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.

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.

Billions of dollars spent on renovations and infill development during the pandemic have boosted the overall value of residential housing and supported higher prices for single-family homes in Toronto and Vancouver, despite broader market pressures, according to the 2024 Re/Max Canada Changing Landscapes Report.

National spending on home renovations up 8% to nearly $300 billion — Toronto and Vancouver lead the way

The report highlights how ongoing revitalization efforts in these cities have significantly impacted housing supply and affordability, especially in urban cores. From 2019 to 2023, national spending on home renovations — including additions, upgrades and equipment — reached nearly $300 billion, an 8.0 per cent increase from the previous five years. Toronto and Vancouver were at the forefront of this trend.

Contrastingly, throughout the same time, residential building permits for single-family homes in the Toronto and Vancouver Census Metropolitan Areas (CMAs) totaled just over $27 billion — a near-24 per cent decline from the previous five years and a trend that’s expected to continue.

However, the value of permits for multi-family housing rose by 60 per cent from 2014-2018.

“With all available tracts of land in the city committed to high-density construction, the single-detached home is quickly becoming a unicorn,” says Re/Max Canada president Christopher Alexander.

“Existing homeowners who can’t find what they want in the market will buy an older home in an area of their choice and renovate or build their vision. We expect this trend will strengthen in the years to come and serve to drive price growth in single-detached housing even further. There are a variety of variables at play, but renovation and revitalization is having significant implications for housing supply and affordability.”

Revitalization & gentrification

Revitalization is still one of the most underestimated elements impacting rising housing values.

Renovation and infill development have transformed neighborhoods, particularly in areas where land values have far outpaced the value of existing homes. Older bungalows and two-storey homes are being replaced by custom-built houses, changing the face of working-class areas into desirable hotspots.

The report also highlights gentrification, particularly in Vancouver, where single-detached homes are growing larger, while condominium units are shrinking. Despite the overall decline in single-family home numbers, new construction has led to bigger houses in the Vancouver CMA, with the average home size reaching 3,600 square feet — the largest among major Canadian cities.

In Toronto, the number of vacant land properties dropped significantly (by 6,680) between 2019 and 2021, reducing opportunities for new single-family developments. As much as 30 per cent of the Greater Toronto Area (GTA)’s housing stock was built before 1960, making renovation a key strategy for updating older homes.

Stable prices: Those who can make their moves now vs later may be better off

Renovation activity, combined with rising affluence and intergenerational wealth transfers, continues to impact the housing market. The average price of a detached home in the GTA has increased by almost 35 per cent between 2019 and 2023, rising from $1.05 million to $1.42 million. In Vancouver, detached home prices have climbed nearly 38 per cent over the same period, from $1.42 million to $1.96 million.

However, Alexander points out that prices are currently stable compared to 2023: “Those in a position to make their moves now may be better positioned than those in 2025, as prices currently remain close to year-ago levels in the Toronto CMA and modestly higher in the Vancouver CMA.”

As Canada’s major cities continue to evolve, Re/Max expects that renovation and infill development will play an even larger role in shaping the housing market in the years to come. 

“The detached housing supply in urban centres is in the midst of a monumental metamorphosis that will unquestionably impact housing inventory and composition for further generations of real estate consumers,” notes Alexander.

Review the full report here.

Glen Muir, broker/owner of Re/Max Preferred Realty in Windsor-Essex County, Ontario, has recently acquired Re/Max Chatham-Kent Realty.

Muir, who founded Re/Max Preferred Realty in 1992, has 46 years of industry experience.

The expansion

The expansion will allow Re/Max Preferred Realty to broaden its presence in the Chatham and Tilbury markets, with the addition of two new office locations and 17 real estate agents. Now, Re/Max Preferred Realty hosts a network of 175 agents across six offices. 

Muir brings his sales team, including managers Denny Laurin, with 33 years of local market expertise, and his son, Gord Muir, with 11 years of industry experience.

