A new report from Re/Max Canada reveals that condominium inventory has surged across major Canadian cities, as sellers have returned to the market anticipating increased buyer demand in late 2024 and early 2025.

The report, which examined condominium activity in seven key markets from January to August 2024, notes significant growth in condominium listings. Leading the way are Fraser Valley (up 58.7 per cent), Greater Toronto (52.8 per cent), Calgary (52.4 per cent) and Ottawa (44.5 per cent), with more modest gains seen in Edmonton (17.7 per cent), Halifax (8.1 per cent) and Vancouver (7.3 per cent).

Despite the influx of new listings, condominium values have held steady in most markets. Calgary saw a 15 per cent increase in average condominium prices, followed by Edmonton at 4.0 per cent, Ottawa at 2.3 per cent and smaller gains in Vancouver, Fraser Valley and Halifax. Greater Toronto was the only market where prices dipped, down 2.0 per cent year-over-year. 

Sales activity in the condominium sector varied, with Edmonton leading with about a 37 per cent year-over-year increase in sales, marking its best performance in five years. Calgary saw a more modest rise in sales (2.6 per cent). Meanwhile, other markets experienced slower condominium sales as potential buyers continued to wait for more favourable interest rates.

Future outlook: Current lull is ‘the calm before the storm’

“High interest rates and stringent lending policies pummelled first-time buyers in recent years, preventing many from reaching their homeownership goal, despite having to pay record-high rental costs that mirrored mortgage payments,” says Re/Max Canada president, Christopher Alexander. “The current lull is the calm before the storm,” he adds.

Alexander says as of spring next year, pent-up demand should fuel stronger market activity, especially at entry-level price points, as both first-time buyers and investors vie for affordable condominiums once again.

Market dynamics and regional trends

Re/Max found that Edmonton and Calgary remain in a seller’s market, while cities like Vancouver, Ottawa and Halifax have more balanced conditions and are likely to change next year. Toronto, while still experiencing sluggish activity, is expected to turn around quickly once market conditions improve, as prices are believed to have bottomed out.

Even as new listings rise, buyers remain cautious. Early interest rate cuts by the Bank of Canada have not yet spurred significant buyer activity, but with more cuts anticipated, market activity is expected to pick up, particularly among end users seeking affordable condominium options.

“Even in softer markets, hot pockets tend to emerge,” says Alexander. “In the condominium segment we’re seeing a diverse mix among the most in-demand areas, ranging from traditional blue-chip communities to gentrifying up-and-comers, as well as suburban hot spots.”

He explains that condominiums in top recreational areas were among the markets posting stronger sales activity.

In Toronto, midtown neighbourhoods such as Yonge-Eglinton and Forest Hill South saw double-digit sales growth in the first eight months of 2024, as did communities in the city’s west end, including High Park and Roncesvalles. In Vancouver, suburban areas like Port Coquitlam saw a notable 11 per cent increase in apartment sales.

Investors take a step back except in key markets

While end users dominate the current condominium market, Re/Max observed a pullback among investors, particularly in Greater Toronto, where up to 30 per cent of investors have experienced negative cash flow due to rising mortgage carrying costs. Investor confidence is expected to recover as interest rates drop and rental incomes rise, making investment more favourable once again.

In contrast, Edmonton has bucked the trend, attracting investors seeking affordability. With condominium supply outpacing demand, savvy investors have been revitalizing older condominium stock to rent out at premium rates. Out-of-province investors, particularly from Ontario and British Columbia, are capitalizing on Edmonton’s lower costs and development-friendly environment.

Unique opportunity for buyers: ‘Arguably the most favourable climate condo buyers have seen in recent years’

“In many markets, end users are in the driver’s seat right now,” explains Alexander. “While investors are an important part of the purchaser pool, this point in time is a unique opportunity for aspiring condominium buyers who, for a short window of time, will likely see less competition from investors and a better supply of product.”

He notes this is especially true in Toronto and Vancouver, where the impact of monetary policy has hit investor profit margins to a greater extent despite high rent and low vacancy rates. “With values set to rise, this is arguably the most favourable climate condominium buyers have seen in recent years.”

