Housing supply refers to the total number of homes — both for sale and under construction — available to meet the housing needs of a population in a specific area.
Why Housing Supply Matters in Real Estate
In Canadian housing policy and real estate, the balance between housing supply and demand determines affordability, vacancy rates, and development trends.
Budgeting in real estate refers to the process of forecasting and managing income and expenses associated with owning, operating, or developing a property.. more
Tenant improvements refer to custom modifications or build-outs made to a leased space to suit the tenant’s operational needs, often negotiated as. more
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.
THE DETAILS
Name: Jeremy Kalenuik
Areas of Focus: South Surrey, White Rock, Langley, and Cloverdale
When I graduated from university my mom was looking for a house with her real estate agent and it immediately sparked my interest and started my passion for being the best real estate agent I can be.
What’s the biggest challenge you see facing the market today?
Affordability and uncertainty. With interest rates fluctuating and home prices still high in many areas, buyers are hesitant and sellers are unsure if it’s the right time to list. There’s also a gap between expectations — sellers want yesterday’s prices, and buyers want tomorrow’s deals. Navigating that tension takes strategy, education, and a whole lot of patience.
What’s the single best advice you have for sellers?
Price it right the first time. The market is smart — if a home is overpriced, it can sit longer and ultimately sell for less. A well-priced home gets attention, competition, and stronger offers. This also gives you a realistic number to start from when we are making your plan to move forward.
What’s the single best advice you have for buyers?
Get pre-approved before you fall in love with a property. Knowing your budget gives you confidence, shows sellers you're serious, and helps you move quickly in a competitive market. Also make sure whoever you hire has local knowledge and works the market you are looking in
What’s the best thing a realtor can invest in for their brand (a bus bench ad, a solid Instagram strategy, etc.)?
A strong, consistent online presence — especially through Instagram. This gives clients and potential clients a good sense of who you are before ever meeting you. However, as you gain more seniority and time in the business, always delivering on your commitments and taking care of those clients who work hard to refer you is the best way to grow a strong brand as your business transitions to repeat and referral.
Who do you look up to in the industry and why?
I admire agents in our industry who balance a top-tier professionalism while still being approachable. Someone like Paul Benson with E&V who genuinely cares about their clients and colleagues and are always willing to help to elevate their clients experience and make their colleagues better.
Is there anything you wish people knew or understood about realtors that you think they’re constantly getting wrong?
That it’s not just about unlocking doors and writing offers. We wear so many hats — negotiator, project manager, therapist, marketer — and the work doesn’t stop when a deal is accepted. There’s a lot of unseen effort behind every smooth transaction.
Tell us about your favourite (or most memorable) sale.
My most memorable sale was a development property that I sold for $21.5 million and it all started from knocking on the door and a cup of coffee. There were many ups and downs and bumps along the way; the mother of the family unfortunately passed away in the middle of the deal but my only peace of mind was that she told me before she went into the hospital that her dream was to sell this property and help her family as they move forward in their lives. She was 92, and after everything was said and done, her decision to buy that property provided intergeneration wealth all the way down to her grandkids.
The three words you hope your clients use to describe you
Trustworthy, tenacious, and genuine.
What’s your favourite thing to do outside of selling houses?
There are two things that are my favourite outside of selling houses. I love skiing with friends and family up in Sun Peaks in the winter and surfing with my family at Osoyoos lake all summer long!
The City of Toronto has you covered for some high-in-the-sky fanfare this Canada Day, which falls on Tuesday, July 1, 2025. There will be a total of seven displays at various locations across the city this year, but the main character of the bunch will be a 14-minute show at Ashbridges Bay Park at 1561 Lake Shore Boulevard East, starting at 10 pm.
In consideration of the show at Ashbridges Bay Park, the TTC will increase subway service on Lines 1 and 2 and streetcar service on the 509 and 510 on Tuesday. There will additionally be extra bus service on the 92 Woodbine and 22 Coxwell routes.
