Each month, REM shares brokerage expansions and conversions, leadership appointments and other key industry moves. Have an announcement to share? Email your news to editor@realestatemagazine.ca by the 26th of each month, and don’t forget to include a photo!

Expansions, mergers and conversions

Sutton Group expands in the west

Real estate company Sutton Group is expanding its reach with two new offices.

This month, Sutton announced the grand opening of Sutton Beeline Calgary and Sutton Centre Kelowna.

The establishment of the new locations was strategic, says Sutton, as both Kelowna and Calgary offer “significant market opportunities for growth.” 

Sutton Beeline in Calgary is led by managing broker Zaeena Gul, while Sutton Centre Kelowna is co-led by managing brokers Emily Coates and John Skender. 

“The opening of Sutton Beeline Calgary and Sutton Centre Kelowna represents a significant step forward for Sutton,” said Beatrice Cosentini, vice-president of Sutton’s western region.

“In a market where there is increased demand for innovative solutions, this team exemplifies the forward-thinking vision and enthusiasm required to drive meaningful change in the market.”

Royal LePage welcomes Saskatchewan brokerage

Mark Zawerucha

Royal LePage is announcing the opening of Royal LePage Success Realty, based in Yorkton, Sask. 

The brokerage will serve clients in Yorkton, as well as surrounding communities including Melville, Springside, Saltcoats, Theodore, Good Spirit Lake and beyond. 

The new brokerage is led by Mark Zawerucha, formerly an associate broker with Re/Max, who brings nearly a decade of real estate experience to his new ownership role.

“In the short term, my goal is to establish Royal LePage Success Realty as a trusted name in Yorkton and surrounding areas,” said Zawerucha. “Long term, I want to grow a strong team of professionals who share my commitment to delivering outstanding service to clients.”

Executives Property Management and Century 21 Assurance Realty Ltd. join forces

Treena Piva

Property management company Executives Property Management (Formerly Real Property Management), which services Kelowna and the B.C. Interior, has merged with Century 21 Assurance Realty Ltd.

Treena Piva and Aaron Piva of Executives Property Management will continue their leadership as managing directors of property management.

Century 21 Assurance Realty is led by managing broker Kim Davies.

“Our mission has always been to serve with integrity, lead with purpose, and create value for both investors and residents,” said Treena Piva. “Together, we’re taking that promise to the next level – continuing our commitment to redefine and elevate the expectations of property management through strategic innovation, advanced technology, and next-level service.”

Corcoran Horizon Realty opens new Hamilton office

Corcoran Horizon Realty is deepening its roots in Ontario with the opening of its newest office in Hamilton. 

Heading up the office as broker/managing partner is Martinus Geleynse, who brings over 16 years of experience in real estate, marketing and community development to the role, according to a company statement. 

“Our new Hamilton office reflects our belief in the city’s resilience, diversity and unmatched character,” said Cliff Rego, CEO and broker of record for Corcoran Horizon. “Hamilton is a place of reinvention and grit, where heritage meets innovation. We’re proud to establish a presence in a city that’s not only steeped in history but also driving forward with creativity, entrepreneurship, and community spirit.”

Corcoran is already established in the markets of Kitchener, Cambridge, Port Severn and Toronto.

Odyssey Retail Advisors expands to Canada

Odyssey Retail Advisors, a premier real estate advisory firm, is expanding into the Canadian retail market with a footprint in Toronto.

Headquartered in New York, with offices in Miami, Chicago and Los Angeles, the firm advises luxury and contemporary retailers in expanding their presence worldwide and guides developers in creating upscale shopping destinations.

Joining Odyssey as part of the Canadian expansion are Casdin Parr, David Bishop and Ryan McCarthy as executive vice presidents, along with Lesia Czech as director.

Together, they bring decades of experience advising national and international retailers across the Canadian retail landscape, says a company statement.

“This is a pivotal step in Odyssey’s continued evolution as a global advisory platform,” said Rich Johnson, principal at Odyssey Retail Advisors.

