A trust account is a special type of bank account used by real estate professionals, lawyers, or developers to hold client funds separately from their own operating funds.
Why Do Trust Accounts Matter in Real Estate
In Canadian real estate, trust accounts are a critical component of financial and legal protection. When a buyer submits a deposit during a property transaction, that money is held in a trust account until closing.
Trust accounts are used for:
Buyer deposits or down payments
Rent collection by property managers
Construction draws or developer funds
Real estate brokerages and law firms are regulated and audited to ensure trust accounts are properly maintained. Misuse or commingling of funds can result in disciplinary action, fines, or loss of license.
Trust accounts provide transparency and security, ensuring that funds are available and accounted for during the transaction. Buyers and sellers should always confirm that deposits are being held in a verified trust account.
Understanding trust accounts builds confidence in the real estate process and protects clients from financial risk.
Example of a Trust Account
A buyer’s $50,000 deposit is held in the listing brokerage’s trust account and only released upon successful closing of the home sale.
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
Joseph Feldman (left), David Feldman (right) of Camrost Felcorp
As it gears up for its 50th year in operation, Camrost Felcorp has made major changes to its senior leadership team, including the appointment of Joseph Feldman to President and Chief Operating Officer. The company behind landmark projects like Upper East Village in Leaside and the Exchange District in Mississauga announced Monday that former President David Feldman will stay on as Chairman and Chief Executive Officer, and will maintain an active role in Camrost’s “overall direction.”
“As we reflect on the company’s success over the past 50 years, it’s not only a moment to appreciate the legacy we’ve built — but more importantly, an opportunity to think boldly about the next 50,” said David in a press release. “We’re evolving our leadership and sharpening our focus to be even more responsive, ambitious, and future-oriented—building on the strength of our team, the values that have guided us from the beginning.”
Joseph credits his father as being “one of the most nimble” individuals in the industry. “He has no problem [thinking] differently and tackling projects that others are scared of, he has no problem being pioneering,” he adds. “For me, it’s a matter of maintaining that open-mindedness and think-outside-the-box approach that has driven his success, and the company’s success, over the last 50 years.”
While Joseph is stepping into the role during an inexplicably challenging time for the industry, he expresses that Camrost Felcorp is in a better position than most in the real estate development space.
“We're very fortunate because of the way in which we've operated over the last five decades,” he says. “We've done it all. We're not just condo developers, we've always dabbled in other tenures such as purpose-built rental. And the ability to be nimble is important when the industry is facing turbulent times. We're confident and we're excited.”
Notably, Joseph is one of more than 30 private and not-for-profit development sector experts from across Ontario on Mississauga’s Mayor’s Housing Task Force, which was assembled in 2024 and has already had a hand in lowering development charges by 50% for all residential projects, and 100% on all three-bedroom purpose-built rental units until November 2026.
“The City of Mississauga, where we do a lot of business, has stepped up. The Region of Peel, as of recently, has stepped up. The Province, as part of that announcement, has stepped up. And, come September, we're really excited to hear how the federal government [intends] to tackle this housing crisis,” he. “We have a strong team and we're ready to take advantage of the path forward that government provides.”
Camrost Felcorp has also promoted Jonathan West, Tara Welat, and Sabrina Carpino to vice president roles. “Each brings proven leadership and deep expertise that will help shape the company’s continued success in its next chapter,” says Monday’s release.
“The goal is to continue what we do very well, which is create communities that people love and to make any neighbourhood that we develop in better than before we started,” adds Joseph. “We're really excited to tackle the challenges to come at this pivotal time in the industry.”
A Scarborough housing proposal is moving ahead with a Site Plan Approval (SPA) application that seeks to replace a low-rise commercial plaza with a 34- and 11-storey mixed-use development that would offer 565 new rental units.
According to the planning materials, the SPA follows a September 2023 Zoning By-law Amendment application for a smaller 24- and 21-storey structure, which was approved in April 2024 with amendments that brought the heights up to their current specifications. With the approval came a (“H”) Holding Symbol to be cleared with the successful review of a Functional Servicing Report, Stormwater Management Report, and Methane Gas Study.
