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.

You can see it in the systems we log into, the rules they embed and the rituals that follow. It governs without ever being named; a living document we inherit but no longer author. 

Over the past several years, new technologies, leadership shifts and branding debates have revealed just how far that constitution has drifted from its original intent.  

What follows isn’t a history – it’s an excavation and, I hope, the beginning of a rewrite. 

I. The illusion of control 

Every morning, Realtors log into the systems that decide what they can say, how they can say it and how visible their work will be. 

We call it technology, but it’s governance by another name; a rulebook written in code instead of bylaws. 

This is about power, and how quietly it moved out of reach. 

Each field, validation rule, and search filter enforces policy in ways few members ever see. 

We think we’re entering data; we’re actually performing compliance. 

The platforms we use don’t just reflect the profession; they define it, and somewhere between the first upload and the latest system migration, control slipped. 

Organized real estate still speaks the language of democracy, but its constitution has already been rewritten inside the software. 

II. From representation to ritual 

Boards were never meant to be monuments. They were tools built by practitioners to solve shared problems. But over time, the procedure became the product. 

Today, most boards operate less like professional communities and more like small parliaments. Quorums small enough to fit in a classroom can amend bylaws for tens of thousands of members. Proxy stacking concentrates control. Consultations are staged after decisions are made. 

This isn’t malice; it’s muscle memory. Every cycle inherits the same playbook: stability first, scrutiny second. “Continuity” becomes “competence.” “Dissent” becomes “disloyalty.” 

And soon, the process itself becomes proof of purpose. 

When power becomes insulated, accountability fades. What follows is a ritual in the absence of reform. 

The ritual looks busy: new logos, new task forces, new vendor contracts. 

But motion isn’t evolution.

Outside, the species looks unchanged.  

III. From bylaw to backend 

Governance didn’t die; it migrated into software. 

Every time a listing rejects an input because a field doesn’t exist, that’s regulation. 

Every time Realtor.ca decides which properties rise to the top of a search, that’s policy. 

Every automatic warning, every hard stop, every required field, every “invalid value” message is a digital descendant of a forgotten committee motion. 

But unlike those committees, code doesn’t interpret intent. It enforces outcomes. 

When a provincial prop-tech collective expanded its MLS infrastructure through subscription agreements in 2024 (a shift that brought most Ontario boards into a unified subscription framework), decisions about listing standards and data structure effectively moved from volunteer committees to contract clauses. 

And when its leadership quietly changed earlier this year through an internal governance realignment, oversight of Ontario’s core MLS infrastructure shifted again. 

No member referendum. No public notice. Just a new slate, appointed internally.   

That’s not scandal. It’s system design. 

Governance didn’t fail; it changed medium.   

Realtors still carry the liability for every misstep the system allows or forbids. 

If an input error misrepresents a property, the board doesn’t face the client. The agent does. The brokerage shoulders the risk. Yet neither has meaningful authority over the infrastructure that defines compliance. 

That’s the quiet inversion of power: the governed held accountable for rules they no longer write. 

IV. Paying to be governed

Membership used to buy representation. Now it buys access. 

Realtors pay dues to boards. Boards pay vendors to manage the systems. Vendors, in turn, enforce compliance frameworks that determine how Realtors work. 

It’s a closed loop of authority without ownership. 

At the national level, the same pattern repeats. CREA licenses the trademarks and operates Realtor.ca; the public face of the profession. 

Yet the listings feeding it come from local systems governed by independent contracts, each with its own structure and rules. 

The result is a federation of dependencies: members finance everything but control nothing. 

Sold as modernization, this consolidation resembles enclosure more than efficiency. 

When Realtor.ca was restructured into a for-profit subsidiary, the move was practical but symbolic. 

It marked the moment the profession’s most visible asset became a product. 

Belonging turned into a business model and representation became a side effect. 

We stopped belonging to the system when the system learned to bill us for belonging. 

V. The relevance test: What is a board for? 

If access to data is all we value, then the question isn’t whether boards are broken; it’s whether they’re still necessary at all. 

Only one board in Ontario owns the technology. The rest are tenants, licensing the systems they claim to govern. 

They administer dues, hold meetings, and issue statements, but their primary role is custodial: collecting money on behalf of platforms they don’t control. 

As a couple of writers have recently debated, the Realtor identity itself is under review. 

Some call the name baggage, tied to NAR’s scandals and American dysfunction. 

