Housing inventory refers to the total number of homes available for sale in a specific real estate market at a given time.
Why Housing Inventory Matters in Real Estate
In Canadian real estate, housing inventory is a critical factor in determining market conditions, such as whether it's a buyers’ or sellers’ market.
Low inventory typically leads to:
Increased competition among buyers
Higher sale prices and bidding wars
Reduced time on market
High inventory, on the other hand, gives buyers more options and negotiating power. Inventory levels are tracked by real estate boards and influence pricing, development, and marketing strategies.
Understanding housing inventory trends helps buyers, sellers, and investors make informed decisions about timing and pricing.
Example of Housing Inventory in Action
With only a two-month supply of homes in the region, analysts flagged a record low in housing inventory, pushing average prices upward.
Net operating income (NOI) is the total income generated by a property after operating expenses are deducted but before taxes and financing costs.. more
This article was written and submitted by Carl Laffan, a Toronto-based architectural design manager specializing in office, residential, mixed-use projects.
On September 14th, the federal government launched Build Canada Homes (BCH) — the “one-stop shop for affordable housing” that promises a “bold new approach and unprecedented investments to increase the housing supply in Canada.” The new federal agency has already proposed several positive initiatives and immediate investments that promise to deliver up to 45,000 new factory-built homes.
While this announcement is a very welcome step in addressing Canada’s housing crisis, BCH’s first tranche of housing may not even deliver 1% of the greater goal set earlier this year by Canada Mortgage and Housing Corporation (CMHC), who estimate Canada needs up to 4.8 million new housing starts by 2035 to restore affordability. Unless BCH can ignite the private sector and provide serious relief to market-rate home-buyers and renters, the vast majority of Canadians may see little change despite billions being invested.
Commendably, Build Canada Homes will focus primarily on non-market housing with much-needed initiatives for low-income households, partnerships with Indigenous communities, and supportive measures to fight homelessness. Notably, however, there is not a single mention of the growing crises around senior living or student housing, nor any specifics as to how BCH will address affordability for middle-class and market-rate homebuyers and renters.
The announcement does make mention of two main instruments in the BCH toolkit: “flexible financial incentives” for the private sector (of which no details are provided) and “leveraging public land” – more specifically, giving BCH access to “88 federal properties suitable for housing... which span 463 hectares or approximately the size of downtown Ottawa.” Sounds great on paper, but upon reviewing the portfolio, less than 1% of these land holdings are located within the country’s three most populous cities. This will not materially impact supply or affordability in our densest urban locations where land value and demand is at its highest.
The announcement concludes with the promise of “additional measures” to be announced in Budget 2025 on November 4th, which begs the all important question: What additional measures will BCH offer the market to create the right conditions to deliver the right homes at the right price? There are five low-hanging policy levers that also reinforce the key pillars of BCH’s approach could achieve exactly this.
1. Densification bonuses
If the aim is increasing supply, high-density housing will be critical to meet CMHC’s targets. Yet high-rise developments can be exponentially more expensive to build and have long been subject to disproportionate Development Charges (DCs) with costs typically getting passed onto the homebuyer. The infrastructure (roads/sewers/power, etc.) required for high-rise development is lower than single-family housing. Actively rewarding densification through reduced DCs and/or bonus buildable area to reduce housing prices should be table stakes. It could be further incentivized where projects include a surplus of affordable units.
2. Rebates on Canadian-made materials
A key pillar of BCH is to adopt the government’s new Buy Canadian Policy, thereby “strengthening domestic supply chains, scaling up a home-grown housing industry, and creating high-paying careers across the country.” If a percentage of a private development is built with Canadian-made materials (lumber, steel, aluminum, mass timber, etc.), a commensurate percentage of government fees/taxes/DC’s should be waived.
3. Extension of temporary GST/HST Rebates beyond purpose-built rental
The existing rebates help offset the extended return-on-investment period involved with purpose-built rental buildings, however the upfront construction costs of densified condominium housing are similar but currently ineligible for these rebates. BCH mentions a “mandate to move quickly.” Temporarily expanding these rebates for all housing could unlock up-front capital and encourage more housing starts in the immediate short-term. So could extending GST rebates to move-up home-buyers would free-up inventory for first-time homebuyers.
4. Self-certification on modular construction
Another key pillar of BCH’s approach emphasizes an “intense focus on using cost-efficient and modern methods of construction such as factory-built.” BCH could evolve the Certified Plans Program partially in place today into a Certified Housing Program. BCH could allow architects and engineers the opportunity to offer self-certification on pre-approved factory-built houses and standardized site servicing templates where applicable under a federally sanctioned program. This would reduce approval times without compromising quality or code compliance, dramatically reducing construction timelines and housing costs.
