A mortgagepre-approval is a lender’s conditional commitment to offer you a loan up to a specified amount based on a preliminary review of your finances. It provides insight into how much home you can afford, locks in an interest rate (usually for 90 to 120 days), and signals to sellers that you’re a serious buyer.
Why Mortgage Pre- Approval Matters in Real Estate
In competitive real estate markets like Toronto, Vancouver, and even mid-sized Canadian cities, being pre-approved can give buyers a crucial edge. It tells sellers you’re financially qualified, which can make your offer more attractive — especially in multiple-offer scenarios.
Pre-approval also helps buyers narrow their home search to properties they can realistically afford. Unlike mortgage pre-qualification, which is more of an estimate, pre-approval involves submitting documentation like proof of income, employment verification, and credit history for a more accurate assessment.
Most Canadian lenders will hold your approved mortgage rate for a set period (typically 120 days), protecting you from interest rate hikes while you shop.
It’s important to note that a mortgage pre-approval is not a final approval. Once you’ve made an offer on a home, your lender will complete a more detailed review — including an appraisal of the property — before issuing a formal mortgage commitment.
Example of Mortgage Pre-Approval
Let’s say you live in Vancouver and are hoping to buy a condo priced around $800,000. You apply for mortgage pre-approval and, after reviewing your finances, your lender offers pre-approval for up to $850,000 at a fixed interest rate of 5.25% for 120 days. This allows you to confidently bid on listings, knowing your financing is in place – and you’re protected if interest rates rise during your home search.
Key Takeaways
Mortgage pre-approval is a critical step for Canadian homebuyers. It clarifies your budget, strengthens your offer, and locks in your rate — helping you act fast and smart in a competitive market.
Land assembly is the process of acquiring and consolidating multiple adjacent parcels of land under one ownership, typically for redevelopment or. more
A joint venture in real estate is a partnership between two or more parties to develop, own, or operate a property or project, sharing risks, costs,. more
Infill development is the process of building new housing, commercial buildings, or amenities on vacant or underutilized land within existing urban areas.. more
Inclusionary zoning is a municipal planning tool that requires or incentivizes developers to include a percentage of affordable housing units in new. more
Impact fees are charges levied by municipalities on new developments to offset the cost of additional public infrastructure and services required by. more
Sitting pretty just two minutes from the mainland, 6 Taylor Island 26LM is about as close as it gets to having it all.
This island property off Gravenhurst’s shore delivers a curated blend of classic Muskoka charm and contemporary cottage luxury — all without sacrificing a single creature comfort. It’s a rare listing that manages to tick nearly every box: sweeping shoreline, sunset views, a fully renovated main cottage, and a boathouse that doesn’t just meet expectations, but clears them by a mile.
Let’s start at the water’s edge. With more than 300 feet of hard-packed sandy shoreline, the lot offers both shallow beach access and deep water off the dock — a mix that’s ideal for paddleboards, cannonballs, and simply dipping your feet in. A newly built 3-slip boathouse handles toys with ease, while its 1,050 sq. ft rooftop deck (more on this later) takes care of lounging, dining, and next-level dockside entertaining.
Set on over an acre of gently sloping land, the entire property has been extensively landscaped. Newly installed granite steps and pathways create a seamless flow from one outdoor zone to the next, including a volleyball/badminton court, a lakeside barrel sauna, and a fire pit lounge framed by lush perennials.
Everything’s been designed for durability and low-maintenance elegance — the kind of setup that invites long summer days without demanding a full-time caretaker.
Up at the main cottage, things get even better. The nearly 5,000 sq. ft abode has been meticulously renovated and reimagined with laid-back luxury in mind. A soaring great room sets the tone, with 15-foot vaulted pine ceilings and expansive windows that flood the space with natural light. A well-appointed kitchen — complete with built-in coffee and wine bar — makes hosting feel effortless, while the adjoining Muskoka room brings in the breeze with screened vinyl windows, perfect for evenings that stretch late into the season.