Firework displays will also light up the sky at Centennial Park (256 Centennial Park Road), Amesbury Park (151 Culford Road), Milliken Park (4325 McCowan Road), Stan Wadlow Park (888 Cosburn Avenue), and Mel Lastman Square (5100 Yonge Street). All shows will start at 10 pm. There will be no display at Nathan Phillips Square.
Canada Day is one of two occasions on which fireworks are allowed on private property without a permit. For any residents wanting to put on a fireworks display of their own, there are a few rules to note.
According to City of Toronto bylaw, fireworks are only permitted on private property until 11 pm. They are not permitted in City parks or on beaches, balconies, streets, parking lots, or a property that is not owned by the person setting off the fireworks. In addition, an adult 18 years of age or older should be present to supervise or set off the fireworks.
It also goes without saying that fireworks should not be set off anywhere there is a risk of fire, injury, or damage to any person or property. The misuse or illegal sale of fireworks can be reported to 311 by phone or by submitting a service request, and bylaw enforcement officers and the Toronto Police Service will be patrolling public spaces across the city to combat any noncompliance.
More information on rules, safety tips, and proper disposal of fireworks is available on the City of Toronto website.
In addition to fireworks, the City is hosting an array of Canada Day celebrations on Tuesday during the day. This includes a family-friendly festival at Thomson Memorial Park (1005 Brimley Road), and face-painting and entertainment at Nathan Phillips Square (100 Queen Street East). Daytime programming will also be hosted by the City at Amesbury Park, Stan Wadlow Park, and Mel Lastman Square.
More information on this year’s Canada Day celebrations can be found on the City’s website.
It looks like Toronto is in for a picture perfect Canada Day.
Bringing a mix of sun and cloud, with warm temperatures to smooth it all over, Tuesday should deliver great weather for a fun-filled Canada Day. Temperatures will remain in the mid-to-high 20s all weekend, as a matter of fact, with rain only expected on Monday. But, with no rain in the forecast for Tuesday, firework shows and festivities should go off without a hitch.
That being said, as a national statutory holiday, many stores, businesses, and services will be closed on Canada Day. To help you plan your festivities, here's what's open and closed in Toronto on July 1.
Farm Boy – 777 Bay Street (8 am to 8 pm), 207 Queens Quay West (8 am to 10 pm), 81 St. Clair Avenue East (8 am to 7 pm), 100 Queens Quay East (8 am to 10 pm)
Loblaws – 60 Carlton Street (7 am to 10 pm)
Pusateri’s Fine Foods – 1539 Avenue Road (7 am to 6 pm)
Rabba Fine Foods – all locations open 24 hours
The Food Depot – 155 Dupont Street open 24 hours
Whole Foods Market – 87 Avenue Road (8 am to 6 pm), 155 Square One Drive (8 am to 6 pm)
Nestled in the heart of Muskoka’s cottage country, 0 Roberts Island is an immersive, off-grid retreat where nature’s stillness meets rustic refinement.
Set on 3.66 acres of densely treed land, with 915 feet of prized southwest-facing shoreline, this custom timber-frame estate is surrounded by oak and coniferous forest, and bathed in sunlight from dawn to dusk.
Accessible only by boat — a mere 10-minute ride from Skeleton Lake Marina — the property promises total privacy and an uninterrupted connection to the outdoors.
From the moment you approach the covered slip and sun-soaked dock, it’s clear this is no ordinary island escape. Every detail of the home has been thoughtfully conceived and finely crafted, from the reclaimed hemlock floors to the soaring vaulted ceilings.
A show-stopping river rock fireplace commands the open-concept living space, while double-hung windows ensure natural light and lake views take centre stage.
The grand river rock fireplace is more than just a focal point — it’s the beating heart of this island home. Towering and timeless, it anchors the timber-frame structure with rustic grace, inviting everyone to gather, year-round. It’s the kind of feature that elevates a cottage from "charming" to "unforgettable."
