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Toronto’s One Bloor West is marking a significant milestone in the city’s real estate development scene after years of delays and financial challenges. The towering structure recently achieved a major feat by surpassing 300 meters, officially earning its status as Canada's first supertall tower. This milestone not only signifies the progress of the One Bloor West project but also sets the stage for a new era of high-rise development in Canada. Despite its difficult and tumultuous journey, with cost overruns, delays, and shifting developers, the project is now positioned to redefine Toronto’s skyline and raise the bar for future mega-towers.

The road to success for One Bloor West has been far from smooth. Originally launched in 2015, the project encountered multiple obstacles, including a massive budget overrun and delays caused by global events like the COVID-19 pandemic. What was once an ambitious plan for luxury condos, a hotel, and an iconic retail space—anchored by Apple—became mired in legal disputes and financial setbacks. At one point, the project faced significant debt and delays, with construction years behind schedule and costs spiraling. However, despite the early missteps and financial instability, the tower’s relocation to Tridel, a seasoned developer with a strong track record, has injected new life into the project, and its long-awaited completion is now slated for 2028.

The completion of One Bloor West will be a defining moment for Toronto’s real estate market, as it presents both challenges and opportunities for future supertall developments. The project’s location in the coveted Yorkville neighborhood, along major transit lines, and its ambitious design will make it a landmark property in the city. However, building such a towering structure comes with significant engineering and financial challenges. Super-tall buildings require extensive groundwork, translating to higher construction costs and, consequently, higher condo prices. Despite potential market hurdles, the tower is expected to be a prestigious address in Toronto, offering residents prime access to luxury living in one of the city’s most desirable areas. It’s clear that while the road to completion has been rocky, the final product promises to be a beacon of ambition and architectural innovation.

Saskatchewan’s office market received a significant boost with the lease of nearly 100,000 square feet at a prominent property in Regina, marking one of the largest commercial real estate transactions in the province in recent years. This deal signals renewed confidence in the urban office markets of both Regina and Saskatoon, which have faced challenges due to shifting work trends and changing tenant demands.

The large lease commitment is seen as a positive development for Regina’s downtown economy, helping to retain jobs and support the commercial sector. As the office market stabilizes, vacancy rates in Regina have improved, dropping from 17–18% a few years ago to about 13% today. While recovery is slow, experts believe the market is trending in the right direction, with signs of increased leasing activity and demand for higher-quality spaces.

Saskatoon is experiencing similar trends, with suburban office markets remaining balanced, though downtown vacancies remain high. Overall, the market is adjusting as tenants reassess their needs in a post-pandemic world. Despite some challenges, the long-term outlook for both cities remains positive, with demand for premium office space expected to grow.

Saskatchewan's robust natural resource sector continues to fuel economic optimism, contributing to the overall stability of the province's real estate market. As more companies return to in-person work, leasing activity is expected to pick up, further supporting the ongoing recovery of the office market in Saskatchewan.

In September 2025, the Canadian housing market experienced a slight decline in activity, with national home sales dropping by 1.7% compared to the previous month. This small decrease was largely driven by weaker sales in major markets like Greater Vancouver, Calgary, Edmonton, Ottawa, and Montreal. These regions' slower activity outweighed the growth in the Greater Toronto Area and Winnipeg. Despite this monthly dip, sales in September were still higher than any September since 2021, continuing the strong momentum that had begun earlier in the year.

Though the overall trend showed a modest slowdown in September, the market remains robust. The increase in sales seen earlier in the year paused temporarily, but many analysts anticipate a return to growth in the coming months. With pent-up demand from the past few years and a return to more typical interest rates, the forecast for the remainder of 2025 and into 2026 is for further upward momentum in home sales, signaling that the market is far from stagnant. The recent period of relatively high sales activity suggests that confidence in the market remains strong, despite the slight decline.

