STOREYS Year End Real Estate Series: Ontario

This year, more than any other in recent history, saw real estate make its way into the every day conversations of Canadians, discussing mortgage rates around the dinner table and rapidly rising home prices with friends. And, for better or worse, 2023 had no shortage of important real estate stories to be told.

We began the year with yet another rate hike, setting the tone for the crushing rate pain and affordability struggles that were to follow throughout 2023. This year saw home sales drop off as buyers moved to the sidelines, rent prices skyrocket, sale prices start to slip (though not enough to be helpful), and developers hold off, sell off, or, in some cases, even go bankrupt, as they struggled with the uncertain market.

As we head towards the end of December (and an end to what has been a tumultuous year for the industry), STOREYS has taken a look back at the most important issues, projects, newsmakers, and trends in our annual 'Year End' editorial series. Every day this week, we’re releasing a new take on the major events of 2023 and the people – and policies – that made them happen.

So grab a ~~cup~~ pot of coffee and get ready to deep-dive along with us into some of the most significant Ontario real estate stories of the last 12 months.

STOREYS Year End Real Estate Series: Ontario

Join us as we look look back at the most important issues, projects, newsmakers, and trends in our annual 'Year End' editorial series. This is the year that was in Ontario real estate.

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​The project, located at 134-226 Harwood Avenue South in Ajax, was being undertaken by LeMine Investment Group when it was placed under receivership in April 2021.

​The receivership application was filed by KingSett Capital against Thind's Highline and Minoru Square projects.

Ontario has consistently ranked in the bottom half of provinces in terms of homebuilding per capita over the last six years — the data for 2024 being an indicator that things are only getting worse.

Many first-time home buyers and wise investors are turning their sights west, to beautiful Burlington. And waiting for them there is Latch Development's 1989 Condominium.

The potential lawsuit is coming from Mappro Realty, the owner of an adjacent property, over the staging area being used for construction of The One.

​The District Northwest project by Thind Properties is set for 13438 105A Avenue in Surrey and consists of two high-rise towers.

According to CMHC, housing starts across Canada shifted up from 223,391 units in September to 240,761 units this October, though the six-month trend remains "flat."

Chacon Developments is currently facing two receiverships and two of its other properties have been made available via power of sale.

Nestled amongst lush foliage, 32 Arjay Crescent, with its grand exterior and sophisticated interior designs, offers one of the most stunning homes in the neighbourhood.

For those looking to lay down roots in Sherwood Park, a true best-of-both-worlds destination, now may be just the right time — as the community welcomes Hearthstone.

Revised development plans from Pinnacle International ask for increased heights across the board, bringing the proposed storey-count up to 54, 44, and 15 storeys.

The Canada Lands Company and the MST Nations acquired the Jericho, Heather, and Marine Drive Lands in Fall 2014.

Though the Bank of Canada has delivered four interest rate cuts since June, including a healthy 50-bps cut in October, the growth in sales is being attributed to a jump in listings.

The program is called the Purpose-built Rental Homes Incentives Stream and, at a high level, it pairs qualifying projects with certain perks, including development charge deferrals and property tax reductions.

For those with a taste for life’s finest things, but who prefer a touch of edge, this three-bed, three-bath estate in Prince Edward County is a true sanctuary.

The building landscape has its challenges, but we’re still seeing ambitious developers, like Camrost Felcorp, lay their claim.

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The project, located at 134-226 Harwood Avenue South in Ajax, was being undertaken by LeMine Investment Group when it was placed under receivership in April 2021.

The receivership application was filed by KingSett Capital against Thind's Highline and Minoru Square projects.

The District Northwest project by Thind Properties is set for 13438 105A Avenue in Surrey and consists of two high-rise towers.