July 24, 2025 • 12 mins
In this episode, the discussion opens with a welcome and sponsor message from Real Approved Inc. The conversation then moves to the CMHC's summer forecast, focusing on urban housing demand. The episode highlights price drops in the Durham Region and the impact of housing market tariffs. Attention shifts to the Real Estate Council of Ontario's new CEO, Brenda Buchanan, with insights into her leadership style and potential changes. The episode concludes with closing remarks and a final sponsor message from Real Approved Inc.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Welcome to the Ontario Mortgage & Real EstateInsights Podcast, your go-to source for the
(00:04):
latest developments, trends, and regulatorychanges in the industry.
I'm your host, Steve Hamoen, here to provideyou with insights sourced from reputable news
outlets to help you stay informed and makewell-informed decisions.
This podcast is brought to you by Real ApprovedInc., a trusted mortgage brokerage dedicated to
(00:24):
helping Canadians achieve their homeownershipdreams.
Visit realapproved.ca to learn more about howour experienced team can assist you with your
mortgage needs.
Let's dive into today's episode.
Alright, let's kick things off with the latestupdate from the Canada Mortgage and Housing
Corporation.
They've just released their Summer ForecastUpdate for the housing market.
(00:47):
Janine, what do you make of it?
Thanks, Steve.
The CMHC's forecast is quite interesting,especially with the current economic climate.
They're predicting that housing starts willcontinue to moderate in the second half of the
year.
This means that while we'll still see new homesbeing built, the pace might slow down a bit
compared to the first half of the year.
(01:09):
That's right, and according to the CMHC, thismoderation is due to several factors, including
higher interest rates and ongoing affordabilitychallenges.
It's important for investors and potentialhomebuyers to keep these factors in mind when
making decisions.
Exactly, Steve.
But even with these challenges, the forecastalso indicates that demand for housing will
(01:32):
remain strong, especially in urban centers.
This is driven by population growth and theongoing trend of people moving to cities for
work and lifestyle opportunities.
And speaking of demand, the CMHC also notedthat rental markets are expected to stay tight,
with vacancy rates remaining low in many areas.
(01:54):
This could mean higher rents and morecompetition for rental units.
Yes, and for those considering buying, thereport suggests that while prices may
stabilize, they won't necessarily dropsignificantly.
So, if you're planning to buy a home, it'sstill crucial to have a solid financial plan
and perhaps even work with a mortgage broker toexplore your options.
(02:16):
Absolutely, Janine.
It's all about being prepared and informed.
The CMHC's update is a valuable tool for anyonelooking to navigate the housing market in
Ontario.
Let's keep these insights in mind as we moveforward in today's discussion.
Let's delve into a really intriguing reportthat was just released by Wahi, a Canadian real
(02:37):
estate group.
It highlights some significant price drops inthe Durham Region, with certain houses seeing a
reduction of one million dollars off theirasking price.
Janine, what are your thoughts on thissubstantial decline?
It's quite a shift, Steve.
The report shows that the Durham Region isexperiencing some of the most notable price
drops in the Greater Toronto Area.
(02:59):
It's important to consider how this affectsboth potential homebuyers and current
homeowners.
For buyers, this could be an opportunity toenter the market at a more accessible price
point.
But for sellers, it's a challenging scenario,especially if they purchased their homes at
peak prices.
Absolutely, Janine.
Wahi's report specifically mentions theRougemont neighborhood in Pickering, where the
(03:23):
average home price has plummeted from over twomillion dollars in 2022 to just over one
million in 2025.
That's a dramatic change and could signal ashift in market dynamics.
It's crucial for investors and sellers tounderstand these trends and adjust their
strategies accordingly.
Right, Steve.
(03:44):
And it's not just Pickering.
The Northwood area in Oshawa is seeing similartrends, with the average home price dropping
from one million three hundred fifty thousanddollars to seven hundred fifty-one thousand
dollars.
That's almost a fifty percent decrease.
It highlights the volatility in the market andthe need for buyers and sellers to stay
(04:05):
informed and adaptable.
Indeed, Janine.
It's a reminder of how quickly marketconditions can change.
Wahi's analysis suggests that this trend iswidespread, with 289 out of 344 neighborhoods
experiencing similar price drops.