‘Inevitable that further development will see condos become driving force accounting for lion’s share of (future) sales’

As immigration and in-migration between provinces continue to boost demand, condominiums are becoming both an entry point and a “middle step” in Canada’s most expensive markets. While population growth may slow in the short term, Statistics Canada projects that Canada’s population could reach as high as 49 million by 2035, ensuring long-term demand for condominiums.

“The housing mix is evolving very quickly as a result of densification and urbanization. Condominiums now represent the heart of our largest cities, and it’s inevitable that further development will see condominiums become the driving force accounting for the lion’s share of sales in years to come,” says Alexander.

“It’s a physical and cultural shift that Canadians are not only adjusting to but are embracing, as younger generations redefine urban neighbourhoods, sparking demand for vibrant and robust amenities, infusing new life in Canada’s urban cores in the process.”

Review the full report, including regional highlights.

Coldwell Banker Canada recently announced the addition of Coldwell Banker Executives Realty to its network. The brokerage is led by Bill Hubbard and based in Vernon, in British Columbia’s interior.

The company notes Hubbard’s decision to join was a strategic one, due to Coldwell Banker’s advanced technology, progressive approach and growing presence in the Canadian market. With over 35 years of industry experience, Hubbard is forward-thinking and takes an innovative perspective.

Hubbard’s background and experience

Hubbard’s real estate career began in Alberta and continued in B.C. after he relocated in 1996. With his previous brokerage, he earned its Franchisee of the Year Award for all of Canada in 2015. His offices have consistently ranked among the top 30 in the country and received Century 21’s highest production award, the Grand Centurion.

Hubbard is also committed to community and actively supports Easter Seals Send a Kid to Summer Camp.

Business change and growth

With the shift in industry dynamics, in 2018 Hubbard restructured his business model to blend traditional practices with modern, digital-first strategies. This helped him grow his business from 55 to 160 realtors by 2024.

His brokerage now offers full-time sales coaching, training and education services, and simplified business fees.

“The changes coming at the real estate industry require brokerages and franchisors to think outside the box. Six years ago, we chose to build a hybrid business model between traditional brokerages and the new cloud-based business models.

The second step was to find a strong brand that consumers already trusted that was progressive enough to embrace our new business model. After an intense search, Coldwell Banker was clearly the brand. Our growth is proof that realtors are ready for this change,” Hubbard explains about his journey and what led to the switch.

The goal moving forward is to “cement a leading position across the eight market areas Hubbard’s offices serve in B.C.: Castlegar, Enderby, Kamloops, Maple Ridge, Revelstoke, Salmon Arm, Sicamous and Vernon.”

The latest Royal LePage House Price Survey reveals that the aggregate price of a home in Canada increased by 1.6 per cent year-over-year to $815,500 in this year’s third quarter. While this reflects a modest annual gain, the national home price experienced a 1.1 per cent decline compared to the previous quarter, signaling sluggish summer sales across much of the country. 

Despite this, the market shows early signs of recovery, with sales volumes beginning to pick up in September. 38 per cent of regional markets recorded positive price growth during the third quarter.

Buyer hesitation despite interest rate cuts

“Despite three cuts to the Bank of Canada’s overnight lending rate, buyer demand nationally remains weak, particularly among two key groups: first-time homebuyers and small investors,” says Phil Soper, president and chief executive officer, Royal LePage. “First-time buyers, who are more sensitive to interest rates, are adopting a wait-and-see attitude. With home prices essentially flat and interest rates steadily declining, they perceive no penalty in postponing their purchase.

Soper goes on to explain that small investors, particularly those who typically purchase condominiums for rental purposes, are also hesitant. Elevated borrowing costs have made these investments financially challenging, including with carrying costs surpassing rental income.

Soper believes both groups will return to the market in significant numbers once property values begin rising again. With further rate cuts anticipated from the Bank of Canada before the end of the year, he expects prices to appreciate faster, which could eliminate the advantages of waiting for first-time buyers and make investments more favourable for small investors.

