Today, the Canadian Real Estate Association (CREA) held a special general meeting (SGM) in Ottawa where members voted in favour of transitioning Realtor.ca into a wholly-owned taxable subsidiary of CREA.

The platform has been operating on a not-for-profit basis to this point.

“This decision represents a forward-thinking approach that reflects the evolving needs of both Realtors and consumers. By transitioning Realtor.ca into a wholly owned subsidiary, 100 per cent owned by CREA, we’re unlocking new opportunities for innovation and growth while ensuring Realtors remain at the heart of the platform,” says Janice Myers, CREA CEO.

The case for the structure change

For the past 18 months, CREA has been engaging the Realtor association community to discuss what the future of Realtor.ca looks like and the potential to make this change, as it deems it a “financial necessity and strategic move to secure Realtors at the centre of Canadian home buying, selling and renting journeys.”

CREA points out that Realtor.ca has largely created how real estate is marketed and consumed in Canada but says the status quo isn’t sustainable because competition in tech grows each year, consumers expect more and operational costs increase.

Specifically, the organization notes that Realtor.ca can’t pursue new revenue streams or engage in some business-related activities. A for-profit model would offer the ability to change this and better position CREA to succeed in a competitive market.

PricewaterhouseCoopers (PwC) conducted an analysis and presented opportunities the transition could offer in a draft business case.

It found that as a taxable entity, Realtor.ca could generate significant estimated revenues to help reduce dependence on CREA funding from member dues. Specifically, over a 10-year period, member dues funding Realtor.ca would drop from 43 per cent to 25 per cent, allowing CREA to focus on advocacy and professionalism.

Dues wouldn’t necessarily decrease, but these funds could go toward priorities other than Realtor.ca.

Proposed focus

In a previous interview with REM, Myers emphasized the focus is on maintaining control while enhancing the platform’s capabilities and ensuring it continues to meet the evolving needs of both consumers and Realtors. She highlighted three main points solidified by a special task force and endorsed at an SGM:

1. Ownership. Realtor.ca will remain wholly owned by CREA, ensuring that Realtors retain ownership through their membership.

2. Governance. The platform will be managed with an independent board and as a taxable entity, allowing for greater operational flexibility.

3. Revenue reinvestment. Any profit generated will be reinvested back into the platform for the benefit of Realtors and consumers alike.

“Today’s vote is about securing the future of Realtor.ca. Every day, Realtors proudly serve clients in every corner of the country. This decision will help ensure Realtor.ca continues to meet the needs and expectations of today’s property owners, buyers, sellers and renters,” says James Mabey, CREA chair.

“We’re excited about the future of Realtor.ca and grateful for the trust and support of our members as we take this important step,” Myers adds.

Photo: CREA

Canada’s luxury housing market stabilized in this year’s third quarter, with moderating growth in Toronto and Vancouver as the effects of population growth and declining mortgage rates offset a slowing economy and wavering consumer confidence.

According to Sotheby’s International Realty Canada’s Top-Tier Real Estate: Fall 2024 State of Luxury Report, these conditions have shifted luxury condominium markets in both major cities into buyers’ territory, with supply outpacing demand and prices stabilizing.

Toronto: Modest gains in luxury single-family homes

In the Greater Toronto Area (GTA), luxury real estate sales over $4 million remained steady, with a 3.0 per cent year-over-year increase between July and August 2024. Single-family homes priced over $4 million saw a 4.0 per cent rise in sales, while the luxury condominium market softened, with a 25 per cent decline in $4 million-plus condominium sales compared to last year.

September data showed a continued trend, with GTA residential sales over $4 million increasing 9.0 per cent year-over-year. However, condominium sales remained flat, with just one luxury sale, mirroring last year’s figures.

Vancouver: Market cools amid election uncertainty

Vancouver’s luxury real estate market faced softer sales in Q3 2024. Sales of homes priced over $4 million fell 13 per cent compared to summer 2023 levels, while single-family home sales dropped 16 per cent. Consumer uncertainty surrounding the upcoming provincial election contributed to the decline.

In September, Vancouver’s luxury market saw a significant 52 per cent drop in $4 million-plus home sales, with no luxury condominium sales recorded. Overall residential sales over $1 million were down 31 per cent year-over-year.

Montreal: Luxury market strengthens

Montreal’s top-tier real estate market saw notable growth, with $1 million-plus sales increasing 15 per cent in Q3 2024 compared to the same period last year. Though sales of homes over $4 million were down from last year, the market remains strong heading into the fall, with September $1 million-plus residential sales surging 83 per cent year-over-year.