With five bedrooms and four bathrooms, the cottage was clearly designed to accommodate a crowd. The primary suite is a standout, offering floor-to-ceiling windows with elevated lake views, a walk-in closet, and a spa-style ensuite. Meanwhile, the walkout lower level adds extra breathing room, thanks to 10-foot ceilings and a separate family room that’s ideal for movie nights.
If that’s not enough space to stretch out, a brand-new two-storey accessory building steps in to fill the gap. Offering more than 1,000 additional square feet, it includes a 625 sq. ft studio that can function as a private gym, home office, guest suite, or creative retreat. Like the rest of the property, it’s ready to go from day one — no to-do list required.
The rooftop deck above the boathouse is hard to beat. At over 1,000 sq. ft, it’s more than just a place to dock and dry off — it’s a bona fide outdoor living room. With enough space for loungers, dining furniture, and sunset views for days, it’s the kind of feature that turns a great property into a Muskoka showstopper.
Whether you’re after quiet weekends or full-family gatherings, this island escape is built to deliver. It’s private, polished, and move-in ready — a rare turnkey package in one of Muskoka’s most desirable corners.
Big news broke this past weekend from First National Financial Corporation — the parent company of First National Financial LP, an originator, underwriter, and servicer of residential and commercial mortgages. Off the top: the firm has announced that they have “agreed to be acquired by Birch Hill Equity Partners and Brookfield, with existing shareholders Stephen Smith and Moray Tawse maintaining minority ownership.”
A press release from First National from Sunday further specifies that the arrangement is “definitive” and that the acquisition will be controlled by a new entity known as Regal Bidco Inc. It adds that Regal will “acquire all of the outstanding common shares of the Company, other than the Rollover Shares, for $48.00 per Share in cash.”
At present, Smith and Tawse hold approximately 37.4% and 34% of the shares of the company respectively, and will unload around two-thirds of those “for cash consideration.” As for the minority ownership piece, it appears that the remaining one-third of those shares will be retained as equity in the newly structured company
“As a result, on closing of the Transaction, Messrs. Smith and Tawse are each expected to maintain an indirect approximate 19% interest in First National, with Birch Hill and Brookfield holding the remaining approximate 62% interest,” the release says. “The Transaction is not subject to any financing condition and is expected to close in the fourth quarter of 2025, subject to obtaining the required shareholder, court and regulatory approvals and the satisfaction of other customary closing conditions.”
In addition, the release says, the purchase price “implies an aggregate total equity value of approximately $2.9 billion, inclusive of the Rollover Shares, and values the Company at a 16.5x price-to-earnings multiple based on the Company’s reported trailing twelve months net income attributable to common shareholders as of March 31, 2025.”
CEO of First National, Jason Ellis, states in the release that, “Birch Hill and Brookfield bring significant expertise in the Canadian financial services industry, and we are excited to partner with them to grow our platform, drive innovation, and deliver for our customers, employees and institutional partners."
Other details of the acquisition include that the Transaction has come as part of a “robust strategic review process led by the Company’s financial advisor, RBC Capital Markets, which included outreach to a broad pool of potential buyers and resulted in multiple acquisition proposals, of which the proposal submitted by the Purchaser offered the highest value to Shareholders.” It also says the all-cash price was around 15.2% and 22.8% to the 30 and 90-trading day volume weighted average trading price, respectively — as of this past July.
STOREYS reached out to a representative of First National Financial Corporation for comment on the deal, but did not receive comment by the time of publication.
Just an hour outside of Toronto, a 68-acre estate — nestled in the rolling hills of Hockley Valley — has just hit the market. And it's a property that has to be seen to be believed.
Located at 3030 Concession Rd 3 in Adjala-Tosorontio, the sprawling acreage is home to a grand 4-bed, 6-bath residence with approximately 11,000 sq. ft of living space.
It sits atop a hill, offering unparalleled views of the surrounding landscape — including sprawling vineyards.
As beautiful as the views are, the inside of the home is equally stunning.
Upon entry you're met with a grand foyer, with light streaming in from dozens of windows, and a beautifully designed gambrel roof. Lofted above is a music hall, specifically designed for optimal acoustics; an ideal backdrop for your hobby play — or a weekend soirée's entertainment.
