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 sale of 820 Church Street in being brokered by Colliers, and the property is currently zoned for 38 storeys, 118,920 sq. ft of gross floor area, and 172 units.

On May 1, development charges on Toronto condos will increase 20.7% from their current rates, meaning the average one-bedroom and bachelor unit will now cost $44,774 in development charges (up from $37,081).

And when it comes to real estate, Whistler is all about luxurious cabins, cozy cottages, and chalet homes — such as 8349 Needles Drive, which is currently on the market for $3,799,000.

For those seeking to call a (sprawling) piece of cottage country all their own, newly listed 1161 Stephen Road encapsulates the best of what the region has to offer.

Budget 2024 documents reveal that the $1.5B Canada Rental Protection Fund will be launching with just $5M in its first year.

An investigation has found that Hira Custom Homes had previously “attempted to sell homes that were already under an Agreement of Purchase and Sale, unjustifiably increased prices, did not comply with conditions on its licence, and provided false information to both purchasers and the HCRA.”

The HCRA has revealed that Christopher Lamb and his former company Novel Condominiums “have been found guilty of 26 charges of selling new homes illegally,” and as a result, have been hit with a $150,000 fine.

​The Broadway-Commercial Safeway redevelopment by Westbank and Crombie REIT has seen numerous revisions over the past few years, and is going to get another.

Contessa Developments’ plans to bring a 22-storey purpose-built rental building to the site have forcibly come to a stand-still after receivership proceedings were initiated last summer.

New home sales in March were down 16% from March 2023 and 66% below the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.

​The next group of municipalities to receive housing targets under the Housing Supply Act include Surrey, Kelowna, and New Westminster, among others.

The forthcoming master-plan community will comprise of four towers, and will jointly bring 2,364 new residential units to the site on Eglinton Avenue.

To kick off 2024, the presale market in Metro Vancouver has been a bit better than perhaps some were expecting, but also not great. So, what's next?

Toronto City Council approved a series of “updates” to RentSafeTO last week, and among those were new parameters for city inspections, a more hands-on system for tenant complaints, and increased fees for non-compliance.

Along with Jack Poole, David Podmore founded Concert Properties in 1989, then known as VLC Properties.

​If you haven’t met Callum MacLachlan, you’ve likely heard of him — or, even more likely, seen his work.

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The Broadway-Commercial Safeway redevelopment by Westbank and Crombie REIT has seen numerous revisions over the past few years, and is going to get another.

The next group of municipalities to receive housing targets under the Housing Supply Act include Surrey, Kelowna, and New Westminster, among others.

If you haven’t met Callum MacLachlan, you’ve likely heard of him — or, even more likely, seen his work.