They say only two things are certain in life: death and taxes. But for once, the government is scaling back its share. With around nine million of Canadians set to see their tax burdens lessened in 2016 thanks to the Canadian government's newly introduced tax cuts, CREB®Now breaks down some of the small print included in the changes.

$3.4 billion
With around nine million Canadians making between $45,282 and $90,563 set to see their tax bills decrease in 2016, the total cost to the Canadian government will be $3.4 billion. Single individuals who benefit will see an average tax reduction of $330 every year, and couples who benefit will see an average tax reduction of
$540 every year. The maximum tax reduction will be $679 per individual and $1,358 per couple.

Overseas condo ownership ramps up in Calgary

Foreign ownership is picking up in Calgary's housing market, according to a new report from Canada Mortgage and Housing Corp (CMHC).

Late last week, the federal housing agency noted foreign ownership in Calgary's condo apartment sector has increased from just 0.2 per cent of the total market in 2014 to 1.1 per cent in 2015.

While it's a far cry from the level of ownership seen in markets such as Vancouver and Toronto, the rise in Calgary still represents a five-fold increase.

Regulation changes could make investment market more attractive

Recent changes to secondary suite regulations could spell good news for investors looking for opportunities in Calgary's detached housing sector.

In late November, city council voted to relax the regulations on lot size and increase the amount of floor space allowed in the suites.

Under the new rules, homes zoned R-C1Ls, R-C1s and R-1s will have the minimum lot width removed altogether, while homes zoned R-C1N, R-C2, R-1N and R-2 l will see the minimum lot width reduced to nine metres.

The changes will also increase the maximum size on basement suites from 75 to 100 square metres.

In the midst of a correction, experts identify silver-lining investment opportunity

Buy low. Sell high. It's the quintessential mantra of successful investors.

And for those who have long sought to execute this philosophy in Calgary's real estate market, a window of opportunity may be opening thanks to weak oil prices – particularly in the apartment-style condominium sector, which has seen inventory levels skyrocket in 2015.

According to CREB®'s recent monthly housing forecast, months of supply in the apartment sector increased to 6.9 per cent in November, causing benchmark prices to slide
0.5 per cent from October to $287,000. Meanwhile, year-over-year prices were off by 4.6 per cent.

By comparison, months of supply in the detached and attached sector sat at 3.4 and 4.8, respectively.

Mattamy Homes opens first Calgary net-zero home

Even though it's nearly winter, Calgary just got a little greener.

Mattamy Homes, North America's largest privately owned homebuilder, has opened its first net- zero home in the city.

The first of five such homes set to be added to the northeast community of Cityscape are part of a national project that will double the number of net-zero homes – energy-efficient residences that generate as much energy as they consume on an annual basis – in Canada.

City rolls out revised waste diversion targets

The City of Calgary is rolling out revised waste diversion targets after a report labelled the previous targets as "ambitious."

The new goal, which calls for 80 per cent of Calgary's garbage to be diverted from city landfills by the year 2025, replaces the previous goal of 80 per cent by the year 2020.

According to the report's author, City of Calgary waste services planner Dick Ebersohn, the revised goal takes into account information gathered since the initial rollout, thus making it more achievable.

Calgary inventory levels ease

Despite the 18 per cent year-over-year decline in June home sales, for a total of 2,183 units, transaction levels remain only five per cent below the 10 year average for June and three per cent above levels over the past five years.

"We've seen less concern from consumers lately," said CREB® president Corinne Lyall. "One of the main reasons is that we haven't seen the worst case scenarios play out in the energy and housing sectors.

"Consumers who were waiting for wide-spread price declines have been surprised to see that it just hasn't happened yet, and so they've decided to take advantage of the improved selection and lower lending rates.

Calgary housing prices change direction in May

For the first time since December 2014, Calgary's residential unadjusted benchmark prices improved over the previous month. Within the city of Calgary, housing prices totaled $454,100 in May, a monthly and year-over-year increase of 0.55 and 0.96 per cent.

"For the third month in the row, new listings have eased compared to last year, helping push the market toward more balanced conditions, despite the current environment of slower sales activity," said CREB® chief economist Ann-Marie Lurie. "This has helped prevent further declines in the unadjusted benchmark price."