But that's just the tip of the iceberg. The abode also boasts multiple living areas, stone fireplaces, a kitchen with an oversized island, a gym, airy bedrooms, and a hidden staircase that leads up to a private, third-storey loft.
There's even a suite on the lower level finished with its own kitchen, and an elevator that makes a breeze of moving between floors.
Outside, the amenities don't stop. Moving through the property you'll find a pool, a stone terrace, two kilometres of walking trails, and a tennis court that can be turned into a skating rink in the winter — and that's without mentioning the tobogganing potential of those rolling hills.
Down the way there's also a spacious, blank-space facility that's fitted as a winery, but could be converted for just about any use. (Think: a massive auto showroom, hobby garage, or pop-up dinner venue.) And with plenty of wildlife, including deer and turkey, roaming around the property, the trip over to the winery is a captivating one.
Our Favourite Thing
As much as a property with a music hall and winery might sound like it's designed for adults, this estate doesn't leave the kids wanting either. On site there's a miniature zip-line, as well as a functioning miniature railroad that runs up the side of the driveway. Anyone vying for the title of coolest parent (or grandparent) would easily have it secured at this abode.
The property may be impressive now, but future possibilities are endless. Wine lovers could further develop the winery space, or for any equestrians out there, there's plenty of potential for paddocks and a barn. And with the property being just a short drive from major equestrian hubs like Palgrave, it's a natural fit.
No matter which way the future buyers are leaning, it's hard to go wrong with a property as naturally stunning as this one.
Toronto City Council held its July session last week, where councillors gave the go-ahead on around 20 housing development proposals and refused just three. Among the more notable projects was a 63-storey tower headed for Church-Wellesley Village and a 50-storey tower to replace a parking lot and vacant lands in the Fashion District.
All together, the approved projects are expected to add almost 9,400 new housing units to the city, and will hopefully play a part in Toronto reaching its target of 285,000 new homes by 2030. According to the Province, the city fell short of its 2024 goal of 23,750 housing starts, recording just 20,999 new units. Still, Toronto was awarded $67.2 million through the provincial Building Faster Fund in early June for reaching 88% of its target for the year.
Gentle density and missing middle type housing have been the talk of the town as of late, but large high-rise residential developments still stand as one of the most efficient ways to deliver new housing, especially near transit and within the city's most urban pockets. With that in mind, here’s a look at the eight high-rise proposals that gained approvals from Council in July.
Left: 1675-1685 Eglinton — Right: 1711-1741 Eglinton/Kirkor Architects and Planners, Shelborne Capital
While essentially fraternal twins — from an architectural standpoint — these green and pink towers represent two separate development applications for adjacent lands along the south side of Eglinton Avenue West. Both buildings feature designs from Kirkor Architects and are the subject of Official Plan and Zoning Bylaw Amendment applications filed by Shelborne Capital in early August 2024. 1675-1685 Eglinton Ave W will reach 37 storeys and deliver 424 residential units and 2,895 sq. ft of retail space at grade, while 1711-1741 Eglinton Ave W will clock in at 39 storeys and provide 427 units and 1,248 sq. ft of retail space.
This towering project was first proposed as a 39-storey mixed-use building in December 2021 by Devron Developments and Great Gulf. A Zoning By-law amendment for that version of the development was approved in May 2023, but as proposed building heights in the development's neighbourhood — the Fashion District — had significantly increased since the original proposal, the height was upped to 50 storeys in a reapplication filed this February by Devron. Once complete, the development is set to deliver 452 dwelling units, 1,367 sq. ft of retail space, and a 10,763-sq.-ft public park at 101-105 Spadina Avenue and 363 Adelaide Street West.
340-376R Dufferin and 2 Melbourne/Sweeny &Co Architects Inc., Hullmark
Plans for this Parkdale redevelopment and heritage conservation project, located at 340-376R Dufferin Street and 2 Melbourne Avenue, were first proposed by Hullmark in August 2022. At that point, plans envisioned a 25-, 21-, 11-, and six-storey mixed-use development. Over two years later, in December 2024, a revised Official Plan and Zoning By-law Amendment application was filed for a now-approved 29-, 26-, and nine-storey project that will deliver 768 residential units, 26,479 sq. ft of commercial space, and a greenhouse and community garden. Plus, the development would feature in-situ heritage building and façade retention and reconstruction of the existing buildings on site, which were once apart of the former Dominion Radiator Company, built between 1883 and the 1970s.
