When Raven Woods, a master-planned development located in the Roche Point neighbourhood of Metro Vancouver’s North Shore, was originally built, it was one of the first businesses in North Vancouver to sell residential units on leasehold land.

Leasehold land, according to the government of British Columbia, is: 

A long-term residential leasehold is a form of homeownership where a person (the lessee or leaseholder) purchases from the owner of a building (the lessor or leasehold landlord) the right to occupy a premise for a long-term, fixed period (more than 20 years, and usually for 99 years, on first sale). This is sometimes referred to as “prepaying the lease.”

In the case of Raven Woods, the land belongs to the Tsleil-Waututh First Nation, who traditionally held the territory.

A rocky road to the shift in sentiment toward leasehold

Cal Pye, a realtor now with Babych Group Realty, was part of the original sales and marketing team for the project. Having worked in the area for over three decades, Pye has seen a shift in sentiment toward leasehold properties over the years.

But it hasn’t been a straightforward line getting there.

“The leasehold aspect has always been a contentious issue with those that don’t educate themselves about the details,” he points out. “But the confidence of the investment and the huge community spirit of Raven Woods has overcome the fears associated with the lease (from) when we started in 1994.

The buyers and their realtors who do some due diligence on the value and the community soon realize what a wonderful place (it is) to live while being comfortable with the ownership details.”

Leasehold land: A previous stigma preventing people from understanding nuances & benefits — but much of what’s left

Sarah-Jane Copeland, lands manager with Cheam First Nation, also contributes her thoughts on how people think about and work with leasehold land:

“People’s perceptions and understanding of leasehold land has changed a lot over the past decade,” she notes. Before, “(They) just wanted to kind of hide it, not really have it at the forefront.”

But Copeland believes that this previous stigma prevented people from truly understanding the nuances at hand.

“There are actually quite a lot of benefits to leasehold land as well,” she adds. “Usually there’s no property transfer tax, tax rates could be lower, it’s all different. But I think currently the reality of the situation is that First Nations land (includes) some of the only large land masses that we have left, especially since Metro Vancouver is very geographically constrained.”

‘Everyone has to start somewhere’ but education and partnership are keys to success

Copeland advocates for accessing and developing these large parcels of land to help address growing housing pressure needs, but to do so in a way that truly understands the needs of the Indigenous bands she works with.

The key word, according to Copeland? Partnership.

“I think the main thing is making sure that all parties involved have an understanding of the main goal you’re working toward and being respectful of the laws and policies that these First Nations already have,” she shares.

Aiden Mauti is a Toronto-based consultant with Creative Fire, a 100 per cent Indigenous-owned consulting and communications firm.

Like Copeland and Pye, he believes in the significance of both education and partnership when it comes to real estate sales and marketing practices for leasehold properties on Indigenous land.

For realtors who are interested in learning more but aren’t sure how, Mauti’s advice would be to just get started.

“It’s such a journey that there’s always going to be a critique, there’s always going to be a different opinion of what ‘good’ looks like,” Mauti says. “Everyone has to start somewhere.”

A journey that’s just starting

And while land acknowledgements and showing support on Truth and Reconciliation Day are major steps in progress toward national attention and recognition of Indigenous issues, Mauti believes that the journey for Canadians is just getting started.

“I think there’s just a lot more learning to happen on what reconciliation really means, beyond an orange shirt or even what we see in the industry of wanting to just hire more Indigenous people for the sake of it,” he adds.

The real estate development space has seen a rise of Indigenous-led projects, such as kʷasən Village and Sen̓áḵw in Metro Vancouver, and YZD in Toronto. The land’s history has been incorporated and welcomed, rather than avoided, in their ongoing sales and marketing efforts, with the Squamish nation calling the Sen̓áḵw project “reconciliation in action.”

Resurgence over reconciliation

Mauti reflects on the words of Kahnawà:ke Mohawk writer, researcher, policy analyst and political strategist Taiaiake Alfred:

“Taiaiake talks a lot more about resurgence over reconciliation,” he notices. “A resurgence of cultures — how could we enable the next generation of Indigenous people to support their own self-determination, for whatever that might look like.”

Something to consider both within the real estate industry and beyond.

Photo credit: aquilinidevelopment.com

Love them or hate them, depreciation reports are critical documents essential to strata corporations and properties. They outline the current condition and long-term maintenance needs of a building’s joint assets, such as the roof, plumbing and elevators. The report assesses the building’s condition, estimates the remaining lifespan of its components and projects future repair and replacement costs over 30 years.