5. Open strategic low-rise zones to significant intensification
BCH aims to leverage public land to “take land costs out of the equation,” but seemingly not much of which is within our highest-demand locations, and where other previous attempts have already fallen short. In Toronto, for example, the City approved fourplexes (and to an extent, sixplexes) within single-family neighbourhoods which historically covered 70% of the city. However, since the legalization of fourplexes, only 452 permits have been issued, translating to a maximum of 1,808 homes against the 150,000 starts needed during that time.
Opening strategic low-rise housing zones to significant intensification, especially in zones near transport hubs or within biking distance to urban centres, would lower land costs and substantially increase supply in our most sought-after locations. Whatever the new government’s incentives and additional measures might be, enabling the private sector to deliver the overwhelming balance of homes at attainable market-rates isn’t an option, it’s essential. The launch of BCH has created the opportune time to enact significant reform, the unprecedented investments of BCH must be matched with unprecedented policy changes to truly build Canadian homes, without them I fear it’s only building Canadian hope.
It may have been a steamy summer at times, but the Greater Toronto Area’s new condo market was anything but, and isn’t showing signs of warming up any time soon. In fact, Tuesday brought a new report from RBC Economist Robert Hogue describing “a deep freeze with pre-construction sales plummeting to levels not seen since the global financial crisis.” Hogue also spoke to a “long road to recovery” that will only come with an improvement in the economy and a sharp drop in supply.
With the region’s condo sector indefinitely stalled, there’s been increasing chatter around pivoting those projects to rental, and many developers have already taken the plunge. According to data provided to STOREYS by real estate analytics firm Urbanation, nine GTA projects that had been actively selling as condo have been converted to rental since the beginning of 2024. That translates to 1,778 individual units.
“Nine conversions is quite a lot when you look at it from a historical lens. Until recently, it was pretty rare to see new condo projects cancel and convert to rental,” says Urbanation President Shaun Hildebrand. “Before 2024, only seven did so during the previous 10 years. Today, almost every condo project struggling to sell is looking at the option to convert to rental.”
What’s more, Hildebrand says he’s aware of 66 projects that were originally planned as condo (yet to begin presales) that are moving forward as rental. “So, behind the scenes, there is a pretty big push towards rental that hasn’t surfaced yet,” he adds.
Daniels Keelesdale, Building J (Toronto)
Developers: The Daniels Corporation, Diamond Corp, Kilmer Group
Specs: 5 storeys, 62 units
Status: Converted to rental in September 2024 after presales
Daniels Keelesdale, Building M (Toronto)
Developers: The Daniels Corporation, Diamond Corp, Kilmer Group
Specs: 5 storeys, 67 units
Status: Converted to rental in September 2024 after presales
The Centricity Condos (Toronto)
Developer: Graywood Developments
Specs: 53 storeys, 594 units
Status: Converted to rental in September 2024 after presales
The RIV (Toronto)
Developer: Broccolini
Specs: 34 storeys, 388 units
Status: Converted to rental in September 2024 after presales
316 Junction Condominiums (Toronto)
Developer: Marlin Spring Developments
Specs: 26 storeys, 283 units
Status: Converted to rental in December 2024 after presales
The Cliffton (Scarborough)
Developer: Cliffside Homes
Specs: 8 storeys, 40 units
Status: Converted to rental in December 2024 after presales
2992 Sheppard (Markham)
Developer: 95 Developments
Specs: 15 storeys, 158 units
Status: Converted to rental in April 2025 after presales
Kennedy Circle Condominiums (Milton)
Developer: Gable View Homes
Specs: 6 storeys, 148 units
Status: Converted to rental in April 2025 after presales
The Gallery Condominiums (Toronto)
Developer: Gattaca Developments
Specs: 4 storeys, 38 units
Status: Converted to rental in June 2025 after presales
Condo projects moving forward as rental (have not begun presales):
71 Talara Drive (North York) - Tribute Communities
665-671 Sheppard Avenue West (North York) - Regency Property
5294-5306 Yonge Street/Bella Condominiums (North York) - Mirabella Development Corporation
2683 Lawrence Avenue East (Scarborough) - Zelinka Priamo
1266 Queen Street West (Toronto) - Carterra
29-39 Pleasant Boulevard/The Notable (Toronto) - Greybrook Developments, KingSett Capital
4853 Thomas Alton Boulevard (Burlington) - Adi Development Group
1684-1702 Queen Street East/The Beach House (Toronto) - SUD Group
*information provided by Urbanation
Partner at The Daniels Corporation Don Pugh says that the choice to pivot two buildings in the 12-acre Daniels Keelesdale master plan to rental was an effort to satisfy the market’s needs right now. This is a community that is already in the process of being occupied, he notes, with 400 homes already purchased.
“In the short term, we’re offering a portion of our inventory homes as rentals while remaining committed to our long-term vision for the development. This approach ensures these homes are occupied and serving the community while the market stabilizes,” says Pugh.
Meanwhile, SUD Group is in the latter camp, and has opted to move forward with their 10-storey project at 1684-1702 Queen Street East, which is not yet at the presale stage, as a rental, although it was approved as a condo in 2022.