While this might concern homeowners, it alsopresents opportunities for those looking to
(04:28):
invest in real estate or expand their propertyportfolios.
And let's not forget the human element, Steve.
For many, a home is not just an investment buta place of personal significance.
These price changes can be emotionally taxingfor those who have seen their property's value
decrease.
It's vital for individuals to seek guidance andmake informed decisions during these times.
(04:53):
Absolutely, Janine.
Navigating these market shifts requires carefulplanning and insight.
As we continue to monitor these developments,it's essential to stay updated with the latest
trends and reports like this one from Wahi.
Let's keep this in mind as we move forward inour discussion today.
Today's economic landscape is heavilyinfluenced by lasting tariffs, and this is
(05:15):
shaping Canada's economy and housing market in2025.
According to the Canada Mortgage and HousingCorporation, the ongoing trade tensions,
alongside slower population growth and risingunemployment, are contributing to a cooling
housing market.
Janine, how do you see these tariffs impactingthe housing sector?
Well, Steve, the impact is quite significant.
(05:38):
The tariffs are creating economic uncertainty,which is making both buyers and developers
hesitant.
This "wait-and-see" approach is leading to aslowdown in new construction, particularly in
high-cost areas like Ontario and BritishColumbia.
It's a challenging situation for those lookingto buy or sell, as the market is less
(05:59):
predictable right now.
Absolutely, Janine.
The CMHC's outlook suggests that home pricesare expected to fall by about two percent in
2025, with larger declines in Ontario andBritish Columbia.
Developers are delaying projects due to highcosts and weak demand.
It's a reminder that the economic environmentcan directly affect market dynamics.
(06:22):
For those in the industry, being adaptable andinformed is key.
And while home prices are decreasing, it'simportant to note that affordability remains a
significant issue.
Despite the drop in prices, many potentialbuyers are still priced out of the market.
This is especially true in high-cost regionswhere the cost of living and housing remain
(06:44):
elevated.
It's crucial for those looking to buy tocarefully consider their financial plans and
perhaps consult with a mortgage broker.
That's a great point, Janine.
The forecast also indicates a gradual recoveryin 2026 as trade tensions ease and economic
conditions improve.
(07:06):
However, until then, the housing market is in aperiod of adjustment.
Rental markets are starting to ease slightly asmore supply becomes available, but the demand
is softening.
This could lead to increased vacancy rates andslower rent hikes.
Exactly, Steve.
The rental market is experiencing a bit of ashift.
(07:27):
While rents are still rising, the increases arenot as steep as they have been in recent years.
This change is partly due to slower householdformation and lower immigration, which are
putting downward pressure on rental demand.
It's a complex situation that requires anuanced understanding of both local and broader
market trends.
(07:48):
Indeed, Janine.
The CMHC report highlights that ongoing tariffson construction materials, such as steel and
lumber, are keeping building costs high.
This is further hindering housing supply andmaking it difficult for developers to move
forward with new projects.
The result is an environment where manyhouseholds are still priced out, and builders
are hesitant to break ground.
(08:10):
And beyond the numbers, Steve, these economicpressures have real human impacts.
For many, a home is more than just aninvestment; it's a place of personal
significance.
The uncertainty and economic challenges can beemotionally taxing for families and individuals
who are trying to navigate these changes.
(08:31):
It's essential to approach these times withboth information and empathy.
Well said, Janine.
As we continue to monitor these developments,it's vital to stay informed and prepared for
the changes ahead.
The housing market is indeed in a period ofadjustment, but with the right strategies and
insights, individuals and businesses cannavigate these challenges effectively.
(08:53):
Let's keep these insights in mind as we moveforward in today's discussion.
In recent news, the Real Estate Council ofOntario, known as RECO, has appointed a new
chief executive officer.
Brenda Buchanan, who was serving as the interimCEO since February, has officially taken on the
role.
(09:15):
This decision follows a national search to findthe right leader for the organization.
That's right, Steve.
Brenda Buchanan brings over twenty years ofexperience in the Ontario regulatory
environment, having worked in both the publicand private sectors.
Her background includes serving as RECO's chiefoperations officer and being part of their
(09:36):
senior management team, where she led strategicand business planning processes.