B.C.’s mandated change

In April 2024, British Columbia’s provincial government enacted additional regulations regarding obtaining these reports, forcing strata councils and owners to stop burying their heads in the sand and ignoring the need for future planning.

Effective July 1 this year, depreciation reports have become mandatory for any building larger than five strata lots. These reports will also need to be updated on a five-year cycle. Strata corporations can no longer opt-out via a three-quarter vote at an annual or special general meeting. There will be a grace period for allowing the completion of these reports, depending on where the building is located within the province.

Impact of the changes — a surprise for some

What does this mean for owners, buyers and sellers? Some might see the changes as bad news, but the pros outweigh the cons.

“These reports are a great tool in a strata corporation’s toolbox for planning their budget and repairs for the next several years,” comments Pam Zak, vice president of management services at Tribe Management.

For many, these new regulations may have come as a surprise. But those working directly with strata corporations saw the changes coming.

“The recent changes weren’t a surprise for our clients,” Zak adds. “We announced it well in advance, so our portfolio of properties has been well prepared for the new requirements. We received very little negative feedback from clients regarding the changes.”

Two reports go hand in hand, creating some cost savings

With the growing demand for electric vehicles (EVs) and the move away from gas-fired appliances in B.C., the new legislation now requires strata corporations to conduct electrical planning reports to assess their building’s electric infrastructure capacity and the depreciation report.

The electrical planning report intends to provide the strata with an overview of its current electrical capacity and what changes might be needed to upgrade that capacity, including items such as heat pumps and EV charging.

Mack Grigg, project manager with Sense Engineering, notes that these two reports go hand in hand. He says there’s a crossover between the electrical and HVAC equipment that needs to be captured in both a depreciation report and an electrical planning report, so it makes sense for buildings to do both reports simultaneously, which results in some cost savings.

“A depreciation report can be overwhelming for the average homeowner. They’re long and complex,” adds Mack.” That said, an executive summary of a high-level snapshot of the report should be provided, which we find quite helpful for owners. It makes for an easy entry into reading these lengthy reports.”

Cost increases can occur for those who budget according to report recommendations

Although change can be difficult for owners, buyers and sellers, these stricter requirements can be beneficial in the long run. While these changes have perceived downsides, such as potential for increased fees, Zak meets with her team and has not heard of significant increases overall — but that could be different for those who choose to budget according to the report’s recommendations.

Key advantages

The three key advantages of these reports for owners and sellers are financial preparedness, property valuation and sustainability.

When it comes to strata corporations themselves, the reports bring many advantages by helping them plan long-term repairs and upgrades, which can help prevent unexpected expenses for capital projects. They also provide various funding models so owners and buyers know what to expect for expenses down the road. Unlike in other provinces, British Columbian strata corporation owners still have the option of how they want to fund these projects.

Well-maintained buildings with updated reports attract potential buyers by offering transparency on the state of the building and what repairs should be expected in the future, barring unforeseen events. As many buyers look for well-run complexes, future maintenance costs and the building’s financial health can help maintain or increase property value.

Sustainability is at the forefront of real estate. Electrical planning reports ensure building managers know the electrical systems and their capacity. Owners and buyers will know if the building is ready for EV charging infrastructure or what changes need to be made to support the increased demand for more sustainable environmental solutions.

The recent changes to depreciation reports in B.C. represent a significant step forward for property owners and buyers. These updated regulations promote proactive and long-term planning in the real estate market by ensuring that buildings are better maintained and financially prepared for future repairs. In the long run, the enhanced focus on proactive maintenance and informed decision-making will benefit everyone involved.

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.

Amid a sea of real estate marketing strategies, one platform is often overlooked: LinkedIn. While most agents are busy trying to master Instagram Reels or Facebook algorithms, LinkedIn remains a hidden gem that deserves your attention.

Imagine positioning yourself in front of high-value professionals looking for their next home or investment property, all while building your brand as a trusted authority. LinkedIn provides massive opportunities for realtors looking to grow, and the best part? Most of your competitors haven’t caught on yet.

Today, we’re taking you through a step-by-step guide for turning LinkedIn into a marketing powerhouse for your real estate business. From optimizing your profile to crafting content that engages, and diving deep into LinkedIn groups and search features, we’ll cover everything you need to know to grow your career and establish yourself as an expert on this largely untapped platform.

