Sales fell nearly 10 per cent year-over-year, active listings climbed to the highest October level ever recorded, and prices declined across every major property type and region. These are not the markers of a market finding equilibrium. They are the conditions of a market struggling to clear.

For much of 2025, falling prices seemed to lead to increased sales activity. As prices fell, more buyers could afford houses, so more purchased houses. But October has violently broken this trend, significantly slower than last year, with supply growing and demand falling. Should this trend continue, we’ll move deeper into buyer’s market territory and see further downside pressure on prices. Buyers have taken a step back to safety against renewed trade tensions, rising unemployment and increasing mortgage delinquencies. 

In spite of this, TRREB’s report headline (“More Choice, Greater Affordability for Buyers”) message focuses on improved affordability through lower mortgage rates and reduced selling prices. That framing obscures the magnitude of the shift underway. When home sales drop and inventory accelerates simultaneously, the issue is not simply buyer opportunity. It is the erosion of purchasing conviction and a widening disconnect between what sellers believe their homes are worth and what buyers are willing to pay. A decade of ultra-liquid conditions has given way to an environment where liquidity itself is failing.

The numbers reveal a market losing its floor

The GTA recorded 6,138 sales in October, the third-weakest October since at least 2010. The only weaker years were 2022 and 2023, both widely recognized as recessionary periods for real estate activity. Meanwhile, active listings surpassed 27,800, a 17 per cent annual increase and the largest October inventory level ever published by TRREB, as shown in the chart below. New listings have not collapsed. Demand has.

Prices are following. The average selling price declined more than seven per cent year-over-year, and the MLS HPI composite fell five per cent. Detached homes in the 416 dropped more than nine per cent. Condominiums, long considered the last rung of entry-level ownership, posted double-digit declines in sales and continued price softness. Even the segments once assumed to be supply-constrained are no longer insulated.

A market can absorb falling prices when turnover is strong and new buyers enter confidently. That is not the present situation. Homes are taking longer to sell. Relist cycles are increasing. Public sentiment surveys show heightened anxiety about employment security and renewal risk. The conditions that normally signal the bottom of a cycle, such as rapid absorption, visible investor re-entry and the return of bidding in pockets of the market, are absent.

Why TRREB’s framing misses the point

TRREB highlights lower mortgage payments as a positive development. The logic is correct but incomplete. Monthly payments are falling because both borrowing costs and asset values are falling together. That is not evidence of restored affordability but rather a symptom of waning demand meeting rising inventory. A household is not empowered by a lower payment if it does not trust its future income, nor by a reduced asking price if it expects that price to fall further.

The suggestion that the present environment favours buyers is accurate only in the narrow sense that buyers now hold greater negotiating leverage. For sellers, the implication is harsher. Each month of elevated inventory exerts incremental downward pressure on pricing expectations, particularly for those facing refinancing deadlines, investor exit timelines or job insecurity. Price discovery has not yet run its course, and the depth of unsold stock ensures it will continue.

The report also implies that a more predictable macroeconomic backdrop, including clarity on trade relations with the United States and China, could unlock pent-up demand. This underestimates the extent to which confidence has already fractured. The challenge is not merely uncertainty about external conditions. It is a shift in perception about the direction of housing as an asset class, following years in which price appreciation was treated as a near-guaranteed outcome.

The implications of excess supply

The gulf between active listings and transactions is now the widest in the data history (see the chart below). That spread matters because housing markets do not correct on price alone. They correct on time. As listing windows stretch and carrying costs accumulate, forced selling accelerates. The early signs are visible in investor-held properties where mortgages originated in 2020 to 2021 are approaching renewal at rates two to three times higher than their initial term. If wage growth and rent increases fail to offset those adjustments, more supply will enter the market under pressure rather than preference.

For policymakers, the situation complicates the usual prescription to build more housing. Supply expansion remains essential for long-term affordability, yet the near-term problem is not insufficient construction so much as insufficient absorption. Programs aimed at accelerating new starts risk backfiring if they collide with a demand downturn and a credit environment that remains restrictive. The next phase of housing policy must not only stimulate supply but stabilize the conditions under which that supply can be financed, purchased, and retained. Recent proposals to reduce upfront costs for first-time buyers in Ontario offer one such example.

For buyers, the opportunity is real but requires discipline. Lower prices and reduced competition do not automatically translate into strategic entry points. Markets in correction rarely move in straight lines. The prudent buyer evaluates not just headline prices but the trajectory of inventory, the stability of employment and the likelihood that financing conditions will shift again before maturity. The discount available today may expand tomorrow.

