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The Ontario government's recent proposal to provide tax relief for first-time homebuyers has sparked mixed reactions from industry experts. Under the plan, first-time buyers of new homes valued up to $1 million would be eligible for a rebate on the provincial portion of the HST, which could save them as much as $80,000 when combined with existing relief programs. Additionally, homes valued between $1 million and $1.5 million would qualify for partial rebates. While these measures are intended to ease the burden of homeownership for many Ontarians, experts question whether the relief will have a meaningful impact on affordability or stimulate significant construction activity.

Despite the potential for savings, some industry professionals remain skeptical about the overall effectiveness of the rebate. For instance, some argue that the relief may be insufficient to address the broader housing challenges, particularly in high-demand urban areas where inventory remains limited. While the rebate may help to a degree, it is unlikely to overcome the larger issues plaguing the market, such as high interest rates and a lack of affordable housing options. Furthermore, even with the added federal rebate, experts caution that the housing market may not see a significant uptick in new construction because of the proposed measures.

The challenges facing first-time buyers are compounded by ongoing high mortgage rates, which continue to limit purchasing power. Despite a recent interest rate cut by the Bank of Canada, the overall cost of borrowing remains high due to rising bond yields. This factor has kept many potential buyers on the sidelines, as monthly mortgage payments for many homes remain out of reach. Industry analysts agree that while the proposed rebate is a positive step, it is unlikely to serve as a comprehensive solution to Ontario’s ongoing housing affordability crisis. For many, the root issue lies in the larger economic conditions and housing supply constraints that continue to shape the market.

Mortgage experts are emphasizing that financial preparation, rather than simply saving for a down payment, is key to a successful transition from renting to homeownership. A recent survey revealed that nearly nine out of ten Canadians are concerned about housing affordability and security. This growing anxiety around the housing market has surpassed even healthcare as a national issue, with a significant number of Canadians now prioritizing housing as a top concern, reflecting the challenges faced by renters hoping to enter the market.

The rising cost of living, already a primary concern for many Canadians, has only exacerbated the stress surrounding homeownership. While saving for a down payment remains crucial, experts argue that renters need to prepare more broadly by focusing on their financial health in areas such as credit history and debt management. A shift is being observed among renters, with many now adopting a more cautious approach to homeownership. Mortgage professionals suggest that prospective buyers are spending more time scrutinizing their finances and setting realistic long-term goals before committing to a mortgage, rather than simply focusing on accumulating enough savings for a down payment.

Financial experts stress that renters often underestimate the hidden costs of buying a home. While the down payment is a major hurdle, there are additional upfront expenses that can take buyers by surprise. These costs, which typically range from 1.5% to 4% of the home’s purchase price, include legal fees, land transfer taxes, and title insurance. New homeowners also need to budget for moving expenses and create an emergency fund to ensure they are not financially strained once they move in. Planning ahead for these expenses is a key part of a successful home-buying journey, ensuring that individuals are fully prepared for the costs beyond just the down payment.

Credit scores and debt management remain crucial elements in securing a mortgage. Mortgage brokers highlight that lenders heavily rely on credit histories to determine approval and interest rates. Renters aiming to buy a home should keep credit card balances low, ensure they pay bills on time, and avoid opening new credit accounts in the year leading up to their mortgage application. Improving one’s credit score and reducing high-interest debt are essential steps for making a mortgage application more attractive to lenders, thereby increasing the chances of receiving favorable terms.

Finally, setting clear and realistic financial goals is vital for those considering homeownership. Mortgage experts recommend that renters break down their home-buying goals into manageable steps, such as saving a set amount each paycheck or achieving specific credit-score targets. By tracking progress over time and adjusting timelines as needed, prospective buyers can stay on track and keep the dream of homeownership achievable. Whether through family support, government programs, or a careful balance of income and debt management, the key to homeownership is careful planning, rather than relying solely on saving for a down payment.

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.