It is commonly used by spouses or family members. If any owner wishes to sever the joint tenancy, it converts to tenancy-in-common, where the right of survivorship no longer applies.
Understanding joint tenancy helps buyers and co-owners choose the best legal structure for their goals, estate planning, and shared financial obligations.
Example of Joint Tenancy in Action
Two siblings buy a cottage as joint tenants. When one passes away, full ownership automatically transfers to the surviving sibling without court proceedings.
Walkability refers to how friendly an area is to walking, measured by the accessibility of amenities, safety, sidewalk infrastructure, and overall. more
Transfer of ownership is the legal process by which the title of a property is passed from one party to another, typically through sale, inheritance,. more
Site remediation is the process of cleaning up contaminated land to meet environmental standards and make the property safe for use or redevelopment.. more
A rental suite is a self-contained living unit within a home or property that is rented out to a tenant, commonly located in a basement or accessory. more
A large surface parking lot near the Legislative Assembly of British Columbia in Victoria. / Mario Hagen, Shutterstock
Two years after signalling that it was going to make a change, the City of Victoria has unveiled a suite of changes to its parking regulations that would "shift away from the car-centric regulatory model to one that better aligns with City policy, responds to different mobility demands across specific geographic areas and addresses a more diverse range of mobility needs through a range of options."
"The current regulatory approach for off-street parking is largely focused on the provision of motor vehicle parking, setting minimum supply rates that are based on estimated off-street parking demand," said the City in a staff report that's set to be received by Council later this week. "Minimum supply rates vary between geographic area (lower rates downtown and in community villages), tenure (lower rates for market rental and affordable rental housing) and unit size (larger dwelling units require more parking than smaller units)."
"This regulatory framework adds time, cost, uncertainty, and potential inconsistency to the development process if proponents seek to reduce off-street parking stall requirements," the report continues. "In such instances, applicants are required to submit permits for variances and negotiate TDM measures with staff on a case-by-case basis. In some cases, where the size of the variance is significant, an applicant is required to provide a parking study to determine whether the amount of parking and/or TDM measures being proposed are satisfactory."
The new proposed approach has several "key foundational elements."
Establishing A Baseline Parking Supply Rate
According to the City, car ownership in Victoria is trending downwards, with 25% of Victoria households not owning a vehicle and 41% of households in downtown not owning a vehicle. The City has not updated its off-street minimum parking rates since 2018 and has now outlined an update to supply rates, which are expressed as the amount of parking stalls provided per residential unit, with higher rates for larger units.
The new proposed supply rates have been lowered across the board, regardless of residential type and unit size, and in some cases have been completely eliminated, such as for affordable housing. (A full list of the changes, including for non-residential uses, can be viewed here.)
Of note is that, as is the case with all minimum parking requirements, applicants can still opt to provide more parking than what is required under policy and developers do see some value in providing parking.
Proposed Residential Baseline Parking Supply Rates. / City of Victoria
Maximum Parking Supply Rates
While many municipalities across North America are focused on eliminating minimum parking requirements, some have also started to look at or introduce maximum parking requirements to prevent the possibility of parking oversupply.
"With respect to setting a maximum supply rate, it is recommended that a consistent city-wide rate be set at 10% above the baseline parking supply requirements," said City staff in the report. "Given that the baseline rate is generally reflective of actual parking demand and developments in the City typically don’t provide more than the required number of parking stalls, it is considered that requests to provide more than 110% of the baseline will be relatively rare."
Although the concept hasn't quite gone mainstream yet, the City notes that maximum parking supply rates exist in the District of Saanich, City of New Westminster, and City of Kelowna.
Provision Of TDM Measures
Although municipal governments set minimum parking requirements, many have also traditionally allowed applicants to reduce the amount of parking they have to provide through transportation demand management (TDM) measures, which entails the applicant providing residents with things such as enhanced bicycle parking, subsidized transit passes, and/or car share access.
"Current processes allow applicants to apply for a parking variance where they are not satisfying minimum parking supply requirements and, in these instances, the provision of TDM measures is negotiated to provide alternative transportation options for residents," said staff in the report. "Rather than continuing to require variances and negotiate TDM on a case-by-case basis (which adds time, cost and uncertainty to applications), it is recommended that the provision of TDM measures to offset a reduction in parking stall supply be formalized in the form of regulations. The City currently does apply a similar regulatory approach, but only with respect to the Missing Middle housing regulations."
