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.

Attempting to fully get a handle on the real estate industry in India from our North American perspective may be an exercise in futility. You can try, but there’s no guarantee you’ll succeed. They’re two hugely different cultures, after all. 

A push in both Canada and India for greater industry professionalism

“Comparing India to Canada is not the right approach,” insists Re/Max India’s CEO and co-owner, Aditya Agarwal. Still, it’s fair to say that in both countries there’s a push to varying degrees for greater professionalism in the industry.

With around 1.45 billion citizens, India has recently overtaken China as the world’s most populated country, according to the United Nations. Real estate is one of India’s fastest-growing sectors. The economy is stable. The cost of living is low. The country has heavily invested in infrastructure development. Demand for housing is strong, with loads of growth potential.

Realtors in India can make “very good money” and so can their clients, attests Agarwal.

Look for ‘a new and different change in Indian real estate’ and a market ‘on the verge of rapid expansion’

The real estate industry in India, however, is highly unstructured and unregulated, although change has been underway in recent years. The legal framework and government rules “are stricter in substantial cities” like Mumbai and Delhi than in small communities, Agarwal notes. 

“In the last seven or eight years, the government has taken significant initiatives to regulate the market,” with the help of the establishment of a Real Estate Regulatory Authority in each state, he explains. “In the next few years, we will see a new and different change in Indian real estate.” 

Earlier this year, India Today magazine applauded the industry’s efforts to improve standards, stating in an article that, “Recent government reforms aimed at fostering accountability and openness have put the Indian real estate market on the verge of rapid expansion.”

India’s market ‘frontier-like’: NAR-India

Even so, the National Association of Realtors (NAR-India), formed in 2008, has been known to openly deem the country’s market “frontier-like.” 

This is where the Indian and North American worldviews can deviate. We tend to feel a “correction” is in order. Many of those living in India may disagree, content for the most part with the status quo. Lest we forget, India was exploited under colonial rule for close to 100 years —  a legacy that shapes the nation’s psyche in ways we can’t imagine.

There’s no standardized MLS in India. No mandated licensing or training of agents. Solid data for backing up sales prices and comparables may be lacking. Organized crime in the industry is known to be an issue. Regulatory complexities and bureaucratic hurdles abound.

Some feel industry is unorganized, more should be done

NAR-India could be doing more to empower the country’s realtors, Agarwal feels.

The legal framework can be poor. Especially outside the cities, there may not even be listing agreements, with the result that realtors’ unpaid commissions become lost causes. Buyers and sellers may use an agent or they may not, preferring instead to handle the transaction by networking with friends, neighbours and family. 

“It’s unorganized,” asserts Eldred Fernandes, who sold real estate on the side for a top builder in the state of Goa while working as a marketing professional with an Indian paints and sealants company, before moving to Canada. “Most people in India buy on trust.” 

They’ll pay a finder’s fee or divvy up a commission between the friends who assisted them. It can be similar for agents, with quite a few often involved in the same transaction, Fernandes continues. (In India, he adds, realtors generally require both the seller and buyer to pay 1.0 or 2.0 per cent commission.)

Industry inconsistencies with ‘huge potential to organize the sector’: An ‘enormous challenge’

Fernandes, now a Royal LePage agent in the Greater Toronto Area (GTA), still occasionally lends a hand in overseas transactions. In his experience, the new-build condominium market in India overseen by builders/developers in the concrete jungles of the big cities is “somewhat organized” (although it’s widely reported that developers differ greatly in terms of ethics).

This doesn’t hold for the resale market though, he feels, especially in small towns and villages.

“There are a lot of inconsistencies,” he states. “There’s huge potential to organize the real estate sector.” But it’s an enormous challenge. Corruption continues to be an issue, with some clients opting to do a hefty portion of deals under the table in cash to avoid taxes and other costs, he says. “How can the industry be regulated until that’s regulated?”

Many locals happy with status quo and don’t want change

While North American-based franchises have begun making inroads towards further professionalizing the business, some locals are leery of the offerings of the smattering of big Western-world brands that are infiltrating India’s vast market, Fernandes has found. Many are satisfied with the system as-is and don’t necessarily want change.

When Keller Williams Worldwide announced its expansion into India last year, company president William Soteroff remarked on the country’s “extraordinary growth and strong economic outlook” and explained that Keller Williams wants to “raise the bar of real estate service” in India to differentiate themselves from the rest.