The developer filed a Lifting of the (H) application last September, and in December, following feedback from the City, and is resubmitting plans in tandem with the current SPA application.
If approved, this development would deliver hundreds of much-needed rental units within a 10-minute transit ride to Kennedy GO and subway stations. Located at 2157-2183 Lawrence Avenue East on the southeast corner of the Birchmount Road intersection, the development would also be well served by existing infrastructure and amenities along Lawrence Avenue.
Getting into the building itself, the structure would feature a shared six-storey podium from which the 34-storey 'Tower A' and 11-storey 'Tower B' would rise. The design has been crafted by Kirkor Architects, whose renderings reveal a liberal use of brass or brown coloured slabbing on the facade.
2157-2183 Lawrence Avenue East/Kirkor Architects
At grade, 4,970 sq. ft of retail space would wrap around the corner at Birchmount and Lawrence, while the residential lobby, pet wash, 4,538 sq. ft of indoor amenity space, and a 794-sq.-ft cafe and bistro would be located along Lawrence. The remaining 24,477 sq. ft of amenity space would be found on the mezzanine level and on the seventh floor rooftop patio and amenity level, which would include a 3928-sq.-ft terrace and 2,496 sq. ft of indoor amenity space divided between the two towers.
Across the two towers, the 565 rental units would be comprised of 308 one-bedroom units, 198 two-bedroom units, and 59 three-bedroom units. Available to residents within the three levels of underground parking would also be 235 vehicle parking spaces, including 176 residential spaces and 59 visitor parking spaces, and 425 bicycle spaces, made up of 385 long-term spaces and 40 short-term spaces.
Once complete, the development would be one of the larger towers in the surrounding area, offering a range of new housing options and as well as business and employment opportunities.
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: Ankur Singla
Areas of Focus: Brampton, Caledon, Mississauga, Toronto and the Waterloo Region.
I was born and raised in India, but Canada became my home when I moved here as an international student at 18. My journey from washing dishes to becoming a top real estate professional shaped my perspective on financial independence and success.
Where do you live now? And what neighbourhood (in Canada, or worldwide) would you love to live in (that isn’t your own)?
I currently live in Brampton, a thriving hub for families and real estate investors. If I had to choose another place, I’d love to experience downtown Toronto’s energy — there’s something about that skyline and fast-paced vibe that excites me.
I realized early on that real estate is the fastest way to build generational wealth. From renting to owning my first home, I saw the potential and wanted to help others achieve the same. My passion for guiding first-time buyers, investors, and families led me to this career.
In a few sentences, describe what a typical “day in the life” looks like for you. Does this align with what you expected before you became an agent?
Every day is different — calls, showings, negotiations, and content creation to educate my audience. I knew real estate would be demanding, but I didn’t expect to love it this much! Seeing clients get the keys to their dream homes is the best feeling.
What’s the single best advice you have for sellers?
Price your home right the first time! The market speaks, and overpricing can cost you valuable time and money.
What’s the single best advice you have for buyers?
Get pre-approved and know your budget — then act. Focus on what you can afford.
What made you choose to work for your current brokerage?
I wanted a brokerage that aligned with my vision — supporting growth, marketing innovation, and providing clients with top-tier service. Most importantly, I wanted to be part of a 100% Canadian brokerage that understands the local market inside and out, ensuring my clients get the best insights and opportunities.
Who do you believe is making the biggest waves in the industry today? Is there anyone you recommend people should be paying attention to right now?
I believe agents and creators who share real, honest market updates — not just hype — are making the biggest impact. In Canada, professionals who combine local data with practical advice on social media are changing how buyers and sellers make decisions. Anyone helping people cut through the noise and make informed moves is someone to watch right now.
What is one professional goal you have for the next year? What’s one that you have for the next 10 years?
Next year: Build a strong team under Singla Realty to serve more clients and expand my reach. Next 10 years: Become Brampton’s top realtor known for results, trust, and helping families build wealth through real estate.
Tell us about your favourite (or most memorable) sale, and why it stands out to you.
A first-time homebuyer who thought they’d never qualify for a home called me in tears after we closed the deal. That moment reminded me why I do this — to help people build a future.