According to the City, the new proposed measures were developed based on a review of industry best practices and other municipalities. The City also notes that providing TDM measures instead of constructing underground parking often reduces construction costs for developers and that those cost savings could potentially be passed on to residents. (Full details of what the individual TDM measures entail are available here.)
Transportation Demand Management Measure Options. / City of Victoria
Cash-In-Lieu Of Parking
As another alternative, municipalities often also allow developers to provide cash contributions to reduce the amount of parking they have to provide. Cash secured that way must go to a reserve fund that can only be used towards things like parking infrastructure and other transportation-related infrastructure.
Victoria does not currently have a cash-in-lieu policy, but is now set to establish one, with rates the City says are in line with those in other municipalities.
The staff report also notes that similar to TDM measures, the cash-in-lieu option generally provides savings to developers compared to constructing underground parking, which could again be a benefit to residents. (A report published by the Metro Vancouver Regional District earlier this year found that constructing parking can cost over $200,000 per stall.)
No changes to requirements are being proposed for accessible and visitor parking and both are also not eligible to be reduced via TDM measures of cash-in-lieu.
Proposed Cash-in-Lieu Rates. / City of Victoria
Area-Specific Regulations
The aforementioned changes are city-wide, but would be adjusted for different areas of Victoria. For example, in the downtown core, there would be no baseline parking supply rate, a maximum parking supply rate would be established, and a minimum set of TDM measures will be required.
"Due to the characteristics of the area and the relevant policy direction, it is recommended that minimum parking requirements do not apply in the downtown," said staff. "This would allow developments to provide parking based on market demand and project considerations. Dependent on development conditions, a proponent could provide between 0% to 110% (maximum parking supply rate) of the baseline parking supply rate."
For major mobility hubs such as the Mayfair, Midtown, Hillside, Jubilee, and Oak Bay Junction town centres, the baseline parking supply rate would be reduced by 50%, minimum TDM measures would be required to offset that reduction, additional TDM measures or cash-in-lieu would be allowed, and a maximum parking supply rate would be established.
For sites along the City's transit priority network (TPN) and within 200 metres of the TPN, the regulations would be similar to those for major mobility hubs, except the baseline parking supply rate would be reduced by 30%.
The downtown area (left) and transit priority network (right) that will have adjusted parking regulations. / City of Victoria
Other Changes
The City has also proposed changes regarding bicycle parking. To account for the increased popularity of large bicycles (such as electric or cargo bicycles), the City has proposed a requirement that 15% of all long-term and short-term bicycle parking stalls be designed to accommodate large bicycles. To ensure accessibility, the maximum percentage of long-term stalls that can be provided as wall-mounted racks would also be decreased from 50% to 30%.
A new regulation would also require 50% of all long-term bicycle stalls to support electric charging (access to a 110v charging outlet) and the City has proposed introducing requirements for end-of-trip facilities in non-residential units in order to support active transportation. Those facilities include showers, change rooms, repair equipment, and bicycle wash stations.
As it relates to electric vehicles, the City is proposing that all parking spaces be required to support EV charging, that the minimum number of parking stalls that support EV charging be increased for non-residential uses, and that new minimum parking requirements be introduced for EV charging stations for industrial, commercial, and institutional uses.
All of the above changes, as well as changes regarding a new proposed Curbside Management Strategy, are set to be considered by Council on Thursday, June 26. If endorsed by Council, staff will then work on drafting bylaw changes and holding public engagement before the changes are presented to Council at a later date for formal consideration.
Ontario Place parking structure/Government of Ontario
Today, the Ontario Government released final designs for the revitalization of the long-neglected Ontario Place, alongside a press release outlining the extensive redevelopment plans envisioned for one of Toronto's most-prized strips of waterfront.
When the provincially-owned destination first opened its doors in May of 1971, Ontario Place served as a tourist attraction to showcase all things 'Ontario.' Over time it became a popular destination for families and school field trips, with the addition of a water park and amusement rides, but by 2012, declining revenue and attendance had caused the park to shutter.
Plans released today constitute a years-long effort to breathe life back into the park through the addition of attractions like public trails, expanded green space, playgrounds, interactive fountains, new beaches, event spaces, and an updated marina.
