From rooftop pools to yoga studios, condo developers across Canada are doubling down on amenities to stand out in a crowded market. But are buyers really choosing homes based on the extras?

Taylor Musseau, partner at MLA Okanagan, said amenities help round out the lifestyle pitch for Stober Group’s new two-building development in Kelowna, where she is handling sales and marketing.

The development dubbed Movala, in Kelowna’s sought-after South Pandosy area, includes nearly an acre of shared spaces. Residents will have access to a pool, hot tub, al fresco dining areas, gardens, a gym, yoga room, cabanas, a bocce ball lawn, games room, guest suite and an indoor “great room” designed for entertaining. 

“It’s tailored to four-seasons living here,” Musseau said.

The two-building project totals 325 homes, with the first now welcoming residents and the second set to be completed next year. Musseau said building one is nearly sold out.

An outdoor dining area at Movala (photo: Stober Group)

Beyond the amenities, Movala’s draw is rooted in a mix of design, price and location. 

The development sits near a popular Okanagan beach. One-bedrooms start in the mid-$400,000s, while two-bed, two-bath homes are priced around $580,000, figures Musseau describes as “good value” for comparable constructions in the area.

She said the extra amenities haven’t added a lot of extra expense for residents because the costs are spread out amongst so many homeowners, noting fees come in at just under 50 cents a square foot.

After an initial marketing push targeting empty nesters and downsizers, the team has shifted its focus to younger buyers and families. 

“We’re looking more at young professionals, young couples, people who want to live here full-time,” she said.

Can buyers have it all right now?

Condo buyers in Vancouver are sitting in a strong position, said Adil Dinani of Royal LePage West Real Estate Services. 

“We’re in a buyer’s market for most segments right now, especially condominiums,” he said. “Buyers have selection and they have time. It’s a very unique time in the market. We haven’t seen the stars align like this since pre-COVID.”

With roughly 17,000 active listings in Greater Vancouver, and about 40 per cent of them condos, buyers can afford to be choosy.

Price and location still drive decisions, Dinani said, but amenities are becoming a bigger part of the conversation.

“The amenity offering is important,” he notes, pointing to demand from active baby boomers looking for fitness facilities, pools and saunas in their buildings.

But while the lifestyle features attract attention, they also come with higher costs. “You might have a 1,200-square-foot two-bedroom and your maintenance fees could be almost 80 or 90 cents per square foot,” he said, which would total about $900 a month.

He adds that while some residents love the idea of a saltwater pool or concierge, he has learned that not everyone capitalizes on the amenities in their buildings after they move in.

Sometimes, it’s simple things like air conditioning that drive demand, he said.

“A lot of older buildings, even those built as recently as 2015, don’t have A/C,” Dinani said. “Now it’s near the top of buyers’ lists.”

Community as an offering

Jeff Brown, executive vice president of NorthStar Development, is behind an up-and-coming project in his hometown of Port Coquitlam.

NorthStar took the project over from a previous developer who had completed the basement level, and has redesigned the building to match today’s market demands, said Brown.

Wellness and social living is at the heart of the concept for the 102-unit project called Livy.

“The desire for community is something that’s been growing, particularly post-2020, when we were all isolated,” said Brown. “There’s a growing expectation, we feel, for a curated lifestyle, which offers wellness and shared spaces that foster connection and could lead you to meet your neighbours.”

The vision for the golf simulator at Livy.

Livy’s design features more than 10,000 square feet of amenities, including an expansive rooftop space, a virtual golf simulator and high-tech wellness areas. Among the most alluring features is a Nordic-style spa with hot and cold plunges.

He said their target is first-time buyers. Junior one-bedroom units are priced at $389,000 and range up to $739,900 for two-bedroom plus den units, according to Livy’s website.

Brown said an expertly-drafted design helped offset the costs of the “extras” for residents. The spa, he said, adds an extra six cents a month to the average condo fee.

“We were able to put our heads together and execute without spending frivolously,” he said. “There’s a bit of an art to it.”

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

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Talk about one-stop shopping. Eleven Realtors from different brokerages recently came together to hold an agent open house that featured all seven of the suites for sale in a luxury boutique condominium in Toronto’s South Rosedale neighbourhood.