What are the three words you hope your clients use to describe you?
Pre-approved plan for two-bedroom laneway suite/City of Toronto
In 2018, the City of Toronto amended zoning bylaw to allow laneway suites on residential properties in the Toronto and East York District, expanding the permissions citywide by 2020 and with the addition of garden suites in 2022. The amendment was intended to increase the number of housing options and infill opportunities in the city, ultimately helping to improve affordability for Torontonians.
Now, the City is implementing additional measures to cut down approval timelines and make the construction of garden and laneway suites more accessible, including releasing free blueprints, expanding online services for building permit submissions, and including garden and laneway suites in the existing Reliance on Professional Engineer’s Seal program.
“We need to build more affordable homes faster that people can afford. The City of Toronto is taking action to cut red tape and accelerate housing development in our city," said Mayor Olivia Chow in a press release on Friday. "Today’s announcement will simplify approvals at city hall by enabling online applications, supporting faster approvals and providing pre-approved designs to accelerate building. We’re tackling the housing crisis by enabling more housing development, including missing middle homes.”
The flashiest of the new measures is the collection of 'made in Toronto' building plans for laneway and garden suites, which include detailed plans for both studios and two-bedroom units. The designs are free, publicly accessible, and standardized.
Studio garden suite/City of Toronto
According to the press release, each design has been prepared by the City and aligns with the Ontario Building Code. The idea is to save builders time and money by streamlining and speeding up the design stage, though applicants will still be expected to prepare and submit building permit applications, and site-specific code and zoning reviews will still be conducted.
Mississauga launched their free garden suite designs last June, but when only one application was received in the first two months, the City began thinking of ways to encourage development. At the time, Andrew Whittemore, Commissioner of Planning and Building for the City of Mississauga told STOREYS this could include providing residents with more information about materials, measurements, and costs, streamlining the application process by reducing unnecessary requirements like grading plans, and waiving certain fees.
As of April 2018, laneway and garden suite projects in Toronto enjoy deferred development charges that can be paid up to 20 years after the issuance of a building permit. As well, the City is expanding the Reliance on Professional Engineer’s Seal program, which permits licensed professional engineers to sign off on designs, vouching that they do not violate the Ontario Building Code.
The program was implemented as a pilot in 2024 and, as of July 14, will include "accessory structures such as laneway suites and garden suites, mechanical systems, as well as enhanced fire protection measures." According to the press release, the measure is expected to speed up the time between submission and occupancy by around 28 days.
Additionally, the City is also enabling self-service permit application submissions laneway and garden suites, alongside multiplex conversions, secondary suites, new houses, and new residential units. Essentially the system would streamline permits by automating document checks and submission processes, further reducing timelines.
Finally, what the City calls 'Demonstration Plans' will be shared with the public to help residents understand where garden and laneway suites, as well as multiplexes, can be built across Toronto.
The City is expected to deliver 285,000 new homes by 2030, but in 2024, Toronto logged only 20,999 housing starts, falling short of its goal of 23,750 housing starts for the year. The City also failed to meet the deadlines laid out for several year-one milestones in their Housing Accelerator Fund (HAF) Action Plan, before missing out on millions in bonus funding delivered through the HAF in March for municipalities that met their housing targets and milestones and proposed additional initiatives to accelerate housing.
Toronto says they saw 850,000 homes proposed between 2020 and 2024 — the largest in its history, according to the City. Today's measures are apart of a larger effort by the city to meet housing targets, address lengthy timelines, and speed up approvals to deliver more housing.
A rendering of the new W Calgary and JW Marriott Calgary. / Truman, Louson
This week, Calgary-based real estate developer Truman and hospitality giant Marriott International announced plans for a group of new hotels that are "poised to transform the hospitality landscape in Calgary and will debut as part of a dynamic mixed-use development ideally situated within the city's rapidly evolving Culture + Entertainment District."