“We’re rebuilding Ontario Place into a world-class destination for families and tourists, with convenient connections for visitors coming by car, GO train or the Ontario Line’s nearby Exhibition Station,” said Premier Doug Ford in the release. “The investments we’re making will help keep 5,000 workers on the job, despite the economic uncertainty caused by President Trump’s tariffs, and will help protect and grow Toronto and Ontario’s tourism sector for decades to come.”
The park's new design will consist of five distinct zones: The Forum, The Mainland, The Marina, The Water’s Edge, and Brigantine Cove. Highlights of the redevelopment include a new entrance with a 3,500-spot parking structure expected to bring in $60 million in revenue per year, a new Brigantine Cove with a multi-level interactive treehouse, a new forum space for outdoor markets and festivals, a 3,400-sq.-ft Indigenous Cultural Pavilion, Live Nation’s revitalized year-round amphitheatre, and the relocation of the beloved Ontario Science Centre.
“Ontario Place was once an iconic tourist attraction and a cornerstone of our province’s cultural and recreational landscape,” said Stan Cho, Minister of Tourism, Culture and Gaming. “Now more than ever, it is important to support the places and experiences that celebrate our heritage and culture while protecting local jobs and economic growth. This transformation will breathe energy into Toronto’s waterfront while drawing visitors from near and far for generations to come.”
Behind the landscape design for the new Ontario Place is LANDinc., who's designs were shaped by consultations with First Nations and Indigenous groups, over 9,300 residents, the City of Toronto, and other stakeholders.
"Ontario Place holds a special place in our city's diverse heritage and LANDinc is honoured to lead the design of this public waterfront park, establishing the green heart of this world-class destination," said Senior Principal of LANDinc. Patrick Morello.
Once complete, Ontario Place will be one of the largest public parks in downtown Toronto and is expected to welcome more than six million visitors each year.
Ontario Place Renderings
Beach
All renderings courtesy of the Government of Ontario.
Lights, camera, move in! Housed in a former movie theatre, this loft is ready for its next leading tenant.
Steps from Toronto’s vibrant Little Italy neighbourhood, Unit 103 in The Movie House Lofts is a charming space showcasing its heritage roots, while embracing a modern flair. Located at at 394 Euclid Avenue and listed for $1,025,000, the (more than) 1,200-sq.-ft loft is within a century old red-brick building, once a Protestant fraternal clubhouse and, as mentioned, theatre.
Spread over three floors, the unit is a 1+1 bedroom with two baths. It’s ideal for the young entrepreneur looking to live in an iconic Toronto neighbourhood close to the downtown core or a creative who wants to be inspired.
The open-concept space features soaring ceilings with wall space perfect for displaying art. With a dramatic floor-to-ceiling arched warehouse-styled window, an abundance of natural light floods the ground level making it a scene stealer. Sightlines into every room on the main floor makes the space the heart of the unit and spot to entertain guests.
A set of double-windowed doors opens the room to a quaint streetside garden patio. It’s an urban retreat that is close to the hustle of College Street, while still providing an oasis-like escape.
In the kitchen, the backsplash draws the eye with its warm hues of copper, brown, and gold tones. Its open shelving allows you to curate dishware like a gallery — if you feel so inclined.
Our Favourite Thing
It's in an unbeatable location. Steps away from Toronto’s Little Italy neighbourhood, you’ll have the bragging rights of living in the dynamic area and in a piece of its history, to boot. Plus, you’re within walking distance of other popular enclaves like Kensington Market, the Annex and the soon-to-be reopened Mirvish Village.
Up the stairs is the airy primary bedroom that floats above the living space. The cozy room fits a queen-sized bed and features a built-in dark-coloured wardrobe. The room is level with the top of the unit’s large window, allowing the rising sun to naturally wake you as it pours into the space at dawn. Across the hall is an ensuite that can be private or used by guests. (But we suggest keeping this one to yourself and directing visitors to the second full bathroom in the basement.)
The bottom floor is adaptable to whatever your needs happen to be. Its current set up is an office/study area and recreation room with a couch and TV. The space has the potential of being reimagined into a games room, home gym, library, or a creative studio. It has ample storage with a nook under the staircase and in the laundry room next to the washer and dryer.
The area itself has endless options of restaurants, cafes, boutique stores, and bars. The Movie House Lofts is also home to Cafe Belém (not Italian, we know), which serves coffee and traditional Portuguese pastries like the Pastel de Nata. It’s also walkable and transit friendly, with two streetcar lines nearby and Bathurst subway station only a 15-minute stroll away, through a neighbourhood with historic mansions.