Buyer readiness + new mortgage rules to boost affordability and unlock opportunities

Royal LePage reports that total listings on royallepage.ca reached a historic high in September, rising 19 per cent year-over-year. This increase in listings reflects a readiness among existing homeowners to move, providing buyers with more choice and reducing competition across the market.

What’s more, the recently announced new regulations regarding mortgages and lending practices in Canada are aimed at easing affordability challenges for homebuyers. These changes are expected to stimulate market activity, particularly for first-time buyers and move-up buyers, by making homeownership more accessible.

“These changes will have more impact on the early 2025 market than many anticipate. Expect a material bump in activity,” says Soper. “In addition to assisting first-time buyers, raising the cap on insured mortgages expands opportunities for move-up buyers in higher-priced markets, thereby freeing up inventory for new homeowners entering the market.

However, Soper cautions that the new rules are not a “silver bullet” for Canada’s urgent housing supply need.

Young Canadians particularly interested in homeownership; consumer confidence on the rise

According to a Royal LePage survey, 84 per cent of Canadians aged 18 to 38 believe homeownership is a worthwhile investment. Of those who don’t currently own a home, 75 per cent plan to purchase property as their primary residence, with 40 per cent intending to buy within the next five to 10 years. Despite current affordability challenges, younger generations remain optimistic about their homeownership goals.

In the report, Soper notes: “The youngest cohort of homebuyers in Canada have no shortage of barriers on their path to ownership. Though the cost of borrowing has begun to come down, chronic supply shortages have kept housing prices from dropping, even as demand softened under the weight of high interest rates.

Despite these hurdles, the next generation of homebuyers remains committed to their pursuit of owning real estate, and are remarkably optimistic that they can make their dream a reality.”

Consumer confidence is also rebounding. The Conference Board of Canada reported a 3.3 per cent increase in its Index of Consumer Confidence in September, reaching its highest level in over a year. More Canadians are now optimistic about making major purchases, including homes.

Renewals at higher rates amid softening interest rates

Even as interest rates begin to soften, many Canadians who locked in ultra-low fixed-rate mortgages before March 2022 are facing increased monthly payments upon renewal.

While the Bank of Canada is expected to continue cutting rates, Soper notes that the reductions won’t be deep enough to eliminate the financial strain entirely for those still holding pandemic-era mortgages. Some homeowners may need to relocate to more affordable areas or downsize, though Canada’s strict lending practices have positioned most homeowners to handle the adjustments.

Regional real estate trends: Uneven recovery

As was the case during the pandemic-driven real estate boom, the market recovery is unfolding unevenly across Canada. Major urban centres like Toronto and Vancouver continue to lag in recovery due to ongoing affordability challenges. These cities saw lower-than-expected activity throughout the spring and summer months.

Conversely, markets in Quebec and the Prairies have shown more resilience during the period of raised interest rates. Soper notes that Alberta has experienced significant population growth, driven by interprovincial migration from Ontario and British Columbia, while the post-pandemic surge in Atlantic Canada has slowed.

Market forecast: Stronger growth expected in 2025

Looking ahead, Royal LePage forecasts a 5.5 per cent year-over-year increase in the aggregate home price for the fourth quarter of 2024. However, this revised forecast reflects current market conditions, especially in Toronto and Vancouver, where sales activity has been slower than anticipated.

Soper anticipates recovery next year continuing in most markets and the potential for price appreciation as the market responds to lower interest rates and the new lending rules: “The market recovery, albeit uneven across the country, is well underway in a majority of markets. While we may not see significant price appreciation in the typically slower fourth quarter of this year, we believe our previous forecast will come to fruition in the anticipated early spring market of 2025.”

Review the full report, including regional summaries.

This week, the Calgary Real Estate Board (CREB)’s Realtor Community Foundation (RCF) awarded community grants to L’Arche Association of Calgary, HomeSpace Society, The Mustard Seed and Discovery House Family Violence Prevention Society.

These grants will help with major repairs and renovations to existing housing or shelter supply, to keep people housed in their communities. This year, the RCF increased the amount of annual funding with a total of $115,500 allocated to the community grant, $10,000 more than in 2023.