Moving forward

Muir remains committed to providing his agents with all the support, tools and resources they need for their continued success at Re/Max. “We are excited about this next chapter of growth and the opportunity it provides us with, to build lasting relationships with clients in these communities,” he shares.

Muir says he looks forward to helping the Re/Max brand secure the Chatham-Kent region’s top market share spot for many years to come.

As the long-awaited decline in interest rates begins to take shape, early insights from Re/Max brokers and agents nationwide suggest the fall’s housing market activity will be steady. According to Re/Max’s 2024 Fall Housing Market Outlook, average sale prices for all housing types are expected to increase between one and six per cent in most regions by the end of the year.

With the next Bank of Canada (BoC) interest rate announcement scheduled for September 4, many Canadians are watching closely. A recent Re/Max survey reveals that 16 per cent of Canadians would feel more comfortable entering the real estate market if the BoC implements a rate cut of more than 100 basis points by the end of the year.

“The fall market is usually a good early indicator for activity as we look ahead to early 2025, and we’re headed toward more healthy territory. With interest rates starting to ease, buyers are beginning to come off the sidelines,” says Christopher Alexander, president, Re/Max Canada. 

However, Alexander notes that while the market is showing signs of life, it won’t necessarily return to historical activity levels without a more substantial move from the Bank of Canada.

Consumer confidence on the rise with remaining challenges

As anticipation builds around further potential interest rate cuts, first-time homebuyer confidence is notably increasing. The survey found that 25 per cent of Canadians are actively saving for a home and believe they will soon be able to purchase, with the most optimism seen among younger Millennials and Gen Zs aged 18-24 (35 per cent).

On the other hand, some current homeowners may find that the rate cuts come too late. 14 per cent of homeowners facing mortgage renewal at higher rates are considering selling their homes due to affordability challenges.

Financial priorities for many Canadians remain focused on day-to-day expenses, such as utilities and food (58 per cent), and travel (45 per cent), with home purchases ranking among the top three priorities for 25 per cent of respondents. Meanwhile, affordability concerns are prompting 28 per cent of Canadians to consider relocating to another country, and 25 per cent are reconsidering starting a family.

Affordability and supply remain key concerns

“Despite some consumer confidence starting to return to the market this season, the reality is Canadians are still grappling with some serious housing affordability challenges rooted in lack of supply. Yes, borrowing is becoming less expensive, but this won’t make housing affordable in the long run,” says Alexander.

As more buyers re-enter the market and available inventory is absorbed, Alexander warns of potential upward pressure on prices. He stresses the need for a comprehensive national housing strategy developed collaboratively by all levels of government to address supply shortages strategically.

“In the meantime, buyers would be wise to work with an experienced real estate agent to help navigate those cyclical market ups and downs that often accompany this push and pull of supply and demand.”

Review the full report, including regional insights.

A new report from Re/Max Canada reveals that the detached housing market in the Greater Toronto Area (GTA), Greater Vancouver and Fraser Valley is being fueled primarily by investors and move-up buyers.

With first-time homebuyers increasingly priced out of these expensive markets, those looking to upgrade or invest in real estate have become the main drivers of sales activity in the first half of 2024.

‘The first (June’s) interest rate cut did little to incentivize buyers, but the second may have struck a nerve’

“While affordability remains the top obstacle for first-time homebuyers, more experienced buyers and investors are taking advantage of softer housing values, making their moves ahead of the Bank of Canada’s (BoC) end to quantitative tightening,” says Re/Max Canada president Christopher Alexander.

“Pent-up demand continues to build, with an estimated 20,000 to 25,000 buyers currently lying in wait in the GTA, and another 5,000 buyers in the Greater Vancouver area ready to pull the trigger. The first interest rate cut in June did little to incentivize buyers, but early indications show the second may have struck a nerve.”

The Re/Max Hot Pocket Communities Report found that nearly 40 per cent of the surveyed markets (33 out of 83) reported an increase in detached home values in the first six months of 2024, while 30 per cent of markets (25 out of 83) saw a rise in the number of sales. This indicates a robust demand for detached homes, even in the face of affordability challenges.