No. 7 Dale, designed by architect Hariri Pontarini and with interiors by Alessandro Munge, is a collection of multi-million-dollar suites. Each is more like a custom home, with its own mechanical room that allows owners to customize features such as heating, water filtration and security systems for their own suites. Other highlights include Dada kitchens and custom closets by Molteni & C, says broker Alison Fiorini of Harvey Kalles Real Estate. 

The building is divided into east and west wings. The brick front “reads like a Rosedale home, but the back is glass with ravine views,” she says.

Fiorini considers the open house event a success with about 50 agents and a few potential buyers attending. 

“It’s rare to be able to walk through something that’s built,” she says, as condos are usually sold pre-construction. 

Condos are a different beast in Rosedale, which is made up mostly of single-family residential. 

How it came together

The living space and marble fireplace of suit 207 of 7 Dale Avenue, listed for $8,495,000.

Fiorini and the other agents co-ordinated the event by email, excitedly sharing what each was planning for their individual suite and coming up with an organized plan for the day.

A greeter in the lobby gave out pamphlets and directed visiting agents to the suites listed for sale. The tour also gave agents a chance to view the amenities, which include a gym, a spa, a private trainer room and a lobby with designer furniture and a grand fireplace.

Broker Cailey Heaps of Royal LePage Heaps Estrin Real Estate says, “We’re always open to collaborating with colleagues from different firms to achieve the best results for our clients.”

She says the event was a perfect example of the impact that can come from working together. 

“The outcome was exactly what we hoped for, bringing a large group of prominent Toronto agents together to experience the project firsthand,” she says.

Heaps is co-listing the property with Megan Till-Landry.

Banding together to spark interest

The event was all about creating buzz and making it easy for other agents to tour all of the suites in one day.

Broker Janice Fox of Hazelton Real Estate says the response from a collaborative open house with multiple properties is easily 10-fold that of an independent single open house.

“Agents who wouldn’t have come otherwise were quite excited to make an entire building tour and could suddenly understand the features and benefits of the property as a whole and the diversity of options,” Fox says. “Part of the challenge in the current market is getting attention focused on your listing, and this went a long way in helping all of the listing agents.”

Fox says the developer of the property engaged Hazelton Real Estate to oversee sales of the entire project. “To date, we are almost two-thirds sold.”

Having a joint agent open house in a building isn’t easy, says broker Paul Maranger of Sotheby’s International Realty Canada, who is co-listing with Christian Vermast and Fran Bennett.

“For security reasons, most buildings don’t permit open houses (whether public or agent), so the ability to ‘multi-task’ and visit the current supply was a luxury beyond belief for Realtors.”

‘A real success’

Realtor Gillian Oxley of Royal LePage Real Estate Services says the open house was a “fantastic opportunity” to showcase the suite’s craftsmanship and livability to Toronto’s top agents.

“It created meaningful conversations, collaboration and cross-promotion opportunities between agents representing similar luxury buyers,” she says. “These events strengthen professional relationships and ultimately benefit clients by increasing exposure and generating qualified interest in exceptional properties like this one.”

“The event was a real success,” says Realtor Jimmy Molloy of Chestnut Park Real Estate. “The idea of a group open house adds weight and momentum to encourage agents to see the product in person. 

He says real estate cannot be truly experienced on a screen. 

“You have to be in the space to understand the nuances of light, the volume and how you interact with it. The group open house is a creative way to encourage more agents to actually feel and experience the product,” says Molloy, who is co-listing with Lindsay Van Wert.

Realtor James Warren of Chestnut Park Real Estate says, “The agents were quite thrilled and happy with the fine bespoke finishings, high ceilings, the floor-to-ceiling windows and the views of the private terraces and gardens. The agents were happy we opened seven apartments at once so they could view the different floor plans.” 

Warren’s unit is co-listed with Alex Obradovich.

Early results

Fiorini had a second showing the day after the open house.

One agent told her during the open house that after seeing it in person, they had a client who might be interested.

Connie Adair

Connie Adair is a contributing writer for REM.

