In a major move to tackle one of real estate’s most time-consuming challenges, FCT has acquired a majority stake in Fintracker, a digital identity verification solutions company.

The Oakville-based company announced the news on Jan. 28, saying the partnership is poised to streamline compliance with KYC and anti-money laundering (AML) regulations while enhancing security and efficiency in real estate transactions.

“Fintracker’s advanced identity verification technology, combined and integrated with our trusted services, will help create a more secure, seamless, and fully compliant experience for all stakeholders while shaping the future of connected and intelligent identity verification processes.,” says Michael LeBlanc, CEO, FCT.

Fintracker has contracts with many of Canada’s real estate boards and brokerages, including TRREB subsidiary PropTx. 

Why Fintracker?

Founded by former Realtor Simon Fiore, Fintracker was born out of a need to simplify the tedious FINTRAC compliance process. In a 2023 interview with Real Estate Magazine, Fiore shared that the idea for Fintracker originated in his Winnipeg brokerage. “I was like many agents struggling with these forms and not handing them in in a timely fashion,” Fiore said. His initial goal was to solve the problem for his own brokerage, but the solution gained traction.

The platform has since evolved into a tool for completing FINTRAC forms, digitizing workflows and reducing the potential for human error. During the pandemic, its ability to facilitate remote identity verification for non-physically present clients made it an important tool for many brokerages.

A shared vision for the future

With Fintracker’s solutions now integrated into its operations, FCT says its goal is to create a “connected identity ecosystem” that accelerates the home-buying process while safeguarding sensitive personal data. Fintracker’s founders, Fiore and CTO Matt Amihude, will continue leading the company as it expands under FCT’s umbrella.

“Partnering with FCT enables us to scale our mission of simplifying compliance for agents and brokerages across Canada,” says Fiore. “Our shared vision is to minimize friction for both the public and our clients, while raising the bar for KYC and AML compliance. Together, we’re fostering greater trust, transparency, and efficiency in real estate transactions.”

Fiore, who described himself as “the least tech-savvy agent in the country” when he started Fintracker, believes there’s no replacement for human relationships in real estate.

“Technology is always going to try and replace us, but one-on-one and face-to-face interactions, gaining trust and building relationships are still the keys,” Fiore told REM.

More Ontario Realtors now have access to more data as the PropTx MLS database expands to include listings from most boards in the province. 

PropTx, a wholly-owned and for-profit subsidiary of the Toronto Regional Real Estate Board (TRREB), promises members access to a centralized MLS, a long-standing priority among Realtors, according to TRREB CEO John DiMichele. 

“This has been a strategic focus, and through the creation of PropTx, was a key mandate for the organization,” says DiMichele. “The participating boards and associations were essential collaborators, recognizing that working together benefits all Realtors. A unified MLS database ensures consistency and continuity as it matures.”

Participating boards and associations currently have access to the PropTx MLS system, with the final stages of data transition underway. DiMichele explains several enhancements are expected in the first quarter of 2025, including expanded mandatory fields and the integration of pre-populated external data sets. These updates are based on feedback from participating boards and new users of the platform.

Participating boards and associations

The following boards and associations are part of the PropTx MLS collaboration:

• Toronto Regional Real Estate Board (including the former Brampton Real Estate Board)
• Central Lakes Association of Realtors (including Durham, Quinte, Northumberland, Peterborough, and Kawartha Lakes)
• London and St. Thomas Association of Realtors
• Niagara Association of Realtors (NAR)
• Kingston & Area Real Estate Association (KAREA)
• Timmins, Cochrane & Timiskaming District Association of Realtors
• Ottawa Real Estate Board
• Cornwall & District Real Estate Board
• Renfrew County Real Estate Board
• Rideau-St Lawrence Real Estate Board
• Oakville, Milton & District Real Estate Board (OMDREB)
• One Point Association of Realtors (formerly Lakelands, Guelph & District, Huron Perth, and Grey Bruce Owen Sound)
• Woodstock, Ingersoll Tillsonburg & Area Association of Realtors (WITAAR)
• North Bay & Area Realtors Association (NBARA)

DiMichele explains that through PropTx, members of these associations have access to more data than ever before, and that will expand as new features are introduced.