For sellers, realism is not optional. List-to-sale ratios are already reverting toward levels seen in the early 1990s, and the pool of buyers who can purchase without financing friction is narrowing. Pricing to the market, not to the memory of 2021 valuations, is now the difference between selling and relisting.

What comes next

The next decisive turn in the GTA housing market will not be triggered by a single rate cut or a cosmetic rebound in monthly sales. It will come when inventory begins to clear at a sustained pace and when buyers regain conviction in the trajectory of their own balance sheets. Neither condition is currently in place.

The October report will be read by some as evidence of a turning point in affordability. It reads instead as confirmation that the correction has more room to run. Markets do not bottom on hope. They bottom on exhaustion. The data shows a market still searching for that threshold.

Daniel Foch

Daniel Foch is the Chief Real Estate Officer at Valery.ca, and Host of Canada’s #1 real estate podcast. As co-founder of The Habistat, the onboard data science platform for TRREB & Proptx, he helped the real estate industry to become more transparent, using real-time housing market data to inform decision making for key stakeholders. With over 15 years of experience in the real estate industry, Daniel has advised a broad spectrum of real estate market participants, from 3 levels of government to some of Canada’s largest developers.

Daniel is a trusted voice in the Canadian real estate market, regularly contributing to media outlets such as The Wall Street Journal, CBC, Bloomberg, and The Globe and Mail. His expertise and balanced insights have earned him a dedicated audience of over 100,000 real estate investors across multiple social media platforms, where he shares primary research and market analysis.

The post Foch: A market in full correction appeared first on REM.

According to a new report from Wahi, sales of homes priced at $3 million and up fell roughly 15 per cent in the third quarter of 2025 compared to the same time last year, and 17 per cent from the second quarter. In total, 321 luxury homes changed hands between July and September, down from 376 in the third quarter of 2024 and 388 in Q2 2025.

“Luxury homebuyers may have bigger budgets than typical buyers, but many seem to be exercising caution and standing on the sidelines anyway,” said Ryan McLaughlin, economist at Wahi.

Toronto still leads in luxury activity

Despite the pullback, the City of Toronto remains the hub for high-end real estate deals. Of the 22 GTA neighbourhoods with at least five luxury home sales in the third quarter, 14 were located in Toronto proper, underscoring the city’s enduring appeal among affluent buyers.

The top performer? Yorkville, where nine homes sold for a median price of $6.25 million, making it the GTA’s most expensive neighbourhood for luxury resale homes.

Other Toronto neighbourhoods showing renewed life in the $3-million-plus range include Ledbury Park, Lawrence Park, Rosedale, Forest Hill, the Beach and Willowdale. Outside the city, West Oakville in Halton Region also stood out for its uptick in luxury transactions.

Buyers remain selective

While the luxury segment is cooling overall, the data suggests deep-pocketed buyers are becoming more discerning rather than disappearing entirely. Central neighbourhoods with established prestige, walkability and access to amenities continue to draw interest.

The post Luxury home sales cool across the GTA — but a few neighbourhoods are still hot appeared first on REM.

From rooftop pools to yoga studios, condo developers across Canada are doubling down on amenities to stand out in a crowded market. But are buyers really choosing homes based on the extras?

Taylor Musseau, partner at MLA Okanagan, said amenities help round out the lifestyle pitch for Stober Group’s new two-building development in Kelowna, where she is handling sales and marketing.

The development dubbed Movala, in Kelowna’s sought-after South Pandosy area, includes nearly an acre of shared spaces. Residents will have access to a pool, hot tub, al fresco dining areas, gardens, a gym, yoga room, cabanas, a bocce ball lawn, games room, guest suite and an indoor “great room” designed for entertaining. 

“It’s tailored to four-seasons living here,” Musseau said.

The two-building project totals 325 homes, with the first now welcoming residents and the second set to be completed next year. Musseau said building one is nearly sold out.

An outdoor dining area at Movala (photo: Stober Group)

Beyond the amenities, Movala’s draw is rooted in a mix of design, price and location. 

The development sits near a popular Okanagan beach. One-bedrooms start in the mid-$400,000s, while two-bed, two-bath homes are priced around $580,000, figures Musseau describes as “good value” for comparable constructions in the area.

She said the extra amenities haven’t added a lot of extra expense for residents because the costs are spread out amongst so many homeowners, noting fees come in at just under 50 cents a square foot.