The timber construction offers warmth and structural elegance, with wood elements echoed throughout the home. The screened-in Muskoka room invites you to enjoy coffee at sunrise or a glass of wine at dusk, mosquito-free. Outside, expansive Trex decking — complete with glass-and-metal railings — flows seamlessly into a landscaped stone patio; a natural perch for sunset gazing after a swim or paddle.
With four bedrooms and two bathrooms, this remote getaway doesn’t compromise on comfort. It’s a place built for family, for long summer days and unhurried evenings, and for the kind of generational memories that only a property like this can hold.
Whether you’re casting a line in the deep, clear waters or gathering around the hearth on a stormy night, life on Robert’s Island promises to be timeless, tactile, and anchored in Muskoka’s enduring charm.
Doug Ford and Jim Lawson, Executive Chair, Woodbine Entertainment/Woodbine Entertainment
In an exciting move for the future growth of northwest Toronto, Woodbine Entertainment — owner of Woodbine Racetrack in Rexdale — has announced it is investing $170 million in a new Metrolinx GO Station at Woodbine Racetrack. Construction broke ground yesterday on the station, which will serve as the anchor to an expansive urban development planned for the surrounding lands.
Also anchoring the development would be the iconic Woodbine Racetrack, home to Canada’s longest continuously run sporting event, the King’s Plate.
“This is a once-in-a-generation opportunity to create something truly special for Toronto,” said Michael Copeland, CEO of Woodbine Entertainment in a press release. “At the heart of this new urban centre will be Woodbine Racetrack, a cultural landmark that will now also serve as the centrepiece of a thriving, inclusive, and connected city within a city.”
A city within a city is a good way to frame the vision for this massive development project planned for the largest undeveloped parcel of land remaining in the City of Toronto. Spanning a whopping 684 acres, the project would deliver "tens of thousands of new homes, jobs, and economic opportunities," according to the release. The master-planned community is expected to be designed and constructed over 25 years, creating an estimated 43,000 construction jobs.
Aerial comparison of Woodbine site and downtown Toronto/Woodbine Entertainment
“This isn’t just about building housing. It’s about creating a complete community, a connected urban centre, with culture, entertainment, green space and horse racing at the heart of it all,” added Copeland
As the development will be centred around a world-class racetrack, residential components would include new accommodations for the backstretch workers, including trainers, jockeys, grooms, and veterinarians, who care for the 1,700 horses who call Woodbine home. This housing would be apart of the larger collection of affordable housing units planned for the area.
“Horse racing has been a way of life for my family for generations — it’s not just a career, it’s part of who we are. I believe Woodbine’s property development plans represent an important step toward building a bright future for our sport," said one Woodbine trainer, Kevin Attard. "Creating new sources of revenue beyond wagering is a smart and necessary move to help ensure that other families, like mine, can continue to build their lives around racing for generations to come. This is a great step forward for the long-term health of the industry we all care so deeply about.”
Plans remain conceptual at this point, but in addition to affordable housing, the development would emphasize "smart, sustainable design," while also both benefitting, and being made possible, through the transit-connected nature of the site.
Woodbine GO Station/Metrolinx
The new GO station at Woodbine would be located on the Kitchener GO Line between the existing Etobicoke North and Malton GO stations. Just 30 minutes from Union Station and planned to connect with the UP Express Line to Pearson Airport, Rexdale would be transformed into a transit hub "for the first time in its history."
According to a press release from Metrolinx, trains could arrive at the station as frequently as every 15 minutes during rush hour and is expected to serve approximately 7,000 daily riders by 2041. Other pros about the forthcoming station include a new station building, a new rail island platforms serving GO Transit and UP Express, and a multi-use path and direct road, bicycle and sidewalk access.
Woodbine's $170 million investment is supported by a portion of the $13 billion in provincial funding for the GO Expansion program and a greater $70 billion investment in public transit made by Premier Doug Ford.
“The new Woodbine GO Station is going to be a game changer for Etobicoke and for commuters coming in from across the Greater Golden Horseshoe,” said Ford. “The investments we are making in Woodbine GO and in two-way, all-day GO service across the province will keep workers on the job in the face of tariffs and economic uncertainty and will help commuters get around faster and more conveniently in one of Ontario’s fastest growing regions.”