“The move towards a single MLS database creates incredible efficiencies for Realtors, both in the operation of their business as well as in the cost of operating their business,” DiMichele says. “The move towards a single MLS database reduces the need for interboarding MLS listings as well as paying for multiple real estate board and association memberships.”

TRREB’s CEO calls PropTx a for-Realtors-by-Realtors solution, “The long-term strategic goal of PropTx is to continue to offer a range of best-in-class tools, insights, and applications to improve the transaction experience for realtors and the clients they serve efficiently and effectively.”

Impact on ITSO

More boards transitioning to PropTx marks a shift for the Information Technology Systems of Ontario (ITSO), a not-for-profit corporation established in 2020 with the primary goal of creating a unified MLS.

Geoff Halford, ITSO chair, says the organization was initially created to increase access to MLS data through the operation of a regional MLS System when associations were not ready to amalgamate but wanted to share data. Halford says this purpose may no longer be relevant.

Member boards such as KAREA, NAR, OMDREB, NBARA, WITAAR, and OnePoint are leaving or have left ITSO in favour of PropTx.

Halford acknowledges the evolving landscape and its potential impact. “We are proud of the success we had creating a regional system that at its peak brought together 23 real estate associations and more than 24,000 users who had access to data from 29 of the real estate associations in the province, but we also understand that the landscape is quickly changing,” he said, adding  ITSO remains committed to supporting its current member associations, ensuring that the system continues to meet their needs.

“We are disappointed that a solution could not be arranged with TRREB that would have fostered competition in the MLS services market…” Geoff Halford, ITSO chair

ITSO will operate its MLS system for its remaining three member boards, the Barrie & District Association of Realtors (BDAR), Brantford Regional Real Estate Association (BRREA), and Cornerstone Association of Realtors, for the next two years under the current MLS Services Agreement.

“We will be reviewing what is in the best interests of our members and the future of ITSO over the course of the next two years,” says Halford.”There are other MLS Systems in Ontario and in other provinces that operate with far fewer users than ITSO, so we know such a system is viable, but we also understand the political pressure that our remaining members face to solve the problem of fragmented data access.

“We are disappointed that a solution could not be arranged with TRREB that would have fostered competition in the MLS services market and enabled all realtors in the province to access all the MLS data they need in the system of their choice.” 

Halford adds, “It is especially disheartening to see Realtors who formerly used the ITSO system complain on social media about the quality and quantity of listing content they now have access to in their new MLS System, as ITSO and its members prided themselves on building a comprehensive database of detailed and accurate MLS listing content.”

Industry perspectives

Paul Czan, president of the Ottawa Real Estate Board, says the board joined PropTx last fall.

Czan explains, “This new platform promises a much better experience with more data readily available. Faster communication and smoother transactions, in a sense. Another thing is we’re able to have input on the system.”

OREB’s president has high hopes for PropTx’s impact.  “I think it’s going to be a platform that’s going to bring stability and consistency amongst a bit of a shifting landscape in our industry, meaning that Realtors can be assured that they can have access to the same quality data as their counterparts in all the other regions.”

Editor’s note: The original article stated that the Ottawa Real Estate Board had left ITSO for PropTx. The board was not an ITSO member and the article has been updated to reflect that.

As we reflect on 2024’s market, I can’t help but draw parallels to another pivotal moment in Toronto’s real estate history: the dramatic correction of the early 1990s. Back then, Toronto experienced what many considered unthinkable: a six-year decline that saw average home prices plummet by 28 per cent from their 1989 peak. The catalyst? A perfect storm of rising interest rates, recession and overbuilding that burst what was then considered Toronto’s first major housing bubble. 

That correction fundamentally reshaped the market. Properties that had been snapped up for $500,000 in 1989 were selling for $350,000 by 1996. Developers went bankrupt, leaving half-finished condominiums dotting the skyline. The term “negative equity” entered the everyday vocabulary of Toronto homeowners, as thousands found themselves underwater on their mortgages.

But if you look back on that period, the market appeared almost “flat” from about 1991 to 1996 after the steep drop. A similar trend can be observed in the chart above, which shows house prices since interest rate hikes started in 2022.

Where we’re at now

Today’s market might echo some aspects of that tumultuous period, with falling prices brought on by once-rising interest rates, perpetual affordability concerns, an election, changes to capital gains structure and more economic uncertainty, especially around unemployment.