SUD Group's Executive Vice President of Development and Construction Ron Weinstock says this is just one of half a dozen projects that will make up the company’s budding purpose-built rental portfolio operating under its new Sud Living banner — a membership program that will link SUD’s rentals across the city, allowing residents to use amenities in buildings outside of their own. The portfolio will also include the company’s 11-storey project at 1291-1311 Gerrard Street East and 243-247 Greenwood Avenue, 14-storey project at 26 Laing Street, and 15-storey project at 2010-2050 Yonge Street, among others.
SUD Group’s ‘The Beaches’ project was approved as a condo in 2022, but will move forward as a rental/sudgroup.co
“If you don't have the exact gym [you like] in your building, fine, go to three or four or five other buildings that have different offerings on exercise or health awareness,” he explains.
Weinstock emphasizes that while units in these buildings won’t come cheap, they will offer bang for buck, with access to intuitive, lifestyle-centric amenities like car sharing, children’s programming, and moving and cleaning services. His belief is that condos have left a gap in the market that upscale rental is primed to fill, and the company is taking a cue from rental they've created in the Florida, Arizona — for one, their Copper Falls project in Glendale — and other markets south of the border, where these types of rental models are more commonplace.
SUD is now beginning to collaborate with property management companies like FirstService and DEL Property Management to ensure that all the thought that's going into the creation of the product will be complimented by the day-to-day experience for renters down the line.
“The market is shifting. We are not the only one doing this, and all the service providers, people that will work with us, are modifying their teams and their infrastructure... to serve [rental] portfolios like ours,” says Weinstock. “We're aiming to work with the best and trying to to get the best product out there.”
Fengate's 'The Dennis' project has been strategically repositioned from condo to rental and broke ground in early-September/WZMH
Fengate Asset Management is another developer that's zeroing in on the GTA's purpose-built rental space, and investing in its future promise. The company broke ground on The Dennis at 8-16 Locust Street in the Mount Dennis neighbourhood of Toronto earlier this month, and it has been “strategically repositioned from condo to rental,” according to Fengate's Managing Director of Development Alison Kimmell. It is also one of the first approved projects to break ground under the City of Toronto’s Purpose-built Rental Housing Incentives Stream.
The City's incentive, which will allow for the deferral of development charges (DCs) and the reduction of property taxes, in combination with CMHC financing being offered at the federal level helps to make projects like The Dennis viable, Kimmell says. “Fengate has four to-be-announced rental communities breaking ground this year.”
Despite the hearty enthusiasm towards rental over at Fengate and in general, Kimmell expresses that it’s not a one-and-done solution for condo providers — which is to say it’s not a pivot that every project can feasibly make. Fengate is well-versed in the logistics involved when taking a project from condo to rental, and it involves the reassessment of everything, including details like the design and finishing choices to ensure they’re particularly durable.
“Rentals experience turnover, so we review elevator capacity and common area layouts to better support frequent move-ins and move-outs,” Kimmell adds.
Beyond those aspects, Kimmell points out that rental projects tend to require more upfront investment from equity partners — “unlike condos, which generate early revenue through pre-sales deposits, rental developments are held long-term and do not benefit from immediate unit sales.” She additionally shares that Fengate has expanded its Asset Management team to ensure enough expertise is focussed on resident experience, building durability, and operational efficiency, and that they have brought in talent in rental marketing, adding another potential expense to the equation.
Northcrest's new Vice President of Construction Beau Brooker
As the redevelopment of the defunct Downsview Airport moves through the planning stages and toward construction, Beau Brooker is getting his bearings, having been brought on as Northcrest Developments’ first-ever vice president of construction this past July.
Otherwise known as YZD, the project is unequivocally ambitious, set to transform the 370-acre former Bombardier site into seven interconnected neighbourhoods with tens of thousands new homes, commercial and cultural spaces, and sprawling parks, with a two-kilometre runway reimagined into a public street running through it all. It's the master plan of all master plans that will be realized over the next 30 years.
Suffice to say, there’s a lot riding on Brooker, but he seems more excited than intimidated, calling this a “legacy project” that he’s looking forward to putting his stamp on.
Prior to joining Northcrest, Brooker was director of construction at Langara Construction Limited in Mississauga, and preceding that, held project director roles with EllisDon and Katz Real Estate Group in Edmonton. He describes his time at Katz, where he oversaw the iconic ICE District, as career defining, and comparable to what he’ll be doing with Northcrest.
Construction at YZD is set to kick off next year, so we checked in with Brooker before he’s fully immersed in what is one of North America’s biggest projects to talk about his leadership style, the milestones ahead, what success will look like for him, and more.
The former Downsview Airport lands/Northcrest
STOREYS: What drew you to this role?