This Weston Village development was first proposed and approved as a 24-storey mixed-use building in June 2021, but — in line with the city's shift towards residential intensification around transit — a revised Zoning By-law Amendment was filed by Altree Developments in 2024. The building would be located within the Weston Major Transit Station Area, which is a strategic growth area, and steps from the Weston GO Station. Now approved is a 43-storey mixed-use building containing 599 dwelling units and 5,091 sq. ft of retail at grade at 1705 Weston Road.
1276 Islington/Kirkor Architects and Planners, Ranee Management
Joining an existing 12-storey apartment building at 1276 Islington in Etobicoke, a Zoning By-law Amendment application has now been approved for a sleek 35-storey infill development. The development was proposed by Ranee Management in December 2022 and calls for a residential building with 363 residential units. The tower will be ideally situated within close proximity to transit, with Islington Station on Line 2 directly south of the site on Bloor Street West.
This City-led development proposal forms Block 3 of Housing Now's larger Bloor-Kipling master-planned community, which contains seven development blocks and will deliver over 2,700 residential units, including over 900 affordable units, two public parks, and 88,264 sq. ft of retail and commercial space, once complete. The site was previously a Housing Now property, but is now a part of the City's Toronto Builds program, aimed at building mixed-use, transit-oriented, and affordable housing on City-owned land. Plans from the Zoning By-law Amendment application, which was submitted this May, call for a 43-storey building containing 698 rental dwelling units, including 230 affordable units, and 55,509 sq. ft of commercial space.
Another of Toronto's latest-approved heritage redevelopments is located at 2-12 Cawthra Square in Church—Wellesley, where two red-brick Queen Anne Revival-style homes from 1892 sit side by side. An Official Plan and Zoning By-law Amendment application was filed in May 2023 by BV Realty Partners, followed by a number of resubmissions that resulted in a final submission this March. Plans call for the retention of portions of the heritage properties at 6 and 8 Cawthra and the development of a 63-storey tower above. In total, the project would deliver 590 dwelling units and 5,112 sq. ft of community space for an existing Toronto Association of Community Centres facility.
The 35-storey tower proposed for 807-815 Hornby Street in Vancouver. / Boniface Oleksiuk Politano Architects, Reliance Properties
Developers in Vancouver are continuing to show a strong interest in hotels, with the latest proposal for a new hotel set for a site along the popular shopping corridor of Robson Street in downtown Vancouver.
The subject site of the proposal is 807-815 Hornby Street, a corner site at the intersection with Robson Street right next to Robson Square and the Vancouver Art Gallery.
The site is currently occupied by a six-storey office building with retail units on the ground floor that was originally constructed in 1979. Notable tenants include MAC Cosmetics and Ferragamo. BC Assessment values the property — including the strata retail units — at $56,003,800 in an assessment dated to July 1, 2024.
The property is owned by Vancouver-based Reliance Properties, the developer behind the Burrard Place towers, and held under 815 Hornby Holdings Ltd. Reliance Properties acquired the property in June 2021 for $93 million.
The 807-815 Hornby Street site and its surrounding context, including nearby hotels. / Boniface Oleksiuk Politano Architects, Reliance Properties
Reliance Properties is seeking to rezone the site from DD (Downtown District) to CD-1 (Comprehensive Development) and has proposed a 35-storey mixed-use tower, including an 11-storey building podium, that would reach a maximum height of 355 ft and have a total proposed density of 14.53 FSR.
The tower would house 8,571 sq. ft of retail space and a 160-room hotel on the first 11 floors. The hotel will make up the entirety of the podium, which will be wider than the tower. Reliance notes in its rezoning application that the height of the podium is aligned with the top of the Vancouver Law Courts building nearby and that the roof of the podium will serve as an amenity space. An operator for the hotel has yet to be identified.