The post Different brokerages, same goal: Inside a collaborative open house appeared first on REM.

It became Canada’s first supertall tower in June when it surpassed 300 metres, the benchmark for achieving “supertall” building status.

Jim Richie, president and CEO of the building’s developer Tridel, has said One Bloor West marks “a pivotal moment not just for Toronto, but all of Canada.”

 “We are moving into a new era of development, marked by a level of ambition and engineering excellence not previously seen before,” he said in a statement. 

A difficult past

Initially dubbed The One, the 85-storey tower was first launched in 2015 with a budget of $1.3 billion and a goal to be completed by Dec. 31, 2022. 

It was originally slated to have 416 condo units, a 175-room Hyatt hotel, and Apple was set to be the anchor tenant on the ground floor.

A lot has changed since then.

One of the first signs of trouble was in 2022, when Apple sued the original developer Mizrahi Developments to terminate its contract, claiming millions of dollars in damages owed due to missed deadlines.

“From the get-go it was an ambitious project that had a lot of people questioning if it would be built,” Sage Real Estate agent Mark Savel told Real Estate Magazine. “There was a lot of overspending and just mismanagement of how the project was run.”

Builder Sam Mizrahi first purchased the southeast corner at Bloor Street and Yonge Street in late 2014 for around $300 million, which Savel said was a “crazy high price” that caused some to scratch their heads. 

Ground broke in 2017, but when COVID-19 hit in 2020 and impacted supply chains, the project soon faced delays, and its 2022 finish date was in doubt, according to Savel.

Project goes underwater

In October 2023, seniors lenders to the project requested the appointment of a receiver due to significant cost overruns, delays in construction and a large amount of debt. 

The project was reported to be over budget by about $600 million, had about $1.7 billion in debt and was about two years behind schedule. 

Harvey Kalles Real Estate Ltd. agent David Elliott told REM this was an unusual situation in real estate, given the huge amount of money. In this case, Mizrahi’s ambition to create the tallest tower in Canada “caught up to” him, he said.

Elliott said that with construction delays, workers still need to be paid and costs still accumulate. There is also pressure to have funds for future expenses, he said, such as materials that may be continuously rising in price. 

“The major delays they ran into and the cost overruns were just too much,” Elliott said. “They just escalated pretty quickly… it’s a perfect negative storm.”

A new chapter

One Bloor West is now in the hands of developer Tridel as of May 2025, with an estimated completion date of early 2028. Both Elliott and Savel say they’re confident Tridel is the right developer to get the job done, given its impressive track record, which includes The Well in Toronto.

Greater Yorkville Residents’ Association President Alan Baker told REM that there are construction management meetings every month, which have been very informative. He said Tridel is scheduled to do its last concrete work in early 2026, with occupancy to start mid to late 2027. 

“You can see they’re under construction and moving ahead,” he said. “Everybody would like to see the construction over.”

While concrete machinery is taking over a lane, which Baker said residents are eager to have gone, he said that residents overall have been alright with the pause in construction, given how much other work is going on in the area – it has felt like a break for them.

‘It’ll be bragging rights for the owners there’

If anything, One Bloor West provides lessons for developers looking to add supertall towers to Toronto’s skyline.

Elliott said Toronto is ready for these kinds of towers, but that they present their own challenges. For one, they require the developer to dig very far down for their base, which he said is expensive and translates to supertalls often having a higher price tag for their units than standard condo towers.

Elliott said that could make them a tough sell in the future, given the economic hazy times ahead. One Bloor West also has the advantage of being in a very desirable neighbourhood, Yorkville, right at the intersection of two major streets and on two transit lines.

“I think a city like Toronto is ready for these types of towers,” Elliott said. “It’ll be bragging rights for some of the owners there.”

Tridel did not provide a comment by deadline.

Eric Stober

Eric Stober has over 10 years experience as a journalist and writer at publications big and small, including Global News, Toronto Life, Post City Magazine, Greencamp.com, the Toronto Star and The Grid.

The post Toronto’s skyline enters new chapter with One Bloor West appeared first on REM.