On the supply side, the number of newly listed properties fell slightly by 0.8% month-over-month, while the number of properties listed for sale across the country at the end of September showed a 7.5% increase year-over-year. This rise in listings brings the number of available homes closer to the long-term average for this time of year, helping to maintain a balanced market overall. However, the inventory level remained tight, with only 4.4 months of inventory available, slightly below the long-term average of five months. This indicates that while supply is stabilizing, demand still outpaces the available stock in many areas, particularly in regions with high buyer activity.

The national average home price continued to show subtle growth, with the non-seasonally adjusted average price increasing by 0.7% from September 2024. However, the MLS® Home Price Index (HPI), which is adjusted for seasonal fluctuations, was relatively stable, showing only a slight decrease of 0.1% from August. The year-over-year change in the HPI, down 3.4%, reflects the market adjustments made earlier in 2024, with more consistent pricing patterns now emerging. This suggests that, while there were notable price drops earlier in the year, the overall trend is moving toward stability as we approach the end of 2025.

Looking ahead, experts believe the Canadian housing market is poised for gradual improvement, despite current fluctuations. While sales activity has dipped slightly, the overall market conditions remain strong with more buyers in the market than in recent years. With inventory levels still relatively low and an anticipated increase in sales, buyers and sellers alike are advised to stay informed about the evolving market. REALTORS® across the country remain valuable resources for those looking to navigate this shifting landscape, helping individuals make informed decisions about their real estate needs as the market continues to evolve through the final months of the year and beyond.

Canada's housing market has experienced a gradual recovery since the start of 2025, with signs of renewed activity emerging in recent months. However, despite this uptick in sales, the overall trend points to a period of price stabilization in the near future. Prices have barely shifted year-over-year, with only a slight increase of 0.1 percent, while the third-quarter data also showed a modest decline on a quarterly basis. The slight drop in prices, particularly in major urban centers like Toronto and Vancouver, suggests that while some markets are seeing improvements, others are still facing challenges.

One of the main factors influencing the housing market in Canada is the broader shift toward a more balanced environment, as easing prices and a growing number of listings help improve affordability. The combination of reduced borrowing costs and renewed rate cuts has created a window of opportunity for buyers, particularly in areas that were previously constrained by limited supply. For the first time in several years, buyers in these regions now have more negotiating power and a wider range of choices, which is expected to fuel stronger market activity as confidence builds over the coming months.

When examining the market by property type, the trends are somewhat mixed. Single-family detached homes saw a modest price increase compared to last year, while condominiums experienced a slight decline. Quarter-over-quarter, both types of properties saw price decreases, indicating that there are still challenges in some segments of the market. Nationally, home prices are down about five percent from their pandemic peak, with significant depreciation seen in major markets like Toronto and Vancouver. However, regions like Quebec, the Prairies, and Atlantic Canada have continued to see price appreciation, highlighting the regional disparities within the overall market.

Looking ahead, expectations for the remainder of 2025 suggest that prices are likely to remain steady in the near term, with affordability improvements and lower borrowing costs potentially encouraging more buyers to return to the market. However, despite this, many Canadians, especially younger buyers, remain cautious. Economic uncertainty, rising living costs, and concerns about job security are weighing heavily on consumer sentiment, leading some to postpone purchasing decisions. As confidence gradually returns, the housing market is expected to gain momentum, with the possibility of a more active 2026 market, driven by both renewed demand in urban centers and continued interest in more affordable suburban and rural properties.

The Canadian housing market showed signs of fragility in September, according to a recent report, with uneven trends across the country. Data from local real estate boards indicated a subdued start to the fall season, with many regions experiencing lackluster activity. While some areas such as Winnipeg, Regina, and Toronto saw slight increases in home resales compared to August, most markets remained relatively stagnant. This suggests that the housing recovery is still in a delicate state, with some regions struggling to regain momentum.