Residential buildings under construction in suburban Calgary in 2023. / Jeff Whyte, Shutterstock
After a marathon public hearing, the City of Calgary approved its "Home Is Here" housing strategy on Saturday, September 16, 2023, setting the groundwork for a comprehensive suite of actions to address the housing affordability crisis amidst Alberta's population boom.
"The Strategy is enabling accelerated and deliberate action to unlock resources," said the City in an annual progress report that's set to be received by Council today. "These actions have resulted in short-term changes to housing supply and will influence long-term changes to housing affordability. The actions demonstrate The City's commitment to ensuring Calgary's reputation as a world-class city where everyone has an affordable place to call home."
"Strategy implementation is a cross-corporate endeavour," the City added. "Additionally, Administration is leveraging The City's wholly-owned subsidiaries (Calgary Housing, Attainable Homes Calgary, and Calgary Municipal Land Corporation) to advance actions under the Strategy. The collective actions to improve housing affordability for Calgarians are making a difference as we continue to work to close the housing supply gap."
By the numbers, Calgary is making impressive progress.
In 2024, the City advanced over 25,000 new market housing units to the building permit stage, a significant improvement over the annual average of 14,000 units. Non-market homes also saw a boost, with 893 new units reaching the development permit stage by the end of 2024, a 850% increase from 2023.
Although the latter still falls short of the target of 3,000 units per year that's outlined in the Home Is Here housing strategy, the City underscores that it has reached nearly 95% of its three-year Housing Accelerator Fund target — within the first year, no less. As a result, Calgary was one of 27 municipalities to receive Housing Accelerator Fund bonuses earlier this year.
Aside from pure supply, the range of housing choices has also improved, with townhomes, rowhouses, and similar housing forms making up 43% (966 units) of all low-density development permit applications in 2024, up from just 28% in 2023. A press release published by the City earlier this month also noted that 5,000 new secondary suites were registered in 2024, up from less than 3,000 in 2023.
Overall, Calgary recorded the highest housing starts per capita in Canada in 2024 with 20,165 units. More recently, it also led all Canadian municipalities in housing starts in Q1 2025 and accounted for 55% of all housing starts in Alberta.
In addition to the aforementioned statistics, the City has made progress on several of its housing-related initiatives:
A permanent Chief Housing Officer [Reid Hendry] was recruited and onboarded to steward The City’s corporate-wide action on housing and leverage funding and partnerships to increase supply and support the housing sector.
Council approved the Non-Market Housing Property Tax Exemption Bylaw, allowing non-profit housing providers to provide the lowest possible rents.
Five City-owned surplus sites were awarded through Non-Market Land Sale #4.
Onward Homes has been chosen as the official housing developer for the Franklin Station Area Improvements. This project will bring new housing opportunities, sustainable growth, and better transit access to the community.The project is expected to create up to 378 homes, half of which will be non-market.
The HomeSpace Family Housing project in Whitehorn is under construction to provide non-market housing for 52 families with children who are at risk of or are experiencing homelessness.
Seven non-profit housing projects were awarded $30.7 million through the first round of the Housing Capital Initiative, expected to create 480 homes.
Five office building conversions expected to open this year creating about 680 new homes downtown in 2025.
The Current State Of Affairs
While the City is making significant progress, it recognizes that housing pressures continue to exist in Calgary. It continues to lead the country in population growth and that the gap between the number of units coming online and the numbers of units needed is increasing, not decreasing, particularly for non-market housing, according to the City. Furthermore, it says housing prices "are at an all-time high" and average market rents remain high.
For developers, inflation has decreased, but tariffs and geopolitical unrest are expected to increase the costs to build housing and thus the cost of living.
"While significant strides have been made since the Strategy was approved, there is more work to do to realize its outcomes," said the City. "We are pulling on all levers and will continue to do more and do it faster, specifically in the areas of investment, advocacy and regulation."
Work that the City will continue to do include further streamlining planning processes to make them more development-friendly, continuing to advance approvals and implementation of Local Area Plans, unlocking more City-owned land for housing, and using funding efficiently while advocating other orders of government for continued investment. Additionally, the City says it will continue seeking feedback on the draft Calgary Plan, which was originally scheduled to be considered in December 2024, but has since been delayed all the way to Q2 2026.
