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.

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The index released Monday by Wahi, a Canadian real estate platform, and Real Property Solutions, a property valuation service provider, showed the condo slump in Toronto and Vancouver is getting worse, and a softening in the single-family segment is emerging.

“Since the Canadian housing market began falling from its peak in 2022, prices for single-family homes have generally held up better than for condos,” said RPS-Wahi economist Ryan McLaughlin. “While this is still the case by a large margin, we are now seeing single-family home prices flattening on an annual basis.”

 At the national level in July, prices for both detached and row-townhouses were up just one per cent on a year-over-year basis, while semi-detached prices declined one per cent. 

Condo prices remained down seven per cent overall, once again matching a 20-year low in terms of annual depreciation in a given month.   

Two markets buck the trend

Quebec City continued to lead major markets for price appreciation. Home prices surged 13 per cent annually, with the local real estate board reporting that entry-level houses and condos are primarily responsible for growth.

 Winnipeg trailed Quebec City at nine per cent. 

“Demographic shifts could be contributing to the frothiness as the city’s relative housing affordability attracts homebuyers from elsewhere, straining supply,” said Wahi’s report. 

For the first quarter in more than 20 years, Manitoba experienced a net gain of interprovincial migrants. More Canadians moved to Manitoba than left the province for elsewhere in the country in Q1 of 2025, according to Statistics Canada.

Hamilton, Toronto and Vancouver lag behind

 Prices dropped five per cent in both Hamilton and Vancouver, while in Toronto they sank four per cent compared to year-ago levels, said Wahi.

“Hamilton, a significant producer and exporter of steel, has an economy that is particularly sensitive to tariffs,” reads the report. “Toronto and Vancouver, which boast diversified economies, are less exposed. In these markets, however, a sky-high supply of condos exerts downward pressure on prices.”

Prices for condos in Toronto and Vancouver posted the largest year-over-year declines in at least two years. Toronto saw condo prices decrease by 10 per cent annually, just edging out Vancouver’s nine per cent year-over-year decline.

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“This brand refresh is based on the evolution of our Realtor members, the organization and the real estate industry since our founding over 118 years ago. Founded in 1903 as the Winnipeg Real Estate Exchange, evolving soon after to a not-for-profit corporation, the Winnipeg Real Estate Board, and operating as the WinnipegRealtors Association since 2007, the name change showcases the Winnipeg Regional Real Estate Board as a progressive and transformative leader in the real estate industry,” says Kourosh Doustshenas, 2021 president.

“Changing our operating name to the Winnipeg Regional Real Estate Board speaks directly to the changing housing landscape and our leadership in the real estate industry including market and data reporting, technology products and services, innovation and Realtor professionalism,” says Marina R. James, CEO of the board.

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The survey, conducted by Pollara Strategic Insights, found:

• Across Canada, first-time buyers in Alberta are the most optimistic with over 50 per cent believing it is a good time to buy.
• Home buyers in British Columbia and the Prairies are also fairly optimistic about the market (42 per cent in both regions).
• Not all buyers share this same sentiment. Only a third of prospective buyers in Ontario believe now is the right time to purchase a home, and less than 40 per cent of first-time buyers in Quebec believe the current market favours buyers.

BMO Economics says the housing market “is showing signs of firming again and eight out of 11 of Canada’s larger cities are currently either buyers’ markets or balanced: Vancouver, Victoria, Calgary, Edmonton, Regina, Saskatoon, Winnipeg and Toronto. As well, the First-Time Home Buyer incentive is expected to provide a moderate lift to sales. Taken together, it is creating an environment of stronger consumer demand for housing.”

The survey found that 13 per cent of first-time home buyers say they plan to buy a property that exceeds more than 30 per cent of their income. Close to 40 per cent of first-time buyers are willing to make sacrifices in other areas of their lives to buy a more expensive home.

First-time buyers are also optimistic when it comes to the federal government’s First-Time Home Buyers Incentive. Of those surveyed, 86 per cent believe that the incentive will be useful towards achieving their home ownership goals.

“While first-time home buyers believe that market conditions are favourable for buyers, it’s important to make sure that carrying the costs are sustainable,” says Hassan Pirnia, head of personal lending and home financing products at BMO.

With a five-per-cent down payment as the minimum, 26 per cent of first-time home buyers surveyed say having enough money to meet this threshold will be a major challenge, while 39 per cent indicate it will be a minor challenge.

The report also says that prospective home buyers range in financial preparedness. Only 14 per cent of new home buyers are already in a position to make a down payment, and over half (55 per cent) say they expect to have the money for a down payment in the next two years. As well, most first-time buyers will be carrying debt into homeownership. Just 38 per cent say they will be debt-free before they purchase their first home.

“Purchasing a home is a major milestone, but it is important to consider how home ownership will impact day-to-day finances and short-term and long-term financial plans,” says Pirnia. “We encourage new homebuyers to familiarize themselves with the various tools and resources available like BMO’s payment and affordability calculators. They will help to provide a full picture of costs and determine financial comfort levels.”

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More than 66,000 homes are sitting empty in Toronto and around 64,000 vacant homes are spread across Montreal, while Calgary, Ottawa and Edmonton all have more than 20,000 vacant properties, says the report. Of Canada’s largest cities, Vancouver has the highest share of empty dwellings: its 8.2 per cent rate translates into about 25,000 vacant homes.

In contrast, vacancy rates in the U.S. never climbed higher than 2.8 per cent, according to the Federal Reserve Bank, while Canada’s empty homes represent 8.7 per cent of the market, according to the 2016 data.

“Canada’s housing problem extends beyond foreign buyers jacking up prices and unaffordability taking over major cities,” says report author Andra Hopulele. “Speculation and short-term renting are the main culprits behind the high vacancy rates in places like Toronto and Vancouver. In many other cities across the country, falling population and fluctuations in the local economy drive the number of vacant homes up.”

Point2Homes says of Canada’s 10 largest cities, Winnipeg saw the biggest jump in the number of empty homes (42.7 per cent), followed by Montreal (36.3 per cent) and Edmonton (32.5 per cent). Vancouver saw its number of empty dwellings go up 9.6 per cent in the decade between 2006 and 2016, while Toronto’s vacancy rate actually decreased by 4.7 per cent.

The most significant increases in the number of vacant dwellings of all the cities in the study were in Grande Prairie (+181.4 per cent), Leduc (+172.4 per cent) and Fort Saskatchewan (+146.8 per cent), all in Alberta; the biggest drops were seen in Ajax, Ont. (-53.1 per cent), Burlington, Ont. (-52 per cent) and Port Moody, B.C. (-50.4 per cent).

The highest vacancy rates in 2016 were in Kawartha Lakes, Ont. (19 per cent), Collingwood, Ont. (17.7 per cent) and Wood Buffalo, Alta. (16.4 per cent), while the lowest vacancy rates in 2016 were in Sainte-Julie, Que. (one per cent), Orangeville, Ont. (1.2 per cent) and Boucherville, Que.  (1.4 per cent), says the report.

“Although the decade from 2006 to 2016 saw profound changes and fluctuations in vacancy rates at the local level, both current analyses and future market prospects point to more balanced conditions overall,” says Hopulele. “Moderation seems to be the name of the game, with housing stocks getting in line with population changes and economic conditions in all major regions across the country.”

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