GTA: Sales momentum and price increases

In the GTA, the 416 area code (encompassing Toronto proper) has shown the strongest sales momentum. Just over 34 per cent of neighbourhoods there either remained stable or experienced growth in detached homebuying activity, outpacing the 905 area code as well as Greater Vancouver and Fraser Valley. This resurgence is particularly notable given the region’s challenging real estate landscape, where high prices have kept many first-time buyers on the sidelines.

Specific neighbourhoods in Toronto have seen notable increases in homebuying activity. Areas such as Dufferin Grove, Little Portugal, Trinity-Bellwoods and Rosedale-Moore Park have all reported significant gains in sales.

On the pricing front, the West End of Toronto has led the way with some of the highest increases in detached housing values. For example, neighbourhoods like Kingsway South and High Park North have seen prices rise by over 7.0 per cent to 9.0 per cent compared to last year.

Greater Vancouver and Fraser Valley: Limited inventory drives price appreciation

In British Columbia, limited inventory has been a critical factor supporting price appreciation in the detached home category, particularly in the Fraser Valley, with over 83 per cent of its local markets reporting an increase in average prices. This is followed closely by Greater Vancouver, where over 70 per cent of neighbourhoods have noted rising median values.

Areas such as Squamish, Burnaby and Port Coquitlam have experienced some of the largest price gains, with median home values increasing by as much as 14.2 per cent. Despite the rising prices, demand remains strong, driven by a combination of local buyers and investors looking to capitalize on the region’s long-term growth potential.

Change in investor activity

The report highlights a notable shift in investor behaviour, particularly in the GTA. Disenchanted with the performance of condominiums, many investors are now turning their attention to detached homes, especially on smaller lots in Toronto’s east end.

A recent report by Urbanation and CIBC Economics found that condominium investors who closed on newly completed units in 2023 faced negative cash flow (of nearly $600 per month), which has prompted many to reconsider their investment strategies.

Affordable housing and the first-time buyer dilemma

While the report highlights significant price appreciation in many markets, it also underscores the challenges facing first-time buyers. Affordability remains a significant barrier, particularly in high-demand regions like the GTA and Greater Vancouver. However, there are still pockets of affordability within these markets.

Regions like Durham in the GTA and the Sunshine Coast in Greater Vancouver offer detached homes priced under $1 million, providing opportunities for those looking to enter the housing market.

The report also calls for policy changes to address the affordability crisis. One suggestion is to extend longer amortization periods (up to 30 years) to resale homes, similar to what is currently available for new construction. While it may not be enough, it could help more buyers qualify for mortgages in high-priced markets and provide some relief to the ongoing affordability challenges.

“All boats rise with the tide — once the first-time buyers segment gains greater traction, we should see a ripple effect,” says Alexander. “We’re not there quite yet, but the tide is beginning to turn … The gap is closing amid growing buyer confidence. The only dark cloud on the horizon is the possibility of a U.S. recession given stock market volatility.”

Alexander stresses that being so closely tied to the U.S. economy, Canada is not insulated, and we can expect buyers to “stay tuned to any possible economic headwinds.”

Review the full report, including market overviews, here.

Canadians are highly satisfied with their neighbourhoods, with 86 per cent expressing satisfaction with their quality of life and liveability, and 50 per cent liking it a lot, Re/Max’s 2024 Liveability Report found.

Prairie province cities, like those in Alberta and Manitoba, lead the list with some of the most liveable neighbourhoods in Canada. Their relative affordability, combined with access to amenities like green spaces, restaurants, schools, health services and cultural spaces, boost their liveability rankings. According to the report, in the next three to five years, 24 per cent of respondents believe their neighbourhood’s liveability will improve, 55 per cent believe it will remain steady and 15 per cent think it will decline.

Liveability preference changes

Comparing the 2024 findings with the 2020 Liveability Report, Canadians’ criteria for liveability have shifted significantly due to social, political and cultural changes since the COVID-19 pandemic.