Calgary: Leading the luxury market surge

Calgary continues to outperform other major Canadian cities, driven by population growth and strong demand. Luxury sales over $1 million rose 31 per cent year-over-year in Q3 2024, with the market poised for further growth as sales climbed 15 per cent in September, including two properties sold over $4 million.

Favourable conditions for buyers

Sotheby’s president and CEO, Don Kottick, notes that buyers are encountering some of the most favourable conditions in years as top-tier property listings increase and housing prices stabilize. While the market is expected to remain stable in the short term, Kottick warns that population growth and rising building costs will continue to fuel competition for luxury properties in the future.

“This trend is especially evident in the once fiercely competitive markets of Vancouver and Toronto, as well as across the luxury condominium sector,” Kottick highlights. “Over the longer term, there’s no doubt that population growth will intensify competition for housing … There’s an opportunity to take advantage of the favourable homebuying conditions we’re seeing today.”

Kottick also highlights that the cumulative effect of interest rate cuts has permeated market sentiment, boosting confidence and spurring transactions. Should additional rate cuts occur before year-end, luxury home sales could see a substantial boost.

Review the full report, including detailed findings, here.

This week, as part of its Political Action Committee (PAC) Days, the Canadian Real Estate Association (CREA) is hosting realtors from across Canada to meet with their local Members of Parliament to advocate for critical housing policies encouraging access to housing for all Canadians.

CREA notes that as realtors are experts on market conditions and consumer interests, they’re well-positioned to contribute to discussions around housing policy.

Much work still to be done

Though CREA has been working to encourage federal initiatives that address the ongoing housing supply crisis, the organization notes there’s still much work to be done with all levels of government and key stakeholders.

“It’s essential we strive together to advance effective policies that foster increased housing supply while ensuring affordability and accessibility for Canadians across the entire housing continuum,” says Janice Myers, CREA CEO.

This year’s housing policy & solution ideas

With housing demand increasing along with the country’s population, yet inventory and new construction not keeping pace, realtors are advocating for innovative solutions and policies to increase housing supply, such as emergency shelter and community housing, rental accommodation, homeownership and more.

This year, specific ideas include:

• Stimulating supply across the housing continuum by embracing innovation through offsite construction technologies
• Establishing a permanent mechanism to collaborate and coordinate housing policy and development, such as a national housing secretariat
• Extending HST/GST relief for non-profit-built affordable ownership housing

A recent survey by Service Line Warranties of Canada (SLWC) reveals that 76 per cent of Canadian homeowners have dealt with at least one home repair emergency over the past year. Despite this high frequency of repair issues, nearly one-third of respondents reported having $500 or less set aside — or nothing at all — for home repairs. 

Home repair emergencies on the rise

The survey found that while the number of homeowners facing repair emergencies has dropped slightly from last year’s peak of 80 per cent, the rate remains alarmingly high. The most common repair issues reported by homeowners involved appliance failure (29 per cent) and HVAC systems (26 per cent), followed by blocked sinks (19 per cent), toilets (18 per cent) and leaking water pipes (17 per cent).

Lack of financial preparedness

Almost 30 per cent of homeowners have minimal or no savings for unexpected repairs, with 6.0 per cent having only $500 set aside, 9.0 per cent having less than $500 and 12.5 per cent having nothing saved for home repairs.

This lack of preparedness puts many homeowners at risk when emergencies arise, as these repairs can often come with significant costs.

DIY vs. hiring a professional

The survey also explored homeowners’ approach to tackling emergency repairs. The vast majority of respondents prefer hiring professionals, particularly for complex systems: 92 per cent would hire a professional for heating or air conditioning repairs, 90 per cent would leave water supply line replacements to experts and 89.5 per cent would hire a professional to install water heaters.

However, homeowners feel more confident handling smaller tasks themselves, such as installing shower heads (82 per cent), light fixtures (75 per cent), kitchen appliances (60.5 per cent) and faucets (57.5 per cent).

Seasonal preparation: Winter and summer concerns

As Canadians prepare for seasonal weather changes, the survey found that many homeowners are taking proactive measures for the colder months, with 34.5 per cent fixing leaks around windows and doors, 31 per cent tuning up furnaces and 18 per cent installing smart thermostats. However, 27 per cent of homeowners reported not taking any steps to prepare for winter at all.

Key winter concerns include losing heat (29 per cent), pipes freezing or bursting (24 per cent) and power outages (22 per cent).

Conversely, in preparation for summer heat, 43 per cent of respondents avoided heat-generating activities during the hottest part of the day and 39 per cent turned off electronics when not in use. While 34.5 per cent tuned up air conditioners, 28 per cent switched to energy-efficient LED lights and 19.5 per cent installed portable air conditioning units.