“Casdin, David and Ryan are widely respected for their deep client relationships, market expertise, and strategic thinking. Their presence enhances our ability to support clients in one of the most important luxury markets in North
America.”

Important milestones

New HQ for Berkshire Hathaway HomeServices Québec

Berkshire Hathaway HomeServices Québec is celebrating the grand opening of its new headquarters in Montreal.

Located minutes from Royalmount, dubbed the largest private development underway in the province, the move marks a step forward for the brokerage, which established itself in Québec in 2020.

The 2,000-square-foot space, located in suite 290 of 5929 Trans-Canada Highway, is designed to have the look and feel of a penthouse condominium, rather than an office, according to a company statement.

The brokerage is led by founder and CEO Sacha Brosseau, who is planning to expand across the province. 

“We will grow with the right people, at the right pace,” he said in a statement. “We’ve witnessed what happens when large corporations prioritize spreadsheets over their brokers, and we are building a different kind of company—one where growth serves to strengthen and support every member of our organization.”

Engel & Völkers Ottawa signs up for another decade

Engel & Völkers Ottawa recently announced the renewal of its franchise agreement, marking a decade in Ottawa’s high-end real estate market and committing to another 10 years under license partners John King and Larry Mohr. 

Since 2016, Engel & Völkers Ottawa has expanded to four shops across the metropolitan region. 

The brokerage has become a major player in Ottawa’s luxury segment, representing 12 per cent of all properties sold over $1 million and a commanding six per cent of the overall market share, according to a company statement.

Their 150 advisors make up three per cent of the local real estate board. 

The post The Real Deal: Industry highlights for October 2025 appeared first on REM.

The city recorded 1,720 sales against 3,782 new listings, driving inventory to 6,916 units — 36 per cent higher than a year ago and more than 17 per cent above typical September levels, according to the Calgary Real Estate Board (CREB). Row and apartment-style homes led the increase in supply.

Supply growth outpaces demand

Ann-Marie Lurie, CREB chief economist, said supply has been climbing across resale, new home and rental markets at the same time demand is slowing. She noted that slower population growth and ongoing uncertainty are reducing urgency among buyers.

“Resale markets have more competition from new homes and additional supply in the rental market, reducing the sense of urgency amongst potential purchasers. Ultimately, the additional supply choice is weighing on home prices,” Lurie said.

The benchmark price dipped four per cent from September 2024 to $572,800.

The sales-to-new-listings ratio slipped to 45 per cent in September, while months of supply rose to four — the highest since early 2020.

Apartment sector sees biggest impact

Apartment-style homes have been most affected, with rising supply creating buyer’s market conditions. Prices fell more than six per cent year-over-year to a benchmark of $322,900 in September.

Detached homes also faced more supply, though less dramatically. At a benchmark of $749,900, detached prices were down just one per cent from last year, with declines concentrated in the North East and North districts.

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The Real Estate Council of Alberta (RECA) announced the lifetime ban, effective Sept. 22, following a disciplinary hearing in May where Drinkwater admitted to soliciting fraudulent bridge loans. 

In its decision, the independent hearing panel described his conduct as “among the most severe” RECA has ever addressed.

Drinkwater, who was licensed with Re/Max Real Estate (Central) and RE/MAX Complete Realty during the misconduct, was also ordered to pay $9,500 in hearing costs. 

Drinkwater has 30 days to appeal the decision. RECA said it will provide records to law enforcement and the courts as needed.

Civil lawsuits and criminal charges brought by the Calgary Police Service remain ongoing and are separate from RECA’s disciplinary process.

This marks the third permanent ban issued by RECA since 2022.

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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These incidents have not only shaken consumer confidence but also exposed critical weaknesses in the regulatory oversight meant to protect the public. As millions of dollars are at stake and trust is eroded, industry leaders emphasize that the damage extends beyond the individuals involved, threatening the integrity of the entire profession.

For many Canadians, buying or selling a home remains one of the most significant financial decisions of their lives, and that process depends fundamentally on trust in Realtors.