Others defend it as a badge of honour, a symbol of professionalism and trust hard-won over decades. 

I would argue that both sides miss the point. The word isn’t the issue. The structure beneath it is. 

If governance and accountability collapse, even the most sacred title loses meaning. 

The brand can survive scandal; it cannot survive structural irrelevance. 

The Ontario Real Estate Association (OREA)-led call for Ombudsman oversight of the Real Estate Council of Ontario (RECO) exposed that hollowness. 

It sounded bold, but misunderstood the law it invoked. 

The Ombudsman Act excludes self-regulating professions. 

If boards truly want to end self-regulation, they should say so. 

If they don’t, then the campaign misled the very members who fund it. 

Realtors didn’t connect with that letter because it wasn’t written for them. 

It was written to look responsive. It was a performance of relevance, not an act of it. 

VI. The ROI of representation 

If advocacy is the last defense of organized real estate’s layered structure, then it’s fair to ask: what’s the return? 

Every Realtor measures productivity and cost-per-lead.  

But the organizations that preach professionalism can’t quantify their own value. 

OREA’s own disclosures show millions spent annually on advocacy and communications, yet no member-facing metrics explain outcomes or savings. 

In business, unmeasured value isn’t value. It’s overhead. 

The loss of the OREA College exposed that vacuum. 

Education once gave OREA purpose: a tangible service tied to competence. 

When that mandate moved to the regulator, what remained was advocacy without measurement. 

And advocacy without measurement is faith, not strategy. 

Would we, knowing what we know now, voluntarily build a system that compels every Realtor to join an association, fund mandatory insurance and underwrite lobbying whose outcomes we can’t audit? 

If this system didn’t already exist, could you convince anyone to invent it? 

If we built a system today, we would not build this system. 

VII. The case for a controlled burn 

That doesn’t mean demolition. It means renewal. 

The first boards were grassroots cooperatives: small, voluntary networks built on trust and reciprocity. 

They created order before law. Their purpose was cooperation, not control. 

Over time, that cooperative impulse hardened into hierarchy. 

What began as a network of peers became a lattice of dues, committees and closed sessions. 

We now call that professionalism, but is it? 

The future doesn’t need to abolish boards; it needs to release them. 

As one industry commentator recently wrote, even Microsoft now behaves like a startup, forced by AI to relearn how to innovate. 

Real estate could do the same, not by chasing disruption but by rediscovering ownership. 

Innovation without consent isn’t transformation. 

Sunsetting legacy structures isn’t destruction; it’s hygiene. 

A controlled burn clears what it is that protects structure over service. 

The replacement need not be ideological. 

Imagine a platform cooperative: a Realtor-owned, technology-driven utility where brokerages and agents hold real stakes. 

Policy would be ratified by digital referendum. 

Vendor contracts would expire automatically unless renewed by member vote. 

Data standards and governance would be transparent by design. 

Boards that survived such a transformation wouldn’t have to defend their relevance. 

They have already proven it. 

VIII. The constitutional moment 

Every profession has a constitution: an unwritten agreement about who decides what. 

Ours has been rewritten without consent. 

Control migrated from members to boards, from boards to associations, and from associations to vendors. 

Elections continue, meetings occur, minutes are approved, but democracy isn’t procedure. 

It’s consent. 

When governance moves into code, consent becomes a checkbox. 

When advocacy drifts into performance, representation becomes branding. 

When boards mistake data for trust, the profession loses both.   

This isn’t a technical crisis, it’s constitutional.  

The choice ahead is stark but simple:   

1. Continue the drift and let governance consolidate in the hands of those who own the tools. Or;  
2. Reclaim authorship and rebuild from the ground up, guided by the same cooperative instinct that once defined the Realtor. 

If we built organized real estate today, we wouldn’t replicate the layers. 

We’d design a single, accountable, member-governed institution: transparent, data-competent and morally literate. 

IX. The path back to purpose 

Boards were never meant to be monuments. They were instruments built to serve those who work in the field, not to rule over them. 

We still need cooperation. We still need shared data, clear standards and public trust. 

But those don’t require the architecture we’ve inherited. 

They require will, imagination and consent.   

If organized real estate still believes it exists to put members first, it must prove it. Not with statements, but with structure. 

If access is all that defines membership, the public will soon ask what defines the Realtor. 

Our constitution isn’t in Ottawa or Toronto. It lives in the collective consent of those who practice. 

The system won’t rewrite itself. 