After an initial marketing push targeting empty nesters and downsizers, the team has shifted its focus to younger buyers and families. 

“We’re looking more at young professionals, young couples, people who want to live here full-time,” she said.

Can buyers have it all right now?

Condo buyers in Vancouver are sitting in a strong position, said Adil Dinani of Royal LePage West Real Estate Services. 

“We’re in a buyer’s market for most segments right now, especially condominiums,” he said. “Buyers have selection and they have time. It’s a very unique time in the market. We haven’t seen the stars align like this since pre-COVID.”

With roughly 17,000 active listings in Greater Vancouver, and about 40 per cent of them condos, buyers can afford to be choosy.

Price and location still drive decisions, Dinani said, but amenities are becoming a bigger part of the conversation.

“The amenity offering is important,” he notes, pointing to demand from active baby boomers looking for fitness facilities, pools and saunas in their buildings.

But while the lifestyle features attract attention, they also come with higher costs. “You might have a 1,200-square-foot two-bedroom and your maintenance fees could be almost 80 or 90 cents per square foot,” he said, which would total about $900 a month.

He adds that while some residents love the idea of a saltwater pool or concierge, he has learned that not everyone capitalizes on the amenities in their buildings after they move in.

Sometimes, it’s simple things like air conditioning that drive demand, he said.

“A lot of older buildings, even those built as recently as 2015, don’t have A/C,” Dinani said. “Now it’s near the top of buyers’ lists.”

Community as an offering

Jeff Brown, executive vice president of NorthStar Development, is behind an up-and-coming project in his hometown of Port Coquitlam.

NorthStar took the project over from a previous developer who had completed the basement level, and has redesigned the building to match today’s market demands, said Brown.

Wellness and social living is at the heart of the concept for the 102-unit project called Livy.

“The desire for community is something that’s been growing, particularly post-2020, when we were all isolated,” said Brown. “There’s a growing expectation, we feel, for a curated lifestyle, which offers wellness and shared spaces that foster connection and could lead you to meet your neighbours.”

The vision for the golf simulator at Livy.

Livy’s design features more than 10,000 square feet of amenities, including an expansive rooftop space, a virtual golf simulator and high-tech wellness areas. Among the most alluring features is a Nordic-style spa with hot and cold plunges.

He said their target is first-time buyers. Junior one-bedroom units are priced at $389,000 and range up to $739,900 for two-bedroom plus den units, according to Livy’s website.

Brown said an expertly-drafted design helped offset the costs of the “extras” for residents. The spa, he said, adds an extra six cents a month to the average condo fee.

“We were able to put our heads together and execute without spending frivolously,” he said. “There’s a bit of an art to it.”

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

The post Developers bank on lifestyle to attract a new wave of buyers appeared first on REM.

The Real Estate Council of Ontario (RECO) has issued an order to freeze the bank accounts of Oakville, Ont.-based Rexig Realty Investment Group. The regulator has also issued a proposal to revoke the registrations of both the brokerage and Broker Paul Poliszot, the brokerage’s director and president. 

The measures, announced Oct. 30 under the Trust in Real Estate Services Act, 2002 (TRESA), are intended to protect consumer deposits. RECO says the freeze order prevents funds from being withdrawn from the brokerage’s bank accounts. It uses freeze orders “when necessary” to ensure that money held in brokerage accounts is not at risk of being misused.

Rexig, which employs 10 agents according to the regulator, remains open. RECO says the broker of record will oversee remaining transactions and facilitate the transfer of agents and active listings to other brokerages.

Appeal process

A proposal to revoke registration is issued when the Registrar believes a brokerage or registrant is not entitled to registration. The decision can be appealed within 15 days. If no appeal is filed, Rexig and Poliszot’s registrations will be terminated, and they will no longer be permitted to trade in real estate.

Poliszot did not respond to Real Estate Magazine’s request for comment.

In a 2021 interview with REM, Poliszot described his firm as working “much like a real estate investment bank,” advising smaller investors — such as medical professionals, lawyers and entrepreneurs — on building real estate portfolios.

Province reviewing iPro audit

The enforcement action comes as the Ontario government confirms it has received Dentons Canada’s audit into RECO’s handling of the iPro Realty scandal, which involved the alleged misuse of millions in trust funds. Minister Stephen Crawford has said the findings will be made public once his review is complete, though no timeline has been given.

Consumers and agents affected by the Rexig freeze order are encouraged to contact RECO.

Editor’s note: Realty Executives has no affiliation with Rexig Realty Investment Group Ltd. A previous reference has been removed to avoid confusion.