What happened

iPro Realty, with 2,400 agents and 17 locations, closed down in mid-August over questions about $10.5 million going missing from the brokerage’s trust accounts. Demands for action grew after Ontario’s real estate regulator the Real Estate Council of Ontario (RECO) said that iPro Realty co-founders Rui Alves and Fedele Colucci would not face charges.

The Ontario Provincial Police have since announced that it is launching an investigation into iPro.

The total amount missing is now $8 million, RECO has said. And last week, the Ontario government said it was intervening with a review of RECO.

Details still unfolding on alleged Calgary Ponzi scheme 

In May, Re/Max Canada dropped its affiliation to Re/Max Real Estate (Central) in Calgary amid allegations surrounding a multi-million-dollar Ponzi scheme run by a former agent. 

The Real Estate Council of Alberta (RECA) completed its disciplinary process for former Realtor Eric Drinkwater. RECA said he admitted to serious breaches, and an independent hearing panel has already found him guilty of conduct deserving of sanction. RECA demonstrated to the panel why a permanent ban is appropriate given the conduct, and it awaits the panel’s final decision on sanctioning. 

RECA hearings for David Lem (broker) and Pat Hare (associate and brokerage owner) are slated for October.

‘Everybody has a part to play’

Janice Myers, CEO of the Canadian Real Estate Association, said when trust in the industry is broken, it doesn’t just impact the individuals directly involved; it threatens the reputation of the entire profession.

“It impacts the entire ecosystem that is designed to ensure situations like this don’t happen,” she says.

“In Canada, the Realtor Code represents the highest standard of professional conduct, and boards and associations were founded to set and uphold those standards of professionalism and ethics. In many provinces, they were actually the ones who pushed for the regulatory oversight we see today.”

She said the vast majority of Realtors embody these values, but when misconduct such as what happened at iPro becomes public, people rightfully have questions about trust and transparency.

She says trust is the cornerstone of real estate. Clients need confidence that their Realtor is acting with integrity, while in turn, Realtors trust their clients to be transparent and realistic. It’s this mutual trust that really makes these successful transactions possible.

“What we want is a highly professional, ethical individual, trained and acting with the utmost integrity, working with consumers. We are all aligned, and government is aligned on that, too,” adds Myers.

“Everybody has a part to play, with the backstop of government and the act that governs Realtors being extremely important, as well as the Realtor Code that CREA has. All of those work together to instill that trust.”

The final backdrop, she said, is government ensuring the legislation is up to date, allowing regulatory authorities to act swiftly and take necessary steps in situations like iPro, “where public trust has been broken and millions of dollars have been obviously misdirected.”

‘RECO has failed’: Crawford

Industry insiders widely agree that the root of these scandals lies in regulatory failures. 

A spokesperson for Ontario’s Minister of Public and Business Service Delivery and Procurement, Stephen Crawford, said in an email: “As the province’s real estate regulator, RECO has a duty to protect consumers and uphold professional standards in Ontario’s real estate sector. In its handling of the iPro Realty case, the largest case of fraud in Ontario’s real estate history, RECO failed to deliver on (its) core mandate.

“As a result of this mishandling, the Minister will step in to oversee a third-party review of RECO to ensure the process meets professional standards, reflects industry expectations, and restores public trust in Ontario’s real estate regulation.”

In response to an interview request, the RECO media team responded: “We are not providing interviews at this time. Please refer to the public statements available on our website.”

Regulators ‘failing’ on their mandate: AREA CEO

Brad Mitchell, CEO of the Alberta Real Estate Association, says a vast majority of members serve the public in a very professional, courteous, and competent manner. But, like every industry, “we have a few in our industry that don’t do that, and it’s very unfortunate.”

The Re/Max Central and iPro Realty cases aren’t small slip-ups, said Mitchell, they’re glaring examples of regulators failing at the part of their mandate that matters most: protecting the public.

When that doesn’t happen, said Mitchell, consumers pay the price, and trust in the industry is shaken.

He said it’s on both government and industry to get regulation right.

“We’ve had a ton of problems with our regulatory body here in Alberta, and they’ve had the same issues in Ontario,” said Mitchell.