Homeowners’ biggest worries

Homeowners’ concerns vary by season. In summer, severe weather (32 per cent) and air conditioning loss (20%) are top worries, while winter brings fears of heat loss (29 per cent) and frozen pipes (24 per cent). 

With home emergencies becoming more common and many homeowners financially unprepared, it’s crucial to have a plan in place to address unexpected repair costs and keep homes safe and comfortable year-round.

Re/Max recently held its annual Activate Conference in Toronto. The company notes that attendees gained valuable insights, built meaningful connections and discovered innovative strategies to elevate their business. It shares several key moments of the event:

Basketball tournament and live auction in support of Children’s Miracle Network

Five basketball teams participated in the tournament, raising $4,000 for the Children’s Miracle Network.

Also, over $110,000 was raised for the organization during the live auction and several other breakout sessions including prize drawings. Donations raised will benefit the 13 Children’s Hospitals across Canada. The event featured CMN patient ambassadors Ava and Cash.

Alyssa Rae Johnson Fund hits $1 million milestone

Bruce Johnson, agent with Re/Max By The Bay Brokerage, and his family were also recognized for reaching the $1 million mark in donations for the Alyssa Rae Johnson Fund, benefitting the SickKids Hospital.

The network raised $165,635 at the conference to help reach this goal. Johnson was also awarded the inaugural Lifetime Achievement Community Care Award for his outstanding fundraising efforts, including his renowned Motorcycle for Miracles campaign.

Canada’s economic outlook: CIBC economist Benjamin Tal

At the event, Tal revealed that the real estate sector is facing its toughest challenge since the 1991 recession due to aggressive interest rate hikes from the Bank of Canada, which have inadvertently increased inflation through higher mortgage payments.

He predicts that interest rates will drop by 50-75 basis points this year, reaching about 2.5 per cent by the end of 2025, supporting a market recovery.

Artificial intelligence decoded

Dr. R. David Edelman, founder and director of Project TENS at MIT and former White House tech advisor, discussed artificial intelligence and its impact on our work and the world. He emphasized that these technologies can “transform our interactions,” and help improve business practices.

Arlene Dickinson: Entrepreneur, on CBC’s Dragons’ Den

Dickinson shared her entrepreneurial journey to becoming a visionary leader and influential figure in Canadian business. Despite facing numerous challenges in life, her vision, dedication and perseverance have been her guiding forces. She highlighted the importance of taking risks on yourself, regardless of fear or the opinions of others.

For the first time since March, the share of Greater Toronto Area (GTA) neighbourhoods experiencing overbidding has increased, signalling growing competition for single-family homes. According to a recent analysis from Wahi, 13 per cent of the 284 neighbourhoods with at least five home sales in September were in overbidding territory — up from 8.0 per cent in August.

While 1.0 per cent of GTA neighbourhoods sold homes at-asking, the majority (86 per cent) of neighbourhoods still saw homes sell below asking price.

“With the start of the historically busier fall real estate market, stronger competition is expected,” says Wahi CEO Benjy Katchen. “However, we’re still seeing transaction levels and bidding activity well below last year’s level for this time of year.”

In September 2023, 24 per cent of GTA neighbourhoods were in overbidding territory, and an additional 3.0 per cent of homes sold at asking.

Demand for single-family homes fuels bidding wars

The competition between housing types is diverging, with condominiums and single-family homes moving in opposite directions. Just 5.0 per cent of neighbourhoods with at least five condominium sales saw overbidding in September, down from 8.0 per cent in August and 10 per cent in the same period last year.

For single-family homes, however, 18 per cent of neighbourhoods experienced overbidding, up from 13 per cent in August. Despite this increase, bidding activity remains far below last year’s levels, when 35 per cent of neighbourhoods saw overbidding for single-family homes.

Most homes still selling below asking

The majority of homes sold in September were purchased for less than their asking price, with 69 per cent of all properties selling below asking — down slightly from 70 per cent in August. A year ago, 61 per cent of homes sold for under their listing price.

By housing type, the trend continues to differ. For single-family homes, 64 per cent were purchased below-asking in September, a slight improvement from August. However, for condominiums, 77 per cent of sales were below asking, consistent with August figures.

Top 5 underbidding GTA neighbourhoods

For the first time in 15 months, Oakville’s Eastlake neighbourhood did not rank among the top five underbidding neighbourhoods in the GTA. Three of the top five underbidding neighbourhoods were located in the City of Toronto, with Forest Hill reclaiming the top spot after placing fourth in June.

Luxury markets priced between $2 million and $4 million dominated the list of underbidding neighbourhoods, with Port Credit in Mississauga being the exception.