Woodbine Entertainment, which is Canada’s largest horse racing operator and operates like a not-for-profit, will develop and own the land while exploring ways to continue directing revenue back into Ontario horse racing.
Earlier today, Peel Region Council voted to reduce development charges by 50% from July 10, 2025 to November 13, 2026 in order to spur housing development and make homes in Caledon, Brampton, and Mississauga more affordable.
The move had commitment of support from the provincial government for $1.3 billion via the Building Ontario Fund, according to a letter from Minister of Municipal Affairs and Housing Rob Flack, addressed to the three mayors and Peel Regional Chair Nando Iannicca. However, an official funding agreement has not been signed off on as of now, and included in the motion is a stipulation that the program could be cut short if "a satisfactory financial agreement is not reached with the province by October 17, 2025."
The letter also discusses expectations that the federal government will provide additional funding to support the move through their proposed new $6 billion infrastructure program.
Development charges (DCs) are taxes that developers pay to the city in order to help pay for increased infrastructure needs that may be needed as a result of growth, including services like roads, transit, water, and sewer systems. But in recent years, development charges in the region and across the GTA have skyrocketed, placing additional strain on already struggling development pipelines.
As a result, calls have been made by the federal government and numerous development associations to freeze and/or lower the fees. Peel's decision to follow suit is just the most recent in a string of similar moves from nearby municipalities.
In an effort to make development financially feasible for more builders and to lower costs for end users, Vaughan returned their DCs to September 2018 levels in November, Burlington lowered DCs 15% last May, and Mississauga reduced all residential DCs by 50% and by 100% for three-bedroom units in purpose-built rentals.
For Justin Sherwood, Senior Vice President of Communications, Research & Stakeholder Relations at the Building Industry and Land Development Association (BILD), the reform represents an excellent step in the right direction.
"We applaud and welcome the change and encourage other regions across the GTA to look at doing similar actions, [...] and we want to thank the provincial government for their support in this matter." Sherwood tells STOREYS. "It's a really good day today for prospective home buyers who are looking for a new home in the Region of Peel, [...] and the decision comes at a time where the industry is struggling. It's a very positive move."
"Peel Region’s decision reflects an understanding of today’s housing crisis: punitive fees have stalled supply, and action from all levels of government is needed to get homes built. Their action of waiving 50% of regional development charges is not about lost revenue — it’s about enabling projects that otherwise wouldn’t move forward," Feldman tells STOREYS. "Credit to Peel Council and Mayor Parrish for showing real leadership, and to the Province for backing future growth with a $1.3 billion commitment. With local and provincial action now in motion, we look to the federal government to step up and become a full partner in the solution."
A home on a residential street in Calgary. / Shutterstock
We're halfway through 2025 and so much has happened that has created so much uncertainty that the Calgary Real Estate Board (CREB) is now downgrading its forecast for the year, according to a market update published earlier this week.
In January, the CREB published its forecast for the year, projecting that sales were expected to remain strong and exceed 26,000 units in 2025 — 20% higher than long-term trends.
"While we anticipate stable sales levels overall, market dynamics will shift as rental rate adjustments and supply improvements influence different segments of the housing market," said CREB Chief Economist Ann-Marie Lurie. "While the market is expected to be more balanced than in recent years, significant economic risks — such as potential tariffs — could impact activity. These risks will be crucial to watch as we navigate through 2025."
The latter has turned out to be prescient, as the market update published this week has reduced the projected number to about 23,000 as a result of the uncertainty created by the tariffs. The new forecast represents a downgrade of approximately 11.5%, although it should be noted that the projected decline is starting from a very high peak.
"Sales in Calgary were forecasted to ease slightly in 2025," said the CREB. "However, the heightened uncertainty throughout the spring months is expected to result in a higher than expected decline in annual sales. While sales are not expected to ease to the lower levels reported during the 2015-2020 period, sales are expected to slow to levels more consistent with long-term trends."
