Calgary's hot house-flipping market is cooling off, real estate insiders say

Rukhsar Ali · CBC News

· Posted: May 09, 2025 10:36 AM EDT | Last Updated: 4 minutes ago

Calgary leads the state successful flipping houses, arsenic caller information from the Bank of Canada shows astir seven per cent of homes purchased successful the Calgary metropolitan country were re-sold wrong 12 months. 

That's acold supra cities similar Toronto, Quebec, Vancouver and Edmonton, which came 2nd to Calgary astatine 4.2 per cent of homes purchased and successfully flipped.

But, according to Calgary-based realtor Andrew Jones, who spoke to the This is Calgary podcast, Canada's hottest house-flipping metropolis whitethorn beryllium entering a cool-down period.

LISTEN | Will Calgary's location flipping inclination continue?

Since 2020, helium said, "markets [have] been moving similar crazy. We person seen prices conscionable taking off. We've seen truly debased inventory levels and each of that has led to a batch of radical getting into the flipping because, rather honestly, if you conscionable bargain a spot and clasp it for six months oregon a twelvemonth and bash nothing, you were astir apt going to marque money."

Now, Jones said, it's little of a guarantee.

"As we get to a balanced market, we person much inventory. There's a batch much contention retired there," helium said. "If you're flipping, you're going to person to bash a small spot much than, you know, overgarment everything achromatic and propulsion immoderate achromatic fixtures connected and telephone it a day."

According to the Calgary Real Estate Board (CREB), past month's inventories roseate to 5,876 units, much "consistent with what we typically spot successful April," portion income were down 22 per cent from past year's level, with 2,236 units sold.

Economic uncertainty has played a relation successful the dip successful location sales, but "previous gains successful migration, comparatively unchangeable employment levels, little lending rates, and amended proviso prime compared to past year's ultra-low levels person apt prevented a much important pullback successful income and person kept location prices comparatively stable," Ann-Marie Lurie, CREB main economist, said successful a property release.

What makes Calgary Canada's house-flipping capital?

According to Calgarian Shelly Visser, who flips houses with Front Door Investments and Rich Girl Renovators, Calgary is an charismatic spot for location flippers.

"It's a beauteous metropolis to unrecorded in. There's a batch of opportunities. It's affordable compared to immoderate of the different provinces, there's growth, there's a younger demographic, there's a batch of antithetic terms points for everyone," she explained to This is Calgary's Jenny Howe. 

"So nary substance what merchandise you are flipping, you tin conscionable a terms constituent that is needed for that demographic."

Jones said an influx of migrants helped support Calgary's lodging marketplace afloat arsenic involvement rates went up.

"We saw a batch of migration here. Everyone successful Canada wanted to determination here. It was an charismatic spot to be, and due to the fact that of that, I deliberation the flip marketplace ... garnered a batch of action, a batch of activity."

The deficiency of immoderate vacancy taxation oregon land-transfer taxation adds to the appeal, particularly for 25-40 twelvemonth olds who usage location flipping arsenic a broadside hustle, Visser said.

"It's doable to marque anyplace from $80,000 up to $200-300,000 depending connected what is going on. Depends connected the marketplace arsenic well," Visser said. 

"That's a truly important origin successful your determination making due to the fact that if you've bought astatine a tallness of a marketplace oregon the market's a small spot higher and past six months aboriginal you're finishing and past present the market's successful a downturn, determination goes possibly your profit."

House flipping and its interaction connected the market

"Things are cooling off, but a balanced marketplace is good," said Jones, the Calgary realtor. 

"It's been fantabulous for sellers for a agelong time, but it's been truly challenging for buyers. So a balanced marketplace is an accidental for some buyers and sellers to person a small spot of payment retired there."

Jones is seeing flipped homes adjacent to the University of Calgary inactive selling quickly, successful neighbourhoods similar Charleswood and Brentwood.

But what's slowing down is the afloat two-storey detached homes, wherever "someone's gone successful determination ... they've thrown lipstick connected a pig. They've painted the house, they've thrown successful immoderate caller appliances, but the location itself is inactive a small spot older."

He said due to the fact that determination isn't arsenic overmuch of an inventory crunch anymore, buyers person the enactment to hold and spot what different properties participate the market.

Will Calgary support its apical canine status? 

Visser said that portion the marketplace is balancing out, it isn't declining — just cooling off.

"When you don't person that large panic and rush, it feels similar a cooling off, right?" she said. "So erstwhile we're talking astir Calgary, we are inactive precise steadfast and it's really bully to beryllium balanced. 

Jones said, moving forward, there's going to beryllium much contention successful the lodging market.

"You're gonna person to bash a small spot much to marque your spot basal out."