Brandon Reay

Brandon Reay brings a multifaceted background in real estate practice, policy, and governance. Before stepping into brokerage leadership, Brandon spent several years in organized real estate, contributing to strategic initiatives and advocacy efforts with CREA and OREA, and various Chambers of Commerce. His work has included shaping housing policy, supporting regulatory reform, and improving REALTOR® engagement across the country.

Brandon’s approach blends hands-on brokerage experience with a systems-level understanding of how policy, market forces, and professional standards intersect. He is known for helping professionals navigate evolving market conditions and advocating for higher standards within the industry. In addition to his leadership role at RE/MAX Hallmark Realty Group, he remains an active REALTOR® focused on agent development, business strategy, and client service.

Brandon regularly contributes commentary on market trends to media outlets and industry publications and has served as a spokesperson on housing issues in Ottawa. He is also a frequent speaker at real estate events, offering data-driven insights on brokerage strategy, professionalism, and the future of the industry.

He holds a Master of Business Administration from the Sprott School of Business. Brandon lives in Ottawa, where he remains closely involved in local policy discussions on housing affordability and real estate governance.

The post Reay: The hidden constitution of real estate 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.

The following is a joint statement released on Oct. 27 by members of Ontario’s housing sector, including the Toronto Regional Real Estate Board (TRREB) and Ontario Real Estate Association (OREA).

Ontario is facing a housing emergency. Projects are stalling, builders are cancelling developments and families and individuals are being priced out of the market.

As the provincial and federal governments prepare to release their fall economic statement and budget respectively, our message is urgent: bold, coordinated action is needed to boost housing construction, lower costs and bring affordability back within reach for residents.

Housing is more than just shelter; it’s the foundation of our economy and the heart of our communities. Today, Ontario’s housing sector, from builders, Realtors, business groups, trade associations, not-for-profit organizations and rental providers, speaks with one clear voice. Together with governments at all levels, we must move swiftly to unlock housing supply, cut costs, and restore affordability by accelerating ownership and rental housing delivery.

We acknowledge the positive work done so far by the federal, provincial and municipal governments regarding policy developments, zoning reform and funding programs to encourage more housing construction, including the most recent provincial housing bill, Fighting Delays, Building Faster Act, 2025, which signals the government’s intention to take further practical steps in cutting red tape, lowering construction costs and restoring confidence and investment in the rental housing market by speeding up slow resolution processes to adjudicate landlord and tenant disputes. Other efforts include the Housing Accelerator Fund, the Apartment Construction Loan Program, Build Canada Homes, the Building Ontario Fund, the Municipal Housing Infrastructure Program, reform to end exclusionary zoning and allow as-of-right construction of multi-plexes on single lots and the Building Faster Fund, among other projects. However, more action is still needed.

We also recognize that potential disruptions impacting the housing ecosystem that are outside the direct control of governments and industry, such as trade wars, geopolitical tensions and economic uncertainty, need to be considered as we navigate an uncertain environment at the macro level. 

Housing remains the backbone of Canada’s economy. It supports over 1.2 million jobs and contributes more than $143 billion in economic activity yearly to Canada’s Gross Domestic Product (GDP). However, rising costs, difficult regulatory environments, economic uncertainty and constrained supply have slowed new housing starts and home purchases, putting tens of thousands of skilled trade jobs at risk. This will impact spin-off economic activity in related sectors and push both home ownership and rental housing further out of reach for many residents.

To meet Ontario and Canada’s housing challenge, a united focus on delivery is required. By reducing construction costs, attracting investments and aligning tax policy, zoning and approval systems, governments at all levels can restore confidence, protect jobs and support innovation at the speed and scale Canadians urgently need.

Policy priorities for immediate action

To restore affordability and confidence in the housing market, we are calling on municipal, provincial and federal governments to work collaboratively with the housing sector by adopting the following measures:

1. Position and profile housing as an economic driver: To ensure housing policy is economic policy, recognize housing construction and trade as a core driver of employment and GDP, adopt a framework to preserve the tremendous job creation that the housing industry generates, and acknowledge that housing unaffordability is also affecting our overall economic productivity, especially in the Greater Toronto Hamilton Area (GTHA).

2. Modernize outdated tax rules: Extend the GST/HST exemption on new homes up to $1.5 million for homebuyers, reflecting current market realities, particularly in major urban centres, and encouraging new construction.

