems. Important steps include:

• Power washing and sealing decks or patios

• Cleaning and maintaining air conditioning units

• Enhancing landscaping with fresh plants and mulch

3. Fall Preparation

As temperatures drop, preparing for winter is essential. Focus on:

• Cleaning and inspecting the chimney

• Sealing gaps and cracks to improve insulation

• Testing your heating system

4. Winter Protection

Cold weather can be tough on homes, so take preventive measures like:

• Insulating pipes to prevent freezing

• Keeping walkways and driveways clear of ice and snow

• Checking for drafts and adding weather stripping

Final Thoughts

Staying proactive with seasonal maintenance helps prevent costly repairs and keeps your home comfortable year-round. For personalized advice, reach out for expert recommendations!

Legal and Financial Insights: Navigating Real Estate with Confidence

Understanding the legal and financial aspects of homeownership is crucial for making informed decisions. Here’s a guide to help you navigate these important elements.

1. Understanding Real Estate Contracts

A well-drafted contract protects both buyers and sellers. Key elements include:

• Purchase price and financing terms

• Contingencies (e.g., home inspections, financing approval)

• Closing date and possession terms

2. Mortgage Basics & Financing Options

Choosing the right mortgage is essential. Consider:

• Fixed vs. variable interest rates

• Loan terms and repayment options

• Pre-approval benefits and credit score impact

3. Closing Costs & Legal Fees

Home purchases come with additional expenses. Common costs include:

• Land transfer taxes

• Legal and notary fees

• Title insurance and Real Property Report (RPR) costs

4. Property Taxes & Homeowner Responsibilities

Every homeowner must factor in property taxes. Important points include:

• Assessment methods and annual adjustments

• Payment schedules and penalties for late payments

• Tax exemptions and deductions

5. Understanding Home Insurance

Protecting your investment is vital. Key aspects to consider:

• Coverage types (e.g., fire, theft, liability)

• Policy limitations and exclusions

• Choosing between replacement cost and actual cash value

6. Real Estate Investment Considerations

For those looking to invest, key factors include:

• Rental property regulations and tax implications

• Market trends and ROI potential

• Legal responsibilities as a landlord

Final Thoughts

Navigating real estate legal and financial aspects can be complex, but proper knowledge ensures smooth transactions. If you need professional guidance, consult with a real estate lawyer or financial advisor to make well-informed decisions.