The Canadian Real Estate Association (CREA) released its quarterly forecast on October 15 and, as it turns out, it’s a mixed bag. There’s cautious optimism as national home sales are expected to see a modest recovery, and interest rates are forecasted to drop further.

However, don’t pop the champagne just yet.

The market’s recovering, but not at a sprinting pace to the finish line

The reality of affordability challenges continues to loom over the Canadian housing market, despite interest rate optimism felt by the real estate industry. According to Bloomberg, Canadian interest rates would need to fall 350 bps to restore pre-covid affordability:

Source: Bloomberg

CREA’s forecast highlights a steady uptick in home sales — largely thanks to recent interest rate cuts by the Bank of Canada. A 5.2 per cent bump in sales for 2024 is being touted as a sign of recovery.

Although this is what we’ve all been waiting for, some regions are still dragging their feet. And price increases, while present, are lukewarm at best. In other words, the market’s recovering, but it’s not exactly sprinting to the finish line.

The (not so) immediate impact of interest rate cuts

Three interest rate cuts in 2024, and what do we have to show for it? Well, according to CREA’s report, national home sales recorded over Canadian MLS systems inched up 1.9 per cent in September compared to August. It’s the highest level since July 2023.

With each rate cut, sales have bumped up slightly, but the market is not all sunshine yet as consumer sentiment has remained low. 

CREA’s senior economist, Shaun Cathcart, is already warning that buyers might hit the pause button, waiting for the next round of rate cuts next year — the market could stall again before the rebound we’re all supposed to get excited about in 2025. This is one of the primary reasons that interest rate cuts take such a long time to move through the market. If buyers see more rate cuts ahead, they may wait for lower rates, especially if they don’t see prices rebounding anytime soon. 

Experts seem to think they could be wrong, though. TD Bank recently projected that recent CMHC insurance changes will front-load any house price increases into the first half of 2025, leading to slower growth at the end of next year:

6.9 per cent increase in September home sales but prices still down year-over-year

September saw a 6.9 per cent increase in home sales compared to the same time last year. This sounds great, but the reality is that the market is stabilizing after the roller coaster ride of relatively higher interest rates and the economic turmoil we’ve seen in the last couple of years.

Interestingly, the number of newly listed properties shot up 4.9 per cent, suggesting that sellers are feeling brave enough to test the waters. This is a welcome change compared to the “wait and see” approach we’d seen from sellers earlier in the year when they seemed to hope rate cuts would help them achieve a better price or faster sale. With prices down 3.3 per cent year-over-year, it appears interest rates are not supporting price growth the way they’d hoped.

CREA is quick to point out that month-to-month, things are trending upwards. In short, we’re on the mend, but it’s hardly over yet. 

Housing prices rising slow and steady 

According to CREA’s forecast, the national average home price saw a year-over-year increase of 0.9 per cent, bringing the average to $683,200. Looking ahead, prices are projected to rise another 4.4 per cent in 2025, crossing the $700,000 mark ($713,375 to be precise), which suggests solid market fundamentals. As mentioned before, this growth could be aided by recent changes to Canadian mortgage rules, increasing the CMHC limit to $1.5 million.

For now, prices are mostly flat with only minor month-over-month fluctuations. This could be considered good news for those considering selling their home in the near future, where the absence of volatility makes the market much safer to buy and sell simultaneously. This is a welcome change from the high-stress buyer’s markets we’ve seen across Canada over the last few years.   

More listings, more options — but not necessarily more sales

September had a significant rise in new listings — up 4.9 per cent from August. On the surface, this sounds like a great thing for buyers who’ve been struggling to find a decent property. But the surge in listings hasn’t exactly translated into a flood of sales. In fact, sales are climbing at a slower rate than new listings, and this could tip the balance toward buyers — eventually.

The increase in supply should give buyers more leverage, but for now, the market is still holding steady in what CREA calls “balanced” territory. In other words, neither buyers or sellers are fully in control, but this could change if listings keep rising and sales don’t pick up pace. 

Months of inventory has stabilized just above four months, though the sales-to-new listings ratio continues to slow down, meaning buyers aren’t absorbing new listings as quickly as they were. 

185,000+ properties listed in September, below historical average — power could soon shift to buyers 

As of September, there were 185,427 properties listed for sale on MLS systems nationwide, up 16.8 per cent from the previous year. Keep in mind that we’re still below the historical average of around 200,000 listings.

The national sales-to-new-listings ratio dropped to 51.3 per cent in September from 52.8 per cent in August. While this is consistent with a balanced market, it’s worth noting that if listings keep rising and sales don’t, the power could soon shift to buyers. 

Will the real estate market rebound in 2025? It’s never as smooth as it sounds

According to CREA, home sales are forecast to climb by 6.6 per cent in 2025, with 499,800 units expected to change hands. This optimism hinges on expectations of even more interest rate cuts and a friendlier economic environment.

The narrative here is clear — 2025 is the year when everything is supposed to come together. Demand will surge, inventory will remain low and prices will rise steadily. But as always, there are still plenty of variables at play, and it’s never as smooth as it sounds.