The post RECO issues freeze order, proposes to revoke registration of Oakville brokerage appeared first on REM.

Brankovsky, who’s with Royal LePage, believes that open houses are still worthwhile (“all you need is one buyer”). But she’s finding that there’s often less traffic through them in her area than in previous years. After all, when sales are down, open house activity tends to fall off as well, although it can depend on the neighbourhood.

“There’s nothing worse than sitting there for four hours with no one coming through. I think at the moment it’s less about the market and more about the economy. The cost of living is holding people back.” 

Different stories across the country

Post-pandemic-related changes must be considered as well. With homebuyers now having increased access to tools such as virtual tours, a lot of legwork can be done online, making a decline in open house activity seemingly inevitable.

But while this seems to be the case in certain pricy major centres, particularly Toronto and Vancouver, it’s a different story elsewhere, with some higher-performing markets seeing activity galore.

The latest data shows that “stark regional variations” have characterized the fall housing market, observes Ryan McLaughlin, an economist with Wahi, a Canadian digital real estate platform. According to RPS-Wahi’s latest house price index report, home prices continue to slide in the country’s most expensive cities. 

“But in select locales with better affordability conditions, gains are beginning to accelerate,” says McLaughlin. You could probably conclude that in these latter areas, it would make sense that there’s more open house action, he notes. 

Although the national numbers overall are suggestive of a market on pause, “that’s certainly not the case in cities in Quebec and Atlantic Canada, as well as certain parts of the Prairies, which may be heating up more,” McLaughlin explains.

While this latest fall data show Toronto and Vancouver housing prices dropping by at least four per cent from last year, quite a few cities with greater affordability have been experiencing stable performance and significant price growth. McLaughlin lists Winnipeg, Quebec City, Montreal and Regina among these, and to a lesser extent Calgary, Edmonton and Halifax.  

Canada’s easternmost city is ‘on fire’

 RPS-Wahi also has data not publicly included in its price index showing that year-over-year, home prices in St. John’s, N.L., have grown a whopping 12 per cent. 

Says Jim Burton, owner of ReMax Infinity in St. John’s: “Things are on fire here. It’s crazy busy. I’ve never seen a market like this. In a market currently not experiencing the best in some Canadian centres, be aware that other parts of the country are robust. And Newfoundland is one of them.”

This is a welcome change for the local real estate community. “We’re a hardened crew, used to going out and nesting in the gale, surviving hard times,” says Burton. 

Today, inventory in St. John’s is down, and sales are up. Multiple offers and homes selling over-asking have become common, which is unusual for the province. 

“We’re seeing a lot of capital coming in,” observes Burton. “There’s an abundance of buyers and few sellers. A lot of people are attending open houses. They’re pumped.” 

Making a case for open houses

Far from feeling that open houses are an outdated tool, Burton continues to find them a cost-efficient way of marketing, promotion and lead generation – not to mention an industry standard which tends to be expected by clients.

But not to worry, in a competitive sellers’ market like St. John’s, there’s no need for agents to knock themselves out getting overly creative with their open houses, in his opinion.

“Do your homework and be prepared,” he advises. Advertise well in advance. Take care of any necessary painting and repairs. “Put some buns in the oven and create a warm atmosphere.”

Setting the mood

Then again, kicking it up a notch can’t hurt. 

At the open houses hosted by Calgary agent Renata Reid, senior vice-president of sales at Sotheby’s International Realty Canada, there may be live music, catered refreshments and games. Once, an Aston Martin was on display in all its glory. Buyers can’t get that experience – the aromas, the ambiance – online, she observes.

“It creates an atmosphere that makes people feel welcomed and want to linger. I take open houses to the next level.”

It’s hard to say what, if anything, would bring open house activity fully back to pre-pandemic levels Canada-wide. With Christmas less than two months away, it won’t be long before the seasonal slowdown hits. Many agents don’t do open houses on holiday weekends, focusing instead on family. But there are plenty of people visiting from out of town during holidays with time on their hands, who may be looking to move closer to relatives, Reid points out.

“Take a break if you need it. But it can be a great time for an open house.”

 Vancouver-based eXp Realty agent Tom Ikonomou agrees. 

“If people are trudging through the snow to an open house during a holiday, then you know they’re serious about buying.”

Susan Doran

Susan Doran is a Toronto-based freelance writer who has been contributing to REM since its very first issue.

The post Open house trends defining Canada’s uneven real estate market appeared first on REM.