Mitchell says some regulators cozy up to the industry, instead of doing their jobs with independence, and that’s where they’ve “lost their way.”

He said governments need to “strip regulatory bodies down to bare bones” and rebuild.

Mitchell argued that the real estate industry needs proper regulation, since most members want to keep out bad actors. He noted that even people arrested for serious crimes have remained licensed as Realtors, while regulators focus on trivial matters like sign details or measurement rules.

In his view, regulators neglect serious misconduct and instead waste effort on minor technicalities.

RECA responds

In an emailed statement, RECA said the assertion that it has not acted is false. RECA said it prioritized the Drinkwater investigation and has already completed its disciplinary process. 

“A profession’s greatest asset is its reputation. The vast majority of industry professionals act with integrity and care for their clients, and we share the frustration and anger felt when fraud occurs,” it said.

“Alberta has strong protections in place. Consumers can use RECA ProCheck to confirm licences and view disciplinary histories. Each sector has distinct education and licensing requirements, and credentials are public. If someone lacks the proper licence, that’s a red flag.

RECA said its processes and mandate are legislated. They’re also guided by case law and legal precedent. Acting without enough evidence (or outside our authority) would invite lawsuits, taint proceedings, and delay justice. 

“We work tirelessly within the bounds that the Government of Alberta has established to meet our mandate in protecting consumers,” it said.

“Albertans expect fair, transparent processes. Skipping due process goes against that and risks judicial review that could overturn decisions and sanctions and delay justice for victims. RECA’s responsibility is clear: act decisively when evidence exists, and ensure sanctions stand. That’s how we help protect consumers and preserve trust in the profession.”

A government spokesperson for Minister of Service Alberta and Red Tape Reduction Dale Nally said “the Minister’s schedule doesn’t allow for an interview at this time,” and there was no response when asked to provide a statement.

A lesson in choosing a brokerage

Todd Shyiak, executive vice president of CENTURY 21 Canada, said the iPro collapse is a reminder that the industry must reset its standards. Agents must re-examine what they demand from the brokerages with which they choose to affiliate.

“The lesson is clear: choosing a brokerage based on cost alone is short-sighted calculation. Agents must invest in their career and align with brokerages that will show their value through stability, leadership, and the resources required to deliver the best standard of service to clients,” he says.

“The future of Canadian real estate depends on setting — and meeting — higher expectations. Agents must demand it. Clients deserve it. And our industry’s reputation requires it.”

The recent scandals take away confidence in the industry. They take away confidence in the oversight of the industry. 

“Oversight means mandatory regular audits and demanding brokers send in monthly balances of their trust accounts to show they’re copacetic.

“The oversight in our industry has failed time and time again to address one of the core problems in my mind. These brokers they charge nothing, they do nothing, they offer nothing and allow agents to wallow.”

Faith in the process

Alan Tennant, CEO of Calgary Real Estate Board, says it’s always upsetting when to see real estate consumers affected when they shouldn’t be.

“That’s a situation where I think we all know that all of our rules and laws governing real estate need to be fully and effectively enforced. And until we know they haven’t been fully enforced, we have to have some faith in these systems and processes and allow them to unfold,” he says.

“And then, if there’s been a lack in enforcement, then I’m very confident the industry will step up. You know, if I have any concerns about these situations, it’s probably more around the potential for an overreaction. My experience has been that when you get a group of Realtors together in a decision-making role, whether it’s creating rules or managing ethics situations, they always consistently have very high standards and a very low tolerance for noncompliance.

“I think all Realtors need to be concerned about the potential damage to the brand. And they all have a role to play in making sure things are corrected.”

Mario Toneguzzi

Mario Toneguzzi is a contributing writer for REM. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He now works on his own as a freelance writer for several national publications and consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list.

The post Two high-profile scandals spark reckoning for Canadian real estate industry 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.

Winter joined Engel & Völkers in 2018. With more than three decades in Calgary’s business community, she previously held executive roles in the oil and gas and legal sectors. Her team will support buyers and sellers in Calgary as well as across Southern and Central Alberta.