3. Cut costs for homebuyers: Align cost recovery with actual service delivery and housing goals to reduce barriers to construction and costs to homebuyers. Municipalities and provinces need to collaborate with industry to modernize the fee structure applied to new housing, which is currently inflating housing costs and constraining new supply.

4. Build faster through innovation in parallel to traditional building: Support the advent, inclusion and expansion of modern construction methods – including panelized systems, modular building, robotics and other emerging technologies that embrace productivity, reduce costs and construction time, and enable homebuilding at scale. These need to be supported by an innovation policy framework created in partnership with the industry that provides incentives for early adopters and customers of new solutions, as well as investments in Canadian companies providing new solutions. Scaling up pioneering methods should be done in addition to supporting the ongoing innovation and productivity of traditional construction techniques.

5. Free up land and end exclusionary zoning: Act decisively to end outdated zoning restrictions to permit gentle density and a wider mix of housing types, especially missing-middle and multi-unit dwellings in more communities.

6. Incentivize private capital: Encourage programs that incentivize private capital, both investment and philanthropic, for both rental and ownership housing to accelerate market and non-market construction. This should include reintroducing the Multiple Unit Residential Building (MURBS) tax incentive.

The housing sector stands ready to partner with every level of government. Together, we can reignite momentum, rebuild confidence, restore affordability through partnership, innovation and investment, and deliver the homes our communities urgently need.

Signed:

John DiMichele, CEO, Toronto Regional Real Estate Board

Luigi Favaro, CEO, Ontario Real Estate Association

Ene Underwood, CEO, Habitat for Humanity GTA

Michael Brooks, CEO, Real Property Association of Canada

George Carras, CEO, R-LABS Canada

Jonathan Nusbaum, CEO, Terra Modular

Marlon Bray, executive vice president, Clark Construction Management

Tony Irwin, president and CEO, Federation of Rental-housing Providers of Ontario/Rental Housing Canada

Daryl Chong, president and CEO, Greater Toronto Apartment Association

Dave Wilkes, president and CEO, Building Industry and Land Development Association

Kathy Hogeveen, chief of operations, Assembly Corp.

Jude Tersigni, vice president of planning and development, Menkes Developments

Richard Lyall, president, Residential Construction Council of Ontario

Roselle Martino, executive vice president, policy and strategic affairs, Toronto Region Board of Trade

Frank Cairo, co-founder and CEO, Caivan Communities

Nhung Nguyen, CEO, Horizon Legacy

The post Ontario housing sector presents united front on supply, affordability appeared first on REM.

Nearly two-thirds of residents say they are concerned about losing their home or rental unit if their financial situation suddenly changes, while four in five are concerned about the overall state of housing in Ottawa today, according to a survey of 1,000 city locals conducted in September by Abacus Data.

“When six in ten residents worry about losing their home if their financial situation changes, it’s a clear sign that we must do more to improve housing affordability and choice,” said OREB president Paul Czan. “We must make it easier to build more homes that families need and can afford.”

OREB to meet with city officials

In a statement, OREB said it is meeting this week with Ottawa city councillors to advance policy solutions that will speed up the development of more affordable homes.

Specifically, OREB has a three-point policy plan that is asking the city to reform development charges to lower costs, pass a zoning bylaw that enables more housing choices and protect tenants while expanding rental supply. 

“Ottawa renters need protection, not more paperwork,” said Czan. “Most residents support fixing the Landlord and Tenant Board and cracking down on bad landlords, but they don’t want new red tape that drives small landlords out of the market.”

What do residents think?

When asked which issues they most want elected officials to focus on, respondents to the Abacus survey identified cost of living (47 per cent), housing affordability (44 per cent) and homelessness (29 per cent) as the most important priorities.

Two-thirds of residents (67 per cent) describe housing in their area as unaffordable, yet 71 per cent of non-homeowners still hope to buy a home someday. 

However, of all respondents doubt they’ll ever be able to afford a home in their community of choice.

“Ottawa residents are telling us that what they need are more affordable housing options—especially missing middle housing like duplexes, triplexes, townhouses and small apartment buildings that seniors, families and young people can afford,” said Nicole Christy, CEO of OREB. “The good news is that there’s broad public support for action on things like lowering development costs, modernizing zoning and reducing red tape.”

Elected leaders at all three levels of government recieved poor grades from respondents on improving Ottawa’s housing situation. Three in five residents say they are dissatisfied with the leadership shown by the federal, provincial and municipal governments alike on housing issues, while only 36 per cent believe the City of Ottawa is prioritizing housing affordability.