Each month, REM shares brokerage expansions and conversions, leadership appointments and other key industry moves. Have an announcement to share? Email your news to editor@realestatemagazine.ca by the 26th of each month, and don’t forget to include a photo!

Expansions, mergers and conversions

Sutton Group expands in the west

Real estate company Sutton Group is expanding its reach with two new offices.

This month, Sutton announced the grand opening of Sutton Beeline Calgary and Sutton Centre Kelowna.

The establishment of the new locations was strategic, says Sutton, as both Kelowna and Calgary offer “significant market opportunities for growth.” 

Sutton Beeline in Calgary is led by managing broker Zaeena Gul, while Sutton Centre Kelowna is co-led by managing brokers Emily Coates and John Skender. 

“The opening of Sutton Beeline Calgary and Sutton Centre Kelowna represents a significant step forward for Sutton,” said Beatrice Cosentini, vice-president of Sutton’s western region.

“In a market where there is increased demand for innovative solutions, this team exemplifies the forward-thinking vision and enthusiasm required to drive meaningful change in the market.”

Royal LePage welcomes Saskatchewan brokerage

Mark Zawerucha

Royal LePage is announcing the opening of Royal LePage Success Realty, based in Yorkton, Sask. 

The brokerage will serve clients in Yorkton, as well as surrounding communities including Melville, Springside, Saltcoats, Theodore, Good Spirit Lake and beyond. 

The new brokerage is led by Mark Zawerucha, formerly an associate broker with Re/Max, who brings nearly a decade of real estate experience to his new ownership role.

“In the short term, my goal is to establish Royal LePage Success Realty as a trusted name in Yorkton and surrounding areas,” said Zawerucha. “Long term, I want to grow a strong team of professionals who share my commitment to delivering outstanding service to clients.”

Executives Property Management and Century 21 Assurance Realty Ltd. join forces

Treena Piva

Property management company Executives Property Management (Formerly Real Property Management), which services Kelowna and the B.C. Interior, has merged with Century 21 Assurance Realty Ltd.

Treena Piva and Aaron Piva of Executives Property Management will continue their leadership as managing directors of property management.

Century 21 Assurance Realty is led by managing broker Kim Davies.

“Our mission has always been to serve with integrity, lead with purpose, and create value for both investors and residents,” said Treena Piva. “Together, we’re taking that promise to the next level – continuing our commitment to redefine and elevate the expectations of property management through strategic innovation, advanced technology, and next-level service.”

Corcoran Horizon Realty opens new Hamilton office

Corcoran Horizon Realty is deepening its roots in Ontario with the opening of its newest office in Hamilton. 

Heading up the office as broker/managing partner is Martinus Geleynse, who brings over 16 years of experience in real estate, marketing and community development to the role, according to a company statement. 

“Our new Hamilton office reflects our belief in the city’s resilience, diversity and unmatched character,” said Cliff Rego, CEO and broker of record for Corcoran Horizon. “Hamilton is a place of reinvention and grit, where heritage meets innovation. We’re proud to establish a presence in a city that’s not only steeped in history but also driving forward with creativity, entrepreneurship, and community spirit.”

Corcoran is already established in the markets of Kitchener, Cambridge, Port Severn and Toronto.

Odyssey Retail Advisors expands to Canada

Odyssey Retail Advisors, a premier real estate advisory firm, is expanding into the Canadian retail market with a footprint in Toronto.

Headquartered in New York, with offices in Miami, Chicago and Los Angeles, the firm advises luxury and contemporary retailers in expanding their presence worldwide and guides developers in creating upscale shopping destinations.

Joining Odyssey as part of the Canadian expansion are Casdin Parr, David Bishop and Ryan McCarthy as executive vice presidents, along with Lesia Czech as director.

Together, they bring decades of experience advising national and international retailers across the Canadian retail landscape, says a company statement.

“This is a pivotal step in Odyssey’s continued evolution as a global advisory platform,” said Rich Johnson, principal at Odyssey Retail Advisors.

“Casdin, David and Ryan are widely respected for their deep client relationships, market expertise, and strategic thinking. Their presence enhances our ability to support clients in one of the most important luxury markets in North
America.”

Important milestones

New HQ for Berkshire Hathaway HomeServices Québec

Berkshire Hathaway HomeServices Québec is celebrating the grand opening of its new headquarters in Montreal.

Located minutes from Royalmount, dubbed the largest private development underway in the province, the move marks a step forward for the brokerage, which established itself in Québec in 2020.