Several major cities, including Vancouver, Calgary, Edmonton, Saskatoon, and Montreal, saw small declines in home sales. These slight downturns reinforce the view that the market is far from stable, with regional disparities becoming more apparent. In contrast, certain areas such as Ontario, British Columbia, and parts of Alberta have seen an expansion in housing inventory, giving buyers more options and increasing their leverage in negotiations. This shift has contributed to a general sense of hesitation among potential buyers, many of whom are waiting for further price drops before committing to a purchase.

Toronto, in particular, has experienced a notable decrease in home prices, with inventory reaching levels not seen in decades. This trend has led to a continuous decline in property values, with the average home price dropping by 25 percent compared to the peak in early 2022. While this price drop has stirred some activity, the overall market remains cautious. Despite a modest 2 percent increase in resales from August, home resales in the city have surged by 22 percent over the last four months, reflecting increased buyer interest. However, these gains have not been enough to undo the significant price surge that occurred during the pandemic years.

Vancouver, despite experiencing a similar rise in inventory and decline in home values, continues to be one of Canada's most expensive markets. Although home prices have fallen by over 9 percent since their peak in spring 2022, the city remains out of reach for many buyers due to its high cost. Looking ahead, regional trends are expected to remain divergent, with a recovery possibly emerging as economic conditions improve. The housing market may stabilize as employment figures strengthen, though experts caution that the path forward could be turbulent.

The housing market in the Greater Toronto Area has shown signs of recovery, but the data released in September reveals a more complex situation. While home sales rose by 8.5% compared to the previous year, suggesting a modest rebound, deeper trends indicate that this growth may not be sustainable. The Bank of Canada's slight interest rate cut has provided some relief to buyers, encouraging more households to re-enter the market. However, this increase in sales doesn’t reflect a healthy market, as prices continue to fall and properties take longer to sell. The market remains imbalanced, with supply outpacing demand and a slow, uneven recovery.

One of the most concerning aspects is the ongoing decline in prices. The average sale price in the GTA dropped to $1.06 million in September, down 4.7% from the previous year. While month-to-month prices seem stable, the overall trend remains downward. This is exacerbated by a sharp rise in active listings, which increased by nearly 19%, while sales grew by only 8.5%. With more homes on the market but fewer buyers, the market is struggling to absorb the available supply, which puts continued downward pressure on prices and delays any meaningful recovery.

The growing gap between supply and demand is a key factor in this imbalance. More homes are being listed, but the number of buyers willing or able to purchase is not keeping pace. As a result, the time it takes to sell a property has increased significantly, with the average listing period rising from 27 to 33 days. The longer homes stay on the market, the more pressure there is on sellers to lower their expectations, contributing further to price declines. Until this imbalance is addressed, stabilization remains unlikely.

The performance of the housing market also varies based on property type and location. While detached homes saw a rise in sales, prices dropped. Semi-detached homes and condominiums followed a similar trend, with price declines despite increased transactions. Townhouses, however, saw a sharp 40% increase in sales, particularly in Toronto’s 416 area, pointing to a clear buyer preference for more affordable, ground-oriented homes that offer more space than condos but remain cheaper than detached properties.

These trends are occurring against a challenging economic backdrop. Toronto’s GDP contracted, and unemployment has risen, causing many buyers to adopt a more cautious approach. Although rate cuts may offer short-term relief, the structural issues of affordability and income stagnation remain unresolved. The market’s reliance on lower rates to stimulate demand highlights these deeper concerns, suggesting that without addressing the fundamental supply-demand imbalance, the housing market’s recovery in Toronto may not be sustainable.

Between the end of 2023 and the middle of 2024, Canadians experienced a brief period of improved housing affordability, thanks to falling interest rates, stabilized home prices, and rising household incomes. These factors combined to provide a temporary relief for potential homebuyers, easing the strain of high borrowing costs and stubbornly elevated property prices. However, the momentum behind these affordability gains appears to be slowing down, with the improvements now largely viewed as part of the past. Going forward, further progress in affordability hinges mainly on the trajectory of home prices and household income growth, both of which face significant challenges.