The post OREB sounds the alarm on affordability with new report appeared first on REM.

The month also broke with seasonal tradition. Sales declined by 1.7 per cent from August to September, a reversal that is unusual for a period when activity typically accelerates. Major markets, including Vancouver, Calgary, Edmonton, Ottawa and Montreal, all saw slower sales, with Toronto and Winnipeg as the exceptions. Rather than marking the beginning of renewed momentum, the September figures suggest a market struggling to generate even the modest lift that normally accompanies the fall season.

Supply, demand and the tilt toward buyers

What ultimately governs market direction is the relationship between supply and demand. While sales volumes were up 5.2 per cent from last year, listings increased at a faster clip. Active listings stood at nearly 200,000 properties in September, a 7.5 per cent rise year-over-year and roughly consistent with long-term averages. In contrast, sales remain well below those averages.

This divergence matters. A housing market bends toward whichever side expands more quickly. At present, listings are outpacing sales, forcing sellers to adjust downward to meet buyer bids. 

CREA’s sales-to-new listings ratio fell to 50.7 per cent, below the long-run mean of 54.9 per cent. Months of inventory sat at 4.4, slightly under the historical benchmark of five. According to traditional definitions, these readings still describe a balanced market. Yet these conventions are increasingly outdated in an era when technology accelerates transactions and shortens days on market. By older standards, the market appears stable. By contemporary dynamics, it leans distinctly toward buyers.

Prices flat, confidence fragile

On the surface, prices appear steady. The MLS Home Price Index was effectively unchanged in September, slipping just one-tenth of a percentage point from August. Year-over-year, the decline was 3.4 per cent. Such stability suggests the violent correction of 2022 and 2023 has given way to a slower grind. But stability in the numbers does not equal stability in sentiment.

The Canadian labour market has begun to fray. The closure of Stellantis operations in Brampton erased 3,000 jobs. Manufacturing layoffs ripple through Ontario. Unemployment rates are rising across most cities, with Alberta as a notable exception. GDP growth and job creation have been flattered by public sector hiring and fiscal spending, but households know that secure employment is what enables the confidence to purchase a home. Without conviction about income, families hesitate to assume long-term debt even if mortgage rates edge lower.

The fragility of confidence is why CREA’s invocation of “three years of pent-up demand” rings hollow. Demand is only meaningful if it is actionable. The desire to own does not translate into transactions when affordability remains out of reach. Wages must rise, rates must fall further, or prices must adjust downward before demand can be considered real.

The policy backdrop and political void

For years, population growth was the bedrock of housing demand. Immigration targets sustained a bullish narrative even when affordability eroded. That tailwind has now slackened. Political appetite for renewed acceleration in population growth is weak. Without it, a key pillar of long-term demand has been diminished. The looming renegotiation of CUSMA in 2026 adds further uncertainty to the outlook for demand, as the prospect of trade disruption clouds Canada’s broader economic trajectory.

Meanwhile, fiscal and monetary policy operate at cross purposes. Bond markets price the possibility of higher fixed rates toward the end of next year even as the Bank of Canada signals restraint. Government spending props up GDP in the short term, yet this masks structural vulnerabilities. Insolvencies and delinquencies are rising. The foundations of household balance sheets are deteriorating.

It is in this context that CREA’s optimism must be read. The association and its economists are correct that interest rates have normalized relative to the recent past. They are less convincing in suggesting that this will unleash latent demand. Recovery requires not only lower financing costs but also a sense that the broader economy is resilient enough to sustain households over the long term.

An extended holding pattern

Canada’s housing market now occupies an awkward middle ground. It is neither collapsing nor recovering. The correction phase has ended, but the renewal phase has yet to begin. Prices are flat, sales volumes are weak, and the balance of supply and demand tips gradually toward buyers. The system is stalled in place, waiting for either confidence or affordability to break the deadlock.

For policymakers, this limbo should be a warning. In the absence of robust wage growth, sustained employment, or structural improvements to housing supply, the market will not find a natural path back to equilibrium. For households, the message is equally stark. Stability is not the same as security. The risks of job loss, inflation and policy drift weigh heavily on decisions to buy or sell.

The September report is thus not the turning point CREA suggests. It is another entry in a long sequence of data that shows the same reality. Canada’s housing market is stuck. The question is not whether a boom or bust is imminent. It is whether we are prepared for the prolonged stasis that lies ahead.