In its Q3-2025 Condominium Market Survey, released Thursday, the market research and analysis firm reported just 319 new condo apartments were sold in the third quarter of 2025, down 54 per cent from a year earlier and 92 per cent below the 10-year average for the period. It was the weakest third quarter since 1990.

Weak demand crushes new projects

Developers have pulled back sharply. Ten projects with a total of 2,499 units were cancelled during the quarter, bringing the year-to-date total to 18 projects and 4,040 units. 

That already surpasses the previous record set in 2018, when 15 projects with 3,598 units were cancelled. 

Since the start of 2024, 32 projects totalling nearly 7,000 units have been scrapped, with another 20 now on hold or in receivership, according to the report.

“The condo market has clearly become depressed as it undergoes a difficult correction following excessive growth that emerged during the COVID-19 pandemic,” said Shaun Hildebrand, president of Urbanation. “However, the lack of activity occurring today will surely lead to a lack of supply in a couple years, helping to restart the engine for the market.”

Only two new projects started in Q3

In the third quarter, only two projects totalling 614 units started construction, a 77 per cent decline from a year earlier and 88 per cent below the 10-year average. Year-to-date starts of 2,176 units represented a 28-year low. 

At 59,204 units, the total number of condos under construction fell to its lowest level since Q4 2017, dropping 43 per cent from the record high reached three years ago in 2022 at 104,617 units.

Unsold new units surge 142%

Overall unsold inventory across all stages of development edged down two per cent to 22,602 units, reflecting fewer new launches and cancellations. 

However, unsold units in completed projects increased 142 per cent from a year ago to a record high 2,944 units. This figure doesn’t include all units that were pre-sold but ultimately failed to close.

Impact on prices

Prices have eased but remain elevated compared with resale, reads the report. Developer-owned unsold condos averaged $1,199 per square foot in the third quarter, down 3.5 per cent from last year. Newly completed resale units averaged $867, while unsold pre-construction units averaged $1,315.

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B.C.’s strata councils – often known as condo boards in other parts of the country – are tasked with managing everything from budgets to bylaws. Despite that outsized responsibility, however, they operate without formal training. The result is a patchwork of management quality, rising disputes, and eroding trust in the very institutions meant to safeguard our homes.

Big responsibility, little preparation

As a government relations professional deeply engaged in housing policy, I’ve seen firsthand how the lack of strata literacy undermines community well-being. 

Not only do strata councils oversee the governance and operations of a corporation – which, in some cases, have budgets in the tens of millions – they also wield significant influence over residents’ daily lives. Still, many members step into these roles with little understanding of their legal obligations or best practices. 

From mismanaged budgets and delayed repairs to inconsistent bylaw enforcement and opaque decision-making, the consequences of untrained governance are far-reaching. The Civil Resolution Tribunal has repeatedly flagged these issues, revealing a troubling pattern of preventable conflicts and costly mistakes.

Call to policymakers

The current policy landscape, anchored by the province’s Strata Property Act and its accompanying regulations, provides a legal framework for strata governance but no guarantee of competence. While the Act outlines duties such as fee collection, property maintenance, and dispute resolution, it assumes council members already possess the skills to execute them. This assumption is no longer tenable.

That is why the B.C. Real Estate Association (BCREA) is calling for a legislative amendment to the Strata Property Act requiring all council members to complete a certified training program. Covering competencies such as financial management, property maintenance, insurance, tenancy law, document management, and meeting procedures, the program would establish a baseline of knowledge, empowering councils to serve their communities effectively and fairly. 

This isn’t just about education. It’s about equity, accountability, and the long-term sustainability of our housing system.

By equipping council members with foundational skills, the program would safeguard property values, ensure timely upkeep, reduce the frequency of tenancy disputes, and maintain the financial health of the corporation. Stronger governance fosters stronger relationships among residents, creating more engaged, harmonious communities.

Standardized education would also level the playing field across strata corporations, reducing inequities and ensuring all communities benefit from consistent, competent leadership. When residents feel their concerns are addressed fairly and their homes are well-managed, satisfaction rises, leading to healthier, more resilient neighbourhoods.