The 2,000-square-foot space, located in suite 290 of 5929 Trans-Canada Highway, is designed to have the look and feel of a penthouse condominium, rather than an office, according to a company statement.

The brokerage is led by founder and CEO Sacha Brosseau, who is planning to expand across the province. 

“We will grow with the right people, at the right pace,” he said in a statement. “We’ve witnessed what happens when large corporations prioritize spreadsheets over their brokers, and we are building a different kind of company—one where growth serves to strengthen and support every member of our organization.”

Engel & Völkers Ottawa signs up for another decade

Engel & Völkers Ottawa recently announced the renewal of its franchise agreement, marking a decade in Ottawa’s high-end real estate market and committing to another 10 years under license partners John King and Larry Mohr. 

Since 2016, Engel & Völkers Ottawa has expanded to four shops across the metropolitan region. 

The brokerage has become a major player in Ottawa’s luxury segment, representing 12 per cent of all properties sold over $1 million and a commanding six per cent of the overall market share, according to a company statement.

Their 150 advisors make up three per cent of the local real estate board. 

The post The Real Deal: Industry highlights for October 2025 appeared first on REM.

After nearly a decade of leadership, Marina R. James is stepping away from her role as CEO of the Winnipeg Regional Real Estate Board (WRREB).

Since joining WRREB as CEO in 2016, James has guided the organization through a period of growth, modernization and strengthened industry and community partnerships, according to a statement from the board. Her final day is Oct. 31. 

Outside of this role, James’ leadership extends to service as chair of the Manitoba Hydro Electric Board and vice chair of the Inland Port Special Planning Authority.

James chaired the 2023 national task force charged with making recommendations to the Canadian Real Estate Association (CREA) board of directors on the future of Realtor.ca as a new for-profit subsidiary. 

She was also recognized with CREA’s 2024 Association Executives Network (AEN) Award of Excellence.

“It has been an honour to serve as CEO of the Winnipeg Regional Real Estate Board and to work alongside such a talented and passionate team, dedicated board of directors and an engaged membership,” said James. “Together, we have navigated change and strengthened our impact as an organization focused on economic development, removing barriers to home ownership and addressing impediments to the growth of housing and real estate in Manitoba.”

Incoming CEO named

The WRREB board of directors has appointed Crystal Hollas, senior vice president and chief privacy officer, as the organization’s next CEO.

Hollas brings over 19 years of experience with WRREB, in addition to a law degree and deep institutional knowledge of the board’s operations and member relations. 

“As we look to the future, I remain committed to supporting our members, fostering collaboration, and ensuring the Winnipeg Regional Real Estate Board’s continued leadership in advancing the interests of real estate in our market region,” said Hollas.

Established in 1903, the WRREB is one of Canada’s longest-running real estate boards, representing more than 2,500 agents.

The post Change in leadership at Winnipeg board as Marina R. James steps down appeared first on REM.

This week, the provincial government proposed to rebate the full eight per cent provincial portion of the HST for first-time buyers on new homes valued up to $1 million. 

The province’s proposal, which will be included in the 2025 Fall Economic Statement, would save first-time home buyers up to $80,000 off the cost of a new home when combined with existing provincial relief.

While homes valued up to $1 million would qualify for the full rebate, there will be partial rebates on a phased-in basis for homes valued up to $1.5 million. 

Combined with the federal government’s proposed removal of its five per cent portion of the HST, first-time buyers could save a further $50,000.

In a statement, Ontario Real Estate Association (OREA) president Cathy Polan called the plan a “step in the right direction for the future of this province.”

She said this type of action “is exactly what we need to help young Ontarians and their families get a foot on the homeownership ladder.”

‘A drop in the bucket’

Evan Malach, a Toronto Realtor with Harvey Kalles Real Estate, specializes in working with first-time buyers, and says he sees the struggles people face as they pinch every penny to break into the market.

Malach says he welcomes action from political leaders to address the housing crunch, but does he think this new rebate would make a meaningful difference?

“In one sense, yes, and in another, it’s a drop in the bucket,” he told Real Estate Magazine. “It depends on where you’re looking.”

He sees some potential for the rebate to boost new condo sales, a market that’s at its lowest level in decades.  

“I think it remains to be seen how much this (rebate) will actually make any kind of difference. I think it’s a start, but there’s a lot more that could and should be done.”

Interest rates still hitting hard

Carl Gomez, chief economist and head of market analytics at CoStar, said he thinks the rebate could have a marginal impact, but not enough to make a big difference in overall affordability. 