Residential sales and price growth in Calgary between 2006 and 2024 and the forecasted totals for 2025. / Calgary Real Estate Board
At the same time, housing starts are still at record highs and that is not expected to change in the second half of the year, with most of the supply coming in the form of multi-family rental buildings. The CREB says that this new supply will provide more options for renters, potential buyers, and existing homeowners, indirectly resulting in an increase in supply in the resale market.
With inventory expected to increase and sales projected to decline, prices are thus now being projected to cool off rather than see the modest growth that was projected at the outset of the year, with some nuance depending on the residential property type. The CREB says that this is expected to bring the resale market to more a balance compared to the "extreme seller's market" seen in the past two years.
Acccording to the CREB's forecast, prices are expected to grow by less than 2% for detached homes and semi-detached homes, after seeing jumps of over 10% in 2024, while prices are expected to decline by up to 2% for row houses and apartments, after seeing jumps of over 14% in 2024.
Residential price growth in 2023 and 2024 as well as the forecasted change in 2025. / Calgary Real Estate Board
The biggest cause of the economic certainty remains the tariffs and trade war initiated by US President Donald Trump, according to the CREB. However, as is the case with other markets, the effect is not necessarily the direct impact of tariffs on the resale market and more so that the tariffs create concerns that result in reduced spending.
"While much of the most punitive tariffs on Canada have been on aluminum and steel, rising global tariffs have elevated uncertainty regarding energy prices, the impact on inflation and the overall economy," said the CREB. "Alberta is expected to lead the country in growth this year, as we are not facing the same near-term challenges experienced in provinces that are more directly impacted by the tariffs. However, we are not immune to the volatility facing the global economy, which is impacting oil prices, creating uncertainty and affecting consumer and business investment."
"Trade and economic uncertainty has contributed to slower sales in many housing markets across the country, including Calgary," the board added. "Here, earlier declines in energy prices combined with uncertainty regarding energy policies and a pause in rate declines likely also contributed to some of the stronger than expected pullback in activity in the early spring market. However, supportive population growth along with previous gains, resiliency in our job market and lower lending rates in the second half of the year should help offset some of the impact on demand felt throughout the spring."
Yesterday evening, Toronto City Council voted to allow fiveplexes and sixplexes in the Toronto and East York District and a portion of Scarborough — a significant dilution of the originally recommended city-wide legalization. This latest move from the City puts in jeopardy $471 million in federal funding through the Housing Accelerator Fund (HAF).
The Scarborough region included in the adoption is generally bound by Steeles Avenue to the north, Midland Avenue to the west, Highway 401 to the south, and Neilson Road and Rouge River to the east, where a sixplex pilot ushered forth by Ward 23 Councillor Jamaal Myers was already in place.
After much debate and deputations from speakers, the original recommendation to permit sixplexes citywide was begrudgingly amended by Parkdale—High Park Councilllor Gord Perks and was carried with 18 voting for the motion and six voting against, officially leaving the majority of Toronto's suburban neighbourhoods in Etobicoke—York, North Toronto, and Scarborough out of the sixplex fold. The motion also included that neighbourhood infrastructure such as street cleaning, public realm maintenance and improvements be provided in neighbourhoods with sixplexes.
"I'm moving this very reluctantly. I've spent a considerable amount of time working with my colleagues on Council trying to find majority support for doing what this council already committed to in 2023, which is city-wide sixplexes. But I have been unable to find that," said Councillor Perks at Council. "[...] This creates some risk in our relationship with the federal government, especially since this council voted, over two years ago, that sixplexes would be part of our [HAF] plan."
Alongside offering more housing options to Torontonians, the city-wide approval of sixplexes would have represented a major step towards achieving the City’s 35 milestones committed to under the federal HAF, for which Toronto was allocated $471.1 million in funding to be put towards "accelerating development of new housing and preserving existing housing, and achieving a total of 60,980 net new permitted homes over three years."