The first is the 69-storey W Calgary that will include 157 guest rooms and 239 branded residences. Guests of the hotel will have access to amenities such as a 7,500 sq. ft AWAY Spa, 16,259 sq. ft of meeting space, the W brand's signature Living Room, expansive FIT studio, and a rooftop bar. Residents will also have access to the amenities, in addition to a dedicated private entrance. The W Calgary is expected to open in 2029.
The second is the adjacent 62-storey JW Marriott Calgary that will include 248 guest rooms and 120 branded residences, each of which will be "meticulously designed to embody the brand's world-class approach to well-being and luxury hospitality." Both guests and residents will have access to 32,500 sq. ft of meeting space, an indoor pool, an outdoor pool, the brand's signature JW Market, a tranquil JW Garden, a curated retail area, and more. The JW Marriott is expected to open in 2030.
Both hotels are set for 232 15 Avenue SE, a corner site located at the intersection of 15 Avenue SE and Macleod Trail SE, directly across the street from Victoria Park / Stampede Station and the BMO Centre. The property is currently a large vacant lot being used as a parking lot, and has an assessed value of $9,590,000.
The announcement comes exactly a month after Truman and the Calgary Municipal Land Corporation (CMLC) announced plans for a new 13-storey hotel with 320 guest rooms at the southeast corner of 17 Avenue SE and Macleod Trail SE, immediately south of BMO Centre. In this week's announcement, Truman said this hotel will be under Marriott's Autograph Collection Hotel brand and will include 15,000 sq. ft of meeting and event space, several restaurants, a lobby bar, coffee shop, rooftop lounge, leisure terrace, jacuzzi, swimming pool, outdoor bar, and fitness club. The Autograph Collection Hotel is expected to open in 2028.
An overview of the Calgary's Culture + Entertainment District and the forthcoming hotels. / Truman, Louson
Truman will be developing all three hotels with its joint venture partner Louson and the two new hotels announced this week are set to be two of Western Canada's tallest residential towers and will together "redefine luxury in the city, offering elevated living and travel experiences in the city."
HOTEL TIMELINE
The Autograph Collection Hotel is expected to open in 2028
The W Calgary is expected to open in 2029
The JW Marriott is expected to open in 2030
"We are incredibly excited to announce our newest hotel development right here in our hometown of Calgary," said Tony Trutina, Chief Operating Officer of Truman. "Truman and Louson, as Calgary-based and family-owned companies, have a deep commitment to this city, and we believe this project will be a significant catalyst for the local economy. Beyond creating numerous construction jobs, these hotels are expected to generate substantial long-term employment opportunities, boost tourism, and support local businesses through increased visitor spending. We are immensely proud to invest further in Calgary's future and contribute to its vibrant growth."
"As Marriott continues to expand our hospitality options in Canada to meet the diverse needs of guests, owners and developers, W Calgary, JW Marriott Calgary, and the Autograph Collection Hotel are poised to usher in an unparalleled level of hospitality to this high- energy city," added Paul Cahill, Chief Operating Officer, Canada, Marriott International. "We are thrilled to closely collaborate with Truman and Louson, whose combined passion and love for Calgary will be a perfect complement to the elevated service that guests have come to expect from the Marriott Bonvoy portfolio."
A rendering of the W Calgary and JW Marriott (left), Autograph Collection Hotel (centre), and all three hotels (right). / Truman, Louson
Calgary's Culture + Entertainment District
The new hotels continue the City of Calgary's efforts to solidify its Culture + Entertainment District, after the Calgary Municipal Land Corporation (CMLC) and Calgary Stampede unveiled a 20-year master-plan vision in 2018 to transform east Victoria Park into a vibrant high-density neighbourhood with over 4 million sq. ft of new mixed-use development and 8,000 new residents.
So far, the CMLC has invested more than $650 million into foundational infrastructure and city-building projects, including the completion of the $500 million expansion of the BMO Centre in June 2024. Since then, the 17 Avenue SE Extension and Victoria Park / Stampede Station Rebuild have also been completed.
"Our shared vision for The Culture + Entertainment District as a vibrant, mixed-use neighbourhood is coming to life, with more than $2B in city-building infrastructure and cultural destinations completed or underway," said Kate Thompson, President and CEO of CMLC in this week's announcement. "As we knew it would, our city's public investment in the C+E is now attracting significant private interest and investment, bringing forward the hotels, residences and commercial spaces envisioned in the master plan that will, critically, support the needs of meetings, conventions and major events taking place in The District."