There are 14 team members, with one private office advisor.

“Alberta is a market of opportunity and Engel & Völkers Calgary is strategically positioning itself to continue to meet such demand,” said Stuart Siegel, president and CEO of Engel & Völkers Americas. “Chynna’s expertise in real estate and her dedication to positioning Engel & Völkers as the premier choice for buyers and sellers in Calgary will greatly benefit consumers locally and in surrounding areas.”

Winter emphasized the company’s global network and team-based approach. 

“Engel & Völkers’ global network, strategic marketing and exceptional level of service are unmatched in Alberta,” said Winter. “I am also blessed to have an amazing team of talented real estate advisors working with me, and they are always finding new ways to raise the bar for our clients.”

The launch comes as Calgary’s housing market shifts from record highs to more balanced conditions. Population growth is expected to sustain long-term demand, while the city’s economy remains diverse with energy, technology, and finance as key sectors, plus a robust cultural scene that supports a healthy tourism industry, said Engel & Völkers.

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In Ottawa, Raymond Chin of Coldwell Banker First Ottawa Realty has watched the interest in micro-units dry up almost entirely.

“The demand is actually very low,” the Realtor says, noting that in June, residential prices increased about nine per cent while the condominium market dropped about seven per cent. “Two-bedroom condominiums, or even a one-bedroom plus den, are much more sought after than just a one-bedroom or these bachelor-types.”

Shifting buyer priorities

Though new units may appear affordable on paper, often ranging from $320,000 to $375,000, Chin notes, he says the buyer pool is limited — mostly comprising first-time buyers or downsizers with limited options, not retirees with a nest egg ready to move south. Investors, meanwhile, remain very conservative and hesitant to dive into these smaller condominiums.

Buyer preferences have evolved significantly since the pandemic reshaped lifestyles and work habits. Chin explains that before COVID, proximity to downtown workplaces and amenities drove demand for compact living, but that dynamic has changed in Ottawa.

“You get from city to city, end to end, in maybe half an hour with no traffic. Commute times are fairly short compared to bigger cities like Toronto … (here), a lot of people take an Uber downtown, to live in a bigger, better, quieter place.”

A supply surge and investor shift

In Calgary, Rob Vanovermeire, broker/owner of Coldwell Banker Mountain Central, is also seeing sluggish movement in the smallest condominium segment, which he notes has historically been and remains a small inventory pool.

“Calgary, percentage-wise, doesn’t have as many micro-units as some of the bigger markets like Vancouver and Toronto. We just haven’t built them.”

He notes the condominium market hit its peak in 2015, followed by a downturn that lasted until 2021. While activity surged again in 2022, largely due to investors from Ontario and British Columbia, many of those buyers were targeting presales, not resale micro-units.

When it comes to micro-condominiums, Vanovermeire says those buyers are typically single professionals or couples, and he hasn’t seen many older than 35 years old.

Regardless of size, Vanovermeire notes Calgary’s resale condominium absorption is down, with roughly 22 per cent of total units selling.

The power of narrative

Vanovermeire’s optimistic that small condominiums still have a market — but only if agents put in the right work and know how to sell the lifestyle that comes with them.

“What’s been really successful for me is video tours,” he recalls. “But not just a quick introduction and let the video play some music as you tour the condominium.”

Instead, Vanovermeire takes a more immersive, personalized approach to help buyers envision life in a small space.

“You have to be willing to treat the camera like it was a buyer and point out the lifestyle, amenities in the building and what’s offered in the area,” he explains, including the things you wouldn’t be doing at home, because, “When you’re looking for micro-condominiums, you have to be the kind of person that likes to be out a lot.”

That means showing — not just telling — what makes the location work for the target buyer, whether it’s nearby bars, restaurants, shops or events. “Get some b-roll of an event and incorporate that (so viewers can) see themselves attending … That’s power.”

But despite being a leader who vocally encourages video, Vanovermeire feels most agents still hesitate to fully embrace the medium.