“We are deeply inspired by the significant impact these non-profit organizations have on their communities, and we are proud to support them on behalf of our local realtors,” says Catherine Chow, chair of CREB Realtor Community Foundation.

“Unity in our local communities is crucial to improving housing and shelter solutions for those who need it most. Together, we can build a brighter future for Calgary and surrounding areas.”

The recipients 

L’Arche Association of Calgary is a charity that supports people with intellectual disabilities to participate in a community designed to bring out their best. The organization has five homes in Calgary with supported independent living and day programming, and grant funds will enable essential renovations at one of the homes to ensure it meets standards and provides a secure and healthy living space for residents.

HomeSpace Society builds and manages specialized, affordable housing for vulnerable people in Calgary. One of its buildings that offers permanent supportive housing and a palliative care suite needs several updates and maintenance to ensure good quality housing for residents, which the grant funds will be dedicated to.

The Mustard Seed is a non-profit organization that cares for individuals experiencing poverty and homelessness by providing a space where people can have their physical, mental and spiritual needs met. Funds will be used to upgrade the flooring in several units.

Discovery House Family Violence Prevention Society serves women and children leaving domestic violence by helping them rebuild their lives. The shelter has two-, three-, and four-bedroom apartments, a childcare centre, counselling rooms, community spaces and an enclosed courtyard with a play area and garden. Funds will target updating one of the suites with new flooring, lighting, appliances and furnishings.

A survey commissioned by HomeEquity Bank shows 95 per cent of Canadian homeowners aged 75 and older are very satisfied or somewhat satisfied with their lives, compared to just 79 per cent of Canadians in their 50s.

Study’s happiness markers: Financial stability, quality connections & sense of purpose

“Our latest study unpacks different happiness markers for Canadians and how they shift as they age. We found a sharp distinction between those approaching retirement and those well into it,” says Katherine Dudtschak, president and CEO of HomeEquity Bank.

The happiness markers used in the study include financial stability, quality connections and sense of purpose.

“To be fulfilled, you need to look at all facets of your life,” says Vivianne Gauci, HomeEquity Bank’s senior vice president of customer experience. “Financial stability is a fundamental part of living a healthy and fulfilling life, but it’s not the only factor. Connections and purpose have critical roles to play, which is why enjoying a happy retirement requires a holistic approach.”

Here are the study results.

Financial stability

48 per cent of Canadians in their 50s feel very good or excellent about their finances, while 68 per cent of those aged 75 and older feel the same.

Likewise, more Canadians in the older age bracket (75 per cent) vs the younger age bracket (55 per cent) felt they could handle a major unexpected expense.

Quality connections

The study found that feeling connected and experiencing good friendships improves as people age from their 50s to 75+ (70 per cent versus 85 per cent).

As well, another indicator of connection, living in homes in good order and enjoyed by family members, improves with age (81 per cent versus 89 per cent).

Sense of purpose

Being active in their communities is more common for those aged 75 and up (48 per cent) than those in their 50s (30 per cent). Likewise, giving back to the community and supporting charitable causes increases with age (34 per cent versus 51 per cent).

Biggest stressors

For homeowners in their 50s, the biggest stressors include outliving retirement savings, not having enough to support themselves and the ability to leave behind a legacy they can be proud of.

This is exacerbated by a changing retirement landscape, which includes Canadians aging with more debt, limited cash savings and shrinking pensions, while living longer with increasing and different health care needs.

Review the full report here.

Home sales in Metro Vancouver decreased by 3.8 per cent year-over-year in September, signaling that recent reductions in borrowing costs have yet to significantly boost demand, Greater Vancouver Realtors (GVR) reports.

The region saw 1,852 residential sales in September, down from 1,926 in the same period last year. This figure is also 26 per cent below the 10-year seasonal average of 2,502.

“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of economics and data analytics explains. “Sales continue trending roughly 25 per cent below the 10-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now.

Lis adds that although sales are now tracking slightly below GVR’s forecast, they remain optimistic that 2024 sales will still end up higher than 2023’s.

