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Big Landlords Are Bleeding Dry
Landlords wrote down billions, presales vanished, and housing starts sank again. A messy week with market signals you shouldn’t ignore
Today, we’re covering
❌ One Bloor West Condo Presales Cancelled
💸 H&R REIT to Sell $2.6B in Properties
😧 RioCan Posts $120M Loss
📉 Ontario Housing Starts Hit 16-Year Low
🏛️ iPro Crisis Update: Province May Step In
🏪 Toronto Allows New Corner Stores in Residential Neighborhoods
😲 WTF of The Week
Read Time: 5 minutes
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❌ One Bloor West Condo Presales Cancelled
Source: Toronto Star
The 411: One Bloor West is an 85-storey condo tower in Toronto, planned as Canada’s tallest residential building. Tridel took over after the original developer went bankrupt. They plan to cancel 314 of 329 presales and relaunch in 2026 with fewer, bigger, luxury units.
Construction started in 2017, now expected to finish by early 2028.
Original developer Mizrahi owed $1.9 billion and went into receivership; Tridel took over in 2025.
A court is trying to cancel 314 of 329 pre-construction sales to resell units in 2026 at higher prices with luxury branding.
Total condo units will be cut from 476 to 411 to focus on bigger, luxury, family-friendly homes.
Buyers with canceled contracts will get full refunds plus interest and 45 days’ priority to buy new units before public sales.
The project includes a luxury hotel, now looking for a new five-star operator.
Why This Matters: There was never a doubt that the building would be completed, but presale cancellations reveal the real casualties: the homebuyers. Their contracts are voided after years of waiting, showing how buyer protection can fall short when developers face financial trouble. It’s a cautionary tale for anyone buying pre-construction condos.
😧 RioCan Posts $120M Loss
Source: Western Investors
The 411: RioCan REIT, one of Canada’s largest property owners reported a $120.3M loss in Q3 as it wrote down several major investments, including its joint venture with Hudson’s Bay Company (HBC).