Beau Brooker: The simple answer is, who wouldn't be? Realistically, there are not many opportunities to work on something this big throughout the world, let alone in Toronto. I'm very fortunate that I've done something similar before in Edmonton that was a kind of legacy project, and I really didn't think the opportunity would come along again, but it has. So that's a huge draw for me — the ability to build a city within a city and leave a legacy behind for generations to see is huge. Secondly, when I was in the interview process, and I started meeting more and more people from Northcrest, I realized what a really strong team we have here, and that solidified the desire to come and work with this team on this truly amazing project.
And what characterizes a “strong team” to you?
A lot of people come to work and it's a job, but people here really, really care — like everyone from top to bottom — and they firmly believe [in] what we're doing and how we're going about it, and it really is a pleasure to be in that environment.
Talk us through the parameters of your role as VP of construction?
Ultimately, my role is to help transform the vision that's on paper into reality. And it's a hugely complex task because working in this role for a developer, typically, you're just looking at one site; so one small footprint. Here, we have to make the right decisions now that could affect things in 20, 30 years’ time. So there's a lot of forward-thinking, as well as what's directly in front of you.
Conceptual rendering of the Taxiway Street and Plaza, looking northeast/Norm Li
When it comes to assembling a team, how much external hiring will you be doing versus pulling from within Northcrest?
The simple answer to that is it'll be the right people for the job. I think it'll be a mix of internal and external people for the roles we'll be creating in the future. Ultimately, we're not self-performing any work, so it's not going to be a huge team, but I do need some help because it's a massive project. But there'll obviously be some project management people, people with cost awareness, maybe some senior estimator type. It's a huge project with huge costs, so we need to control them as best we can.
Talk to us a little bit about your leadership style with a project like this – one that's long-term and high visibility.
I always like to bring a little bit of fun [to] what we do. We all work very, very hard, and we all have huge challenges. So I try to understand and appreciate everyone's challenges. It’s very much, listening to everyone's opinion, taking it on board, and really trying to keep the calm. It's a huge project, so we can’t panic over what's very important to one person but in the grand scheme of things may not be so. Having that calming influence is huge here.
What does hiring successful contractors and subcontractors in a project of this scale mean to you?
There are many factors that we consider, and we go through an extensive qualification process. We also look at the key personnel they're proposing, we look at how they're going to deal with the local communities, because that's key to us. We have neighbours here that are going to be our neighbours forever, and it's a huge change for all those people in the area.
Conceptual rendering Bay 6 and Downsview Park Bridge/Norm Li
Taking into consideration that it is very early days for you, do you have any thoughts on what milestones will look like?
We have one in front of us right now. We're going to be starting the underground infrastructure for the very first district, which is the Hangar District. So, that's about a three-year project to basically create a subdivision. We'll be running all the below grade sewage, storm water, gas, and hydro to enable us to both redevelop the hangers that are there, that are staying, and also for us to build new buildings on the site. This is an airport, they have their infrastructure, but it doesn't suit ours, so we're basically creating streets and the main infrastructure to support that. So that's a huge positive move and it enables us to really think about the not-too-distant future and start building some vertical buildings here.
You mentioned earlier that there's a project in particular that was similar to what you're going to be doing with YZD. Can you tell us a little more about that?
I had exactly the same role on the Edmonton ICE District, which was a $2.5-billion master-plan community that included the new Edmonton Oilers arena, a luxury hotel, over 1,000 residential units, high-rise commercial, office tower, retail — all surrounding an entertainment plaza that people would see on television watching the Oilers during the playoffs. I oversaw the construction for the ownership group on that project as well. So, although not the same size physically, it was very similar to one of our districts.
Is there anything you’ve taken away from your time working on ICE District that could apply to YZD?
When you're working with master-plan communities and larger footprints, it's thinking ahead and not what's just in front of you. Again, it comes back to if you typically just build on one block, it's very simple, because you build, you sell, you move on. When you're doing a master-plan community, you need to make the right decisions now, and you've also got to think a lot more about the local community, because you're not going anywhere. I got a lot of experience on the ICE District project with that kind of thought process.
Conceptual rendering of Central Square and the Atrium/Norm Li
It's no secret that it’s a complex time to be building right now — let alone starting a massive, decades-long project like YZD. How are you planning to schedule flexibility and cost control given the sluggishness in the housing market, tariffs, exorbitant construction costs, etc.?
I think first and foremost, Northcrest is very positive about the future. Just hiring my position is a kind of statement, realistically, because we're making a commitment to start the construction. So just the fact that we’re starting this three-year huge investment infrastructure project to support our first phase is a clear sign of our [feeling of] positivity in the market. Obviously there’s a lot that’s beyond our control, but this is a 30-year project in its entirety, so we have the flexibility to pivot when required in the future. So nothing's kind of cast in stone right now. We have plans, we have vision, but we can adapt as, and when, required.
Bigger picture, how will you define success for yourself and the project?
This is a legacy project, so success for me is seeing people enjoying the spaces we create. I was very fortunate in Edmonton that it's very easy to see that project on television when the Oilers are playing, for example. And so, seeing the final product, and ensuring that the local communities embrace it and are welcoming to what we're trying to achieve here.