1. Optimize your profile

The first step to using LinkedIn effectively is to optimize your profile to reflect your expertise and attract your ideal clients.

Keywords are key. Use relevant keywords in your headline and summary that best describe your niche or specialty, such as “Toronto Real Estate Expert” or “Relocation Specialist.” This helps to ensure your profile appears in search results.

Clear and compelling summary. Your summary should clearly communicate your value — what you do, who you serve and what makes you unique. Be sure to highlight how you can solve problems for your clients, such as making buying or selling stress-free.

Visual appeal. Use a professional headshot and customize your background image to reflect your brand. A compelling visual presence makes you look approachable and competent.

2. Craft content that resonates

The backbone of a successful LinkedIn strategy? Delivering content that adds value to your network and community. Here’s how to ensure your posts are both compelling and effective:

Know your audience. Consider who your target audience is. Do you want to reach potential buyers, local businesses or other realtors? Customize your content to their needs and pain points.

Stay consistent and authentic. Post regularly so that your audience stays engaged and eager to read future content. Tell stories from recent real estate transactions, challenges you’ve overcome in your career or community events you’re supporting. Remember: authenticity is key. People connect with stories that feel genuine rather than overly polished.

Experiment with content formats. Mix it up! Written posts work well, but try using LinkedIn’s video feature to introduce yourself. Carousels are perfect for listing updates, before-and-after transformations or even step-by-step guides for navigating the home-buying process. 

If you’ve got some great content used elsewhere, check out how to repurpose your content across a variety of platforms, like LinkedIn, to save time. 

3. Engage with LinkedIn groups

LinkedIn Groups are an ideal way to engage in conversation, showcase your expertise and position yourself as a go-to real estate professional in your community or niche market. Here’s how to leverage them effectively:

Find relevant groups. Join groups related to your local community, real estate niche or even general homeowner interests. These groups can connect you with potential clients as well as like-minded professionals.

Add value consistently. Once you’re in these groups, don’t just promote your real estate services — engage with fellow members. Respond to questions people post, share your insights and offer advice without expectation.

Create group-specific content. Some groups allow you to post content directly. This is a chance to share blog posts and infographics or even host a Q&A to provide value. Just ensure your content aligns with the group’s guidelines to avoid appearing spammy.

4. Leverage LinkedIn’s advanced search feature

One of LinkedIn’s most powerful tools is its advanced search feature, which helps you find new leads, referral partners and high-value connections in your market.

Search for relocation opportunities. Use advanced filters to find people who have recently started new jobs or moved to your area. This indicates they may need real estate services. Start the conversation by sending a personalized, friendly message to congratulate them.

Connect with local business owners. Use search filters to find and connect with local business owners who can become key referral partners. Position yourself as the go-to agent for any real estate needs.

LinkedIn may not be the first platform realtors think of for marketing, but its potential for building relationships and establishing authority is significant.

The secret to LinkedIn success? Start small — optimize your profile, post weekly and join a couple of groups. As you continue to show up and add value, your network will grow, your brand will strengthen and you’ll open the door to new opportunities that elevate your real estate career.

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.

No surprise to most of us, the Competition Bureau (CB) is investigating the Canadian Real Estate Association (CREA)’s MLS commission policy requiring a commission be paid to buyers’ agents, and the Cooperation Policy requiring all listings to be on the MLS within three days.

I expected both, and I’ll be surprised if the Cooperation Policy comes out unscathed as I find it unethical no matter how many times I re-evaluate it, but I take real issue with the investigation into the mandatory buyers’ agent commission policy.

Now, this is clearly a complex issue involving both law and ethics and, as we realtors get used to saying, I am not a lawyer, but I would like to comment on both the legality and the ethics of the situation.

Our MLS at a high level

Before I comment, I need to back up a few steps and discuss our MLS from a high-level standpoint. MLS in North America is, to use the parlance of our times (Big Lebowski fans will recognize that line), a unicorn. In many, if not most, countries, listing agents do not cooperate with buyers’ agents, and even in North America we see that commonly with commercial transactions.

In other countries, buyers are forced to peruse multiple websites, drive around, talk to multiple agents — none of whom work in their best interests — and then ultimately work with one of these agents whose primary job is to get the most money from them as possible. Whether or not it’s the best home for them is secondary. These agents are’t bad people; this is just their duty, same as listing agents here. 