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: Canada’s housing market is stuck in neutral appeared first on REM.

John DiMichele, CEO of TRREB and PropTx Innovations Inc., confirmed in an email to Real Estate Magazine that the TRREB leadership team has appointed a new interim board, replacing the previous board. 

“This transition will ensure PropTx’s governance structure is optimally positioned for our next strategic planning cycle and better aligned with emerging technologies, user needs, and our long-term vision to support our mission,” said DiMichele.

Members of the new board are Agostino Monteleone, Daniel Steinfeld, Frank Farhangi, Colby Bayne, Anna Michaelidis and Paul Helps. 

Former board members, as recently as the spring, included Paul Baron as chair, and directors Jennifer Pearce, Mathieu Glaude, Irene Zaguskin and Paula Morrison.

“This initiative is designed to support long-term planning and ensure the continued delivery of the innovative products and services our users rely on,” said DiMichele.

A permanent board will be appointed as part of the next phase of organizational planning, added DiMichele.

Kevin Crigger, associate CEO of TRREB, is the president of PropTx. He assumed both roles last fall.

PropTx continues to operate as usual. It provides service to nearly 90,000 Realtors across Ontario.

Editor’s note: This story was revised on the morning of Oct. 14 with the names of the former directors.

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 TRREB replaces PropTx board; plans for governance review appeared first on REM.

Patrick Pichette is ending his 13-year chapter with Realtor.ca and the Canadian Real Estate Association (CREA).

Since January, Pichette has served as the founding CEO of Realtor.ca on an interim basis. The role was created as the website was spun out as a wholly-owned subsidiary of CREA. 

Pichette had previously served as vice president of Realtor.ca for over six years. He spent his earlier years at CREA in marketing and product development. 

“​​I’m especially grateful for the chance to rally the industry and the team around a new vision for Realtor.ca, and for the opportunity to spin the platform out into a for-profit company as its founding CEO,” said Pichette in a social media post on Wednesday. 

In the statement, he said he is a “builder at heart,” and he’s excited for what’s next.

Janice Myers, CREA CEO, has been appointed interim CEO of Realtor.ca while the search for a permanent CEO continues.

“(Patrick) has held pivotal roles in product management, product development, and marketing,” said Myers in a statement to Real Estate Magazine. “His deep expertise in aligning technology with business goals has helped position Realtor.ca as an indispensable resource in the real estate industry.”

A search was launched in July for a permanent CEO for Realtor.ca. At the time, the board said it anticipated making a hiring decision in the fall.

Until this year, Realtor.ca operated as a not-for-profit, but with growing competition and rising costs, CREA said it saw a need to rethink its approach. 

By transitioning to a for-profit model, it believes the platform can unlock new revenue streams and reduce its reliance on member dues, reinvesting profits back into the platform.

Already, Realtor.ca has appointed six members to its board. 

The post Patrick Pichette departing from Realtor.ca appeared first on REM.

New listings increased five per cent but remained nine per cent below long-term trends. Strong demand and near-record sales pushed inventory down 14 per cent from last year, leaving supply more than 40 per cent below historical levels.

Nearly 950 of the 4,896 active listings were conditionally sold, reducing available inventory to 3,958 heading into October.

“Our province continues to chart its own path, defying national narratives and posting strong sales despite typical seasonal trends and ongoing inventory challenges,” said SRA CEO Chris Guérette.

The provincial benchmark price dipped slightly from August to $368,300, reflecting seasonal patterns, said SRA. Still, prices were up seven per cent compared with September 2024.

“While transaction volumes in the coming months will ease with seasonal trends, the sustained demand we’re seeing is beyond impressive, and all signs point to continued momentum as we look to finish the year strong,” Guérette said.

Urban markets show strength

Regina reported 375 sales in September, its strongest September on record. That was up 18 per cent year over year and 37 per cent above the 10-year average. New listings rose 16 per cent, but strong demand kept inventory tight. The benchmark price dipped to $337,000 from August yet remained five per cent higher than last year.

Saskatoon posted 426 sales, down one per cent from 2024 but still 20 per cent above the long-term average. New listings jumped 11 per cent, though inventory was flat. The benchmark price slipped to $431,400 from a record high in August, while remaining seven per cent higher than a year ago.

The post Hot Saskatchewan market continues to outpace national trends appeared first on REM.