The board of directors at RECO expressed greatconfidence in Buchanan's ability to lead the
organization.
Katie Steinfeld, the chair of RECO, describedher as a bold, forward-thinking leader with a
vision to bring innovation, transparency, andconsumer trust to the forefront of real estate
(10:01):
regulation in Ontario.
It's exciting to see a leader who is not onlyexperienced but also committed to deepening
collaboration with the Ontario government andstakeholders.
Buchanan herself mentioned her eagerness tosupport the real estate profession and ensure
strong consumer protection.
Her leadership marks a new era for RECO and thereal estate sector in the province.
(10:25):
Buchanan's experience extends beyond RECO,having worked at an Ontario-based industry
regulator and as an executive with the CanadaLands Company, a federal Crown corporation.
This diverse experience positions her well toguide RECO through the evolving landscape of
real estate regulation.
Yes, her appointment is a significant stepforward for RECO.
(10:49):
As the real estate market continues to facechallenges and opportunities, having a leader
like Buchanan who understands the complexitiesof the industry will be invaluable.
Her focus on innovation and consumer trustaligns well with the needs of today’s market.
Absolutely, Janine.
The Real Estate Council of Ontario plays acrucial role in regulating real estate agents
(11:11):
and brokerages, ensuring they comply with thelaw to protect consumers.
With Buchanan at the helm, we can expect acontinued emphasis on these priorities.
It's reassuring to know that RECO is in capablehands.
As the market evolves, so too must theregulatory frameworks that govern it.
(11:32):
Brenda Buchanan's leadership promises to bringabout positive changes that will benefit both
the industry and consumers alike.
Well, that wraps up our discussion on the RealEstate Council of Ontario's new leadership.
It's been an insightful episode with plenty ofvaluable takeaways.
Thanks for tuning in to another episode of theOntario Mortgage & Real Estate Insights
(11:53):
Podcast.
We hope you found today's insights valuable asyou navigate the world of mortgages and real
estate.
Before you go, a quick reminder (12:00):
Real Approved is here to make your mortgage journey smoother.
Whether you're buying your first home orrefinancing, their experienced team is ready to
guide you with personalized support every stepof the way.
Visit realapproved.ca to get started and takethe next step toward achieving your
(12:21):
homeownership goals. Catch you next time, and stay informed with the latest industry
insights!
Welcome to the Ontario Mortgage & Real EstateInsights Podcast, your go-to source for the
(00:04):
latest developments, trends, and regulatorychanges in the industry.
I'm your host, Steve Hamoen, here to provideyou with insights sourced from reputable news
outlets to help you stay informed and makewell-informed decisions.
This podcast is brought to you by Real ApprovedInc., a trusted mortgage brokerage dedicated to
(00:24):
helping Canadians achieve their homeownershipdreams.
Visit realapproved.ca to learn more about howour experienced team can assist you with your
mortgage needs.
Let's dive into today's episode.
Alright, let's kick things off with the latestupdate from the Canada Mortgage and Housing
Corporation.
They've just released their Summer ForecastUpdate for the housing market.
(00:47):
Janine, what do you make of it?
Thanks, Steve.
The CMHC's forecast is quite interesting,especially with the current economic climate.
They're predicting that housing starts willcontinue to moderate in the second half of the
year.
This means that while we'll still see new homesbeing built, the pace might slow down a bit
compared to the first half of the year.
(01:09):
That's right, and according to the CMHC, thismoderation is due to several factors, including
higher interest rates and ongoing affordabilitychallenges.
It's important for investors and potentialhomebuyers to keep these factors in mind when
making decisions.
Exactly, Steve.
But even with these challenges, the forecastalso indicates that demand for housing will
(01:32):
remain strong, especially in urban centers.
This is driven by population growth and theongoing trend of people moving to cities for
work and lifestyle opportunities.
And speaking of demand, the CMHC also notedthat rental markets are expected to stay tight,
with vacancy rates remaining low in many areas.
(01:54):
This could mean higher rents and morecompetition for rental units.
Yes, and for those considering buying, thereport suggests that while prices may
stabilize, they won't necessarily dropsignificantly.