“I really advocate for getting out of your comfort zone … but to this day, the majority of Realtors don’t embrace video the way that they could,” perhaps due to lack of confidence or concern about their appearance, he adds.

Building for people, not profit

If agents are rethinking how they sell micro-units, some developers are rethinking whether to build them at all.

B.C.-based Realtor Shane Styles is also a partner at Tradecraft Consulting, where he advises developers. He’s seeing a changing market, where, at its smallest end, demand rapidly diverges from what’s still being built.

“All things being equal, people want to live in something as large as they can get. We’re getting downward pressure on price and rent in Vancouver, probably for the first time in forever. Now, you can get a larger place for the same rent as a smaller place was two or three years ago.”

Styles feels it all comes down to supply, demand and market elasticity.

On top of that, he adds, are many people on the sidelines not selling, plus reluctance from banks to lend on (tiny) places, “So you’ve got to get creative with financing. How’s that for irony?”

In Styles’ view, these factors create the perfect storm, making micro-units the least desirable homes to live in, and therefore less likely to resell and rent.

‘If you can’t fix it, feature it’

He saw this firsthand when brought into a condominium project that didn’t reach its presale requirement — twice. 

The original pitch was familiar: compact units, priced for short-term rental buyers and branded for weekend use. But it just wasn’t working.

The developer had created the floor plans a few years back with an architect from the East Coast who was used to larger spaces for lower prices, Styles shared. He recognized that the 750 square foot one-bedroom + den units should today be 550 square feet to sell at an attractive price, arguably with the same utility.

Since the developer had no more capital to change the unit sizes, Styles went with the old adage, “If you can’t fix it, feature it.”

He analyzed the local market and found a huge gap. “No one was building anything for locals,” who, Styles notes, comprised first-time buyers paying $2,600 a month in rent and long-term, single-family home residents with nothing to downsize to.

So, it was a game of “repositioning, reexamining the marketplace and ensuring we orchestrated the product to fit the hole we’d identified,” resulting in the larger units offered at $499,000.

At the end of the day, Styles asserts it’s all about utility, as “The everyday consumer can’t equate price per square foot to the value they’re getting … You can have a $1,000/square foot home and a $650/square foot home and they’ll deliver the same utility.”

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.

The post Tiny footprints, tougher sales: Can micro-units still find their market? appeared first on REM.

However, the rebound hasn’t stabilized prices in markets where affordability is strained and listings have surged.

Preliminary July figures from local real estate boards show the MLS Home Price Index continued to decline in Toronto, Vancouver and other parts of Southern Ontario and B.C.’s Lower Mainland. These regions have seen inventory rise to historically high levels.

Resale activity is picking up—most notably in Toronto—helping bring supply and demand into better balance. Over time, this could ease downward pressure on prices, according to RBC.

Prices remain more stable in the Prairies, Quebec and Atlantic Canada, where supply remains tight.

July data showed resales increased in Calgary, Edmonton, Regina and Saskatoon, building on June’s gains.

Hogue expects a broader recovery to regain traction as confidence improves, with regional price trends possibly narrowing later this year or in 2026.

“We expect a broad market recovery to get back on track across Canada as confidence builds further. Diverging price trends are likely to persist, but they could narrow later this year or next.”

Toronto

A jump in resales in Toronto confirmed the market is “turning a corner” after trade war worries dragged the market down this spring.

The Toronto Regional Real Estate Board reported 6,100 homes changed hands in July, up 13 per cent from June (seasonally adjusted) and 10.9 per cent from a year ago. 

This also marked the fourth straight monthly increase.

“This helped firm supply-demand conditions, but buyers still have the upper hand,” said Hogue.

“Decades-high inventory of homes for sale likely makes sellers more flexible to get deals done.”

Home prices continued to decline as a result, Hogue noted. The composite MLS Home Price Index slipped a further 0.2 per cent from June, and is down 5.4 per cent from a year ago.

“We expect property values will keep falling while the market gets back on a stronger footing. Affordability—while improving—will remain a big issue.”

Montreal 

“Montreal’s overall picture hasn’t changed much this year. The market’s recovery remains stagnant, but modestly tight supply supports small price gains,” said Hogue.