So, it may come as a surprise to you that the market was warming up a bit in November (more sales, NOT higher prices). The reason we’re seeing more people buying houses in the Greater Toronto Area (GTA) is affordability.

Affordability is improving in Canadian real estate, and the GTA is at the forefront. In fact, housing affordability in Toronto has corrected more than any other major city in Canada according to the National Bank’s Q3 Housing Affordability Monitor.

A correction means that mortgage payment costs are decreasing as a percentage of household income. When people can afford to buy houses, they do. This phenomenon gave 2024 a relatively strong market in October and November, but December was slowed. 

The biggest support for the improvement in affordability could also be its greatest risk factor. RBC observed that growing household income significantly helped improve affordability in 2024’s third quarter. The challenge is the few key trends that could slow wage growth in 2025:

1. The unemployment rate is rising
2. The majority of job growth has come from government hiring
3. The likely winner of our election is committed to reducing the number of government employees

So, future improvements to housing affordability may come from a reduction in interest rates or house prices. In a healthy market, Toronto’s housing costs 40-50 per cent of median household income, and I expect it will get back there in time.

GTA 2024: A buyer’s market with caveats

For years, the GTA housing market felt like a relentless bidding ground, with escalating prices and scarce supply fueling a sense of urgency. However, 2024’s home sales reached 67,610—up 2.6 per cent from 65,877 in 2023—while new listings surged by 16.4 per cent to 166,121. On paper, this provided buyers with a clear advantage and more choice than they’d seen in years, hinting at a possible market correction.

Yet beneath the surface, the so-called “buyer’s market” has been far from a bargain. Despite the uptick in listings, the average selling price dipped by less than 1.0 per cent year-over-year, settling at $1,117,600 compared to $1,126,263 in 2023. Detached homes continued to command lofty prices, while condominiums —though subject to more notable price declines—still struggled to attract cost-conscious first-time buyers, many of whom stayed on the sidelines in hopes of greater interest rate relief down the road.

Monthly, there were some significant data points. Sales decreased by 1.8 per cent, while new listings and active listings substantially increased by 20.2 and 48.5 per cent, respectively. The average price saw a slight decrease of 1.6 per cent compared to December 2023, and days on market increased by 12-15 per cent.

The 16.4 per cent jump in new listings might suggest an easing of supply constraints, yet many sellers appeared hesitant to lower asking prices. Although the balanced supply-to-demand ratio theoretically favoured buyers, the minimal price drop signals seller resistance to resetting expectations. The gap between buyer hopes and market realities remained stubbornly wide.

Condominiums: A sector to watch in 2025

Of all the sectors in the GTA real estate market, the condominium sector is the one I’m really keeping my eye on. With more new condominium listings than ever before and record new supply added to the market in 2024, it shows no signs of letting up.

There are a few reasons for this. First, the Bank of Canada’s interest rate hikes made it more expensive for people to buy homes, causing some first-time buyers and investors to choose condominiums as a more affordable option. Second, the construction of new condominiums has been booming, which has added to supply on the market.

Despite the supply increase, condominium prices have not yet fallen as much as expected, probably not because demand remains strong but more because sellers have decided to lose money slowly rather than quickly. What I mean by this is the majority of new condominiums have been considered “cash flow negative” in the current market by Benjamin Tal and Urbanation. Based on my analysis, the majority are also “equity negative.” 

Source: Valery.ca Special Report

So, many sellers have set a floor price—that is, a minimum price they’d accept. If they don’t get that price, they decide to rent the unit out rather than sell it at a loss, allowing them to spread out the burden across monthly mortgage payments rather than absorbing it in one shot. 

Source: Robert Marsiglio, Realtor 

2025 predictions: Hope or more of the same?

Looking ahead, optimism for 2025 hinges on continued interest rate cuts and stable or marginally lower home prices. TRREB President Elechia Barry-Sproule expects improved market conditions over the next year, but the GTA market has a remarkable knack for bouncing back swiftly. Prospective buyers banking on continued softness may find themselves outpaced if the market rebounds.

Meanwhile, structural problems remain—congestion, supply constraints and stubbornly high prices. TRREB’s chief market analyst, Jason Mercer, emphasized that government policy reforms must address these core issues. Otherwise, the GTA’s real estate rollercoaster will continue with fleeting windows of affordability that close as quickly as they appear.