Even better, B.C. policymakers would have examples to draw from when creating the program. The Condominium Authority of Ontario already requires training for condo directors through 26 online modules covering governance, legal compliance, and building management. 

Closer to home, the Condominium Home Owners Association of B.C. already offers voluntary webinars on strata administration. 

We must build on these foundations, formalizing and expanding access to ensure every council member is prepared to lead.

In order for the program to reach its full potential, a strong regulatory framework is essential. This framework would accredit educational institutions, set quality benchmarks, and establish assessment processes to validate competence. 

Continuing education requirements would keep council members updated on evolving laws and governance standards, while oversight mechanisms would monitor compliance and enforce penalties. Together, these elements would create a structured, accountable system supporting effective governance provincewide.

It will also be important to maintain an explicit focus on accessibility, particularly to mitigate any concerns that the program could discourage strata council volunteer participation. This includes offering flexible online course formats, self-paced modules, and reasonable timelines for recertification. These features were instrumental in Ontario’s success and should be emphasized in B.C.’s rollout.  

To implement this program, BCREA proposes the creation of a dedicated branch within the Ministry of Housing to oversee training. This entity would maintain a registry of certified members, conduct audits, and provide support to councils navigating the new requirements.

Finally, the path to implementation must begin with consultation. Strata residents, property managers, legal experts, and advocacy groups must all be engaged to refine the proposal and build consensus. 

Bottom line

Mandatory strata education is not a bureaucratic burden. It’s a public good. It’s a missing pillar in housing policy not just in B.C. but in several other parts of the country – one that strengthens transparency, professionalism, and community resilience. As our cities densify and reliance on stratified housing grows, we must ensure those managing these communities are equipped for the task.

It’s time to move beyond reactive governance and toward a proactive, informed, and equitable system. The homes we live in, and the communities we build, deserve nothing less.

Jasroop Gosal

Jasroop Gosal is the Government Relations Manager at the BC Real Estate Association (BCREA). Before joining BCREA, he was the Spokesperson and Policy & Research Manager at the Surrey Board of Trade, where he advanced initiatives related to housing, infrastructure, and economic development. Jasroop brings a background in nonprofit leadership and business advocacy, with a focus on building cross-sector partnerships and driving local impact. He has also worked on strategic campaigns at the municipal, provincial, and federal levels, and is passionate about community-building, public policy, and empowering inclusive economic growth across British Columbia.

The post Why it’s time to require training for strata councils and boards appeared first on REM.

The August 2025 report, released Tuesday, shows apartment-style condos and row-style homes are seeing the sharpest drops, while detached and semi-detached properties are posting only modest declines.

The unadjusted total residential benchmark price was $577,200 in last month, down four per cent from August 2024.

“Perspective is needed when it comes to price adjustments,” said CREB chief economist Ann-Marie Lurie, adding that high-density housing like row and apartment-style homes are seeing the biggest drops as those categories are seeing the biggest gains in supply.

“Meanwhile price adjustments in the detached and semi-detached markets range from modest price growth in some areas to larger price declines in areas with large supply growth. Overall, recent price adjustments have not offset all the gains that have occurred over the past several years,” said Lurie.

Unadjusted benchmark prices for row houses were down five per cent year-over-year in August, while condo prices slid six per cent. Detached at semi-detached prices remain flat from 2024.

Sales slow, but remain above longterm trend

August sales reached 1,989, nearly nine per cent lower than the same month last year. Sales activity has eased compared to the highs of the past four years but remains above long-term trends, pointing to ongoing strong demand.

The notable change lies in supply. Elevated new listings have kept the sales-to-new-listings ratio below 60 per cent, pushing inventory to 6,661 units — the highest August level since 2019.

With more choices available and slower sales, months of supply rose to 3.4 in August. This marks a significant shift from the seller’s market conditions of the past four years, though levels remain well below the buyer’s market seen before the pandemic.

While the market overall is more balanced compared to last year, conditions continue to vary depending on property type, price range and location.

The post Calgary row houses, condos under price pressure: CREB appeared first on REM.

The index released Monday by Wahi, a Canadian real estate platform, and Real Property Solutions, a property valuation service provider, showed the condo slump in Toronto and Vancouver is getting worse, and a softening in the single-family segment is emerging.