The City received an upfront sum of $117 million through the HAF after an agreement with the Feds was reached in December 2023, but whether or not Toronto receives the remaining funding in full hinges on it's ability to achieve certain milestones laid out in their HAF Action Plan, including permitting sixplexes city wide by the end of June 2025. This is according to a letter from former Housing Minister Nathaniel Erskine-Smith sent to Mayor Olivia Chow in March, which stated that Toronto could lose 25% of its annual HAF payment if it continues to fall behind on milestones.
Wednesday's debate marked the culmination of a series of studies conducted by City staff to discern the viability of ramping up missing middle permissions on single-detached lots within the city. One of the first major amendments to kickstart the city-wide sixplex conversation began with the original Multiplex Study in 2023, which led to fourplexes being approved city wide in May of that year. But at the time, Councillor Jamaal Myers was already calling for more density.
Following the adoption of city-wide fourplexes, Myers initiated a pilot program in his home ward of Scarborough North (Ward 23) that would test the efficacy of permitting fiveplexes and sixplexes on properties designated 'Neighbourhoods' in the Official Plan. The pilot study commenced soon after the city-wide adoption of fourplexes, and its results were promising.
Findings showed that the built form of a fiveplex or sixplex was viable on around 60% of of single-family home plots in the ward, increased density was found to optimize existing infrastructure rather than overload it, and most additional parking could already be accommodated for on residential streets. Other potential upsides included the stabilization of declining populations and support for local retail establishments and services.
More than that, intensified missing middle permissions would mean increased housing options for Scarborough residents. "It offers families a way, particularly seniors, a way to downsize while staying in these neighbourhoods," says Myers. "And it offers a lot of the kids who grew up in these neighbourhoods a way to move into and/or stay in these neighbourhoods and raise their own families in a way that they wouldn't otherwise be able to do."
While no five or sixplex permits have been issued as of now, Myers says he expects applications to come down the pipeline.
After a year and half, a preliminary report on the pilot program, delivered in December 2024, led to City Council voting to study the viability of fiveplexes and sixplexes city wide via the final multiplex study that was presented to Council yesterday afternoon.
Going into the Council meeting, Myers told STOREYS he was expecting some resistance. "I think it's going to be a push," he said. "Honestly, change is hard. People generally are hesitant to change, and the City, historically, has not done a great job at reaching out to people and explaining what we're doing."
Reflecting the highly-contentious nature of the topic, the agenda item posted a remarkable 29 speakers and 30 letters from various residents' associations, builders, planners, design studios, and more, all arguing their case for the future of Toronto's so-called 'yellowbelt.'
Speaking on behalf of their constituents, councillors debated the efficacy of sixplexes for over three hours, expressing support as well raising concerns.
“Cities grow or die, neighbourhoods grow or die. It is unique in North America that we have neighbourhoods that have never been reinvested in. Nowhere else in the world is this the case," said Councillor Perks. "If the communities in the inner suburbs want to thrive, they need to attract reinvestment, and that reinvestment comes from reforms like this.”
Councillor Alejandra Bravo (Ward 9, Davenport) focused on the funding component, inquiring what a potential loss of HAF funds would mean for other housing projects currently being carried out by the City, such as the revitalization of Toronto Community housing Corporation, transforming Toronto’s waterfront, and expanding missing middle housing.
"We would be in the situation, today, where should we not make progress on this particular item, we will be putting the people of Toronto, who are in need of housing, in peril in some way, correct?" she asked. "We’re taking a risk on the backs of people who need housing?”
Councillor Lily Cheng (Ward 18, Willowdale) who voted for the amended bill, raised concerns about preserving the character of certain neighbourhoods and about infrastructure not meeting population growth within her own ward. “With 145% growth over 20 years in my neighbourhood, we need to catch up with our infrastructure, and if we don't catch up, how can we commit to more growth?”
Additionally, the issue of land values increasing as a result of the sixplex expansion was raised by Councillor Parthi Kandavel (Ward 20, Scarborough Southwest), while others simply felt the implementation of sixplexes citywide was not necessary and was being carried out too rashly.