Far from a buyer’s utopia, 2024 felt more like an intermission. Yes, deals were occasionally on the table, but “affordable” remained a moving target—especially for those entering the market for the first time. The question persists: as we edge into 2025, will this pause evolve into genuine relief, or is it merely the calm before the next wave of price hikes? Only time—and possibly more interest rate adjustments—will tell.

As the real estate industry gets more competitive and the market more restrictive, some brokerages are offering clients reduced, flat-fee commissions or cash-back up front as financial assistance.

While not a new business model, amid the National Association of Realtors settlement in the United States concerning several commission lawsuits, and Canada’s Competition Bureau investigation into the Canadian Real Estate Association (CREA)’s commission rules, it’s one that’s changing the industry. 

Consumers are paying attention and demanding more, especially with affordability and higher interest rates impacting their buying power.

‘Opportunity to redefine value agents bring’ and help consumers retain equity

“The market (and) financial situations are changing. People are going through hardship. They want an alternative and innovation in the industry,” insists Ishtiaq Ahmed, broker of record for Zown. He feels that although the traditional commission model worked in the past, buyers and sellers today expect more flexibility and want to retain as much of their equity as possible.

Ahmed notes buyers are savvier than they used to be. This means less work for the agents involved, so their role has evolved with the shift. This is how Zown passes on savings to its clients.

The company charges a 2.5 per cent commission to the seller and retains a portion of it, with the rest going into the buyer’s pocket. Depending on the deal, for a $1 million property, this might be 1.0 to 2.0 per cent.

Ahmed says Zown sees the opportunity to redefine the value agents bring. “Our goal is to make homeownership more accessible, especially for first-time buyers, given current market conditions. It’s very hard to get into the market and every dollar counts,” he explains.

Traditional vs discount brokerages: ‘It’s a whole different world’

However, many agents oppose this newer business model. “Some (consumers) might think Realtors are all the same. The reality is we’re not—just like in any profession, there are different levels and you get what you pay for,” asserts Sean Miller, agent with Property.ca.

Miller argues the best agents aren’t cutting their commissions because they offer a lot of value, experience and resources with marketing, strategy and negotiation. “There’s no way we can compete (with each other) because we bring a whole different level of service—from marketing like video advertising to photography and staging.”

He says these services cost a lot of money that simply isn’t available when commissions are cut, and that full-service brokerages come with a more personalized approach and a team of people. “It’s a whole different world.”

But Miller states that it’s all about fit, and some people don’t see the value in what agents bring to the table. “There’s nothing wrong with that … Some people see short-term value more than long-term potential (and) not everybody has the budget or expectations a top-performing agent warrants.”

Clients doing more work means money saved and quicker closings

Miller believes that brokerages offering reduced fees are more volume-based and complete deals faster than traditional brokerages. Indeed, Ahmed says his team does more deals than it would under the traditional model.

Since January 2023, Zown has sold more than 200 homes. However, Ahmed also notes that Zown offers full service from skilled, experienced agents, which is possible because the agents do less work.

He credits online tools like Realtor.ca and buyers finding properties themselves for reducing the need for numerous property showings. Zown agents adjust their approach to reflect this, saving time and money for everyone: it used to take about eight weeks to close a deal, but that deal can now close in two weeks, sometimes with just one or two property showings, he explains.

However, the agents still perform typical tasks like reviewing the property’s history, guiding buyers through the home inspection and presenting comparables.

Resistance to change or concern over negotiation performance?

While Ahmed recognizes the industry is resistant to change, his team feels consumers’ pushback. He says many in the industry feel Zown and others like it aren’t helping but “are trying to destroy a model they’re in full control of. They don’t want to change the status quo.”

Miller instead thinks of it in terms of the negotiation process. “If they can’t negotiate their own commissions, how well are they negotiating their clients’ biggest asset? If they’re giving away their money, they’ll do the same with the property.”

He questions if buyers are getting the best deal or if the agent will want to move on quickly because they’re in a volume-based business. “What people don’t realize is how much they’re potentially leaving on the table.”

Miller offers this advice to his clients or those who ask him to lower his fees: “We’re talking about the most significant sale or purchase of your life, and it makes sense to use somebody with a great track record who can negotiate properly and will make you potentially tens or hundreds of thousands of dollars more.”