Above the hotel will be 176 strata units, with a suite mix of 42 studio units, 72 one-bedroom units, 44 two-bedroom units, and 18 three-bedroom units. The residential entrance and hotel entrance will both be located along Hornby Street and the front of the building will also include a generous setback that will serve as a small plaza and continuation of Robson Square.
The proposal also includes 254 vehicle parking spaces and 400 bicycle parking stalls in an eight-level underground parkade.
A rendering of the hotel and residential lobbies along Hornby Street. / Boniface Oleksiuk Politano Architects, Reliance Properties
A rendering of the building from the corner of Hornby Street and Robson Street. / Boniface Oleksiuk Politano Architects, Reliance Properties
Designed by Boniface Oleksiuk Politano Architects, the proposed tower has a unique wave design that's articulated using balconies with rounded corners that are arranged in an alternating pattern. The tower itself is also rotated 45 degrees as a way to minimize the impact of shadowing on adjacent public spaces.
"The area around the 815 Hornby site has been the physical manifestation of the city's evolution during Vancouver's short urban history," the applicants note in the rezoning application. "What is known today as Robson Square is framed by buildings that reflect several periods of time along the city's urban development timeline. Robson Square's street wall is formed by a number of historically significant buildings in Vancouver along with several office, retail and hospitality buildings spanning from the 1910's until today. The plethora of architectures, styles, and uses is most evident along Robson and Hornby street, the intersection of which marks the location of the project."
"815 Hornby functions as a catalyst that consolidates the plural nature of its surroundings, aligning with multiple vertical datums exhibited in its eclectic context," they added. "The project's first two levels and canopy correspond to the heights set by Robson Square as well as the podium of Chancery Place while conversing with the first cornice above the entrance to the Hotel Vancouver. The podium of the proposal matches the height of the adjacent Wedgewood Hotel and Vancouver's 1980s Law Courts while closely corresponding to the Hotel Vancouver's first setback."
Renderings of the 35-storey tower proposed for 807-815 Hornby Street in Vancouver. / Boniface Oleksiuk Politano Architects, Reliance Properties
The application notes that Reliance Properties submitted a rezoning enquiry in 2024 and that City staff have voiced support for the proposal. The subject site is within the Central Business District Shoulder and Area H of the Downtown Official Development Plan, which allows rezoning for market residential if at least 2.0 FSR is dedicated to non-residential uses. The site is also affected by the Queen Elizabeth 3.2.1 view cone, limiting the height to 367.35 ft, which Reliance's proposal does not exceed.
"Reliance acquired the property in 2021, recognizing its unique position within a dynamic and high-profile area surrounded by major hotels, retail destinations, and civic landmarks such as Robson Square," said Reliance Properties Director of Development Joanna Kwan in a letter included alongside the rezoning application. "This location is uniquely suitable for a hospitality and residential redevelopment that responds directly to the City’s need for new hotel rooms and housing."
The proposal comes a few months after the City of Vancouver approved its new Hotel Development Policy in an effort to encourage more hotel developments. Reliance Properties submitted their rezoning application in early-June and the City of Vancouver will be hosting a Q&A period for the proposal from Wednesday, September 24 to Tuesday, October 7.
After a slow start two years ago, Vancouver’s multiplex is proving to be a sleeper hit with the housing industry.
The multiplex, as it’s known, is a four- or six-plex unit building that is poised to replace the single-family detached house after a sweeping zoning change aimed at increasing density.
Since the prezoning of most areas with detached houses in 2023, Robert Veerman, commercial broker with CBRE, has been specializing in multiplex property sales for his developer clients. And last year, after initial skepticism from the industry, the housing type took off.
By the end of 2024, property purchases intended for redevelopment into multiplexes represented about one-third of all residential dollar sales, said Veerman.
“If total residential land sales were about $1 billion, multiplex was about one third of that, which is a surprising stat to me,” he said.
According to his 2024 Multiplex Land Sales Report, there were 124 multiplex land sales in Vancouver, at an average sale price of $2.45 million. In the tony Shaughnessy neighbourhood, there were three transactions averaging $4.4 million. The most transactions were in the east side neighbourhood of Hastings-Sunrise, where 27 sales occurred averaging $1.8 million.