Time will tell whether or not directives along these lines are something the nation will eventually embrace.

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.

“Just minutes away from local schools, shopping centres and recreation facilities … ”

As one of the most commonly used phrases by realtors when describing their properties for sale, one doesn’t actually see “close proximity to hospitals” nearly as often as its more popular counterparts. But for real estate builders and developers with upcoming health care facility projects, it soon became apparent that local health care workers would be making up a sizable segment of their future home buyers.

Health care workers: Quite interested in living close to work

Barrett Sprowson, vice president of sales and project marketing at Peterson Real Estate based in Vancouver, shared his thoughts on this. One of the developer’s current projects, Ashleigh, is located in the Oakridge area of Vancouver — traditionally known as a “medical” neighbourhood in the city.

“We didn’t particularly think about health care workers specifically as a segment early on,” says Sprowson. 

But with a concentration of medical facilities nearby, as well as BC Children’s Hospital and BC Women’s Hospital & Health Centre, the idea of living close to where they work appears to be of great interest to those in the health care sector.

“Now we have lots of people coming into our presentation centre who are in the medical field in some form: doctors, dentists, registered nurses, physiotherapists,” he adds.

Higher price points out of reach for many in the profession

But with a wide disparity in income within the health care sector — a doctor can make up to $335,000 per year in British Columbia while a medical office assistant can make as little as $17.40 an hour — Sprowson is aware that the price points in this popular neighbourhood might not be attainable for everyone.

“It is a slightly higher price point,” he acknowledges. “So it has a slightly skinnier appeal in those terms.”

‘Building for humans’ despite affordability challenges

Celina Villarroel Whiting works as a practicing kinesiologist and facilities health care worker in Vancouver. However, she and her husband have chosen to live further away from her work in nearby Burnaby, with cost being the biggest factor.

“I think if we had the choice, I would have preferred to be closer to work,” shares Whiting. “In my department specifically, everyone is commuting from somewhere else.”

But despite these challenges in affordability, Peterson still aims for the principle of “building for humans” in its homes. For example, when considering the suite mix of the Ashleigh project, the team considered how they could design the space to fit as diverse a population as possible.

“We want to fit the widest range of humans possible,” continues Sprowson. “(Considering) what we’ve seen in the past, we think ‘Maybe we need this percentage of one, two or three-bedroom homes in our suite mix,’ or ‘What kind of amenities would support the type of lifestyle that people might want to have?’” These are the types of questions his team addresses.

Nearby hospital a major decision factor

Arvind Grewal is the CEO of Meritus Group, a real estate developer primarily focused on the ever-growing Fraser Valley region in B.C. One of its future residential projects is close to Mission Memorial Hospital. When they made an offer on the property in 2021, the hospital was a major factor in their decision.

“We were lucky enough that it was a big chunk of land that we could build our desired community within close proximity to all of that,” shares Grewal. 

Mix of complementary commercial tenants to existing hospital & infrastructure a ‘key priority’

Meritus Group had previously donated over $500,000 to the hospital for a new CT scanner back in 2022. Grewal hopes to continue building on this relationship as the company looks ahead to planning and building its future project. The current surrounding area is primarily made up of single detached homes, but the first two phases of the project will comprise multi-family residential units with commercial space below. Having a mix of commercial tenants that complement the existing hospital and infrastructure is a key priority for Grewal and his team.

“For a developer, it’s very significant whether a physician or a pharmacist comes into those commercial spaces,” he says. “But I think that’s something where we need to step in and have more of a careful approach into who we bring into those tenanted spaces.”

Homes can be healthy too, with plenty of light, air & access to nature

For health care workers, often surrounded by clinical spaces, Sprowsen believes that homes for these professionals can be healthy as well — albeit in a different way. Unique landscaping items, such as edible plants, garden plants and tree retention, have been incorporated into the Ashleigh project.

Growing up in Malawi, southeastern Africa, Sprowson’s mother was a horticulturist: “She would tell you a healthy building is one that has lots of greenery and plants,” he shares. “Light, air, access to nature … That, to my mind, is the foundation for a healthy building.”

REVEL Realty, an independent real estate brokerage with headquarters based in Niagara Falls, Ontario, is excited to announce that The Prior Group has accepted an invitation to join forces with REVEL for the purpose of REVELutionizing real estate in West Toronto and surrounding areas.