So, if you're planning to buy a home, it'sstill crucial to have a solid financial plan
and perhaps even work with a mortgage broker toexplore your options.
(02:16):
Absolutely, Janine.
It's all about being prepared and informed.
The CMHC's update is a valuable tool for anyonelooking to navigate the housing market in
Ontario.
Let's keep these insights in mind as we moveforward in today's discussion.
Let's delve into a really intriguing reportthat was just released by Wahi, a Canadian real
(02:37):
estate group.
It highlights some significant price drops inthe Durham Region, with certain houses seeing a
reduction of one million dollars off theirasking price.
Janine, what are your thoughts on thissubstantial decline?
It's quite a shift, Steve.
The report shows that the Durham Region isexperiencing some of the most notable price
drops in the Greater Toronto Area.
(02:59):
It's important to consider how this affectsboth potential homebuyers and current
homeowners.
For buyers, this could be an opportunity toenter the market at a more accessible price
point.
But for sellers, it's a challenging scenario,especially if they purchased their homes at
peak prices.
Absolutely, Janine.
Wahi's report specifically mentions theRougemont neighborhood in Pickering, where the
(03:23):
average home price has plummeted from over twomillion dollars in 2022 to just over one
million in 2025.
That's a dramatic change and could signal ashift in market dynamics.
It's crucial for investors and sellers tounderstand these trends and adjust their
strategies accordingly.
Right, Steve.
(03:44):
And it's not just Pickering.
The Northwood area in Oshawa is seeing similartrends, with the average home price dropping
from one million three hundred fifty thousanddollars to seven hundred fifty-one thousand
dollars.
That's almost a fifty percent decrease.
It highlights the volatility in the market andthe need for buyers and sellers to stay
(04:05):
informed and adaptable.
Indeed, Janine.
It's a reminder of how quickly marketconditions can change.
Wahi's analysis suggests that this trend iswidespread, with 289 out of 344 neighborhoods
experiencing similar price drops.
While this might concern homeowners, it alsopresents opportunities for those looking to
(04:28):
invest in real estate or expand their propertyportfolios.
And let's not forget the human element, Steve.
For many, a home is not just an investment buta place of personal significance.
These price changes can be emotionally taxingfor those who have seen their property's value
decrease.
It's vital for individuals to seek guidance andmake informed decisions during these times.
(04:53):
Absolutely, Janine.
Navigating these market shifts requires carefulplanning and insight.
As we continue to monitor these developments,it's essential to stay updated with the latest
trends and reports like this one from Wahi.
Let's keep this in mind as we move forward inour discussion today.
Today's economic landscape is heavilyinfluenced by lasting tariffs, and this is
(05:15):
shaping Canada's economy and housing market in2025.
According to the Canada Mortgage and HousingCorporation, the ongoing trade tensions,
alongside slower population growth and risingunemployment, are contributing to a cooling
housing market.
Janine, how do you see these tariffs impactingthe housing sector?
Well, Steve, the impact is quite significant.
(05:38):
The tariffs are creating economic uncertainty,which is making both buyers and developers
hesitant.
This "wait-and-see" approach is leading to aslowdown in new construction, particularly in
high-cost areas like Ontario and BritishColumbia.
It's a challenging situation for those lookingto buy or sell, as the market is less
(05:59):
predictable right now.
Absolutely, Janine.
The CMHC's outlook suggests that home pricesare expected to fall by about two percent in
2025, with larger declines in Ontario andBritish Columbia.
Developers are delaying projects due to highcosts and weak demand.
It's a reminder that the economic environmentcan directly affect market dynamics.
(06:22):
For those in the industry, being adaptable andinformed is key.
And while home prices are decreasing, it'simportant to note that affordability remains a
significant issue.
Despite the drop in prices, many potentialbuyers are still priced out of the market.
This is especially true in high-cost regionswhere the cost of living and housing remain
(06:44):
elevated.
It's crucial for those looking to buy tocarefully consider their financial plans and
perhaps consult with a mortgage broker.
That's a great point, Janine.
The forecast also indicates a gradual recoveryin 2026 as trade tensions ease and economic
conditions improve.
(07:06):
However, until then, the housing market is in aperiod of adjustment.
Rental markets are starting to ease slightly asmore supply becomes available, but the demand
is softening.