Market overview

There were 6,144 new listings in September, a 12.8 per cent increase from last year and 16.7 per cent above the 10-year seasonal average. Properties listed for sale in Metro Vancouver totalled 14,932 units, up 31.2 per cent from September 2023.

The overall sales-to-active listings ratio was 12.8 per cent, with detached homes at 9.1 per cent, attached homes at 16.9 per cent and apartments at 14.6 per cent. 

‘All signs pointing to further (rate) reductions; it’s not inconceivable that demand may still pick up later this fall’

The increase in new listings has provided buyers with more options, leading to downward pressure on prices and a buyer’s market. “With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines,” Lis notes.

The benchmark price for all residential properties in Metro Vancouver now stands at $1,179,700, reflecting a 1.8 per cent year-over-year decrease and a 1.4 per cent decline from August 2024. 

Detached homes

Sales of detached homes dropped 9.8 per cent compared to last year, with 516 units sold in September. The benchmark price for a detached home is $2,022,200, a 0.5 per cent increase year-over-year but down 1.3 per cent from August.

Apartment homes

Apartment sales fell 4.9 per cent, with 940 units sold. The benchmark price for an apartment is $762,000, marking a 0.8 per cent decline year-over-year and month-over-month.

Attached homes

Attached homes, however, saw a 7.4 per cent increase in sales year-over-year, totaling 378 units. The benchmark price for townhomes is $1,099,200, down 0.5 per cent from September 2023 and 1.8 per cent from August.

Review the full report here.

On September 28, Louis Eliopulos, retired vice president of HomeLife Realty Services, passed away at the age of 80. Eliopoulos’ industry career spanned 50 years as a realtor, manager and corporate executive with HomeLife.

The company’s founder and CEO, Andrew Cimerman, issued a memorial announcement commemorating Eliopulos. He notes the early role Eliopulos played in shaping HomeLife and that he wasn’t just a leader but also a mentor and friend to many.

‘Louis had a commitment to excellence, a passion for real estate and a desire to help others’ 

“Louis had a commitment to excellence, a passion for real estate and a desire to help others,” Cimerman writes. “These were all qualities that led to his success within our organization and a legacy that continues to inspire HomeLife members.”

He concludes with thoughts and prayers to Eliopulos’ family and loved ones and, “He will be greatly missed. With a million thanks, may you rest in peace, my friend.”

Details on the visitation/funeral can be found here.

This week, the Canadian Real Estate Association (CREA) announced the launch of its Canadian Realtors Care Award 2025. The award recognizes the long-lasting impact of realtors nationwide who dedicate their time and efforts to charities and causes important to them.

Nominations are now open to recognize a realtor who has played a vital role in lifting their communities. The recipient of this year’s award will be announced at CREA’s Annual General Meeting on Tuesday, April 8, 2025.

10th anniversary of the award

To celebrate the award’s 10th anniversary, the recipient will receive a $10,000 contribution to their charity of choice in their honour.

Latest recipient and past nominees

Since 2016, 10 realtors from five provinces have received the award, including 2024’s recipient, Kelly Byers of Woodstock, Ontario.

“It feels awesome to know that we are able to do so much for our community and for those who are struggling,” says Byers. “And it’s pretty cool to see how many realtors step up year after year.”

The award has also helped highlight the many stories of realtors across Canada who give back through their own charitable endeavors. Past nominees include Crystal Hung of Vancouver and Chris Dunlop of Toronto.

Nominations for the Canadian Realtors Care Award 2025 are open until Sunday, December 1, 2024. Learn more and nominate a realtor here.

Last month, the Calgary Real Estate Board (CREB) reported that climbing sales in higher price ranges couldn’t fully offset the decline in lower-priced homes. This led to 2,003 sales — 17 per cent below last year’s record. However, sales were still over 16 per cent higher than typical September levels.

Demand strong across all price ranges but lower-priced choice is limited, preventing stronger sales

“We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges,” says Ann-Marie Lurie, chief economist at CREB. “While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market.”