What else can you tell us about your role or YZD in general?
We're looking at creating over 7,000 new jobs in the Hangar District. Not construction related specifically, but the redevelopment of the hangars themselves are going to provide a lot of work for the local community. The whole YZD development is going to be over 30,000 new homes, which is, I don't know, about 55,000 people. And over the whole project we're talking in excess of 20,000 new jobs [created]. So we're really creating a place where you can live, work, and play, and we're bringing prosperity to the area. It’s something we're very passionate about and I'm looking forward to everything progressing.
Questions and answers have been lightly edited for length and clarity.
After "eclipsing" the 1990s downturn this July, Greater Toronto Area (GTA) new home sales plunged 42% year over year last month, with a mere 300 transactions recorded, according to the latest data from the Building Industry and Land Development Association (BILD). This put sales 81% below the ten year average, contrasting starkly with the historical average for new home sales in August, which would typically be around 1,595 units.
This continued downtrend in new home sales comes as economic uncertainty combines with a general lack of affordability, both to buy and to build new homes. And while completions are coming online in record numbers, new projects are becoming increasingly obsolete as Toronto enters its lowest level of housing starts in 30 years.
Edward Jegg, Research Manager at Altus Group, says these conditions are a harbinger of significant job loss in the region.
“GTA new home sales in August 2025 remained at rock bottom levels. New launches, in particular high-rise projects, over the past 12 months have been at a record low and at the same time, completions have reached a record high,” says Jegg. “As further projects reach completion, new home tradespeople are becoming increasingly at risk of not being able to find employment and therefore joining the growing number of Canadians without work, putting additional strain on the economy.”
In a June report by Altus Group for BILD and the Ontario Home Builders' Association (OHBA), it was found that the lack of new housing starts in the GTA would not only result in around 41,000 jobs lost but in construction investment falling by more than $10 billion by 2029.
Looking beyond the GTA, Justin Sherwood, Senior Vice President of Communications, Research, and Stakeholder Relations at BILD, says it's not just Toronto that's facing a future supply shortage.
“With pre-construction inventory dropping dramatically, the signs are clear that the new residential sector in the GTA is basically stopping. Greater Vancouver is seeing a third of its normal activity and will be soon in a similar place, many other Ontario markets like Ottawa and the Kitchener-Waterloo area are struggling, and we are now seeing even some troubling signs in Calgary," Sherwood says. "Why is the government ignoring these obvious warning signs?”
In BILD's August report on GTA housing starts, Sherwood called on the federal government to "temporarily suspend the GST on allnew homes under $1 million, for rapid implementation of provincial DC reforms, and for municipalities to lower the fees and charges they add to new homes" — actions BILD has actively advocated for for some time now.
“Forget achieving the federal government’s goal of 500,000 homes per year, over the next few years it will be a stretch to keep annual housing starts in the 200,000 range," says Sherwood. "Due to layoffs and a drought in future housing supply, residential construction workers and hardworking families looking to find a home in the 2027-2031 period will be the ones that bear the brunt of inaction."
Of the 300 new home sales recorded in August, 118 were condo units, down 59% from August 2024 and 90% below the 10-year average. The remainder was made up of 182 single-family home sales, down 21% from August 2024 and 59% below the 10-year average.
And while inventory inched down last month, it remains substantially elevated with sales continuing to lag. Total new home remaining inventory fell from 22,654 units in July to 22,245 units in August, made up of 16,447 condo units and 5,798 single-family homes. This puts the combined inventory level of 20 months, which according to BILD's records is "the highest inventory level seen to date."
On the price front, new condo prices remained at "an apparent price floor" of $1,028,782, only slightly down from July's $1,029,527. As for single-family homes, the average new home price in the GTA was $1,462,342, down 8.5% year over year and down from $1,488,940 in July.
Canada’s labour market statistics still project resilience, but a generational fracture is widening and cannot be ignored. Youth unemployment has climbed to levels once associated with economic crises, even as older cohorts continue to find work. To most experts on economics, this does not seem like a cyclical fluctuation in joblessness, but a structural failure that threatens to sever young Canadians from financial milestones such as household formation, savings, and entry into ownership, all of which sustain both social mobility and the housing market itself.
Oversupply And Displacement
The rise in youth unemployment has its origins in both demographics and technology. Between 2022 and 2024, the influx of non-permanent residents, particularly international students, expanded the labour pool at a pace that outstripped job creation. Competition for part-time and entry-level positions intensified, leaving teenagers without seasonal roles and recent graduates unable to secure permanent employment.
Yet oversupply cannot explain the full extent of the dislocation. The other force reshaping the youth labour market is technological change. Retail and service roles, once dependable entry points for young workers, are increasingly automated. Business support and research functions, where graduates often begin their careers, are being reshaped by artificial intelligence. In these sectors, the first rung of the ladder is disappearing.