According to the press release, that private investment will total to $1.47 billion from Truman and Louson, which will not only deliver over 700 premium hotel rooms and 360 branded residences, but also support over 9,100 jobs during construction and over 2,000 ongoing jobs after completion. Truman says it also expects the three projects to generate over $120 million in GDP from hotel operations, an additional $111 million from visitor spending, as well as $76 million in government revenue.
Ground-level rendering of 81-83 Isabella Street/Arcadis
If you find yourself on Isabella Street, between Church and Jarvis in downtown Toronto, you may walk by a heritage building known as The Merlan without even knowing it. Designed by Ontario’s own Norman Alexander Armstrong, the 49-unit, Edwardian Revival-style apartment building has occupied 81-83 Isabella Street for just shy of a century.
However, with The Merlan rising just three storeys, its location in Church-Wellesley Village stands to be better utilized. As such, site owner Akelius Canada Inc. is proposing the demolition of the existing apartment in favour of a residential tower rising 69 storeys — some 744 feet, inclusive of the mechanical penthouse. The heritage facades of The Merlan would be integrated into the new build through adaptive reuse, according to a planning report that went to the City in early June.
The report also says that a total gross floor area (GFA) of 496,582 sq. ft has been proposed, translating to a floor space index (FSI) of 31.5. The entirety of the GFA would be dedicated to residential uses, with 647 units planned, including nine studios, 315 one-bedrooms, 254 two-bedrooms, and 69 three-bedrooms. That translates to a precise 50% share of larger family-sized units “to meet the range of market demands and household needs.” The total unit count also includes 48 replacement rentals, all of which would be configured as one-bedrooms.
In terms of amenity space, a total of around 25,769 sq. ft has been proposed, and that would be split between a series of indoor amenity rooms, dedicated outdoor amenity terraces, and what’s being called a “sky garden.” Although the building would be served by only 29 short-term vehicle parking spaces, 711 bicycle parking spaces are planned within the mezzanine level.
Renderings prepared by Arcadis show a two-storey base with the retained heritage facades, topped with a 10-storey lower tower element and a 57-storey upper tower element. The heritage facades retained from The Merlan are meant to read primarily from Isabella Street.
Isabella Street has become a popular location in Toronto for intensification — likely because it runs through the Church-Wellesley neighbourhood of the city, and also because it’s proximate to other high-traffic areas like the University of Toronto and Toronto Metropolitan University (formerly Ryerson). It’s also a short walk from Yonge Street. Other approved developments in the area include 69 storeys at 90-94 Isabella Street and 62 storeys at 88 Isabella Street. In addition, 135 Isabella is slated for a 69-storey tower, which KingSett Capital proposed in June 2023 — however, the firm has seemingly moved on from the project, as it was listed for sale by RBC Capital Markets Real Estate Group last fall.
After hitting a nearly 25-year high in May, active listings in the Greater Toronto Area (GTA) only grew over the course of June, according to the Toronto Regional Real Estate Board's (TRREB), as tariff-related economic uncertainty continued to win out over improved affordability.
With many still wary about jumping off the sidelines, the region posted a mere 6,243 sales last month, essentially unchanged from May and 2.4% below June 2024's sales, according to TRREB's June Market Watch report. On a seasonally-adjusted basis, however, sales did edge up month over month, following two months of consecutive increases in April and May.
Recent data points towards signs of life in a market that has been effectively paralyzed by economic uncertainty since February — a condition TRREB Chief Information Officer Jason Mercer hopes to see remedied by things like a US-Canada trade agreement and improved borrowing costs.
“A firm trade deal with the United States accompanied by an end to cross-border sabre rattling would go a long way to alleviating a weakened economy and improving consumer confidence," he said. "On top of this, two additional interest rate cuts would make monthly mortgage payments more comfortable for average GTA households. This could strengthen the momentum experienced over the last few months and provide some support for selling prices."
