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This month’s industry updates spotlight new housing initiatives, market forecasts, and events shaping the Greater Golden Horseshoe's real estate and construction sectors. The City of Toronto's push to unlock 20,000 new rental homes is a proactive effort to address housing supply, while the Building Industry and Land Development Association's (BILD) advocacy highlights the urgent need for solutions to rising construction costs. Meanwhile, Ontario’s housing market is expected to rebound in 2025, with the Canadian Real Estate Association (CREA) forecasting nearly a 10% jump in home sales, while recent Bank of Canada rate cuts have already spurred an October surge in GTA home purchases. Industry professionals can also look forward to multiple gatherings as we head into the holiday season, including the Women’s Lunch with Olympian Rosie MacLennan and The Buildings Show, bringing together 18,000 attendees for Canada’s largest building industry expo.
Announcements
Ontario Home Sales Set for Nearly 10% Surge in 2025, CREA Predicts
CREA anticipates a nearly 10% increase in Ontario home sales for 2025, as reduced interest rates are expected to release pent-up buyer demand by spring or summer. Following a subdued 2023 marked by a 12.3% decline in sales and only a slight 1.5% recovery this year, this projected 9.9% rise will bring sales closer to pre-pandemic levels. However, CREA’s forecast suggests a moderate 2.4% increase in home prices, indicating a more stable market.
Hamilton LRT Procurement Advances with Request for Qualifications Issued
The Hamilton Light Rail Transit (LRT) project has reached a milestone with Metrolinx issuing a Request for Qualifications (RFQ) for the civil works and utilities contract. The LRT will connect Eastgate Square to McMaster University through Hamilton’s downtown core, with stops at key destinations like City Hall and Tim Hortons Field. The project promises to improve connectivity for over 50,000 daily riders while reducing gridlock and supporting economic growth in one of Ontario’s fastest-growing cities.
City of Toronto Unveils Plan to Unlock 20,000 New Rental Homes with Incentives and Partnerships
City staff have proposed a comprehensive strategy to build 20,000 new rental homes, including 4,000 affordable units, through expanded incentives and intergovernmental collaboration. This proposal outlines significant financial incentives, including indefinite development charge deferrals and substantial property tax reductions. The City plans to kick-start the initiative by approving 7,000 rental homes backed by municipal resources, with the remainder contingent on increased federal and provincial funding.
GTA Home Sales Surge 44.4% in October Following Rate Cuts
GTA home sales surged in October, with 6,658 homes sold — marking a 44.4% increase compared to last year — as buyers re-entered the market. The Toronto Regional Real Estate Board (TRREB) noted a 14% month-over-month increase in sales on a seasonally adjusted basis. While the average selling price rose 1.1%, the composite benchmark price decreased 3.3% year-over-year. Across the GTA, all property types saw gains, with townhouse sales leading at 56.8%, followed by detached homes at 46.6% and condos at 33.4%.
BILD Calls for Broader Strategy to Tackle Toronto’s Cost to Build Crisis
BILD is urging the City of Toronto to adopt a more comprehensive approach to address escalating construction costs and stalled housing projects. Speaking before the City’s Executive Committee, BILD President and CEO Dave Wilkes stressed that the current “Expanding Incentives for Purpose-Built Rental Housing” proposal falls short, primarily aiding City-led or federally subsidized projects while excluding thousands of stalled market units. BILD advocates for collaboration with provincial and federal governments, warning that the city’s housing supply will suffer without an expanded solution, exacerbating the affordability crisis through 2030.
Events & Awards
The Buildings Show 2024: Canada’s Largest Gathering for Construction and Real Estate Professionals
From December 4-6, The Buildings Show at the Metro Toronto Convention Centre (MTCC) will once again be Canada’s leading hub for construction and real estate professionals. With over 18,000 attendees and more than 500 exhibitors, this event provides access to the latest industry trends, products, and knowledge through specialized segments, including PM Expo, World of Concrete, Construct Canada, and the Homebuilder & Renovator Expo. Attendees will have the chance to engage in accredited seminars, panel discussions, and hands-on demos.
Concord CityPlace Honoured with CTBUH Award for Urban Habitat Excellence
Concord CityPlace won the 2024 Award of Excellence in the Urban Habitat category from the Council on Tall Buildings and Urban Habitat (CTBUH) during its conference in London. Recognized for transforming Toronto’s former railway lands into a mixed-use community, the masterplanned community features over 30 towers now accommodating more than 30,000 residents. The community features green spaces, retail hubs, schools, and a community centre, with two more high-rise towers. Canada House, designed by Arcadis for Concord Adex, is on track for completion this year.
BILD Women’s Luncheon to Feature Olympic Champion Rosie MacLennan
BILD invites industry professionals to the Women’s Lunch on Wednesday, November 13th, at Village Loft in North York. This empowering event gives women in real estate and development the chance to connect, share insights, and draw inspiration from a conversation with two-time Olympic gymnast Rosie MacLennan. Attendees will hear MacLennan’s journey of resilience, from overcoming injuries to managing mental health challenges. Tickets are priced at $225, and a block of eight is available for $1,600.
BOMA Toronto Hosts Breakfast with Toronto Hydro on Climate Action Initiatives
On November 19th, the Building Owners and Managers Association (BOMA) Toronto and Toronto Hydro invite building managers and operators to the Toronto Reference Library’s Beeton Hall for a breakfast session focused on climate action and building decarbonization. The event will feature updates from Toronto Hydro on initiatives, with presentations led by Toronto Hydro’s Climate Action team, followed by a networking session to connect industry professionals. Registration is free for both members and non-members, with an option to attend virtually.
BOMA Toronto Holiday Luncheon Set for December 6 at MTCC
BOMA Toronto’s annual Holiday Luncheon returns on Friday, December 6th, inviting members and industry professionals to gather at the MTCC for an afternoon of networking in a festive atmosphere. The luncheon begins with a 12:00 PM reception, followed by lunch. Tickets are $220 plus HST for members and $280 for non-members, with a table of ten available at $2,095.
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