Top 5 overbidding GTA neighbourhoods

Toronto neighbourhoods accounted for four of the top five overbidding areas, with St. Clair West leading the way in Old Toronto. The Danforth and Parkwoods were among the GTA’s top overbidding areas in August.

The Quebec Professional Association of Real Estate Brokers (QPAREB) recently released its quarterly real estate market statistics, revealing that 20,620 residential sales were recorded across the province in the third quarter of 2024 — marking a 13 per cent increase from the same period in 2023. This level of activity significantly outpaces historical averages for this time of year.

“The Quebec resale real estate market was robust in the third quarter, with transactional activity returning to levels well above the historical average for this time of year in most metropolitan areas and agglomerations. With the key interest rate dropping 75 basis points since the beginning of the summer, there was a sharp rise in the consumer confidence index in regard to major purchases, such as property.

It is also worth noting that the decline in fixed mortgage rates, which have already reached attractive levels, has occurred more quickly than that of variable rates,” notes Charles Brant, QPAREB market analysis director.

Brant also points out that the rapid financing cost decline has helped to curb the growing number of forced sales or repossessions in a market where job losses are increasing.

Sales trends: High-end market rebounds, many repeat buyers & lower entry-level transactions

Brant continues to note that the largest price increases in the single-family home segment involve transactions over $500,000 (29 per cent). Condominiums are in a similar situation. “This price segment is above the provincial median price ($448,550) and accounts for 40 per cent of transactions in this property category. “On one hand, the market continues to be driven by repeat buyers, and on the other, the high-end market, above $1 million, is experiencing a rebound,” Brant points out.

Sales of entry-level product ($300,000 and below) totalled 23 per cent of total transactions and have decreased by 6.0 per cent due to a lack of sufficient listings. “The mid-range price segment, which is seeing slightly above-average growth and despite the drop in interest rates, only allows the more affluent (or strategic) first-time homebuyers to access homeownership in competition with repeat buyers from Quebec or elsewhere,” concludes Brant.

Quarterly highlights for the province

Condominiums saw the highest sales growth in the province, with a 16 per cent increase in transactions. Single-family homes followed with a 13 per cent rise while plexes saw a 9.0 per cent increase.

Sherbrooke led among Census Metropolitan Areas (CMAs) with a 26 per cent rise in sales. Other CMAs such as Montreal, Quebec City and Gatineau saw increases of 12-13 per cent, while Trois-Rivières and Drummondville posted more modest growth.

Rouyn-Noranda and Lachute saw remarkable growth, with sales surging by 53 per cent and 47 per cent, respectively. Other cities like Shawinigan, Thetford Mines and Saint-Georges also posted gains ranging from 37-41 per cent.

Inventory, pricing, market conditions

Active listings increased by 17 per cent in the third quarter of 2024 compared to the same period last year, reaching 36,824 units. However, this remains well below the historical average of 46,645 listings.

The median price for single-family homes rose by 7.0 per cent to $448,550, while condominium prices increased by 4.0 per cent to $379,250. Small-income properties saw a 10 per cent jump in their median price, reaching $583,000. The upward pressure on median prices was driven by growth in sales of properties priced above $500,000.

On average, single-family homes took 60 days to sell in the third quarter of 2024, an increase of eight days compared to the previous year. Condominiums and small-income properties took slightly longer, with selling times of 61 days and 79 days, respectively (an increase for each of five days compared to last year).

Review the full Q3 2024 report, including by CMA.

The Canada Mortgage and Housing Corporation (CMHC) recently reported that Ottawa’s “population-adjusted construction is at its lowest level in nearly 10 years.” A City of Ottawa progress report shows that Ottawa is only at 22 per cent of its annual housing target at the end of August.  

The Ottawa Real Estate Board (OREB) reported a healthy increase in home sales for September, with 1,047 units — a rise of 11.4 per cent from the same time in 2023. However, sales remain below historical averages, coming in 17.4 per cent below the five-year average and 15.4 per cent below the 10-year average for September.

Year-to-date, home sales reached 10,485 units, representing a 6.4 per cent increase compared to September 2023.

Healthy fall outlook with chronic supply issue — ‘not building enough of the right homes to address the ‘missing middle’’

“As we navigate a shifting housing market, Ottawa’s fall outlook is healthy,” says OREB president Curtis Fillier. “Activity is robust with an uptick in sales and prices remaining steady. Meanwhile, both buyers and sellers are rethinking their purchasing power amid news about additional interest rate cuts on the horizon, longer amortizations and increased price caps for insured mortgages.”