This article was written and submitted by Liam Gill, lawyer, tech entrepreneur, and the writer of The Middle Ground.
As the Toronto City Council prepares to vote on legalizing sixplexes city-wide this week, a roadblock remains that could prevent sixplexes from ever being built: development charges (DCs), which are the fees the city imposes on new housing.
Toronto currently has a DC waiver for multiplexes with four units or fewer, but there’s a catch: as soon as someone wants to build a fifth unit, the waiver disappears, and DCs apply to all the units. That creates a bizarre incentive to stop at four units even when there is space and demand for more. That is why at the last meeting of the Housing and Planning Committee, I proposed extending the DC waiver to the first six to ten units of every development.
In response, Councillor Stephen Holyday asked me, “Why on earth would I cut development fees so that a doctor or a lawyer with $600,000 or $700,000 lying around can make more money?” It’s a revealing question that highlights a fundamental issue; at a time when Jagmeet Singh, Pierre Polievre, and Mark Carney all agreed DCs negatively impact housing affordability, City Council remains fixated on the optics of the policy, not its impacts.
If we’re serious about tackling housing affordability, we need to have an honest conversation about how DCs are killing projects, reducing the supply of housing and driving up rents.
According to the City, a two-bedroom affordable unit should cost $281,695, however, the DCs alone for that unit are a whopping $80,690. That’s more than 28% of the total cost. Add in parkland fees, community benefits, and taxes — there’s no way a developer can make the numbers work.
I recently explored the possibility of converting a lot currently occupied by a single-family home into a 10-unit purpose-built rental building. The costs would have totalled $3.15 million, with the finished building worth roughly $3.5 million. This should have been a slam dunk, creating nine new housing units at a profit. Instead, the $423,489 in DCs levied by the City made the project financially unfeasible.
Even when developers do build, DCs are passed on to renters through higher rents. The $50,248 in DCs for a two-unit rental apartment means an additional $280 per month in mortgage payments for the developer. This equates to an extra $3,360 per year in rent.
The most concerning aspect of DCs is their increase over the last 15 years. In 2010, DCs for a one-bedroom condo were $4,985, but today, they are $54,801, a 1100% increase. If property taxes increased at the same rate, a one-bedroom condo would owe $23,932 per year. If food prices increased at that rate, a Big Mac would cost $46, and a small Tim Hortons coffee would be $16.50.
City Council argues that DCs are necessary to fund services for these new developments. In reality, however, most of the money isn’t being spent. In 2007, the City had $172 million in its development charge reserve. By 2023, that figure ballooned to $3.1 billion. That is billions of dollars worth of taxes on new housing sitting untouched while young people are priced out of the city.
Councillor Holyday framed the issue as protecting the city from wealthy professionals seeking profit, but that misses the point. Those professionals have been buying and renting housing for decades, making a substantial profit. We need to change the financial incentives so that it is more profitable for them to build apartments than buy them. This will increase supply and lower rents.
And Toronto has proved this works on a small scale. In 2022, the city waived DCs on buildings with four units or fewer. In 2023, it permitted the construction of four-unit multiplexes as of right. The result? An 800% increase in multiplex units. And those units rent for 35% less than the average condo — $2.93 per square foot versus $4.44.
To answer Councillor Holyday’s question, we should cut DCs on the first six to ten units of every development (or failing that, extend the current four-unit waiver to all developments), not to make rich people richer, but because it is the fastest and most efficient way to encourage more people to build housing. We are facing an unprecedented affordability crisis, and there is no logical justification for a tax that directly raises rents and home prices.
In real estate, we often talk about putting down roots. It’s a familiar phrase, but lately, it’s taken on a more meaningful shape for us at Sutton.
This spring and summer, Sutton real estate professionals across Canada have begun gifting 1,800 Canadian red maple trees to people in their communities, from the Pacific Northwest to the Maritimes. Whether planted outside a new home or in a public space, each tree is a quiet, living symbol of growth, connection, and our vision of making our communities better — values that we believe define Sutton, and being Canadian.
Trust, Just Like a Tree, Takes Time To Grow
Real estate isn’t just about properties, it’s about people. And right now, many Canadians are making decisions that feel especially uncertain. Rising costs, shifting policies, and changing personal priorities all weigh heavily on how — or whether at all — to move forward and plan for the future.