Housing’s Hidden Vulnerability
The consequences of a jobless generation are not confined to labour statistics. They ripple directly into housing demand. Without steady income, young adults delay leaving the parental home, postpone family formation, and remain absent from ownership. Rental markets absorb some of this slack, but even there the patterns are shifting, with more shared accommodations.
For metropolitan centres, the implications are sharper still. The concentration of international students in places like Toronto and Vancouver magnifies both the supply of jobseekers and the fragility of entry-level housing demand. Policymakers who view affordability exclusively through the prism of supply, risk missing the deeper truth, which is that housing demand is inseparable from the economic security of those expected to occupy new units.
This erosion of stability at the base of the housing ladder has cascading effects. First-time buyers, drawn largely from rising generations, are the crucial link that allows move-up purchasers to trade into larger homes. If that pipeline narrows, the turnover that sustains market fluidity weakens. It also creates a long-term headwind for recovery in fragile housing markets across Canada, for the very generation absent from today’s transactions constitutes the pool of future first-time buyers on which this recovery ultimately depends.
A Question of Trajectory
The central question is whether this is a temporary setback or the beginning of a generational rupture. There are reasons for measured optimism. Immigration growth is already slowing as student visa caps take effect, which will ease pressure on the youth labour market. And technological disruption, while destabilising in the short term, has historically produced new categories of employment once economies adjusted. The same young Canadians displaced today may yet be the ones who harness AI to drive tomorrow’s productivity.
But complacency would be costly. A protracted period of elevated youth unemployment risks embedding weaker earnings trajectories and eroding the capacity of an entire generation to accumulate wealth. For housing, the risk this poses is the creation of a cohort permanently underrepresented in the property market, narrowing the base of demand on which Canada’s housing system has long relied.
The Policy Imperative
Addressing this requires coherence across education, immigration, labour, and housing policy. Universities that recruit international students in large numbers must ensure that pathways into stable work exist. Governments that accelerate technological adoption must invest equally in re-skilling and vocational training. Housing strategies must account not only for units delivered, but for whether the prospective occupants possess the means to inhabit them.
Canada’s housing debate, in the recent past, has been reduced to supply-side arithmetic, as though more units alone could restore affordability. The upswing in youth unemployment reveals the flaw in this calculus. Housing markets are populated not by abstractions but by workers, and when young workers cannot find their place in the economy, they cannot find their place in housing. Until that fault-line is addressed, the foundations of affordability will remain precarious.
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MUST READ: Youth Unemployment And The Future Of Canada's Housing Market
Welcome to Meet the Agent, an ongoing series profiling real estate agents from across Canada. With more than 150,000 agents, brokers, and salespeople working in 75 different boards and associations across the country, we thought it was about time they had a place to properly introduce themselves.
If you or someone you know deserves the same chance, email agents@storeys.com to apply.
Where do you live now? And what neighbourhood (in Canada, or worldwide) would you love to live in (that isn’t your own)?
I live in the Annex neighbourhood, which I love for its walkable streets, energy and diversity. If I could live anywhere else, it would be Paris — the architecture, culture, and lifestyle are endlessly inspiring.
Real estate is in my DNA — I grew up in a real estate family where it was always the topic at the dinner table. After working in real estate development for years, I made the move into brokerage to combine my market knowledge with my passion for helping people make smart, life-changing property decisions.
In a few sentences, describe what a typical “day in the life” looks like for you. Does this align with what you expected before you became an agent?
No two days are the same. My mornings often start with market research and client follow-ups, followed by property tours, showings, or negotiations. Afternoons are usually dedicated to prospecting, marketing, and keeping deals moving forward. It’s more fast-paced and dynamic than I imagined, but that’s what makes it exciting.
What’s the single best advice you have for sellers?
First impressions matter — presentation can make or break your sale. Invest in staging, professional photography, and timing your listing strategically to maximize value.
What’s the single best advice you have for buyers?
Get clarity on your priorities before you start the search. Know what’s non-negotiable versus “nice-to-have” so you can act decisively when the right property comes along.
What made you choose to work for your current brokerage?
I wanted to be part of a brokerage that values excellence, integrity, and global reach. Working with Chestnut Park and Christie’s International Real Estate gives my clients a boutique, hands-on experience while also connecting them to international exposure.
Who do you believe is making the biggest waves in the industry today? Is there anyone you recommend people should be paying attention to right now?
I think the innovators are those rethinking the client experience — brokerages and agents who leverage technology and marketing in creative ways without losing the personal, relationship-driven side of the business. Locally, I’d say keep an eye on top-performing boutique agents who are carving out strong niche markets.
What is one professional goal you have for the next year? What’s one that you have for the next 10 years?
Over the next year, my goal is to grow my client base and close a record number of transactions while building long-term relationships. In 10 years, I want to have expanded my practice, Taylor Townley Real Estate, into one of Toronto’s leading teams focused on both residential and commercial sales.
