iPro Realty Just Got Shut Down

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🛑 RECO Shuts Down iPro Realty

• RECO is shutting down iPro Realty Ltd. and all 17 of its Ontario branches by August 19, 2025

• The Mississauga-based brokerage employs around 2,400 agents

• A scheduled inspection uncovered a trust account shortfall of over $10 million.

• The breach is a violation of TRESA (Trust in Real Estate Services Act)

• Transactions already in progress will close as usual, but no new deals can be done under iPro

• Agents must sign with a new brokerage to continue working, iCloud Realty Ltd. is stepping in to take over locations

Why It Matters: A major brokerage collapse signals regulatory tightening and trust account scrutiny ahead. Increased consumer risk perception may affect buyer and seller confidence, especially for firms handling deposits

🏢 RioCan Quits Rental Game

• RioCan REIT exits rental development, abandoning its "Living" division amid weak returns and soft rent growth.

• Yields have dropped to ~4.5%, making institutional investors reluctant to fund new projects.

• Rent growth has missed forecasts, especially in Toronto and Vancouver; incentives like free months and perks are now common.

• International student declines, new condo completions, and high development charges have all worsened the financing math.

• Despite federal and provincial support (e.g. GST breaks, CMHC loans), long-term investor returns remain too uncertain.

Why This Matters: Rental towers were supposed to save the housing market—now even they’re wobbling. With investor cash drying up and rents slipping, the rental slowdown could turn today’s housing crunch into tomorrow’s full-blown crisis. _(source) 

📉 Condo Prices Hit 4-Year Low

• Canadian condo prices dropped for the fourth straight month in July 2025, falling 0.8% month-over-month to $490,600

• Prices are now down 5.4% annually, the steepest annual drop in the current correction.

• Condo benchmark prices are now at their lowest level since June 2021

• The 3-month annualized rate of decline is -8.2%, pointing to strong bearish momentum

• Since the peak in April 2022, condo prices have dropped 14.1% (-$80,300)

Why It Matters: Developers face slow absorption and soft presale activity, potentially leading to project delays, cancellations, or deep discounts. More pressure is coming: 20,000 new condo units are expected to hit the market in 2026, likely pushing prices and rents lower in oversupplied segments.

🧐 Canada Expands Buyer Incentives

• Canada is expanding its First-Time Home Buyer Incentive (FTHBI).

• The program gives first-time buyers a 5–10% government equity stake in their home, essentially making taxpayers partial owners.

• New rule changes apply to Toronto, Vancouver, and Victoria: income caps rise to $150K, and leverage increases to 4.5x income.

• These changes allow purchases up to ~$725K with government-backed down payments, boosting demand in the most overheated markets.

• The IMF, Scotiabank, and RBC all warned this would worsen inequality and further inflate prices in affordable segments.

Why This Matters: Expanded incentives may increase purchasing power for some first-time buyers in high-cost markets, but they could also add pressure to already competitive segments. The long-term impact on affordability and pricing remains a key area to watch. _(source) 

🤔 WTF of the Week

A luxury lakefront cottage bought for $3.6M in 2022 just sold for $2.95M—a $675,000 loss in the middle of what’s supposed to be prime cottage season.

Located on Kennisis Lake, the timber-frame retreat came with vaulted ceilings, antique Hemlock floors, and a hot tub but none of that could stop it from becoming the latest casualty in Ontario’s collapsing recreational market.

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