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This month’s industry updates provide a look at the latest leadership changes, market trends, and events shaping the Greater Golden Horseshoe's real estate and construction sectors. Kevin Crigger’s appointment as Associate CEO of the Toronto Regional Real Estate Board (TRREB) signals a forward-looking shift for the organization, while the latest housing market reports highlight improving sales and affordability in the region. On the other hand, a Building Industry and Land Development Association (BILD) study warns of a worsening housing crisis due to lagging construction and municipal delays. Industry professionals can also look forward to upcoming networking and educational events, including the yBILD Fireside Chat, Outlook 2025 Breakfast, and an exclusive behind-the-scenes tour of the Rogers Centre, offering insights into the future of urban planning, economic trends, and venue transformations.
Announcements
GTA Home Sales Rise in September Amid Improved Affordability
Home sales in the Greater Toronto Area (GTA) saw a notable year-over-year increase in September, 2024, as more buyers capitalized on lower borrowing costs and home prices. TRREB reported 4,996 home sales through its MLS® System, marking an 8.5% rise from the 4,606 sales recorded in September, 2023. New listings also rose, with 18,089 properties entering the market — a 10.5% increase year-over-year. The market's renewed activity signals growing affordability for prospective homebuyers, especially as interest rates decline.
BILD Study Warns of Escalating Housing Crisis in the GTA
The latest Municipal Benchmarking Study from BILD highlights a critical housing shortage in the GTA. Conducted by Altus Group Economic Consulting, the study reveals that the gap between housing supply and population expansion is the largest in over 50 years. With municipal housing approvals taking an average of 20 months and fees adding substantial costs to new homes, the report calls for urgent government intervention. BILD’s findings show that municipal fees have surged by up to $42,000 per low-rise unit since 2022, contributing to a total of $122,387 added to condominium prices and $164,920 for single-family homes.
Kevin Crigger Appointed as Associate CEO of TRREB and President of PropTx Innovations
TRREB has announced Kevin Crigger as its new Associate CEO, a significant leadership shift in Canada’s largest real estate board. In addition to his role at TRREB, Crigger will also serve as President of PropTx Innovations Inc., a subsidiary dedicated to MLS® and technology services for real estate boards. With over a decade of experience as a REALTOR® and a former President of TRREB, Crigger brings a wealth of industry knowledge and leadership experience.
August 2024 New Home Sales in GTA Plummet to Historic Lows
New home sales in the GTA reached a record low in August, 2024, with just 464 units sold, reflecting a 46% decline from August, 2023 and a staggering 73% drop compared to the 10-year average. According to BILD and Altus Group, the slowdown has led to elevated inventory levels, with 21,296 units remaining on the market. Condominium sales, including stacked townhouses and lofts, saw the steepest decline, dropping 61% year-over-year, while single-family home sales decreased by 14%. Experts point to future affordability improvements driven by revised mortgage rules.
Canada’s First Social Medicine Supportive Housing Development Opens in Toronto
Toronto has launched Dunn House, Canada’s first-ever social medicine supportive housing initiative, in collaboration with the University Health Network (UHN), United Way Greater Toronto (UWGT), and Fred Victor. This four-storey modular building provides 51 rent-geared-to-income and supportive homes for people experiencing homelessness who are also frequent UHN patients. Supported by $14 million in federal funding and ongoing provincial support, it is part of the City’s HousingTO 2020-2030 Action Plan.
Sustainable Buildings Canada to Lead National Sustainability Programs with NRCan Support
Sustainable Buildings Canada (SBC) has been chosen by Natural Resources Canada (NRCan) to lead two key sustainability initiatives to enhance energy efficiency in Canada's built environment. The Codes Acceleration Project will support the adoption of higher-tier National Energy Codes in new construction, while the EnergySPRING program focuses on deep-energy retrofits in Ontario's Social Housing and Indigenous communities.
Events & Awards
2024 CREST Awards to Honour Leaders in Emission Reduction and Building Performance
The 2024 race2reduce Commercial Real Estate Trailblazers (CREST) Awards will take place on October 17th, at The Well. Now in its seventh year, the awards recognize participants in the Building Owners and Managers Association (BOMA) Toronto’s race2reduce program who have demonstrated excellence in improving building performance and reducing emissions. Deputy Mayor Jennifer McKelvie will deliver the keynote address, sharing insights on the City of Toronto’s Net Zero by 2040 plan and the role of the commercial real estate industry in achieving decarbonization goals. Tickets are available for $50 plus HST for members and $75 for non-members.
Outlook 2025 Breakfast Offers Key Insights into Economic and Political Trends
On October 17th, BILD will host the Outlook 2025 Breakfast at Hazelton Manor in Vaughan, offering a unique opportunity to explore the economic and political factors shaping the future of the housing and development sectors. Featuring expert speakers Derek Burleton and Sean Simpson, the event will provide an analysis of upcoming trends, including forecasts for the housing market and insights into consumer attitudes. Tickets are priced at $100 plus HST for BILD members and $175 plus HST for non-members.
Exclusive Behind-the-Scenes Tour of Rogers Centre for Emerging Leaders
On October 24th, BOMA will host an exclusive behind-the-scenes tour of the Rogers Centre. Attendees will get a closer look at the extensive renovations completed over the last two seasons, including widened concourses and upgraded suites. The tour will also showcase the $20 million rejuvenation project, featuring a state-of-the-art video board and redesigned infield. Emerging Leader members can attend for free, while tickets for non-members are priced at $75 plus HST.
yBILD Fireside Chat & Networking Event Set for November 6th
BILD members are invited to attend the yBILD Fireside Chat & Networking event on November 6, 2024, for an evening of discussion on the future of urban planning in the GTA. Held at the STORYS Building in Toronto, the event will feature industry leaders offering insights into cutting-edge trends and ideas, followed by a networking session. Tickets are $75 plus HST and are available exclusively to BILD members.
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