Tell us about your favourite (or most memorable) sale, and why it stands out to you.
One of my most memorable sales was helping a first-time buyer and colleague land their dream house after months of searching and competing in multiple offers. Seeing the joy and relief on their face when they got the keys reminded me why I love what I do — real estate isn’t just about property, it’s about people’s lives.
What are the three words you hope your clients use to describe you?
Left: 954 - 958 Broadview Avenue/Graziani + Corazza Architects, Right: Looking north-west towards the subject site, 1905/Toronto Public Library via ERA Architects Inc.
In a joint venture, DiamondCorp and Kilmer Group are teaming up to restore and redevelop Chester Public School in East York — an 1891 brick school house designated under the Ontario Heritage Act. The redevelopment would preserve certain elements of the historic building while delivering a 26-storey mixed-use condo development with over 300 new residential units, retail at grade, and a new public park.
Plans were filed in early September and comprise an Official Plan Amendment (OPA) and Zoning By-law Amendment (ZBA) application to permit the newly proposed height, density, and uses on site. This application follows previous approvals for the site granted in February 2023 in favour of a 14- and four-storey mixed-use development containing 207 residential units, and aims to build upon those plans in light of recent planning framework developments.
These developments include the passing of the 2024 Provincial Planning Statement, which generally encourages the intensification of new housing development, and the recent adoption of the Broadview Protected Major Transit Station Area (PMTSA), which the site is located within and which encourages development growth around major transit stations. According to planning materials, Diamond Kilmer Developments (the joint venture company) argue these policy advancements call "for higher densities on sites such as this one."
The site is addressed as 954 - 958 Broadview Avenue and 72 Chester Hill Road and is located about a seven-minute walk north of Broadview Station on TTC's Line 2 in Toronto's Broadview North neighbourhood. Wedged between the East York suburbs and the historic Todmorden Mills Park and Heritage Site, the over 130-year-old schoolhouse is joined on the site by two semi-detached dwellings and one detached dwelling, which would be demolished during construction.
The school itself is currently decommissioned and hasn't operated as an educational institution in some time. Taken over in the 1960s by The Estonian House, a hub for the City’s Estonian-Canadian community, the building served that community for around 60 years before being sold in 2020, according to planning materials.
While the main building was constructed in the late 1800s, Chester Public School underwent a number of changes over the years, including the removal of its original peaked bell tower roof sometime before 1953, the addition of a rear building in 1963, a 1976 addition to the front of the building, and an accessible entrance and elevator installed in 1995. In Diamond Kilmer's plans, additions will be demolished but the original schoolhouse we be restored, including the reconstruction of the lost bell tower and chimney.
Renderings from Graziani + Corazza Architects show the development with a long rectangular form stretching from Broadview Ave. in the east to the ravine area in the west. Going east to west, the development would consist of a 2,583-sq.-ft public park along Broadview Ave.; Chester Public providing amenity space, retail space, and the residential entrance along Broadview Ave.; the main 26-storey condo tower in the centre of the rectangle; and a four-story portion abutting onto 8,040 sq. ft of land to be conveyed to the Toronto Region Conservation Authority (TRCA).
In total, the proposed development would deliver 1,076 sq. ft of at-grade retail space and 13,347 sq. ft of amenity space, primarily located within the third storey of the heritage building. This would include 1,431 sq. ft of outdoor amenity space at grade, 1,184 sq. ft inside at grade, and 4,789 sq. ft on the third floor. Additional amenity space would be found on the fifth floor, where a 602-sq. -ft indoor amenity space joins with a large 3,821-sq.-ft outdoor terrace atop the four-storey podium.
In terms of residential units, there would be 315 in total, divided into 212 studios or one-bedrooms, 76 two-bedrooms, and 22 three-bedrooms, including eight affordable ownership units. Finally, there would be provided 81 vehicle parking spots and 176 bicycle parking spots.
If approved, the proposed development would deliver much needed new housing within walking distance of higher-order transit, while also preserving and reinvigorating a striking heritage building that served the surrounding community for over a century.
A rendering of the four towers planned near Gateway Station in Surrey. / ZGF Architects, Surrey City Development Corporation
The race is on between Vancouver and Surrey to see which City's development entity has the biggest projects and the latest round goes to the Surrey City Development Corporation (SCDC), which was revived in 2023 and recently submitted a rezoning application for a big four-tower project. (The Vancouver Housing Development Office will also be unveiling a four-tower project soon.)
The subject site of the SCDC's proposal is located at the southwest corner of 108 Avenue and University Drive, immediately west of the Expo Line SkyTrain's Gateway Station. The site currently consists of 10744 133 Street, 10725-10757 University Drive, and 13310-13350 108 Avenue and spans approximately 5.7 acres. The site makes up most of the block bounded by 108 Avenue on the north, University Drive on the east, the Whalley Athletic Park on the south, and 133 Street on the west, save for the two Citypoint towers at the northeast corner of the site developed by Century Group.