As the housing market stabilizes, the potential for further affordability improvements becomes more uncertain. Interest rates have reached a relatively stable plateau, leaving only price movements and wage trends to drive meaningful changes. For affordability to improve substantially, either home prices would need to fall considerably, or household incomes would need to rise significantly. However, these scenarios appear unlikely in the near future, as the broader economic landscape presents ongoing hurdles. One such challenge is the weakening labor market, which has begun to exert pressure on household finances, undermining the ability of many buyers to enter or remain in the housing market.

The boost in household income over the past year was a key factor in improving affordability, with wage growth accounting for a significant portion of the recent decline in national affordability measures. This increase in earnings helped offset the impact of high borrowing costs and stagnant home prices. Yet, as the labor market weakens and wage growth slows, the buffer that previously supported affordability is diminishing. Employment conditions are deteriorating, and this trend is starting to erode the purchasing power of potential buyers, especially in regions already facing housing market pressures.

Regional housing markets show differing levels of affordability, with some areas benefiting from improved conditions while others remain under significant stress. In Ontario, for example, rising unemployment and the effects of an ongoing trade dispute have placed additional strain on the economy, making housing even less affordable. Vancouver continues to struggle with some of the worst affordability conditions in the country, while Calgary sees a more positive trend due to strong construction activity and an abundance of new housing supply. Across Canada, affordability remains a major concern, with only modest gains expected in the coming years, tempered by regional differences and broader economic challenges.

A significant number of Canadian adults, approximately 13%, are planning to buy their first home within the next two years. This shows a growing interest in homeownership, spurred by relatively favorable market conditions such as lower interest rates, rising property inventories, and softening prices. Although many prospective buyers are actively researching, viewing listings, and even attending showings, there’s still a sense of hesitation. Despite these promising factors, economic uncertainty and potential future interest rate cuts have caused many to delay their decisions further.

A large portion of first-time buyers is prioritizing sizable down payments, with over half planning to put down 20% or more. This preference for larger upfront payments might stem from the desire to secure better mortgage terms or avoid mortgage insurance. Meanwhile, 39% of buyers are opting for smaller down payments, reflecting a more cautious approach considering the high costs associated with homeownership. This diversity in down payment strategies underscores the financial challenges many are facing as they try to enter the housing market.

Detached homes remain the most desired type of property among first-time buyers, with nearly half expressing a preference for this housing style. The desire for single-family detached homes may be driven by factors like the need for more space, privacy, and the appeal of owning land, despite the higher costs associated with such properties. Additionally, a significant number of buyers are considering the lifestyle aspects of their purchase, with 42% willing to commute longer distances if it means securing a home in a neighborhood that suits their personal preferences.

Affordability remains a key concern for many buyers, with 60% of first-time purchasers seeking homes in more affordable neighborhoods. To make homeownership more accessible, some buyers are opting to downsize their expectations or make cuts to discretionary spending. A notable number are also drawing from retirement or investment savings to fund their purchases, further highlighting the strain that rising property prices have placed on the ability to save for a down payment. These strategies reflect the adjustments prospective buyers are making in response to the current market dynamics.

Financial support from family and friends is a crucial factor for many first-time buyers. While a majority (51%) will not receive any assistance, 41% are expecting some form of financial help. This assistance may come in various forms, including lump-sum gifts, loans, or even co-signing. The reliance on family support highlights the affordability challenges many individuals face when trying to purchase a home, and it draws attention to the role that generational wealth and financial assistance play in today’s real estate market. It also suggests that without such support, homeownership may remain out of reach for a significant portion of the population.