“Since the Canadian housing market began falling from its peak in 2022, prices for single-family homes have generally held up better than for condos,” said RPS-Wahi economist Ryan McLaughlin. “While this is still the case by a large margin, we are now seeing single-family home prices flattening on an annual basis.”

 At the national level in July, prices for both detached and row-townhouses were up just one per cent on a year-over-year basis, while semi-detached prices declined one per cent. 

Condo prices remained down seven per cent overall, once again matching a 20-year low in terms of annual depreciation in a given month.   

Two markets buck the trend

Quebec City continued to lead major markets for price appreciation. Home prices surged 13 per cent annually, with the local real estate board reporting that entry-level houses and condos are primarily responsible for growth.

 Winnipeg trailed Quebec City at nine per cent. 

“Demographic shifts could be contributing to the frothiness as the city’s relative housing affordability attracts homebuyers from elsewhere, straining supply,” said Wahi’s report. 

For the first quarter in more than 20 years, Manitoba experienced a net gain of interprovincial migrants. More Canadians moved to Manitoba than left the province for elsewhere in the country in Q1 of 2025, according to Statistics Canada.

Hamilton, Toronto and Vancouver lag behind

 Prices dropped five per cent in both Hamilton and Vancouver, while in Toronto they sank four per cent compared to year-ago levels, said Wahi.

“Hamilton, a significant producer and exporter of steel, has an economy that is particularly sensitive to tariffs,” reads the report. “Toronto and Vancouver, which boast diversified economies, are less exposed. In these markets, however, a sky-high supply of condos exerts downward pressure on prices.”

Prices for condos in Toronto and Vancouver posted the largest year-over-year declines in at least two years. Toronto saw condo prices decrease by 10 per cent annually, just edging out Vancouver’s nine per cent year-over-year decline.

The post Market cools, prices flatten for single-family homes appeared first on REM.

“Buying a home is one of the biggest decisions people make, and status certificates can feel like a black box,” said Robert Saunders, CEO of Toronto-based Ownright. “Too often, buyers are simply told, ‘you’re good to go’ without knowing why. We’ve opened that box and built something digital, readable, and designed for real people.”

In cities like Toronto and Vancouver, more than half of occupied dwellings are condominiums. The status certificate is a legal requirement for any condo transaction in Ontario. 

Despite its importance, the process has traditionally involved dense legal documents or vague verbal summaries.

How the new tech can help

Ownright’s new digital review breaks the certificate into six clearly defined sections: general property and building information; building rules, restrictions and bylaws; common expenses including monthly condo fees and potential special assessments; financial health of the condo corporation; insurance coverage; and the legal status of the corporation, such as ongoing lawsuits or compliance issues.

Each section is written in plain language and includes added context and tips. The full review is delivered securely through Ownright’s client portal.

The goal, according to the company, is to help buyers make more informed decisions with clearer information.

The tool is currently only available in Ontario, however, the company has plans to expand to other provinces shortly, it says.

A tool for professionals, too

This new feature is also intended to benefit real estate professionals, mortgage advisors, and legal teams by streamlining communication and reducing misunderstandings in the transaction process.

When buyers understand the risks and obligations outlined in a status certificate, “they are more confident, more efficient, and more prepared to close,” says Ownright.

The new digital review is the latest addition to Ownright’s end-to-end digital platform, which already includes legal quotes, document intake, and signing. The company says this brings it closer to its goal of fully digitizing the real estate legal process.

The post New tool transforms status certificate reviews for condo buyers appeared first on REM.

Brendon Ogmundson, chief economist with the BC Real Estate Association, points to CREA data that shows “wild divergence” between Toronto and Vancouver’s apartment prices since a convergence in 2022, with Toronto’s prices down about 20 per cent, while Vancouver’s are just slightly off from the peak.

“There must be a much bigger amount of excess supply in Toronto than Vancouver,” he told Real Estate Magazine. “It’s much worse in Toronto.”

What’s happening in Vancouver

Ogmundson noted that although Vancouver has seen a lot of construction over the past five years, many of those units are still in progress or intended as rentals, so supply hasn’t flooded the market all at once. 