CREA’s latest forecast paints a cautiously optimistic picture for the Canadian housing market. While 2024 is showing some incremental improvements, real action is expected in 2025 when interest rates drop further.

Until then, we can expect more of the same: a slow, steady recovery that’s more about survival than celebration. Buyers and sellers alike should keep their expectations in check as we move through the final months of 2024.

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.

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.

The stalemate continues between buyers and sellers in Toronto’s real estate market this month. It’s easy to get excited because sales are up from last year — but let’s remember that last year was an exceptionally bad year. In the broader view, the fall market has been relatively weak in the long-term context against the typical month of September.

Key September points

The Toronto Regional Real Estate Board (TRREB) posted its monthly Market Watch report, and here are the key points you need to know from the summary: 

1. Sales are up 8.5 per cent from last year.
2. New listings are up 10.5 per cent, slightly outpacing sales. 
3. Properties taking 35-45 per cent longer to sell compared to last September.
4. Because of slowed sales cycle, active listings are up 35.5 per cent! Supply accumulation is becoming substantial.
5. House prices are still grinding down — nominally, 1.0 per cent below last year, with real house prices down 3.0 per cent when adjusted for inflation.

Source: TRREB

Recovery or rebalancing? 

TRREB argues the uptick in sales we’re seeing is the result of favourable market conditions, such as interest rate cuts and revised mortgage lending guidelines. These factors are certainly important to recovery, but a deeper look suggests that the GTA market might be more balanced than on a path to full recovery.

It’s worth seeing a long-term “sideways” market, rather than an “upwards” one. The key factor here is the rate of growth in supply, which has outpaced demand, challenging the notion of a straightforward recovery. Until that changes meaningfully from buyers entering the market more quickly than sellers, it’s tough to imagine a complete recovery has begun.

Sales increase due to new opportunities for buyers, but price still most important factor

The 8.5 per cent year-over-year increase in home sales (4,996 in September 2024, up from 4,606 in September 2023) is presented as evidence of recovery. TRREB President Jennifer Pearce attributes this increase to buyers capitalizing on lower borrowing costs and adjustments to mortgage lending guidelines.

These changes include:

1. rate cuts from the Bank of Canada 
2. reduced five-year fixed mortgages from a falling Canadian five-year bond yield
3. the coming introduction of longer amortization periods
4. the ability to insure mortgages for homes valued up to $1.5 million 

These factors certainly make the market more affordable for some buyers who are limited by capital costs and the lending environment. However, with the B20 stress test still in place and buyers qualifying at rates over 5.0 per cent, price ultimately becomes the most important factor for many buyers looking to re-enter the market.

Easing of stress test could build staying power

To this end, TRREB highlights that the easing of the mortgage stress tests for existing homeowners on renewal could build some staying power into the market, by making homeowners and investors able to afford to keep their homes rather than selling when faced with financial stress.

TRREB also expects further rate cuts to allow a growing number of households to afford homeownership. This notion is especially pointed at first-time buyers, who have been outlined by the Bank of Canada as nearly 50 per cent of all homebuyers, representing a key demographic for those hoping for a recovery in the market. 

Supply outpacing demand

A closer analysis reveals a more nuanced picture. While demand (measured in sales) grew, the rate of new listings entering the market has grown even faster, by 10.5 year-over-year, slightly outpacing sales growth. In September, 18,089 new listings were added to the MLS, contributing to an already better-supplied market. This gap between supply and demand, rather than indicating a shortage of homes, points to an easing of market pressures and a better market for buyers to enter. 

Compounding this, we’re seeing a significantly increased “time to sell” — meaning it takes an extra week for a listing to sell, compared to the average 20 days on market from September last year. This slowing absorption has led supply to accumulate, with active listings now up 35.5 per cent compared to September 2023.

Ability to negotiate on price: Indicates a market no longer heavily favoured to sellers

Should this trend continue to hold, it’s reasonable to expect that buyers will resume their home search as they see more homes on the market and hope they can capitalize on the supply, shop around and negotiate with sellers. This is how the imbalance between supply and demand is further materialized, in a decline in prices.

The MLS Home Price Index Composite benchmark was down by 4.6 per cent year-over-year, and the average selling price in September dropped 1.0 per cent compared to the previous year.

TRREB attributes this to increased negotiating power for buyers, especially in the more affordable segments like condominiums and townhouses, which are favoured by first-time buyers. More activity in the lower ends of the market can skew the average down. Interestingly, 416 condominium sales are actually up year-over-year, despite the market being in a severe state of excess supply. The ability to negotiate on price is a clear indicator of a market that’s no longer tilted heavily in favour of sellers.

Source: TRREB

The pricing context: A “recovery” in question

A true market recovery, by definition, would generally see home prices stabilizing or even increasing as demand starts to outpace supply. However, this is not currently the case in the GTA.

While average selling prices have edged up slightly on a seasonally adjusted basis compared to August 2024, the year-over-year decline in benchmark prices suggests that the market has not fully recovered to its previous highs. Affordability challenges that plagued the market before the interest rate hikes are being alleviated, but they haven’t disappeared.