He knows of at least 20 multiplexes under construction right now that will be completed and ready to go to market later this year. They will be an important indicator of how much demand is there, said Veerman.
“I think everyone is watching Vancouver in my opinion because it’s the best market to do multiplex.”
This year will be something of a trial period, when designers and builders figure out the best layouts, what people want in terms of space and parking.
“Everyone is watching for these first projects to see how they do. From there we will start to see an expansion of this multiplex [type] to the rest of the country as well. I know Toronto is leading the way as well. But I think there still needs to be that learning period.
“It’s the most affordable built form in Canada,” he added. “It is basically slab on grade, pour a concrete pad, no basement, build three storeys. So, in terms of construction cost and timeline, and ease of execution, you can’t get simpler than that. I think once it’s accepted in Vancouver, it will spread to other cities and the rest of the province more rapidly.”
The reasons that he, and other brokers and builders are choosing to specialize in the multi-unit form of housing is pretty simple: it pencils out. Because the city had created a zoning policy that turned detached houses into multiplex zones, the timeline is far shorter than other building forms, at about nine to 12 months. Small builders experienced in duplex and townhome construction are pivoting. And even mid-size developers who build six-storey wood-frame condo projects are inquiring about the new pre-zoned housing.
“Talking to builders, most of them can’t make the numbers work for building new residential towers or six-storey wood frame, or even townhouses, because construction cost is so high, and the timeline takes so long, and there’s so much uncertainty there,” said Veerman. “I’ve had a lot of builders ask me about multiplexes, who are curious and keen to get into it because of the simplicity of the build and quick turnaround time.
“A lot of developers like these multiplexes because they can buy land and sell the units within a two-year timeline.”
Daniel Winer, Executive Co-Lead with non-profit advocate Small Housing, was pleased to see City council approve a motion this month for staff to come back with a report on streamlining the multiplex zoning process and allow even more properties to be included in the pre-zoning. That would include allowing large lots to be subdivided, or allowing more units on them, and allowing multiplexes on oddly shaped or smaller lots, or lots without lane access. Also, City staff will take a look at Burnaby’s approach, which is to allow more floor space, and four floors, with three above-grade.
Next to a single-family house, the multiplex unit is the most desirable type of housing in BC, said Winer, who was previously executive officer for the Canadian Home Builders’ Association, Central Okanagan. And in tandem with the federal government’s funding of prefabricated housing, the prefabricated multiplex could become the next post-war building boom, he said. He emphasized that prefabrication will be critical to the success of the multiplex.
“Across Canada, if you were to redevelop [detached houses] at a rate of about 1% a year, you could actually start talking about getting to those crazy CMHC updated housing targets they put out last month,” said Winer.
“We believe it's the most apt way to actually make a significant dent in the housing crisis,” said Winer. “We think that, you know, for the years it takes for developers to do the land assembly, to do the planning, to get the building through council, to build something that's going to be featured on Broadway. You could build a dozen, two dozen, and three dozen fourplex in that same amount of time with a wider, more diverse audience of builders. Um, it kind of democratizes the economy a little bit more.”
While a custom home might cost $600—$750 a square foot, he has seen multiplex pricing of about $275 a foot.
“We’re talking about housing costs that literally can get cut in half when we’re redeveloping these lots.”
The biggest challenges, he said, is the “knowledge gap of small-scale builders” and the lack of capital that they need. And while the first ones might need to make a few mistakes until they get the hang of it, he forecasts a lucrative business model. Also, policy makers need to tweak current policies around financing, for example, to make the model viable for small developers.
“I think you're going to see small scale builders become kind of a developer-light, that are able to flip properties because they're going to be able to understand the pro forma and what they can actually net out as a return. I think that's the next frontier of the small builder business.”
Builder Suraj Jhuty is Co-Principal of Theorem Developments with Faizan Alam. The company has several multiplex sites underway in Burnaby and Vancouver and recently won a Georgie Award for Best Multiplex Home Project 2025. Theorem has nine multiplexes underway ranging between four and six units, both their own developments that they will bring to market, and projects where they’ve been hired by a client, such as a west-side family that has hired them to redevelop a large character house in Kerrisdale.
