Calgary Wealth Transfer: The $600,000 Gap Between Expectations and Reality

CALGARY, AB — The largest wealth transfer in Canadian history is peaking right now, and Calgary families are sitting on a math problem: Boomers intend to leave nearly $1.1 million to their heirs, but local Millennials and Gen Xers expect to receive around $309,000. That's a $600,000-plus gap—and it's reshaping how the city buys, sells, and plans.

The 'Great Wealth Transfer' will move $1 trillion across Canada between 2016 and 2026, with 2026 marking the inflection point. In Calgary, where millionaires per capita have historically outpaced most Canadian cities thanks to the energy sector, the stakes are higher. Boomer net worth now averages $1.5 million, driven almost entirely by real estate. But their kids? They're underestimating what's coming.

The Down Payment Surge

Real estate is the vehicle. The average 'living inheritance'—cash gifted while parents are still alive—for Alberta home purchases hit $115,000 in 2024–2025, nearly double the $66,000 figure from 2019. With Calgary entering a Balanced Market phase in 2026, inventory is climbing, especially for condos and townhomes. That means heirs deploying inherited capital now have options, a sharp contrast to the bidding wars of 2023–2024.

Primary residences remain tax-free in Canada, so many Calgary Boomers are downsizing early to unlock equity and pass it to their children without triggering tax hits. The strategy is simple: sell the family home in Pump Hill, gift the proceeds, and move into a smaller space before the estate plan kicks in.

The Tax Trigger

June 2024 changed the game. The federal government raised the Capital Gains Inclusion Rate from 50% to 66.7% for gains over $250,000 on secondary properties—think Lake Bonavista cottages or Canmore rentals. That shift is forcing families to act now. Accountants across the city are advising clients to 'trigger' capital gains or transfer titles to children before the tax bite gets worse.

This isn't just about lakefront cabins. Family-owned businesses, investment properties, and any asset with significant appreciation are on the table. For many Calgary families, 2026 is the year they pull the trigger—literally and figuratively.

Who's Moving the Money

Calgary Boomers, now in their late 70s and early 80s, are shifting from wealth accumulation to wealth decumulation. Meanwhile, Calgary's population grew by 1.3% in 2025, driven largely by interprovincial migration from Ontario and BC. These newcomers are often arriving with inherited wealth from high-value Toronto or Vancouver home sales, injecting capital into Calgary's market and pushing local property values upward.

The result: a market where inherited wealth is no longer just a family matter—it's a competitive advantage. First-time buyers without family backing are facing a reality where peers are showing up with six-figure down payments courtesy of the Bank of Mom and Dad.

The Expectation Gap Explained

Why the disconnect? Calgary Millennials and Gen Xers are anchoring their expectations to outdated data or underestimating the appreciation of their parents' assets. Meanwhile, Boomers with financial plans are holding portfolios that have ballooned in value over the last decade, especially in real estate.

The gap isn't just about dollars—it's about timing. Families that plan proactively, using living inheritances and tax-efficient transfers, are positioning their heirs for homeownership and investment opportunities. Those that wait risk higher taxes, estate complications, and heirs who miss the current market window.

What This Means for Calgary

The wealth transfer is rewriting Calgary's housing ladder. Condos and townhomes, now more available in the Balanced Market, are becoming the entry point for heirs with inherited down payments. The luxury rental market is also feeling the shift, as some heirs choose to rent downtown while deploying inherited capital into investment properties outside the core.

For financial planners, accountants, and real estate professionals, this is the moment. Families need strategies that account for the new capital gains landscape, the timing of transfers, and the expectations gap. The Boomers who built Calgary's wealth are ready to pass it on. The question is whether their heirs are ready to receive it—and what they'll do with it when they do.