This could lead to increased vacancy rates andslower rent hikes.
Exactly, Steve.
The rental market is experiencing a bit of ashift.
(07:27):
While rents are still rising, the increases arenot as steep as they have been in recent years.
This change is partly due to slower householdformation and lower immigration, which are
putting downward pressure on rental demand.
It's a complex situation that requires anuanced understanding of both local and broader
market trends.
(07:48):
Indeed, Janine.
The CMHC report highlights that ongoing tariffson construction materials, such as steel and
lumber, are keeping building costs high.
This is further hindering housing supply andmaking it difficult for developers to move
forward with new projects.
The result is an environment where manyhouseholds are still priced out, and builders
are hesitant to break ground.
(08:10):
And beyond the numbers, Steve, these economicpressures have real human impacts.
For many, a home is more than just aninvestment; it's a place of personal
significance.
The uncertainty and economic challenges can beemotionally taxing for families and individuals
who are trying to navigate these changes.
(08:31):
It's essential to approach these times withboth information and empathy.
Well said, Janine.
As we continue to monitor these developments,it's vital to stay informed and prepared for
the changes ahead.
The housing market is indeed in a period ofadjustment, but with the right strategies and
insights, individuals and businesses cannavigate these challenges effectively.
(08:53):
Let's keep these insights in mind as we moveforward in today's discussion.
In recent news, the Real Estate Council ofOntario, known as RECO, has appointed a new
chief executive officer.
Brenda Buchanan, who was serving as the interimCEO since February, has officially taken on the
role.
(09:15):
This decision follows a national search to findthe right leader for the organization.
That's right, Steve.
Brenda Buchanan brings over twenty years ofexperience in the Ontario regulatory
environment, having worked in both the publicand private sectors.
Her background includes serving as RECO's chiefoperations officer and being part of their
(09:36):
senior management team, where she led strategicand business planning processes.
The board of directors at RECO expressed greatconfidence in Buchanan's ability to lead the
organization.
Katie Steinfeld, the chair of RECO, describedher as a bold, forward-thinking leader with a
vision to bring innovation, transparency, andconsumer trust to the forefront of real estate
(10:01):
regulation in Ontario.
It's exciting to see a leader who is not onlyexperienced but also committed to deepening
collaboration with the Ontario government andstakeholders.
Buchanan herself mentioned her eagerness tosupport the real estate profession and ensure
strong consumer protection.
Her leadership marks a new era for RECO and thereal estate sector in the province.
(10:25):
Buchanan's experience extends beyond RECO,having worked at an Ontario-based industry
regulator and as an executive with the CanadaLands Company, a federal Crown corporation.
This diverse experience positions her well toguide RECO through the evolving landscape of
real estate regulation.
Yes, her appointment is a significant stepforward for RECO.
(10:49):
As the real estate market continues to facechallenges and opportunities, having a leader
like Buchanan who understands the complexitiesof the industry will be invaluable.
Her focus on innovation and consumer trustaligns well with the needs of today’s market.
Absolutely, Janine.
The Real Estate Council of Ontario plays acrucial role in regulating real estate agents
(11:11):
and brokerages, ensuring they comply with thelaw to protect consumers.
With Buchanan at the helm, we can expect acontinued emphasis on these priorities.
It's reassuring to know that RECO is in capablehands.
As the market evolves, so too must theregulatory frameworks that govern it.
(11:32):
Brenda Buchanan's leadership promises to bringabout positive changes that will benefit both
the industry and consumers alike.
Well, that wraps up our discussion on the RealEstate Council of Ontario's new leadership.
It's been an insightful episode with plenty ofvaluable takeaways.
Thanks for tuning in to another episode of theOntario Mortgage & Real Estate Insights
(11:53):
Podcast.
We hope you found today's insights valuable asyou navigate the world of mortgages and real
estate.
Before you go, a quick reminder (12:00):
Real Approved is here to make your mortgage journey smoother.
Whether you're buying your first home orrefinancing, their experienced team is ready to
guide you with personalized support every stepof the way.
Visit realapproved.ca to get started and takethe next step toward achieving your
(12:21):
homeownership goals. Catch you next time, and stay informed with the latest industry
insights!
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