When planning a home renovation, many homeowners assume that permits are only needed for large-scale projects like building an addition or creating a rental suite. However, in much of Canada, even seemingly small or DIY projects may require a permit. Homeowners should be aware of local regulations before starting any renovation, as failure to obtain a permit could lead to costly consequences. Permits play an important role in maintaining safety, protecting property value, and ensuring that construction meets local zoning rules and building codes.

The need for permits goes beyond just compliance; it is crucial for safety and structural integrity. Permits help ensure that construction projects adhere to local health, fire, and safety standards, reducing risks for homeowners, their families, and the broader community. These safeguards are designed to prevent accidents or structural failures. Furthermore, getting a permit ensures that the project will be properly inspected, making sure the work is up to code, whether it's electrical, plumbing, or HVAC-related. Permits also help to avoid conflicts with local zoning laws, which dictate things like the maximum allowable size of a building or how far an addition must be from a property line.

Renovations that typically require permits include major changes like adding new stories to a home, building extensions, or altering the structure of a building. These types of projects can affect the home’s safety and integrity, which is why they are closely regulated. Changes to plumbing, electrical, or HVAC systems usually require permits, as well as the construction of new structures like garages, sheds, or even large decks and pools. Homeowners should also be aware that demolishing parts of their property or changing the foundation may also require permits. In contrast, minor cosmetic renovations—like painting, changing fixtures, or replacing flooring—usually do not need a permit.

The rules for permits can vary greatly depending on the municipality or province. While some areas might require permits for projects such as building a fence or enlarging a deck, others may have stricter or more lenient rules. Some municipalities even require permits for smaller structures like sheds or treehouses, especially if they exceed a certain size. These local regulations can be surprising to even seasoned homeowners, so it's always important to check with the local building department before proceeding. Even if a project seems straightforward, failing to confirm permit requirements could lead to problems down the road.

The process for obtaining a permit is relatively straightforward, but homeowners should take care to ensure they follow the proper steps. Most municipalities have dedicated permit offices or building departments, where homeowners can apply for the necessary permits. These offices can also provide guidance on which types of renovations require permits. It's advisable to consult with local authorities or a contractor to ensure all permits are in place before construction begins. If permits are not obtained and construction proceeds, the consequences can be severe, including fines, forced demolition, and issues with home insurance. In some cases, unpermitted work can even impact property sales or financing, making it essential to address permit requirements early in the renovation process.

With the Bank of Canada recently lowering its overnight benchmark rate by 25 basis points, homeowners renewing their mortgages may now have an opportunity to secure better terms. The central bank’s key rate influences commercial lenders, including private banks, which set their rates based on this benchmark. According to the Bank of Canada’s research, 60% of Canadian mortgages will come up for renewal between 2025 and 2026, making this a key period for homeowners to evaluate their options.

Variable-rate mortgages are directly impacted by changes in the central bank’s interest rates. After the recent rate cut, some variable rates have dropped by up to 30 basis points, with certain lenders offering rates below 4%. Experts suggest that homeowners eyeing a variable rate should act quickly to lock in a rate hold, as many lenders offer rate holds of up to 120 days. While some might consider waiting for additional rate cuts, locking in a good rate now can protect against future rate hikes.

However, choosing a variable-rate mortgage comes with its own risks. While these loans may seem attractive due to lower rates, it’s important to remember that once the central bank finishes cutting rates, it will eventually begin to raise them again. For homeowners who prefer stability and predictability, a fixed-rate mortgage may be a better choice. Fixed rates are also available under 4% and offer more security over the life of the loan, despite being less flexible than variable rates. Ultimately, the best option depends on individual financial goals and housing plans.

For homeowners who plan to move within the next few years, a variable-rate mortgage may offer more flexibility, as it generally has lower penalties for early termination. This makes it an appealing option for those who foresee a change in their living situation. On the other hand, if you’re staying in your home for the long term, locking into a fixed-rate mortgage can provide the predictability needed for financial stability. Regardless of the mortgage type, experts recommend shopping for a new mortgage at least four months before your renewal date to ensure you’re getting the best deal.

