Hey there,
Calgary’s zoning is frozen into 2027.
On October 8, the province told Calgary to keep the low-density zoning council brought back this summer. That covers 306,774 properties that went back to their old zoning in August, and they’ll stay there while the city rewrites its land-use bylaw.
I’m also looking at why all 6 big banks have raised fixed mortgage rates, an Alberta jobs number that went the opposite way from the rest of Canada, a new heat pump rebate worth up to $10,000 and a new walk opening on Memorial Drive.
Let’s get into it.
How to Use Your Equity to Buy Another Home
If you’re renewing soon, rising fixed rates are only one piece of the picture. A lot of Calgary homeowners are also sitting on equity they could put to work. In this video, I walk through how to use that equity to buy your next home, step by step.
Watch It
Calgary’s Zoning Is Frozen Into 2027
The News
On October 8, Premier Danielle Smith and Municipal Affairs Minister Dan Williams announced new provincial direction on infill for Calgary and Edmonton.
For Calgary, that means keeping its current low-density zoning and creating an overlay that identifies the lands restored to their previous low-density zones. Rules on housing types, building heights and parking stay in place while the city’s land-use review continues, and the province says that review is planned to finish in 2027.
The Breakdown
Quick refresher: council voted 12-3 on April 8 to repeal blanket rezoning, and the repeal took effect August 4. That sent 306,774 residential properties back to their original low-density districts.
What This Means For You
- If you bought a lot planning to build a duplex or rowhouse: I’d plan on going through a site-by-site rezoning, or on waiting for the review, which is planned to wrap up in 2027.
- If you’re selling an older home on a big lot: I’d price it on what the zoning allows today, not on what a builder hopes it might allow later.
What Else Happened This Week
All 6 Big Banks Have Raised Fixed Mortgage Rates
News: On September 29, CIBC and TD raised select fixed mortgage rates by 0.20 percentage points, mostly on 3- and 5-year terms. BMO, National Bank, RBC and Scotiabank had already moved.
Alberta Added 23,000 Jobs While Canada Lost 68,000
News: Canada lost 68,000 jobs in September, and national unemployment rose to 6.5%. Alberta went the other way, adding 23,000 jobs, with its unemployment rate down to 6.4%.
Ottawa’s New Heat Pump Rebate Pays Up to $10,000
News: On October 8, Prime Minister Mark Carney announced a $2 billion National Heat Pump Rebate. Households below the median income can get up to $10,000, and other eligible homeowners can get $2,000.
Lock In Now, or Wait for October 28?
“Felix, our mortgage renews early next year and rates keep going up. Should we lock in now or wait for the Bank of Canada on October 28?”
This is a question we’re hearing a lot right now, and the short answer is that October 28 probably won’t tell you much about your fixed rate.
- Fixed rates follow bond yields, not the Bank of Canada. All 6 big banks raised fixed rates over the past month while the Bank held at 2.25%.
- A rate hold doesn’t cost you anything. If your renewal is within 4 months, I’d get one in place now.
- Your bank’s renewal offer is just one number. A broker can put it side by side with offers from dozens of lenders.
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Spot of the Week: The Veterans Walkway
Veterans Walkway — Memorial Drive
The Vibe: The Veterans Walkway is a 5 km walk along Memorial Drive to the George C. King pedway bridge, and it officially opens October 17. There are 31 bronze medallions set into the path, and each one connects to a free app with stories of Calgarians who served.
The Order: Download the app before you go, then take your time and stop at each medallion along the way.
I’m curious what you’re planning. If you’re renewing this fall, are you locking in now or waiting? Hit reply and let me know. I read every one.
Talk soon,
Felix Chan
Team Lead • LiveInnerCity Real Estate Team • Calgary, AB