He expects some downward pressure on Vancouver prices soon as inventory accumulates and demand softens, though likely not to the same extent as in Toronto. 

Toronto’s sudden downturn

“Vancouver is very much lagging Toronto,” said realtor Jarrod Armstrong with Right At Home Realty, noting that Toronto hit a peak in 2022 and the entire industry has been “flipped upside down” since then.

Armstrong said Toronto, where he is based, has been hit by a volley of changes in the last three years, like higher interest rates, a ban on foreign buyers, changes to Airbnb rules, and vacant home taxes, which have all sent investors fleeing.

“A lot has really hit the market all at once,” he said. “It’s really a perfect storm hitting the Toronto condo market.”

Armstrong said Toronto overbuilt small 350- to 450-square-feet condos mainly geared toward investors, but that are not so attractive to other buyers. That has resulted in a surplus of inventory and weak demand, which has sent prices falling. 

“(Small condos) have literally lost a quarter of their value,” he said. “They’re really just unsellable.”

Armstrong said that in a given month, there might be 3,000 condos for sale but only 300 sales. The city is now seeing a fall in preconstruction sales and projects abandoned left and right, according to Armstrong. 

To add insult to injury, tariffs from the U.S. have injected uncertainty into the economy that has “ruined” the spring condo market, he said.

Vancouver: Smaller scale, similar issues

In Vancouver, realtor Ron Parpara with eXp Realty told REM that he thinks the main reason prices have fared better there than in Toronto is that it is a smaller city. That means there’s less space to build and less stock to outweigh demand. 

That said, he noted that the city is still feeling a market slowdown and there has been some dip in prices.

“We’re in a similar situation, just maybe in a little bit of a smaller scale with Toronto,” he said. “Sales are not keeping up with the supply.”

Parpara said Vancouver has the highest inventory in the last 11 years and there’s more coming online, and they just had the slowest May in the last 20 years. Vancouver has taken similar steps against investors as Toronto, including a vacant home tax and an Airbnb tax, according to Parpara. 

As a result, he said about 90 per cent of his transactions now are end users, not investors.

Looking ahead

So what’s in store for the rest of 2025? Ogmundson predicts that in the short-term, sales will continue to be weak in Toronto and Vancouver due to economic uncertainty and a growing inventory, but there could still be a rebound eventually, given an ongoing housing shortage. 

Parpara thinks prices in Vancouver will continue to fall, but there will be a more balanced market in 2026/27 as interest rates come down, while Armstrong agrees that prices will continue to lower in Toronto and it won’t be until 2027 that we see a real change. That’s when there will begin to be constraints on inventory due to a slowdown in new construction.

“I don’t think we’ve hit bottom,” Armstrong said.

Eric Stober

Eric Stober has over 10 years experience as a journalist and writer at publications big and small, including Global News, Toronto Life, Post City Magazine, Greencamp.com, the Toronto Star and The Grid.

The post One Country, Two Markets: Condo fortunes drift further apart in Vancouver and Toronto appeared first on REM.

She listed a three-bedroom condominium directly across from Insite, a safe injection site in Vancouver’s Downtown Eastside, by choosing a strategy of complete transparency.

A view of the mountains—and the safe injection site

Instead of cropping out the street encampments or glossing over gritty realities outside the building, Schlechtleitner did the opposite. Her listing video opened with graffiti, people on the street and blunt narration.

“If you’re looking for a really good deal but in a really gritty area,” she says in the opening shot, “we have a listing on Main and Hastings right across the street from the safe injection site.”

The condominium sold in just nine days. In a market where units in the same building have sat unsold for months, that’s no small feat.

“It was a wild one. Even my social media guys didn’t want to do the video,” thinking they’d get in trouble, Schlechtleitner recalls. But she knew what the situation called for.

The public’s reaction

Schlechtleitner, a managing broker at Stonehaus Realty Rethink Real Estate Group and 21-year industry veteran, feels unfiltered honesty not only works but is demanded in the current market, because consumers are very smart and have all the information they need readily available.