“I don’t think it’s a silver bullet, per se,” he said.

He said in the metro regions, there is low inventory for homes under $1 million, except for small condos. 

“There is not that much supply out there for first-time buyers to open up the door,” he said. “But, it is a step.”

He said financing is a major part of the equation for first-time buyers, and mortgage rates are still a barrier.

“Your traditional five-year mortgage rate is still relatively high compared to where it was pre-pandemic,” he said, adding that rates are contributing to worse affordability conditions today than the historical average. 

While the Bank of Canada cut the key interest rate on Wednesday to 2.25 per cent, Gomez pointed out that the five-year Government of Canada bond yield, which is what fixed rates are based on, actually went up. 

“On the rate relief side, it’s still tough for those first-time buyers,” he said. “The borrowing environment is still the biggest factor that’s causing first-time buyers, and even investors, to wait on the sidelines.”

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

The post Ontario proposes tax rebate for first-time buyers, but is it enough? appeared first on REM.

The Re/Max Housing Market Drivers Report released this week examines nine major Canadian urban centres over 30 years, with triple-digit price appreciation reported from 1994 to 2024. The report found population growth, along with policy levers and market events, have long been pillars of the Canadian housing market, creating periods of extended growth and contractions in the country’s largest cities. 

Halifax Regional Municipality reported the greatest increase in price percentage growth, rising 460 per cent for a compounded annual growth rate of 5.91 per cent. The Greater Toronto Area was a close second, with a percentage increase of 436.2 per cent and a CAGR of 5.76 per cent, while Saskatoon rounded out the top three, with a percentage increase of 377 per cent and a compounded annual rate of return of 5.35 per cent.

Re/Max Canada president Don Kottick said each generation has faced its challenges and obstacles. 

“Today’s trade barriers, high interest rates and stringent lending policies may be overwhelming, but this too shall pass,” he said. “Historically, dynamics evolve from recovery to expansion, peak to contraction, trough to recovery. Cyclically, the trough is short and gives way to renewed growth. In retrospect, buyers may look back and realize that this period represented the best opportunity in recent years to get into the market at a reduced price point.”

Market conditions are softening, but new buyers still struggle

Re/Max brokers are reporting balanced/moderating conditions in most markets, with affordability being an ongoing issue, despite more favourable conditions, including rising inventory levels. 

Average price escalation continues to outpace wage growth, making it exceedingly difficult for first-time buyers across all regions to enter the market, according to the report. Additionally, many would-be purchasers are challenged by the mortgage stress test, debt burdens, downpayment requirements and high carrying costs. 

A chronic supply shortage at lower price points is driving values higher for entry-level homes, while the cancellation of new construction projects has set the stage for tight market conditions in the future, according to Re/Max. 

The report also points to a notable trend: empty-nesters and retirees now competing with first-time buyers for smaller homes, particularly bungalows, in many areas of the country, making it even tougher to break into the market.

Unlocking opportunities to ease the path to ownership

Re/Max included a list of 10 potential solutions to put homeownership back in reach for more Canadians. They are:

• Allow potential homebuyers to withdraw more than the allotted amount in the first-time Home Buyers’ Plan from their RRSPs and from their TFSAs.
• Remove the additional two per cent requirement to qualify on the mortgage stress test.
• Extend amortization periods for first-time homebuyers.
• Remove Land Transfer Taxes on purchases under certain price points (to be determined by average price in each market).
• Remove GST and HST for all homebuyers on new housing product.
• Reduce or remove red tape, outdated zoning bylaws and restructure land-use policies, while speeding up the permit and approvals process.
• Incentivize the building of homes that meet the needs of today’s homebuyers, shifting focus to end users over investors.
• Policies and programs should prioritize first-time purchasers.
• Invest in and support innovations such as modular or prefab construction techniques that bring supply online faster and at a lower cost.
• Address supply of affordable homes as a percentage of available product or new construction.

“Affordability, population growth and supply shortages are the recurring themes shaping residential housing in Canada,” said Kottick. “While each market exhibits local nuances – Vancouver’s looming condo shortage, Edmonton’s affordability and Halifax’s steep climb in values are just a few examples – the shared pressures unite all major regions. Governments and private-sector players share a great responsibility in shaping Canada’s real estate landscape, addressing the housing crisis and ensuring sustainable urban development.”

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

The post Today’s homebuyers face uphill battle, but ‘this too shall pass,’ says Kottick appeared first on REM.