The site is currently occupied by the vacant Sunshine Housing Co-op townhouse community, which was relocated to the northeast corner of 104 Avenue and 132 Street, and several vacant lots. BC Assessment values the properties at $17,136,000, $5,248,000, $4,723,000, $5,245,000, $5,251,000, $2,374,000, $2,255,000, $8,300,000, and $5,849,000, for a total valuation of $56,381,000 dated back to July 1, 2024.
The site is designated as "Downtown" under the City of Surrey's Official Community Plan and envisioned for mid-to-high-rise development and high-rise development under the City Centre Plan. Under the Province's transit-oriented areas (TOAs) legislation, the site is also considered a Tier 1 TOA, which allows for the highest heights and densities.
The site of the Gateway project and the location of the four towers. / ZGF Architects, Surrey City Development Corporation
For the site, the Surrey City Development Corporation is planning four towers that would deliver a total of 1,814 residential units, all of which would be market rental units, with an overall suite mix of 264 studio units, 825 one-bedroom units, 489 two-bedroom units, and 236 three-bedroom units. Bolivar Creek runs through the middle of the L-shaped site, which would be developed in four phases, each of which would deliver one tower.
Tower One would be located at the northwestern corner of the site, rise 40 storeys, and house 478 units, split between 78 studio units, 212 one-bedroom units, 136 two-bedroom units, and 51 three-bedroom units.
Tower Two would be located immediately south, rise 44 storeys, and house 441 units, split between 47 studio units, 212 one-bedroom units, 137 two-bedroom units, and 45 three-bedroom units.
Tower Three will then be located on the eastern side of the Bolivar Creek, rise 44 storeys, and house 475 units, with a suite mix of 44 studio units, 242 one-bedroom units, 128 two-bedroom units, and 61 three-bedroom units.
Finally, Tower Four will be located at the southeastern corner of the site, rise 40 storeys, and deliver 420 units, with a suite mix of 95 studio units, 159 one-bedroom units, 88 two-bedroom units, and 78 three-bedroom units.
A rendering of the four towers, immediately north of Whalley Athletic Park. / ZGF Architects, Surrey City Development Corporation
A view of the four towers from along Whalley Athletic Park. / ZGF Architects, Surrey City Development Corporation
According to the City, Phase One / Tower One is confirmed to be market rental and be secured as such for a minimum of 60 years, per a proposed housing agreement. The remaining units are currently all envisioned as market rental units, but is still subject to change at a later date.
A grand total of 31,872 sq. ft of indoor amenity space and 55,789 sq. ft of outdoor amenity space has been proposed. Under City policy, the proposal provides less indoor amenity space than what is required for a project of its size and more outdoor amenity space than what is required. The City says the SCDC will be required to make a cash-in-lieu contribution to make up the shortfall in indoor amenity space.
Aside from the residential component, the project also includes just over 9,200 sq. ft of commercial retail space. Approximately 2,500 sq. ft will be located in Tower Two, while the remaining 6,700 sq. ft will be located in Tower Four. A total of 1,814 vehicle parking spaces and 1,200 bicycle parking stalls will be provided in a six-level underground parkade.
The project will also have a big nature element, as parkland is expected to be retained, Bolivar Creek will be integrated into the development, and the creek is also expected to be fed by stormwater captured by the buildings and filtered by rain gardens.
A rendering of the commercial retail space and public space proposed for the Gateway project. / ZGF Architects, Surrey City Development Corporation
A rendering of the commercial retail space and public space proposed for the Gateway project. / ZGF Architects, Surrey City Development Corporation
A rendering of the greenspace proposed for the Gateway project. / ZGF Architects, Surrey City Development Corporation
Notably, for Tower Three, the SCDC has also provided an alternative proposal where the building podium would be home to an urban elementary school and the height of Tower Three would be increased to 50 storeys.
"As an alternative program for Gateway’s Tower 3, SCDC has been in discussions with the Surrey School District to possibly integrate an elementary school within the podium of Tower 3," said City staff in a planning report. "Preliminary studies indicate the school could be accommodated across three levels and would serve approximately 655 students. The program would also include a Neighbourhood Learning Centre, featuring an Indigenous Learning Hub and spaces for before and after school care. In addition to the school, a childcare facility is proposed to serve two age cohorts."
"Incorporating the school into the podium would require modifications to the building footprint, internal building setbacks and overall height," added City staff. "To maintain the originally envisioned residential density on Lot 3, the tower height may increase to approximately 50 storeys with residential units beginning at Level 5. The detailed design would be reviewed through a subsequent Detailed Development Permit application."
As things currently stand, the project is expected to be completed by 2032, with occupancy currently expected in Q2 2030 for Tower One, Q2 2032 for Tower Two, Q2 2031 for Tower Three, and Q2 2032 for Tower Four.
At a meeting on September 15, Surrey City Council advanced the application and forwarded the project to a public hearing that is currently scheduled for Monday, October 20.