Jhuty said they recently finished a triplex in East Vancouver that sold for $1,050 per square foot and another on the west side that sold for $1,250 per square foot.
“I'm definitely a proponent of this multiplex rezoning,” said Jhuty. “I think, you know, it's providing gentle density into these neighborhoods, where essentially, predominantly, they are single family. And duplexes nowadays have even got so expensive. Now, we're able to provide four units that are smaller sized, and it provides a little bit more attainability for buyers. And also, as a developer or as we develop for investors, they're able to sell four units as opposed to two. So, you know, it just makes it a little bit more profitable.”
There is a quiet tension running through Canada’s housing market. RBC’s latest report declares housing affordability to be at its “best” in three years, yet for most Canadians the reality feels unchanged. The dream of owning a home remains elusive, and the market is eerily still.
The truth lies beneath the headline. Three forces continue to exert pressure on affordability: house prices, interest rates, and household incomes. This trio does not operate in isolation. Together they form the core of every decision a buyer must make. Right now, all three remain out of alignment. Until they move in the same direction, the market will remain locked in a state of hesitation.
Progress That Feels Hollow
RBC calculates affordability by measuring the proportion of median household income required to carry the costs of homeownership. Nationally, this figure has dropped slightly to 55.1%.
The picture in Canada’s largest cities is far more severe. In Vancouver, ownership consumes an astonishing 92.7% of income. In Toronto, it takes 68.3%. Even Ottawa and Montreal sit far above historical norms. These numbers in addition to being alarming, are also symptomatic of a housing system where costs have decoupled from household earnings.
Affordability is often presented as a function of house prices alone, but this is a mistake. It depends on three intertwined elements: house prices, interest rates, and household incomes. All three must move in harmony to create a market where buyers feel confident to return.
House Prices
Home prices fell between 10% to 15% in Toronto and Vancouver after peaking in 2022. This adjustment gave some relief, but momentum has slowed. RBC’s analysis suggests only minor declines ahead, a scenario that leaves prices high relative to the earning power of Canadian households.
Without more significant price adjustments, ownership costs are likely to remain high relative to household incomes, stalling further gains in affordability.
Interest Rates
Interest rates have softened slightly from their peak, but the Bank of Canada now faces mounting pressure to hold steady. RBC’s recent interviews carried a clear message: Canadians hoping for significant rate relief may be out of luck.
Initially, RBC’s forecast diverged from those of other major Canadian banks, projecting more easing in the months ahead. But the tone across the financial sector has since shifted. Scotiabank’s Derek Holt went so far as to say the Bank of Canada “should not even be thinking about when to cut rates.”
The core issue is uncertainty over inflation. Economists remain split on how recent data will influence monetary policy, and this division has left buyers waiting in limbo. With rate cuts likely to be smaller and slower than many anticipated, affordability gains from borrowing costs alone seem limited.
Household Incomes
The third pillar is equally fragile. Wage growth has been uneven. Job vacancies have fallen sharply since their highs in 2022, and unemployment has begun to rise. These trends suggest that household earnings are unlikely to grow quickly enough to offset high housing costs.
Canadian housing markets have long followed a familiar pattern. Periods of rapid price growth and interest rate hikes are often followed by a slow correction. Prices edge down, rates ease, and incomes eventually rise to meet the market.
The current cycle, however, remains incomplete. Even after recent price drops, ownership costs as a share of income remain far outside the range that defined previous periods of relative affordability. RBC’s data places this figure well above the 30-45 per cent band that supported healthy buyer activity in past decades.
National Bank of Canada’s affordability monitor paints a similar picture. Costs remain elevated across housing types, reinforcing how much further the market must adjust before it becomes accessible to a broader range of Canadians.
With interest rates constrained and income growth unlikely to accelerate, house prices may be the only variable with room to adjust. This does not suggest a dramatic collapse. Instead, it points to a gradual, measured decline that realigns prices with the earning power of Canadian households.
