The City of Calgary has announced plans to increase the residential property tax in Calgary to 5.4 per cent in 2026.
This investment can have both positive and negative effects for not only current homeowners, but also future homeowners in Calgary.
Angad Walia, a Calgary real estate agent, says that homeowners will now have to budget with the increased tax, and that “they will have to make sacrifices in other areas of their life” or work more.
“This might not be the worst thing, because some of the money used from the increased tax might be used to help the homeowners indirectly as well. An example of this is if the homeowner takes advantage of a different program that was being funded by tax dollars,” Waliae said.
For future homeowners, this new increase in property prices may pose a significant challenge in finding a place to live.
Mortgages are already posing to be a significant hurdle for younger families looking to buy new homes.
“For new homebuyers, it becomes increasingly harder to buy a house, considering they will have to qualify for a higher mortgage as well,” Walia said.
The final debates and changes will occur once the new council is sworn into office in November 2025.