Of benefit to buyers, sellers and both agents

Our MLS strikes me as one of the best creations the world has ever seen, and I’m not exaggerating. For most of us, our home is an extension of who we are and one of the most important purchases of our lives. American psychologist Abraham Maslow recognized this almost 100 years ago when he placed shelter at the very base of his hierarchy of human needs. A comfortable, happy home is probably one of the most important factors of a fulfilling life.

The MLS gives homebuyers easy access to the widest selection of potential homes while simultaneously allowing them to have a trusted representative on their side in what may very well be the most expensive purchase of their lives. I dare say only a few things in this world are more important than that to the average person, though we rarely take the time to think that through.

At the centre of this transaction is the trusted representative, the buyers’ agent, the realtor. In my career, I’ve had the opportunity to work across the table from some very competent realtors. Watching these professionals at work has been a great pleasure and learning experience over the years. Many homebuyers have been able to purchase the best home available to them at the time with the least amount of effort and under the best terms and conditions available, thanks to the guidance of these professionals. MLS is truly a win-win-win-win — homebuyers, sellers and both agents benefit.

A conflict of legality and ethics, of cooperation and competition

Considering all these factors, the question arises: how should we reward these practitioners fairly and adequately? This is where the divergence between what is legal and what is ethical comes into conflict.

Is it ethical to have these people work for us with no guarantee of any pay, even up to the time of possession? No, but it is legal. Is it ethical to allow buyers to use this system without having to make any commitment to paying anyone anything at any time? No, but it is legal.

Before expanding on my answers, I need to cover a couple more things. As I mentioned, the MLS is a unicorn in that realtors cooperate and compete at the same time, and our legal system seems to have a difficult time wrapping its collective head around such a system, especially since the legal system is primarily an adversarial system and the notion of cooperation is foreign (I do find it particularly ironic and satisfying that both parties in a legal dispute start out adversarial but once nobody wins and they run out of money for legal fees, they quickly become cooperative.)

The real question: Is it unreasonable to ask that consumers using the system must pay for it?

The critical distinction is that whether we’re cooperating or competing, it is always in the client’s best interest. We cooperate to get the seller’s home sold and to get the buyer a home purchased; we compete to attract and keep business, and that means competing on fees. I can’t recall ever, not once, in 30-plus years having another realtor try to conspire with me for a mutually higher fee, but I sure have lost a lot of business to lower fees or better service.

Now, given the benefits I’ve just listed, here’s the real question, in my opinion: is it unreasonable to ask that consumers using this system must pay something? That something could be a dollar but it must be something and both parties are free to negotiate that fee. Is that unreasonable? Is that anti-competitive?

Negative price competition and steering: Not remotely possible

And this brings me to the current situation. The CB is investigating whether the commission policy negatively influences price competition and whether it enables steering. I cannot see how either of these is remotely possible given that the policy simply states that a fee must be offered — this could be any fee, even 10 cents.

Our Buyer Agency agreements in Alberta, and I suspect across the country, address specifically what happens when a listing offers more or less commission than we have agreed to with our buyer. If a buyer has chosen not to sign an agency agreement with us for their own interests, then we owe them the same commitment they owe us: little or none. This is both legal and ethical. We’ve offered them a mutually satisfactory arrangement and they refused. Additionally, it takes away a seller’s right to make their property more attractive to the marketplace, something I argue the CB and no human entity has the moral or legal authority to do.

A comical yet sobering proposition: Value of services rendered diminishes greatly once services are rendered

I remember being at a conference some years ago where an economist was speaking and he mentioned the system in which realtors only get paid after a transaction is completed. Economists had come up with a casual, humorous principle by which they described this system.

Decorum does not permit me to provide all the details, so let me just say that they compared our system of payment to the system of payment for one of the world’s oldest professions, as follows: the value of services rendered diminishes greatly after services have been rendered. It was comical for a moment but has been rather sobering since then, and it applies directly to today’s situation.

When we really need a service we will negotiate a higher fee; once we’ve received what we wanted, we want to renegotiate. That may be legal but it’s not ethical. If you use a product or service, you must expect to pay for it.

I don’t know the answer but I’m becoming more confident in my conviction that the CB needs to take a step back and re-evaluate the ethics of what they are doing. Competition is only one factor of many in the world of economics and business — nothing exists in a vacuum.

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.”