Fillier goes on to explain that recent policy developments to stimulate demand have been encouraging, though the Ottawa market doesn’t typically experience issues with demand. Rather, “We have chronic supply issues,” he notes. “We’re not building enough homes in the city, and we’re not building enough of the right homes to address the ‘missing middle.’”  

Price trends

The overall MLS Home Price Index (HPI) composite benchmark price for September was $642,800, a slight increase of 0.2 per cent from September 2023.

Single-family homes saw a benchmark price of $729,000, up 0.5 per cent year-over-year, townhouses/row units experienced a 1.7 per cent decline with a benchmark price of $500,000 and apartments had a benchmark price of $414,200, down 1.3 per cent year-over-year.

Inventory and new listings

September’s new listings totalled 2,343 units, a 3.9 per cent increase from the year prior. This was 4.7 per cent above the five-year average and 11.6 per cent higher than the 10-year average.

Active listings rose to 3,529 units, marking a 16.9 per cent year-over-year increase and sitting 43.3 per cent above the five-year average. Months of inventory rose slightly to 3.4 months, up from 3.2 months in September 2023, indicating a slightly more balanced market.

Review the full report here.

Saskatchewan recorded 1,398 home sales in September, marking an 8.0 per cent increase from last year and 15 per cent above the 10-year average, the Saskatchewan Realtors Association (SRA) reports. This is the 15th consecutive month of above-average sales in the province, with some of the strongest figures ever reported for September.

“Record population growth, favourable economic conditions and an improving labour market continue to support strong demand in Saskatchewan’s housing market,” says SRA CEO, Chris Guérette. “When paired with easing lending rates, these factors are, without question, contributing to a fifteenth consecutive month of above-average sales.”

Sales & inventory highlights

Detached homes accounted for 73 per cent of the sales growth, with regions across the province seeing improvements and year-to-date sales on track to be the second-highest on record.

New listings dropped 2.0 per cent year-over-year, falling 16 per cent below long-term trends. This, combined with strong sales, led to a 17 per cent inventory decline, pushing levels to their lowest since 2007.

Price highlights

The provincial benchmark price in September was $343,800, down slightly from August but up nearly 6.0 per cent from last year.

Moose Jaw led the province’s price gains with a 13 per cent increase, while Saskatoon reported a record benchmark price of $401,800, up 7.0 per cent year-over-year.

Regina highlights

Regina reported 320 sales last month — the second-highest level on record and a 5.0 per cent year-over-year and 19 per cent long-term trend increase.

The city’s new listings were down, creating a 23 per cent inventory dip year-over-year. Its benchmark price was $320,700 in September, nearly five per cent above the year prior. 

Saskatoon highlights

Saskatoon reported 432 sales last month — a 16 per cent year-over-year and 24 per cent long-term trend increase.

The city’s supply is still limited and prevented strong sales, with September’s inventory levels at over 46 per cent below the 10-year average and the lowest reported for the month since 2007.

Review the full report, including by province, city, CMA/CA, economic region and census division.

Jason Wheeldon of Royal LePage East Kootenay Realty was recently awarded the King Charles III Coronation Medal in recognition of his decades-long commitment to volunteerism and community service in Cranbrook, British Columbia.

On September 9, Kootenay MP Rob Morrison presented medals and certificates at his constituency office to several upstanding citizens, including Wheeldon who was awarded as a testament to his dedication to making Cranbrook a better place to live.

Wheeldon’s community involvement

Wheeldon’s efforts have included numerous local initiatives like the annual Turkey Drive, which raises essential funds for the Cranbrook Food Bank and the Salvation Army. He has helped to build local parks as a charter member of the Sunrise Rotary Club, coach youth sports and organize local festivals.

Wheeldon is involved with organizations such as the Kinsmen Club, Big Brothers and Sisters, the Canadian Mental Health Association and the Cranbrook Youth Ambassador Program.

Family credited with much of his success

Reflecting on his journey, Jason shares: “It all began back in 1993 when I became a Big Brother and chaired the Kin Clubs’ March of Dimes fundraiser. Since then, I’ve had the privilege to work on many meaningful projects, like co-founding the Cranbrook Chamber Turkey Drive, which continues to support those in need. The growth of this initiative has been incredible, and it’s a true community effort that humbles me every year.”

Wheeldon credits much of his success to his family. Alongside his wife, who created a backpack food program for local schools, he has worked tirelessly to support the causes close to their hearts. Their dedication to Cranbrook has been a powerful example for their two daughters.

Photo: royallepageleadingedge.ca

From left: Dr. Tracey Parnell, Brent Bidston, Rob Morrison, Dennis Walker, Jason Wheeldon and Karin Penner