RBC estimates July home resales stayed within close range of where they’ve been since February on a seasonally adjusted basis. Resales are down from late 2024 levels, but still sustaining a pace that would have been considered solid before the pandemic, Hogue noted.

“Meanwhile, the number of homes for sale remains historically low, and there’s no signs of it rising in a material way with new listings falling in two of the last three months.”

Vancouver

Early signs of a rebound have emerged in the Vancouver area, said Hogue, as home resales rose for two consecutive months.

“Importantly, the upswing has brought supply and demand closer to balance. We think the sales-to-new listings ratio is now just below the threshold consistent with balanced conditions.”

Hogue said the biggest element in the market is high inventory, which is at historic levels. 

“Downward price pressure could ease if supply and demand continue to rebalance. But, we think this isn’t likely to occur quickly, nor set the stage for a rise. Severe affordability challenges will continue to be a major constraint hampering buyers’ ability to bid higher.”

Calgary

Newly built homes contributed to a build-up in inventory, and came at a time when “demand cooled in the face of economic uncertainty,” said Hogue, adding that these forces resulted in an easing of price pressure.

By July, Calgary’s composite HPI fell 3.9 per cent year-over-year.

“Still, we expect this price adjustment to be short-lived. Supply and demand are largely in balance, and active listings are far from excessive, even if it builds up further,” said Hogue.

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According to the Calgary Real Estate Board (CREB), inventory levels climbed 66 per cent from the same period last year. Supply is accumulating the quickest in neighbourhoods where new communities are being built, said CREB.

The influx of listings has put downward pressure on prices in select parts of the city. The benchmark price for total residential properties has been trending lower, reaching $582,900 in July, a four-per-cent decline year-over-year.

“Price declines are not occurring across all property types in all locations of the city, and even where there have been declines, it has not erased all the gains made over the past several years,” said Ann-Marie Lurie, chief economist at CREB. “The steepest price declines have occurred for apartment and row style homes, mostly in the North East and North districts, which coincides with significant gains in new supply.”

More listings, fewer sales

The boost in supply came amid a 12 per cent drop in sales compared with the same month last year. In total, 2,099 homes were sold in July, while new listings rose to 3,911 units — an increase of more than eight per cent year-over-year.

CREB cited ongoing economic uncertainty related to tariffs, stagnant lending rates, and increased competition from new builds as contributing factors to shifting market conditions. 

Apartment-style homes now have the highest months of supply at over four months, while detached and semi-detached homes remain in relatively balanced territory with approximately three months of inventory.

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Designed to securely store keys and facilitate scheduled showings, lockboxes are being misused by some agents who share access codes with clients or third parties—violating professional rules and exposing sellers to serious risks, including theft, privacy invasion, and property damage.

The problem is more than anecdotal. In Ontario, the Real Estate Council of Ontario (RECO) has received 20 to 40 complaints annually over the last five years about agents providing unauthorized access to listed properties.

According to RECO registrar Joe Richer, nearly all substantiated complaints led to disciplinary action, with fines starting at $5,500 and reaching as high as $9,500 for repeat or contested violations.

“You’re giving somebody a key with no idea what they’re going to do with it,” said Richer. “That’s a major breach of trust.”

Efforts to find a solution

The consequences for Realtors go beyond monetary penalties. Industry leaders say misuse of lockboxes erodes public confidence in the profession and can result in legal liability for agents and brokerages.

In response, many brokerages and real estate boards are turning to electronic lockboxes that offer time-restricted access and real-time tracking. Still, the problem persists, with some agents ignoring protocols for the sake of speed or convenience.

 “It’s not just wrong—it’s dangerous,” said prominent Toronto Realtor Frank Leo, who replaced traditional lockboxes years ago after incidents involving unauthorized reentry into client homes.

Responsibility lies with seller’s agent

Richer said the lockbox is used to simplify the process. It’s a convenience for Realtors, allowing for easier access with the least amount of intrusion possible. But, ultimately, the seller must be comfortable with using a lockbox, and they need to understand the risks.

