Good morning, Calgary. 👋

A new federal law just landed that could put up to $50,000 back in your pocket if you are buying a new home. We break down exactly who qualifies, how to claim it, and what the fine print actually says.

In today's edition:

Let's get into it. 🚀

What This Means: Sales are up slightly and homes are selling 5 days faster than last week, which is a real sign that spring buyers are starting to move.

The jump in listings under contract (+8.7%) is the most interesting number here. Buyers are committing, they are just negotiating harder on price. The average sold price is down 3.3%, which tells you sellers who are priced right are winning, and the ones who aren't are sitting.

On March 12, 2026, Bill C-4 received Royal Assent, officially eliminating the 5% federal GST on newly constructed homes for first-time buyers on homes priced up to $1 million. That is a maximum savings of $50,000.

For Calgary specifically, this matters more than almost anywhere else in Canada. Most new builds in Toronto and Vancouver blow past the $1 million threshold, meaning buyers there get a partial rebate at best. In Calgary, where the average new detached home sits around $734,000 and the benchmark across all property types is $560,500, the vast majority of qualifying buyers here get the full amount. A $600,000 new Calgary home? That is $30,000 back. An $800,000 build? $40,000.

First-time buyers purchasing new construction are the clear beneficiaries. The rebate applies to purchase agreements signed between March 20, 2025 and December 31, 2030, so if you signed a new build agreement in the past year and paid GST, you may already qualify and just don't know it yet.

This rebate does not apply to resale homes. If you are buying an existing property, none of this changes your transaction. It also requires both buyers in a couple to independently qualify as first-time buyers. One qualifying and one not means the rebate disappears entirely. You must also be a Canadian citizen or permanent resident; work permit and study permit holders are excluded.

In most cases, your builder already handles this for you. If your purchase agreement says something like "price includes GST net of rebate," the builder credits the rebate directly and claims it from the CRA on your behalf. You don't need to do anything. If you paid GST separately on top of your purchase price, you will need to apply directly through your CRA My Account using the GST/HST New Housing Rebate form.

The policy shifts demand toward new construction, which could ease competition in the resale market. Developers with inventory in Calgary communities are already stacking this with other incentives. Mattamy Homes just announced they will cover the first year of mortgage payments on select Calgary builds, on top of whatever GST savings apply.

The rebate is temporary, expiring at the end of 2030. If you have been sitting on the fence about a new build, the window is open. Whether it is the right move depends on your situation, not just the tax savings.

Located in the heart of Inglewood, this 2016 mixed-use landmark is hiding a massive secret.

Step inside and you have 9,420 square feet of blank-canvas commercial space on the main and lower levels, perfect for a gallery or boutique. Upstairs? A luxury 2-bedroom residence spanning three floors, complete with a chef's kitchen, a wine cellar, a 4-car garage, and a rooftop patio with sweeping views of the downtown skyline.

If you want to live above your business or invest in a piece of Calgary's oldest neighbourhood, this is the one.

🏦 The Iran War Is Moving Mortgage Rates. The Bank of Canada held at 2.25% this week, but the conflict in Iran is doing what tariffs started: pushing oil past $97/barrel and spiking bond yields. Fixed mortgage rates at major brokerages have already crept above 3.85% as a result. The overnight rate hasn't moved, but your renewal quote might look different than it did a month ago.

📉 Calgary Rents Are Falling. Canada's average asking rent dropped to $2,030 in February, and Calgary is following the trend. One-bedroom rents are down 3.3% year-over-year, and two-bedroom units have dropped 4.3%. With Alberta setting an all-time record for purpose-built rental starts in 2025, the supply is finally catching up to the demand.

📊 Detached vs. Condo ROI. A new report tracked Calgary home prices over the past decade and the results are stark. Detached homes climbed 37.5% from 2016 to 2026, while condos went up just 7.5%. Calgary's relative affordability means fewer buyers are forced into condos, which keeps condo appreciation muted compared to markets like Toronto.

🏗️ Builders Are Getting Creative. Mattamy Homes just announced a limited-time campaign in Alberta: buy a new home and they will cover your first 12 months of mortgage payments, up to $4,150/month. Stack this with Bill C-4's GST rebate and you have got a compelling case for new construction right now.

Before you go, just a few public service announcements:

Talk soon,

Nathaniel and Graham | YYC Housing Pulse Team