“The tree itself is just the beginning,” says Julie Gaucher, President of Sutton Quebec. “It’s a powerful symbol — a reminder that we’re here for the long haul and that we act as true fiduciaries to our clients. It reflects what Sutton stands for: our shared values, our commitment to our clients, and our responsibility to guide them with care, always keeping their family, future, finances, and community in mind.”
For the Sutton network of real estate professionals, the trees are more than a gift, they’re a gesture of stewardship; a reminder that care and consistency shape stronger futures.
Real Estate Decisions That Shape the Future
Buying or selling a home isn’t just about the next few years. For many, it’s about setting up the next chapter of life — preparing for retirement, relocating to support extended family, or making a first investment in something lasting. Those conversations often go far beyond square footage and staging tips. They’re about legacy, security, and clarity.
“People aren’t just buying homes, they’re putting roots down,” says Laura McBride, a real estate professional with Sutton Group - Heritage Realty in Ajax, Ontario. “They want to know they’re making a move that’s meaningful, not just marketable. Something that grows in value, financially, emotionally, and in the community. That’s what we help them build.”
A Legacy That Grows
Planting trees may seem like a small act, but the long-term benefits are far from insignificant. As the maple trees mature, they’ll quietly transform the neighbourhoods around them; the numbers speak for themselves.
Making a Tangible Difference
Take the 1,800 red maples just planted: as they mature, these trees will quietly become climate champions, each absorbing around 48 pounds of carbon dioxide per year. That adds up to 32.7 tonnes annually — the equivalent of taking 14 cars off the road, or avoiding more than 82,000 kilometres of driving.
They’ll also become oxygen powerhouses, producing approximately 260 pounds of fresh air per tree each year. Combined, that’s enough to support the breathing needs of nearly 3,000 people — the size of a small Ontario town.
Strategically planted, these maples will also help cool our communities. By providing shade and reducing the urban heat island effect, they’re expected to save around 120,000 kilowatt-hours of electricity annually — roughly the yearly consumption of 11 Canadian homes.
And the environmental impact doesn’t stop there. Red maples support the larvae of 276 species of butterflies and moths, providing essential food for pollinators and songbirds across the country.
Come autumn, these trees will add a vibrant splash of colour — and a whole lot of leaves. Each fall, over 150 million leaves are expected to flutter down — offering neighbourhood kids the perfect chance to earn a few dollars raking them up, before diving into piles of crisp, red maple leaves for some classic seasonal fun.
From Symbol to Stewardship
Trees aren’t a silver bullet for climate change or urban design, but — like a prudent financial portfolio — they’re a rare investment that compounds. Each year the canopies grow larger, the carbon ledger deepens, the shade broadens, and biodiversity rebounds.
By planting now — whether in Halifax playgrounds or Vancouver neighbourhoods — Sutton real estate professionals are acting exactly as they do for their clients: as fiduciaries who safeguard today’s assets and steward tomorrow’s returns. Every maple we underwrite is a living promise that the value we protect extends beyond property lines and into the heartbeat of the neighbourhood itself.
“When we talk about building communities,” Gaucher adds, “we’re also talking about caring for the places we call home — not just for today, but for the generations to come.”
Trees Are A Quiet Reminder of What Matters
There’s no shortage of pressure in today’s market. But in that pressure lies an opportunity: to slow down, listen more carefully, and focus on what truly matters.
For some clients, that might mean holding off. For others, it could mean taking the first step toward a big change. Either way, they deserve someone who sees the full picture, not just the property.
That’s what this campaign is really about: planting something that lasts. Not every tree will be seen by the person it was gifted to. But hopefully, over time, they’ll grow just like the relationships they represent.
This small gesture is also a quiet promise: that Sutton professionals are here to help clients plant roots — emotionally, financially, and generationally. It’s about showing that our commitment doesn’t end when the deal closes.
At Sutton we believe that when we treat every transaction like the beginning of a relationship — not the end — we grow something far more valuable than a commission. We grow trust, we grow legacy, and together, we grow communities.
This article is authored by Gonzalo Alatorre, Chief Marketing Officer at Sutton Group. Sutton is redefining what it means to own and purposefully manage the most important asset for most Canadians: their homes.
In total, last month saw 345 sales, down 64% year over year and 87% below the 10-year average. Looking at the 10-year average, a typical May in recent years would have seen around 2,404 more sales, for comparison. Of the sales recorded this May, just 137 were condo units, down 74% annually, and 208 were single-family homes, down 53% year over year.