One of the biggest pitfalls homeowners face during mortgage renewal is sticking with their current lender out of convenience. Many Canadians simply accept the renewal offer from their bank, which often isn’t the most competitive. Research shows that 69% of homeowners stay with their existing lender when renewing, but this can cost them, as lenders typically reserve the best rates for new clients. With recent changes making it easier to switch lenders, exploring other options can save homeowners thousands of dollars over the life of the mortgage. It's worth considering a fresh look at the market to secure the most competitive rate available.

In August 2025, home sales in Canada increased by 1.1% from the previous month, marking the best August performance since 2021. This growth extended a five-month upward trend, totaling a 12.5% increase since March. While sales in one major region dropped slightly, gains in other key markets more than offset the decline, contributing to the overall national increase.

The rise in sales was largely driven by an influx of new listings, a common trend at the start of fall. With many buyers returning to the market and potentially benefiting from favorable interest rates, further growth in sales is expected in the coming months.

National home sales were up 1.1% month-over-month, with a 1.9% increase compared to August 2024. New listings also grew by 2.6%, while home prices saw minimal change, with the HPI down 0.1% month-over-month but up 1.8% year-over-year. The national average sale price reached $664,078, reflecting a 1.8% rise from the previous year.

Despite an increase in new listings, the sales-to-new listings ratio dropped slightly to 51.2% in August, signaling a shift toward a more balanced market. The total number of properties listed was up 8.8% from a year ago, aligning with long-term averages.

Inventory levels at the end of August stood at 4.4 months, slightly below the long-term average of five months. Home prices are expected to continue stabilizing, with year-over-year declines shrinking in the months ahead.

Housing construction in Alberta, particularly in Calgary and Edmonton, is at an all-time high, outpacing the rest of the country. New data indicates that the number of new homes being built in these two cities is more than double that of Toronto and surpasses other major Canadian cities. While the surge in construction is noteworthy, some industry experts are skeptical that these new builds will lead to lower home prices, as many have hoped.

A key factor behind this construction boom is the influx of people moving to Alberta, drawn by its more affordable housing compared to other provinces. However, the increased demand has put strain on the housing supply, causing prices to rise despite the increased number of new developments. High construction costs are adding to the problem, making it difficult for builders to offer affordable housing options. The rapid growth in prices is not just due to a shortage of homes, but also to increased labor and material costs, along with stagnant wage growth that hasn’t kept pace with inflation.

Another significant trend in the housing market is the growing demand for rental units, which has been driving much of the new construction in both Calgary and Edmonton. As homeownership becomes more challenging for many residents, rental demand has surged. This shift is leading to more rental units being built, but it also underscores the ongoing struggle for affordable housing, as rental prices have climbed sharply in recent years. In contrast, cities like Toronto and Vancouver are seeing a slowdown in construction, with fewer new projects and a drop in condominium builds due to falling investor interest.

To combat the housing shortage, both Calgary and Edmonton have made efforts to rezone certain areas to increase density. The idea is to allow for more homes in existing neighborhoods, but this approach has sparked controversy. Some residents have contested the changes, with legal challenges even reaching the highest provincial courts. As municipal elections approach, candidates in both cities are debating whether to revise or even undo some of these rezoning efforts. Though the goal of increasing density might help alleviate some of the housing pressure, it has not always resulted in lower home prices, as the cost of development remains high.

Despite the increase in construction activity, housing affordability continues to be a major challenge. Even though more homes are being built to accommodate growing demand, particularly from both domestic and international migrants, prices remain high due to escalating construction costs and the limited supply of affordable options. Developers are largely responding to the demand for single-family homes rather than speculative building, and while there may be a stabilization in the market, drastic price reductions are unlikely in the foreseeable future. Ultimately, while building more homes is part of the solution, it alone won't resolve the affordability crisis that continues to affect Alberta's housing market.