This year, affordability (44 per cent), neighbourhood safety (10 per cent), walkability and the age of homes (each six per cent) are the top liveability factors. Neighbourhood safety and the age of homes are new additions to the 2024 list, while the importance of proximity to work and walkability has decreased since 2020.

“Quality of life continues to be an important consideration for Canadians when choosing a place to live. Our survey shows that many have found a place they love, but we also know that ongoing affordability crises and housing shortages are severely impacting many Canadians and have become a barrier to home ownership in regions across the country,” says Christopher Alexander, president of Re/Max Canada. “By rethinking design, relevant government policies and zoning bylaws as applicable in existing and new neighbourhoods, we can achieve a more effective and comprehensive national housing strategy that supports long-term liveability and greater affordability for Canadians.”

Top liveable neighbourhoods in Canada

The Liveability Report ranks the top neighbourhoods in 21 of Canada’s biggest cities, the highest of which include:

• Downtown West End, Calgary
• Daniel McIntyre, Winnipeg
• Oliver, Edmonton
• Heritage, Regina
• Sandy Hill, Ottawa
• Quinpool Areas, Halifax
• Westmount, Saskatoon
• Le Sud-Ouest, Montreal
• Old Town, Toronto
• Corktown, Hamilton

In Greater Montreal, Metro Vancouver and Greater Toronto, the most liveable neighbourhoods are typically near the city centre and were often designed to be more walkable, before cars were introduced. While they’re highly liveable, they score lower in affordability. However, prairie cities are usually the country’s most affordable and ranked high for overall liveability since affordability was a highly rated factor.

“When searching for a home, homebuyers may need to make certain concessions to their personal liveability criteria to get the most of what they deem important in a neighbourhood, in addition to what they can purchase within their means,” continues Alexander.

“This is true, not just for first-time home buyers, but for all buyers, especially as affordability continues to be top-of-mind for many Canadians. That’s why working with a professional realtor who can help navigate the market for what’s realistic and advise on what neighbourhoods best suit the needs of the buyer is key. They also act as a local guide, shedding light on the ins-and-outs of different neighbourhoods and how they fit within one’s goals.”

Homebuyer lifestyles and regional highlights

RE/MAX also identified neighbourhoods best suited to specific lifestyles based on liveability factors, including:

• City dwellers with kids
• City dwellers without kids
• Families/move-up buyers in the suburbs
• First-time homebuyers
• Retirees
• Luxury seekers
• Climate-conscious buyers
• Arts and culture lovers
• Foodies
• Health and wellness lovers

The top locations for city lovers with no kids, first-time buyers and suburban/move-up buyers were Winnipeg and Edmonton, Montreal was best for proximity to arts and culture (though affordability remains a challenge) while the prairie cities ranked high on affordability and liveability due to high salaries relative to housing costs.

Neighbourhoods in Toronto, Montreal and Vancouver fared well for luxury seekers, while Regina, Edmonton and Calgary, among others, were top for retirees. Calgary and Edmonton, along with Montreal, were ranked best for health and wellness lovers, and climate-conscious buyers scored Vancouver, Ottawa and others at the top of their lists.

Review the full report, including regional deep dives, here.

This week, Re/Max announced that Steven Smith, Wes Watson, Dan Porlier and Brad Howard have opened Re/Max Icon Realty, bringing nearly 130 agents to the brand across two Ontario offices, in London and Waterloo.

The group established Davenport Realty in 2018 and grew the brokerage to over 150 agents. Now, they believe the transition to Re/Max will allow them to take their business to the next level by providing their agents with unparalleled opportunities, especially in an ever-changing market.

“We are excited to grow our business under the Re/Max banner,” says Wes Watson. “This will offer us many competitive advantages in our local real estate market, including enhanced brand recognition, access to a comprehensive tech toolbox and an expansive referral network.

The extensive support and resources Re/Max offers will empower our agents to deliver even better service and value to our clients.”.

Re/Max Icon Realty says it looks forward to adding more talent to its roster in the coming months.