“May 2025 new home sales across the GTA remained at rock bottom levels,” said Edward Jegg, Research Manager at Altus Group in BILD's report. “Market conditions definitely are in the buyer’s favour right now; they just need the confidence to move ahead with their purchase.”
The lack of confidence Jegg points to is being felt across both new home and resale markets as economic uncertainty resulting from frenetic US trade policy not only threatens to drive up inflation and unemployment, but is also delaying further interest rate cuts as the Bank of Canada opts to err on the side of caution amid tariff curveballs.
At the same time, the cost to build remains high and homeownership remains out of reach for many living in the GTA.
“The current cost to build crisis is real, it’s here now, and it will have very negative impacts on the economy and municipalities of the GTA," says Justin Sherwood, Senior Vice President of Communications, Research, and Stakeholder Relations at BILD. "All three levels of government must take urgent action and partner with the industry to help lower housing costs and ensure much-needed housing is provided to those who want to call the GTA home. This includes lowering their levels of taxation on new homes through changes to GST/HST, development charges, and other added costs to secure the future supply of new homes in the region.”
Another recent report from Altus Group for BILD and the Ontario Home Builders' Association (OHBA) outlines that, without government intervention, the GTA is on track to see housing starts fall by more than 60% by 2027, residential construction jobs to be cut by almost 50% — constituting some 41,000 jobs lost — and a drop in construction investment of more than $10 billion.
BILD
With sales continuing to slide in May, new home remaining inventory edged up month over month from 21,363 units in April to 21,571 units, comprised of 16,384 condo units and 5,187 single-family homes. This puts new home inventory at 17 months of stock, based on sales numbers from the last year.
Meanwhile, benchmark prices for both condos and single-family homes continued to fall year over year in May, with condos posting a 2.2% decline to $1,021,339 and single-family homes seeing a 6.6% drop to $1,505,539.
From skyline to spotlight: The best of the Greater Toronto Area’s (GTA) commercial real estate industry united in celebration on June 19 at the ever-glamorous Ritz-Carlton Toronto.
The NAIOP Greater Toronto Chapter’s 23rd Annual Real Estate Excellence (REX) Awards – always a hot-ticket event – was the cause for the powerhouse-filled gala celebration. Presented in partnership with the Mantella Corporation – one of the largest privately held, family-owned real estate and land development companies in Canada (and known for throwing amazing parties) – the REX Awards highlights outstanding achievements in commercial real estate. It celebrates visionary developments that shape the skyline and the future of the city, transformative real estate deals, and the people behind them.
In short, it's a pretty big deal.
REX 2025 Student Scholarship Winners Alan Mak & Clarice Tuai with Aly Damji, Forum Asset Management
For those in the dark, NAIOP Greater Toronto is the leading association for developers, owners, and investors in office, industrial, retail, and mixed-use real estate. Formerly the National Association for Industrial and Office Parks, the organization dropped the words behind its acronym back in 2009, as its scope and membership had expanded to include all sectors of commercial real estate – not just industrial and office parks. NAIOP offers advocacy, education, and business opportunities through its North American network.
The REX awards recognize everything from leadership, innovation, and overall quality to community service and volunteerism. Winners are selected by a panel of respected industry judges.
Chapter Volunteers of the Year Robert Brazzell, Colliers & Jenny Daly, Oxford Properties_With Noah Gordon, Menkes Development, & Student Scholarship Alan Mak.jpg
"This year's award winners represent the very best in creativity, commitment, and impact," said Aleks Karamarkovic, NAIOP Greater Toronto Chapter Board Member and Chair of the REX Awards Committee. "As my second year serving as Chair, the honour of being part of this event only grows. We are proud to recognize these achievements that not only shape our skyline but also enrich our communities."
Chapter Volunteers of the Year, Robert Brazzell and Jenny Daly. storeys.com
Speaking of community enrichment, the evening wasn't just about celebrating excellence in Toronto's commercial real estate scene — it also made space for giving back. NAIOP Greater Toronto announced its annual donation to a charitable cause, continuing a legacy of community support with nearly $1 million contributed since the awards' inception. In support of the broader community, NAIOP Greater Toronto Chapter also made two $10K donations to this year's charitable beneficiaries selected by the recipient of the Real Estate Community Service Award: The Michael Garron Hospital and Toronto Public Library.