The seller’s representative is responsible, first and foremost, for protecting the property on the seller’s behalf. They’re expected to be at the showing—unless the seller has specifically instructed that they don’t need to be there.

The agents have a legal obligation to ensure the property isn’t damaged, that nothing is stolen, and that the seller’s privacy isn’t breached.

The lockbox should only be accessed by licensed agents—unless the seller explicitly instructs otherwise, said Richer.

“It’s a very serious issue for us. We have a number of complaints about this annually. And virtually everybody that we receive a complaint about, if it’s supported by evidence that they actually did provide unauthorized access to a property, every single one of those agents has been referred to discipline.”

The case for electronic lockboxes

Richer said the technology has come a long way, and electronic lockboxes are a much better option. The more advanced systems only provide access codes that are valid for a specific time slot, and sometimes they won’t even allow entry a few minutes early. Others work through Bluetooth and mobile apps, meaning the access is tied directly to the agent’s phone—so you can’t just pass along a code.

There are huge benefits: the listing agent knows exactly when someone enters and leaves. Overlapping showings are avoided, and unauthorized re-entry isn’t possible without a new code.

Richer said there’s no provincial law about which lockbox system to use. That’s determined by the local real estate boards. Members of each board must use the systems authorized by that board.

“The good thing, too, is that the profession as a whole is seeing the importance of it and they’re sick and tired of it, of the people that are doing it (breaking the rules) and so they’re filing complaints about it,” added Richer.

Leo, with Frank Leo & Associates, part of the Re/Max team in Toronto and the Greater Toronto Area, said he’s very concerned about the traditional lockboxes. 

The difference is in the control and accountability, he said, adding he’s always taken client safety seriously.

“As soon as the technology became available, I made it a strict policy in my business to stop using traditional lockboxes. We use electronic lockboxes only,” he said.

Changes coming this fall, says TRREB

In a statement, John DiMichele, CEO of the Toronto Regional Real Estate Board, said: “As the real estate profession continues to advance, so too do the tools and technologies we rely on to serve clients and uphold professional standards. At TRREB, we are committed to leading that evolution, and this fall, we will introduce a new electronic lockbox solution for our members to enhance both security and accountability.

“The system will provide each (Realtor) with individual access credentials, enable real-time tracking of property visits, restrict access outside of scheduled appointments, and integrate directly with TRREB’s showing management system. This initiative reflects our broader commitment to delivering innovative solutions that support our members’ success and protect the interests of their clients.”

DiMichele said every Realtor has a legal and ethical obligation to follow the rules, especially when it comes to property access and security. 

Lockbox codes must never be shared, and no buyer, appraiser, inspector, or service provider may enter a property unless they are accompanied by a Realtor or have written consent from the seller. 

He said the board’s MLS rules clearly state that a Realtor must be physically present for the entire duration of a visit.

“Breaches of these rules are taken seriously. Complaints submitted to TRREB are reviewed by our Professional Standards Hearing Panel, and violations may result in significant penalties, including fines and mandatory training. Members are also encouraged to report serious infractions to the RECO, the regulator responsible for enforcing the profession’s Code of Ethics,” explained DiMichele.

 “At TRREB, we take our role in supporting member professionalism seriously. We continue to communicate regularly with members about their responsibilities, including best practices for managing property access and ensuring the safety and security of clients and their homes.”

No issues reported in Calgary

Alan Tennant, CEO of the Calgary Real Estate Board (CREB), said the use of lockboxes is very clearly spelled out. The purpose of access is strictly for showings. It’s a Realtor-to-Realtor environment. Any exceptions need to be approved by the listing agent.

“It’s a major demonstration of consumers’ trust  . . . they’re essentially handing over the keys to their home, expecting that it will be used solely to help get the property sold. So access is intended specifically for Realtors,” he said.

Tennant said CREB has had no reports or issues regarding abuse of the process.

Mario Toneguzzi

Mario Toneguzzi is a contributing writer for REM. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He now works on his own as a freelance writer for several national publications and consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list.

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