Her instinct proved correct. The listing video quickly gained traction online and drew media attention, but not without controversy. “I wasn’t surprised by the feedback, to be quite honest,” Schlechtleitner says. “Because there’s a lack of understanding in education, in my personal opinion.”

She notes the conversation wasn’t as much with her, about the listing, as much as it was with the public, about social issues.

Although some commenters didn’t see eye-to-eye with her, she says how nice it was to see many standing up for their beliefs and bringing some humanity to the topic. “Although maybe some didn’t see it as that. People just lock their doors and drive by (the area).”

Finding the right buyer

One of the most compelling aspects of the sale was the alignment between the property and its eventual buyer.

“Our buyer (a young couple) wanted to come from contribution on East Hastings, and the buyer’s agent has a history of family members down there. So, all parties involved were very compassionate,” including Schlechtleitner herself, who notes she’s in recovery and does charity work in the area.

A shift in industry and consumer expectations

Transparency in real estate isn’t without its challenges. But Schlechtleitner believes it’s the only sustainable approach in today’s information-rich environment.

“Honesty is the best policy,” she says. “If you harm the public by sugarcoating, misleading or lying, you will end up at the governing body in about two seconds. You will hurt your brand.”

Schlechtleitner recalls a “tainted time” for British Columbia’s industry in 2018, when she was embarrassed to say she was an actual Realtor.

“We were worse than car salesmen, because there was so much lack of transparency. The Real Estate Council of BC closed down, and BC Financial Services Authority started. In the last seven years, the industry’s levelled up,” she observes, thanks to tougher entrance requirements, more robust continuing education and mandatory courses like ethics.

Now, she’s proud to call herself a Realtor again.

Aside from industry expectations, Schlechtleitner also sees a generational shift in consumer expectations, noting that even Millennials are used to being “bamboozled” and that today’s first-time buyers want the full truth.

Still, she recognizes that honesty must be balanced with seller pride and notes there’s always a way to find an angle and your market.

How to handle tough listings

For example, “If my seller’s home isn’t very well-maintained, I would talk to them about presenting it as more of a bring-your-own-ideas or a fixer-upper (property).”

For agents working with stigmatized or difficult listings, Schlechtleitner’s advice is clear: Be creative and be fearless.

She stresses the need to stand out by offering incentives or bonuses, particularly in the buyer’s market that many regions, like Greater Vancouver, are experiencing. In May, the region had over 17,000 properties in inventory, the highest in over a decade, along with a sales slowdown of over 23 per cent from the year before.

But above all, Schlechtleitner says to protect your brand and your ethics.

“Talk to your managing broker because you might get in trouble. Don’t appear racist. Follow social cues of society,” she advises. “Your name can get jaded in this industry very quickly—it’s very small. We know who’s who and who does what. And we know who’s good and who’s not.”

Call out who it isn’t for

Toronto Realtor Julie Rutherford, of Keller Williams Referred Urban Realty, wholeheartedly agrees with Schlechtleitner’s philosophy.

“In a market where over-polished marketing is the norm, I’ve found that truth delivered thoughtfully can be one of the most effective tools we have,” she says.

For a property previously listed with multiple agents, Rutherford explains she relaunched the listing with more transparency to build trust without diminishing the property’s value. Instead of glossing over the home’s rural setting, which could be a disadvantage for many, she re-framed the location as “just 50 minutes from Toronto” to emphasize a quiet setting with accessibility.

“I avoided trying to make it a one-size-fits-all home, focusing the message instead on retirees and downsizers looking for peace without isolation. By being upfront about who the home wasn’t for, I clarified exactly who it was for.”

And so far, it’s paying off. Rutherford has seen a steady stream of showings, strong, positive feedback and inquiries from serious, qualified buyers, not just casual browsers.

Emma Caplan-Fisher

Emma Caplan-Fisher is an editor and writer for REM. She has over a decade of experience in various content types and topics, including real estate, housing, business, tech, and home & design. Emma’s work has also been featured in Cottage Life, the Vancouver Real Estate Podcast, the Chicago Tribune, Narcity Media, Healthline, and others. She holds a Certificate in Editing from Simon Fraser University.

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