Led by Michael Prior, who has been servicing the West Toronto quadrant for close to 10 years, The Prior Group has created a real estate reputation based on a close knit family philosophy bonded by a love for real estate and serving those with similar passions. Prior leads his group with a clear vision — live the life of your dreams by unlocking the investment potential of home ownership. Aligned with REVEL’s similar principles, The Prior Group finds a likeminded home at one of the fastest growing brokerage brands in the province.

A move reflecting ‘my commitment to growth, education and helping other agents succeed’

“I’m excited to join REVEL! The brokerage’s culture, which focuses on fostering agent growth and community involvement, is a perfect match for my mission to support both the agents on my team’s growth and the broader agent community. The flexibility to create my own add-on programs for agents, tailored to the local market, meant I could adapt the existing programs at REVEL and add my own touch, ensuring the success of agents around me,” Prior explains.

The hybrid model between brick and mortar and virtual provides modern services along with affordable brokerage splits. It’s the ideal environment for agents to thrive. Finally, I was also drawn to the modern branding and the variety of opportunities available, such as REVshare and mentorship programs, which sealed the deal for me. This move reflects my commitment to growth, education and helping other agents succeed.”

A transformative partnership with great promise and ideal extension of REVEL’s expansion pursuits

An alliance with REVEL in West Toronto provides an ideal extension of REVEL’s recent expansion pursuits, which have stretched a reach as far as Timmins and Manitoulin in 2024. The Prior Group will establish a gateway of influence and a bolstering of the REVEL network, which has expanded to four offices alone in REVEL’s 10 year anniversary in business.

REVEL regards this most recent alliance as a transformative partnership, and one that inspires growth and agent membership in the Greater Toronto Area.

“We are honoured to have the reputation, credibility and energy of MIchael Prior and The Prior Group join REVEL. We share business values and goals, as well as ambitions to grow and offer our creative energy to our clients and colleagues,” explains founder of REVEL, Ryan Serravalle. “Michael and his team understand the importance of family values as they apply to growing a business. Together they have created a special bond and we appreciate these homegrown values embedded in their mission statement.”

REVEL will welcome The Prior Group to leverage REVEL’s focus on education, coaching, training, mentorship and creative marketing, not to mention REVEL’s top 10 branding influence in the province of Ontario, in order to create opportunities for agents, affiliations and client networks throughout the province and beyond. REVEL sees great promise welcoming The Prior Group into the family and insists that the personality and authenticity of the team will remain intact and primed for more growth and prosperity in this next phase of its business trajectory.

“We can’t express enough how proud we become when we connect with agents, brokers and teams that share our core principles of business,” adds Nicki Serravalle, founder of REVEL. “At REVEL, and as we celebrate 10 reputable years in the real estate business this year, we are ecstatic to embrace The Prior Group with the confidence that we can achieve more together based on our family, and team-first approach to real estate.”

A credible and promising option for all-star agents, brokers & teams

From its inaugural launch in 2014, founders of REVEL, Ryan and Nicki Serravalle, have built an alluring brand that has inspired a demographic of real estate professionals, like The Invidiata Team, who aspire to conduct business in a REVELutionary manner. Attracting some of the highest selling teams in the nation, while developing a contingent of industry-leading agents through its innovative REVEL Ed and REVEL Mentorship programs, REVEL has established itself as a credible and promising option for reputable real estate agents, brokers, and all-star teams like The Prior Group, who are seeking to take the next step in their career paths: leadership, ownership of, or partnership with a REVEL office.

In this ambitious tradition, Michael Prior will lead The Prior Group under the REVEL umbrella as a head coach. REVEL expects to foster more growth for The Prior Group and provide a support system conducive to sales success and agent development.

“We respect Michael and his team as intelligent, ambitious business people with a progressive vision that matches the energy and spirit we have tried to infuse into every one of our expansion offices,” explains Nicki Serravalle. “The Prior Group is a proven and reputable real estate name and this reputation of elite client service harmonizes with our philosophy and ability to attract strong local professionals throughout the province.”

Never a brokerage to back down from growth, provision of opportunity or expansion, even in tough times, REVEL has always created its own space in competitive real estate markets throughout Ontario. As a result of this commitment to creating opportunities for like-minded professionals, the brand continues to attract top-performing and community-respected agents as well as legacy teams like The Prior Group, who look to diversify their business, real estate and investment interests through leadership of a REVEL office.