Strong population growth and housing supply issues are driving significant shifts in the Canadian commercial real estate market. Builders and developers are focusing on multi-family purpose-built rentals to address the housing shortage, a trend supported by incentives like the Canada Mortgage and Housing Corporation’s (CMHC) Apartment Loan Program, Re/Max Canada’s 2024 Commercial Real Estate Report notes.

“The overwhelming need for shelter, combined with the CMHC’s Apartment Loan Program that has incentivized builders and developers with low interest rates, favourable terms and 50-year amortization periods, have created the perfect storm in today’s high interest rate environment,” says Re/Max Canada president, Christopher Alexander.

“Unfortunately, with Canada’s population surpassing 40 million people this year, even the current upswing in residential construction continues to fall short of the thousands of units required in most major markets.”

The report highlights this shift, noting that multi-family and industrial real estate are now the top-performing asset classes. It also points out that farmland in Saskatchewan is experiencing high demand, making it one of the strongest-performing asset classes.

Trends of note

There’s a focus on high-density and mixed-use developments due to limited land availability, with many shopping centres incorporating residential components. An increase in the capital gains tax has impacted smaller investors, causing some to delay property sales. Industrial real estate remains in high demand, particularly for warehousing and manufacturing spaces, though affordability is becoming an issue in larger urban centres.

Retail stores, especially those in the health and wellness industries, continue to perform well despite the rise of e-commerce. Luxury retail brands are expanding in major markets like Toronto and Vancouver. The hospitality industry is rebounding, with new hotels opening and existing ones expanding. Real Estate Investment Trusts (REITs) are adjusting their portfolios, leading to the sale of older assets and the purchase of newer properties.

The office sector is struggling with high availability rates, and while conversions to residential use are increasing, they aren’t a complete solution. Adaptive reuse of buildings, including hotels and schools, is becoming more common as municipalities seek creative solutions to the housing crisis.

Western Canada’s commercial real estate market is expected to remain strong, supported by a positive economic outlook. Industrial activity is growing in more affordable markets outside major urban centres. There’s cautious optimism for the latter half of the year, with expected improvements in market conditions as residential housing needs and population growth continue to drive demand across commercial segments.

Looking ahead

“Density, population growth and the housing crisis remain significant factors influencing market activity, but a variety of drivers will have an ongoing impact on the Canadian commercial real estate market moving forward,” says Alexander.

These things include economic performance, interest rates, incentives and development policies, processes and fees, tax policies, construction costs, land costs and servicing, labour shortages, housing affordability and availability, revitalization efforts and hybrid/remote work policies, social issues and more.

Alexander notes that confidence levels are expected to rise, sparking renewed activity in the market, while supply issues are expected to persist for the most sought-after segments as purchasers look to strengthen their investment portfolios with a mix of assets.

“In the longer term, the underpinning of the Canadian commercial real estate market appears positive. Residential housing needs and a swelling population are anticipated to be the root and catalysts of growth in most commercial segments. Inevitably, as communities expand, so too does the need for all types of services, prompting greater business development and increasing requirements of operations and infrastructure. Simply put, growth begets growth, and the ripple effect is already evident.”

While Alexander notes that diverse market dynamics exist, overall improvement is expected to characterize conditions and demand as 2024 progresses.

Review the full report, including market overviews, here.

Last month, Re/Max announced its honour to have been named the Children’s Hospital Foundation 2023 Canadian Corporate Partner of the Year. This took place at the Children’s Miracle Network Children’s Hospitals Week events.

The company built new systems to enable easier management of the Miracle Home Program in the future, launched new marketing efforts, and found new, innovative ways to promote, enable and raise funds to support children’s hospitals.

This included creating an incentive program for agents and brokers to join the Miracle Home Program and increase fundraising efforts. The efforts resulted in projected fundraising of nearly $5.2 million last year.

Since 1992, Re/Max agents and brokers have raised over $100 million in Canada and over $200 million across North America for the cause. Currently, each year about 8,000 agents in Canada participate in the Miracle Home Program.