2025 Charitable Beneficiary, Toronto Public Library
The coveted REX 2025 Icon Award went to Toni Rossi, who received a standing ovation at the gala. Rossi, Corporate Director, Dexterra & Allied Properties REIT, is a commercial real estate leader with 30+ years of experience. As President of Real Estate and Chief ESG Officer at Infrastructure Ontario, she modernized operations and integrated ESG. She was also Toronto’s TD Centre's first female General Manager, the first female chair of REALPAC, and held senior roles at Oxford Properties.
REX 2025 Icon Award winner, Toni Rossi
Adrian Rocca also had much to celebrate; his company Fitzrovia – a leading developer of purpose-built rentals – won the Impact Award and he took home the Community Service award.
The Impact Award recognized Elm-Ledbury by Fitzrovia, a luxury, purpose-built rental community near Church and Queen Streets. It's designed to offer a high-end, hotel-style living experience for its residents, redefining the rental experience in the process. “Receiving the Impact Award is a tremendous honour and a reflection of the vision, innovation, and care that went into creating Elm-Ledbury,” Rocca tells STOREYS. “This recognition affirms our belief that rental housing can — and should — offer more than just a place to live; it can support families, champion sustainability, and help build vibrant, inclusive communities. From Bloomsbury Academy to our Cleveland Clinic partnership, every element of Elm-Ledbury was designed to create lasting impact. We’re proud to see that commitment acknowledged by our industry.”
Community Service Award-winner Adrian Rocca (second from right)
As for his independent Community Service award, which reflects his dedication to various health, education, and sports-related causes, Rocca calls it a meaningful recognition of the values that shape his work – at Fitzrovia and beyond. “It reflects my belief that real estate should drive positive social change, whether through modern, vibrant housing, healthcare, or education,” says Rocca. “I’m honoured to be recognized both for business success, and for the impact we’re making in people’s lives. This award reaffirms my commitment to using every platform to help build a stronger, smarter and more compassionate Canada.”
Major Awards
The evening's major award recipients included:
Lease of the Year:
Project: Flex Office Conversion at 10 Carlson Court Team: Crown Realty Partners, Colliers International Canada, Gay Lea Foods
Investment Deal of the Year:
Project: The Hangar District at YZD Team: Northcrest Developments, Hines, CBRE Limited
Development of the Year:
Project: 160 Front Street West Team: Cadillac Fairview, Adrian Smith + Gordon Gill Architecture, B+H Architects, PCL Constructors Canada Inc.
Impact Award:
Project: Elm-Ledbury by Fitzrovia Team: Fitzrovia
Asset Class Awards
Winners in various asset class categories included:
Office Lease of the Year:
Project: Flex Office Conversion at 10 Carlson Court Team: Crown Realty Partners, Colliers International Canada, Gay Lea Foods
Industrial Lease of the Year:
Project: Chocolate Factory – Granite Telephone City Logistics Centre Team: Granite REIT, Jones Lang LaSalle
Retail Lease of the Year:
Project: Equinox King West at West House Team: Hines, Equinox, CBRE Limited, Urban Reform Realty
Office Investment Deal of the Year:
Project: UHN - 522 University Avenue Team: University Health Network, iA Financial Group, Canderel, Colliers International
Industrial Investment Deal of the Year:
Project: Canadian Tire Brampton Distribution Centre Team: Colliers National Investment Services, Canadian Tire Real Estate Limited (CTREL) & Prologis Canada
Multi-Family Investment Deal of the Year:
Project: The Hangar District at YZD Team: Northcrest Developments, Hines, CBRE Limited
Office Development of the Year:
Project: 160 Front Street West Team: Cadillac Fairview, Adrian Smith + Gordon Gill Architecture, B+H Architects, PCL Constructors Canada Inc.
Industrial Development of the Year:
Project: MDA Space Global Headquarters & Space Robotics Centre of Excellence Team: Kaneff Group
Multi-Residential Development of the Year:
Project: 115 Larchmount Team: Hullmark, Superkul, First National, RBC
Individual Awards
NAIOP GTA also recognized outstanding individuals for their exceptional leadership and contributions:
Real Estate Icon Award:
Toni Rossi, Corporate Director, Dexterra & Allied Properties REIT
Real Estate Community Service Award:
Adrian Rocca, Founder and CEO, Fitzrovia
Chapter Volunteers of the Year: (This year, two individuals were honoured with this award in recognition of their outstanding dedication and impact.)