Lurie explains that challenges in the lower price ranges aren’t expected to change and improved supply and lower lending rates should keep demand strong throughout the fall, but without the extreme seller market conditions that fueled rapid price growth earlier this year.

New listings

New listings in September climbed to 3,687 units, the highest since 2008 for this month. While this rise helped boost inventory, September’s count reached 5,064 units — almost double the spring lows but still below the usual 6,000 units for September.

With inventory improving compared to sales, the market is gradually shifting towards more balanced conditions. In September, months of supply reached 2.5 — higher than last year’s record low but creating conditions that still favour sellers.

Home prices and inventory

Increased supply has eased some pressure on home prices. September’s unadjusted benchmark price was $596,900, slightly lower than August but still over 5.0 per cent higher than last year. Detached homes saw nearly 9.0 per cent year-over-year price growth, while apartment condominiums led with a 14 per cent gain, highlighting the shifting sales composition.

Detached homes

Despite 9.0 per cent sales growth for homes over $700,000, a significant pullback in homes priced below $600,000 resulted in 942 total sales — 17 per cent less than last year. New listings are stabilizing the higher-priced segment, leading to more balanced conditions for homes priced above $700,000.

In September, the unadjusted detached benchmark price was $757,100 — down slightly from August but nearly 9.0 per cent higher year-over-year. Tighter conditions for lower-priced homes have driven much of this price growth.

Semi-detached homes

September saw 299 new listings and 182 sales, pushing the sales-to-new-listings ratio to 61 per cent. Despite gains in listings, inventory remains tight, with less than 400 units available — 33 per cent below long-term trends. Months of supply improved to just above two but remained seller-favourable, and the unadjusted benchmark price eased slightly to $678,400 — still over 9.0 per cent higher than last year.

Row homes

Over 600 new listings hit the market in September, with 70 per cent priced above $400,000. Sales totaled 377 units, slightly down from last year, but inventories rose to 747 units — an improvement over the past two years. This increase led to nearly two months of supply, slowing price growth. The unadjusted benchmark price was $459,200 — 10 per cent higher than last year.

Apartment condominium homes

September saw strong gains in new listings with 993 units, while sales dropped to 502. This drop caused the sales-to-new-listings ratio to fall to 50 per cent and inventories to rise to 1,623 units. Months of supply climbed to 3.2, the highest since 2021. The unadjusted benchmark price for apartment condominiums was $345,000 — up 14 per cent year-over-year. Despite the price easing, year-to-date prices still reflect a 17 per cent increase over 2023.

Review CREB’s full reports for the city and region.

The British Columbia Real Estate Association (BCREA) is calling for significant amendments to British Columbia’s short-term rental laws to mitigate the disruption they’ve caused for specific business and tourism sectors across the province, the association announced last week.

On May 1 this year, the B.C. Government enacted a widespread ban on short-term rentals, with the intent of returning homes to the long-term rental market.

British Columbians negatively affected by the ban

As part of a new housing policy resource hub launched leading up to the 2024 Provincial General Election, BCREA identified multiple groups of British Columbians negatively affected by the ban.

These groups include:

• medical employees transferred to remote areas
• those receiving multi-week medical care as well as caregivers in urban areas
• film sector workers in town for weeks at a time
• those attending or employed by short-term but large events for which hotel space is inadequate (such as a Taylor Swift concert or the FIFA World Cup 2026)
• those needing short-term housing due to delays in being able to take occupancy of homes or apartments

The BCREA proposed several exemptions from the ban across several categories, including these groups and high-tourism areas.

Additional considerations besides housing affordability, BCREA stresses

As part of the analysis, the BCREA stressed that provincial and regional economies need to be factored into policy decisions of this magnitude.

“While housing affordability is extremely important, there are additional considerations in communities across B.C. that have been paved over with the implementation of this policy,” explains Trevor Hargreaves, BCREA senior VP, policy and research. “There are numerous exemptions desperately needed to make this a workable and successful policy moving forward.”

Hargreaves adds, “There is no question that some of these short-term rental units should be functioning as long-term rentals, but there are some legitimate uses for short-term rentals that are no longer permitted under the legislation.”