It was signed months, maybe even years ago, and the agent was already partially paid. Those funds are long gone, having been used to run their business and their life. Now, the developer is demanding those funds back in full.

It’s a reality more Realtors face in a market experiencing an uptick in failed new construction deals. 

The numbers are dismal: Urban Nation reports 10 projects were cancelled in 2025’s third quarter alone, bringing the year-to-date cancelled total to 18 projects and 4,040 units.  

“Prior to 2022, it was rare to see a deal fall through,” said David Ionico, partner at McHugh Whitmore law firm in Stoney Creek, Ont. “In recent years, it is unfortunately a common occurrence, and I refer failed deals to litigation on what seems like a weekly basis.”

Ionico said that reasons for failed deals vary, but most recently, they have been due to purchaser financing issues.

“Lenders seem to have gotten stricter with their requirements and are more cautious to lend,” Ionico said. “Additionally, appraisals are coming in much lower than expected at the time of purchase, resulting in purchasers not being able to obtain enough funds to close.”

Implications for agents 

Unlike the average confirmation of co-operation form for the sale of existing homes, new developers typically have Realtors sign a document called an “Agreement to Co-operate.”

It’s a schedule outlining conditions for staggered commission payouts. For example, the first commission payment of one per cent is sent upon successful completion of the building’s roof. The second payout of one per cent is sent once the developer receives a mortgage commitment, and so forth. The condition criteria and commission percentages vary from developer to developer.

There is an important clause within this agreement that has become increasingly common: the repayment clause. 

Also called a “clawback clause,” this condition allows developers to rescind commissions previously paid to Realtors should buyers be unable to close. 

A poor understanding of terms may be hurting agents

Sam Hassaan, broker of record at Royal LePage Real Estate Services in Oakville, Ont., agrees that these clauses have become the “industry standard for most major developers.” 

He said agents typically do not raise concerns about the clause – perhaps because they don’t fully comprehend them.

“A significant number of agents do sign these agreements without fully understanding the ramifications and financial risks when the deal does not close,” said Hassaan.

While Realtors may get the short end of the proverbial stick with clawback clauses, developers include this clause for a reason.

“Put simply, a lot of deals aren’t closing and, as with other types of real estate transactions, the expectation is that the non-defaulting party won’t pay any commissions if the deal doesn’t close through no fault of their own,” said Ionico. “These clauses also incentivize co-operating agents to bring purchasers that are likely to close.”

‘Read before you sign’

Hassaan notes that repayment clause enforcement has become prominent in the current market, particularly in areas with high volumes of new development such as the Greater Toronto Area. While Hassaan advises Realtors to try and negotiate this clawback clause, Ionico states negotiating this clause would be dependent on the developer.

“I’m not sure my builder clients would negotiate this, given the higher risk of deals falling through these days,” said Ionico.

And while Ionico has seen agents try to contest repayment clauses, it usually doesn’t go far.

“I’ve seen agents dispute clawback clauses but never with a legal justification to do so. Assuming the clause is properly drafted, its enforceability is undisputable.”

Knowledge is the best defense for Realtors who want to delve into the world of new development sales. While Ontario’s Real Estate Salesperson Program includes sessions on new constructions, some brokerages also offer pre-con training.

As an extra precaution, Royal LePage Real Estate Services also implemented a brokerage policy for pre-construction deals. If multiple commission installments are woven into a deal, their policy is to hold the funds until the deal’s final closing. While this could mean a significant delay in commission payout, it protects the Realtor and brokerage from being unable to pay back the developer if the deal fails to close.

Realtors can take similar measures to protect their finances should their brokerages not have such policies in place. This could be as simple as setting aside your first or second installment in a separate account for safekeeping until the final payout is complete and the deal successfully closed.

For Ionico, the best advice he gives is simple: “Read before you sign,” he said. “If anything is unclear, it’s best to have a lawyer look at it.”

Diana Faria

Having stepped into the world of real estate as a receptionist over a decade ago, Diana worked in the industry at different capacities and climbed the ladder since. She has supported Realtors as a front desk assistant, organized incoming paperwork as a deals admin, and processed closings as a head-office accountant. Working at several brokerages gave her insight into their inner workings, from recruiting, social media marketing, commission payouts, and everything in between.

The face of real estate is often portrayed as a confident Realtor, but the hardworking cogs within the real estate machine — office admins, assistants, receptionists, and clerks — are often forgotten. Using her real estate and journalism experience, Diana sheds light on everything going on behind the scenes, while keeping the machine humming along.

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