While sales stalled in June, active listings had hit 31,603 by the end of the month, up from 30,964 in May. This represents a 30.8% year-over-year increase from the 24,169 listings recorded in June 2024 and puts active listings at the highest the metric has been since at least August 2002, which is when TRREB changed its reports to reflect new and active listing counts as of the end of each month.
After steadily rising from 12,066 in February to 21,819 in May, new listings added in June ticked back down to 19,839, which, coupled with an increase in seasonally-adjusted sales, reflects the "tightening trend experienced during the spring," reads the report.
Despite the slight uptick in sales, GTA home prices continued to slide in June as buyers enjoyed increased leverage due to high inventory. Compared to last year, the MLS Home Price Index Composite benchmark was down by 5.5% and the average selling price was down 5.4% at $1,101,691. The latter metric also fell month over month from $1,120,879 in May — by close to $20,000.
“The GTA housing market continued to show signs of recovery in June. With more listings available, buyers are taking advantage of increased choice and negotiating discounts off asking prices," said TTREB President Elechia Barry-Sproule. "Combined with lower borrowing costs compared to a year ago, homeownership is becoming a more attainable goal for many households in 2025."
A recent report from RBC found that owning a home in Canada is the most affordable it's been in three years, with some of the largest price decreases seen in Toronto over Q1-2025. Still, homes in the city and in other uber-expensive cities like Vancouver remain well out of reach for many buyers.
"Pressure is coming off ownership costs, but progress — while material — has been insufficient to make a real difference," says the report.
Residential buildings in Vancouver. / Shutterstock
Is the worst of the real estate market downturn over now? The answer to that question may be a "yes," according to Greater Vancouver Realtors (GVR), who said in their statistics release this morning that "After a turbulent first half of the year, home sales registered on the MLS across Metro Vancouver are showing emerging signs of a recovery."
In June, the Greater Vancouver region recorded a total of 2,181 home sales, which is 9.8% below the 2,418 recorded in June 2024 and 25.8% below the 10-year June average of 2,940. While last month's totals are still down, GVR says the decline has been halved from the previous month, a silver lining that could be a sign of improvement to come.
On the supply side, 6,315 new listings came online last month, which is 10.3% higher than the 5,723 added in June 2024 and 12.7% higher than the 10-year June average of 5,604.
Including that new batch of listings, the total amount of active listings in the Greater Vancouver real estate market is now up to 17,561, which is 23.8% higher than the 14,182 after June 2024 and 43.7% higher than the 10-year average of 12,223.
Supply is still significantly higher than demand, thus prices are continuing to cool off, with the composite residential benchmark price now at $1,173,100, which represents a decrease of 0.3% from May 2025 and a decrease of 2.8% from June 2024.
By residential property type, the benchmark price is now $1,994,500 for single-detached homes, $1,103,900 for attached homes, and $748,400 for condominiums. All three represent decreases between 0.1% and 1.2% from May 2025 and decreases between 3.0% and 3.2% compared to June 2024.
Market Analysis
According to the latest GVR statistics, the sales-to-active-listings ratio is now at 12.8%. A ratio of 12% or lower is considered a buyers' market and a ratio of 20% or higher is considered a sellers' market. By residential property type, the ratio is now 9.9% for single-detached homes, 16.9% for attached homes, and 13.9% for condos.
"On a trended basis, signs are emerging that sales activity is rounding the corner after a challenging first half to the year, with the year-over-year decline in sales in June halving the decline we saw in May," said Greater Vancouver Realtors' Director of Economics and Data Analytics Andrew Lis. "If this momentum continues, it may not be long before sales are up year-over-year, which would mark a shift toward a market with more demand than the unusually low demand we've seen so far this year."
"As home sales regain their footing, inventory levels aren't building as quickly as we've seen lately," added Lis. "Most market segments remain in balanced market conditions, which has generally kept prices trending sideways since the start of the year. With over 17,000 listings on the market right now, and with mortgage rates down around two per cent since last summer, buyers are enjoying some of the most favourable conditions seen in years."
Those favourable conditions for buyers may get another boost on July 30, when the Bank of Canada is scheduled to make its next interest rate announcement.