Such a shift would bring clear benefits. More affordable housing would allow families to redirect spending toward other parts of the economy. It would also encourage higher transaction volumes in real estate, benefitting professionals who rely on an active market.
A Critical Moment For Canada’s Housing System
Homeownership has long been a cornerstone of the Canadian middle-class promise. Today, that promise feels increasingly fragile. RBC’s report acknowledges modest progress, but it also underscores how far the market must go before buyers can return with confidence.
Restoring balance will require movement across all three drivers of affordability. Until house prices, interest rates, and incomes align, the housing market will remain caught in a state of uncertainty.
This is more than an economic challenge. It is a test of Canada’s ability to build a housing system that serves the aspirations of its people.
It wasn’t that long ago that pre-construction sold itself. The market was hot, units moved in minutes, and buyers would sign almost anything — just to get in.
Now, the market has shifted. It’s more uncertain, more cautious, and frankly, more real. In my recurring LinkedIn series Real Talk w/ Tim Ng, I sat down with some of the top new development sales and marketing leaders from Toronto, Miami, and Vancouver for a roundtable discussion on what it really means to ‘get back to basics’ – what’s changed in their approach, and what’s stayed true.
As sales professionals, marketers, and developers, we’re being called to do what we should have been doing all along: sell the value of a home, not just the idea of one. We need to be listening, connecting, and understanding what the buyers actually care about.
Winson Chan, VP of Sales Development at Tridel, said it plainly: “We were all just transacting paper. For the better part of a decade, the focus was on volume, not product. Now, the focus needs to shift back to “home”. What it feels like, how it functions, and how it supports the lives of real people.”
Chan stressed a critical shift. Tridel is now focused on smart sizing. They are designing floor plans that reflect how people actually live. He also pointed out that customization is becoming the new luxury as buyers want homes that fit them, not just their budgets. He added that “We can’t just label our floor plans '1D' anymore; every layout or floor plan needs a proper name that speaks to the design and features of this specific layout. It’s time to tell a better story!”
Jean Openshaw, VP of Sales at Bosa Properties, emphasized trust as the foundation. “We’ve delivered every one of the 10,000 homes we’ve promised,” she said. That kind of track record matters, especially now. Buyers are asking harder questions and taking their time. You can’t just dazzle them with renders and incentives. You have to show up with credibility, consistency, and follow-through.
What really stood out to me in these conversations is that selling today isn’t just about product or pricing, it’s about alignment. Kayleigh Johnson, Director of Marketing at Peterson, said it best: “A good-looking brand and a few ads won’t move the needle if you haven’t done the work to understand your customer. Getting back to basics means putting the customer at the centre — truly understanding not just their needs, but their deeper aspirations. That insight should inform everything: the product, the brand, and how we speak to prospects.” Gut instinct still has a place, but real insight, both data and emotional, is what drives results.
In Miami, Joanna Davila of Vertical Developments shared how they’re making lifestyle alignment clearer from the jump for their branded residences. For buyers, especially those looking for a second home or pied-à-terre, a strong brand can give immediate clarity: is this project for me, or not? Her team has also gone a step further, offering fully furnished, turnkey units to make it easier for buyers to say yes.
What I appreciate in these approaches is that they all prioritize real human needs. Amenities aren’t being tacked on—they’re being thoughtfully integrated. At Bosa, that means co-working lounges, wellness spaces, rooftop gardens, and community programming. They’ve even rolled out a program that lets renters apply 25% of their rent toward a future home purchase. That’s not just marketing. That’s long-game thinking.
At Tridel, Chan told me they’ve stopped doing traditional sales seminars altogether. Instead, they’re hosting information sessions. Having conversations, not just pitches. They are talking more about the why behind a home purchase, especially to end-users and the agents who serve them.
The biggest takeaway? None of this is new. These are the fundamentals: building trust, creating connection, and understanding your customer. But in a market where transactions are harder to come by, the teams that succeed will be the ones who embrace these basics, not avoid them. There’s no secret formula for selling in 2025. But if there were, it would look a lot like this: Listen to the needs, tell a more vivid story, and remember who you’re selling to.