Furthermore, while rate cuts may improve affordability in the short term, they don’t necessarily address the long-term structural issues in the housing market, such as supply constraints or high construction costs. It’s worth noting that while lower borrowing costs can temporarily boost demand, they can also encourage speculative buying, which could further distort the market, particularly if supply doesn’t keep pace.

Recovering sales, but not prices

Despite TRREB’s optimistic messaging, the GTA housing market appears to be in a state of balance rather than recovery. Yes, sales are up, and rate cuts have eased some of the financial pressure on buyers and sellers. On the other hand, the growing supply of homes, coupled with modest price declines, suggests a more buyer-friendly market, one in which supply is catching up to — and in some cases, surpassing — demand.

This dynamic is providing more negotiating power to buyers, and while that’s a positive development for affordability, it doesn’t necessarily signal a robust recovery in price. Instead, the current market is best characterized as one where buyers have regained some control, but where underlying challenges around housing supply and affordability remain.

The return to a balanced market does point to a steady resurrection of sales activity, which is welcome news for the real estate profession that has been dealing with drastically reduced activity for some time now.  

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

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

10th anniversary of the award

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

Latest recipient and past nominees

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

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

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

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

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

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

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

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

New listings

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

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

Home prices and inventory

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

Detached homes

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

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

Semi-detached homes

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

Row homes

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

Apartment condominium homes

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

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

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

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

British Columbians negatively affected by the ban

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

These groups include:

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

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

Additional considerations besides housing affordability, BCREA stresses

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

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

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

On Friday, the Toronto Regional Real Estate Board announced the appointment of Kevin Crigger as its new associate CEO. Crigger will also serve as president of PropTx Innovations Inc., TRREB’s subsidiary providing MLS and technology services to real estate boards and associations.

TRREB says this combined role marks “a new era of transformative advancements across the real estate sector.”

‘I am honoured to serve a community that has had such a positive impact on my life’

About his new role, Crigger says he’s honoured to join TRREB as associate CEO. He looks forward to working with its leadership team and realtor members to support real estate professionals in serving their clients and communities and advance TRREB’s services and engagement with members.

“The TRREB community is inclusive, diverse and impactful, and I am honoured to serve a community that has had such a positive impact on my life,” he adds.

Crigger also looks forward to continued collaboration with realtor volunteers and association staff across the country, “while leveraging our collective experience and expertise to support and empower real estate professionals in their service to clients and communities.”

‘This new chapter will allow me to give back … With this new role, I will no longer be a practicing realtor’

Crigger will work with CEO John DiMichele to oversee the strategic direction of the organizations and plan future operations. This will also mean playing a key role in fostering partnerships and stakeholder collaboration.

“I am incredibly excited to welcome Kevin to our leadership teams,” says TRREB CEO John DiMichele. “Kevin’s in-depth knowledge of the real estate industry, coupled with his innovative mindset, make him an invaluable member of the team. His guidance is essential as we continue providing our members and their clients with advanced tools and services.”

As for his existing career selling real estate, Crigger explains, “Having been a proud realtor and TRREB member for nearly 14 years, this new chapter will allow me to give back to an organization and industry that has given so much to me personally. With this new role, I will no longer be a practicing realtor.”

His role with PropTx

As president of PropTx Innovations Inc., Crigger will leverage technology to redefine real estate services, ensuring realtors and consumers benefit from advanced tools, streamlined processes, enhanced member services and widespread industry collaboration.

“The appointment of Kevin marks a significant milestone in our journey to redefine real estate technology. His business acumen and results-driven leadership will help continue to propel PropTx’s vision forward, advancing our technological offerings to better serve the realtor community in an ever-evolving landscape,” says PropTx board chair Paul Baron.

Crigger’s background

Crigger has been an active Toronto realtor for over 10 years, holding multiple awards in both resale and new development sales. He previously served as the president of TRREB and the Ontario Realtors Care Foundation (ORCF), as well as chair of PropTx Innovations Inc.

As well, he has served on several committees and task forces at the Ontario Real Estate Association (OREA) and the Canadian Real Estate Association (CREA), as well as TRREB, ORCF and RECO (Real Estate Council of Ontario).

An ‘exciting time for all of us’

Jennifer Pearce, TRREB’s president, notes that Crigger’s track record of driving innovation and building strategic partnerships “will be instrumental in achieving our vision of empowering realtors to promote sustainable and thriving communities, and make him an exceptional choice for our future initiatives.”

Those in the industry are looking forward to what’s next, too.

Karen Yolevski, COO of Royal LePage Real Estate Services Ltd., notes that Crigger has enjoyed a long and esteemed career with the company at Johnston & Daniel. She adds, “We at both Johnston & Daniel and Royal LePage are incredibly proud of his appointment to these prominent roles at TRREB and PropTx.

Kevin is a visionary leader with the strategic expertise to drive the real estate industry forward. This is an exciting time for all of us, and we look forward to seeing what the future holds.”

Crigger stresses his passion for supporting members and what he plans to achieve in his new role: “Together we will not only continue to elevate the standard of excellence in our industry but also make a meaningful difference in the ever-evolving landscape of real estate.”

Photo: Council of Multiple Listing Services