As 2024 wraps up, it’s clear that Canadian Realtors have seen some big changes—whether it’s new regulations, shifting market conditions, or key decisions from major players in the industry. This year has had its fair share of stories that have left a mark on the industry.
Real Estate Magazine is taking a look at the top five news stories that shaped the year. From government policy changes to shifts in market trends, these stories are bound to influence the direction of the industry in 2025 and beyond.
Competition Bureau investigates CREA
Canada’s Competition Bureau is investigating two of the Canadian Real Estate Association’s policies. It’s looking into whether CREA’s commission rules discourage buyers’ Realtors from offering lower commission rates or whether they affect competition in other ways. It’s also looking into whether CREA’s realtor cooperation policy makes it harder for alternative listing services to compete with the major listing services, or gives larger brokerages an unfair advantage over smaller ones.
CREA has previously told REM the organization is cooperating with the Bureau as part of this investigation phase, and that CREA believes its rules and policies are “both pro-competitive and pro-consumer, including by increasing transparency and helping realtors better serve Canadian property buyers and sellers.”
CREA votes to transition Realtor.ca into taxable entity
CREA members approved the transition of Realtor.ca from a non-profit entity to a for-profit subsidiary. The change aims to modernize the platform and reduce CREA’s reliance on member dues.
CREA anticipates establishing the new taxable entity for Realtor.ca by January 2025. Preparations are underway to finalize the legal framework, create an interim board and begin recruiting permanent board members and a CEO. At the same time, the organization is piloting programs like a mortgage pre-qualification tool to improve the platform’s consumer experience and operational readiness.
CREA Chair James Mabey confirmed that Realtor.ca will feature advertising on non-listing pages, offering curated, relevant content for consumers while generating new revenue streams for the platform
New mortgage rules to provide temporary relief to Canada’s housing market
Two new mortgage rules, effective Dec. 15, are expected to provide a short-term boost to Canada’s housing market. These include extended 30-year amortizations for first-time buyers and new builds and an increased insured mortgage limit (from $1-million to $1.5-million).
While these measures may improve purchasing power, experts warn that their impact will be limited by rising home prices and affordability issues. Industry leaders stress that long-term housing recovery requires more focus on supply.
We’re already seeing the impact of these new rules (coupled with lower interest rates), with some Realtors reporting a much busier than typical December.
5 consecutive rate cuts from the Bank of Canada
Completing the new mortgage rules, the Bank of Canada made a fifth straight cut in December, reducing its benchmark rate by 50 bps, bringing the rate down to 3.25 per cent. The move is expected to provide relief to the housing market, easing borrowing costs and bringing buyers out of hibernation mode, with some forecasting a traditional spring surge for the housing market.
OREA CEO Tim Hudak resigns after 7 years of leadership
Tim Hudak, CEO of the Ontario Real Estate Association, announced his resignation in August, following seven years at the helm. In an email to members, Hudak reflected on his tenure, highlighting milestones achieved during his leadership, including significant advocacy wins, new tools for realtors, and a focus on member wellness.
Hudak’s contributions include spearheading the passage of the Trust in Real Estate Services Act and establishing the Ontario Realtor Wellness Program.
OREA has enlisted KCI Talent in its search for a new CEO, while Sonia Richards, chief of staff and board strategy, continues to serve as interim CEO.