But he doesn’t blame people for asking. “As a seller, I’d ask that question too. It’s how we respond that makes them feel comfortable about why we don’t (discount).”

The industry’s take

CREA says that while it doesn’t provide guidance with commissions, Realtors are offering their services in new and interesting ways and consumers can shop for representation that works best for them.

The Toronto Regional Real Estate Board (TRREB) takes a similar stance, having no involvement or engagement in discussions around Realtors’ fees for service.

“There are diverse business models and service levels available to consumers from Realtors and conversations around service levels and fees are a discussion to be had between the consumer and their Realtor,” says TRREB Immediate Past President Jennifer Pearce. “Consumers have choice in how they engage in real estate transactions, and TRREB supports an environment of free and open competition.”

The Greater Toronto Area’s (GTA) luxury housing market experienced a significant upswing in the final quarter of 2024 (Q4), with sales of properties over $3 million increasing by more than 40 per cent compared to the same period in 2023.

According to Re/Max Canada, over 360 freehold and condominium properties sold in Q4, a notable jump from 259 sales during the same timeframe last year.

“The impact of the first and second 50-basis-point rate cuts by the Bank of Canada radiated throughout the GTA in the fourth quarter, jumpstarting demand for high-end properties both within the city and suburbs,” says Re/Max Canada President Christopher Alexander.

“We’ve been expecting a surge in top-tier sales activity as the economic climate and corresponding pause in buying intentions prompted a build-up in pent-up demand. The fourth quarter did not disappoint.”

Record sales in GTA’s luxury real estate

Toronto proper accounted for 53 per cent of luxury sales, with suppressed property values creating opportunities in ultra-luxury price ranges between $5 million and $7.5 million. 

Properties over $5 million saw the most significant growth, with sales jumping nearly 59 per cent year-over-year. The $7.5 million and above category also posted gains, with sales increasing by 41 per cent, while properties over $10 million held steady compared to 2023.

Interestingly, nearly half of all $5 million-plus sales occurred in suburban areas, reflecting a growing preference for luxury homes outside the city core.

Catalysts driving growth

Several factors contributed to the resurgence of the luxury market:

• Lower interest rates. The Bank of Canada’s 100-basis-point reduction in 2024 fueled buyer enthusiasm.
• Stock market gains. Strong performances by the NASDAQ, and S&P 500 and TSX bolstered confidence among affluent investors.
• Easing inflation. Reduced economic pressures encouraged profit-taking, converting financial gains into property investments.

Luxury market outlook for 2025

While inventory challenges persist, rising buyer confidence and robust equity markets set the stage for sustained growth in Toronto’s luxury market. Affluent buyers are moving off the sidelines, and strong demand is anticipated to continue, particularly for single-detached homes.

Additionally, intergenerational wealth transfer and increased interest from international buyers, including affluent Chinese immigrants, are expected to support the high-end market.

Alexander says buyer optimism is growing, thanks to robust equity markets and lower interest rates, along with Canada Mortgage and Housing Corporation extending insurance coverage to $1.5 million for first-time buyers. “The ripple effect is expected to carry through to all price points, including the top end, as younger buyers return to the housing market.”

He also notes the political climate’s evolution from upcoming leadership changes in Canada and the United States should impact the market. However, Alexander remains optimistic.

“With the fundamentals that we are seeing take shape, we’re poised to not only sustain the strong level of luxury activity of 2024 but surpass it in 2025.”

Review the full report.

The Habistat was co-founded by self-professed data and charts lover Daniel Foch, chief real estate officer at Vaughan, Ont.-based Valery.ca (and REM columnist), to make it easier to create charts and tables that he previously had to create manually.

“Originally, I did it to solve the problem—it was taking me too long to create these charts. I said, ‘There’s got to be a fix for this.’” 

“I’m probably one of the leading agents who makes charts as my source of content. That’s how I get clients and build trust,” says Foch.

Foch ended up meeting two data scientists on Twitter with whom he teamed up to develop The Habistat. The three “spent quite a bit of our own money” to develop The Habistat but Foch would not provide dollar figures.

“I’m probably one of the leading agents who makes charts as my source of content. That’s how I get clients and build trust,” Foch says. “But to do that would take me hundreds of hours of manual work. Now, I don’t have to do that work, which is a huge time saver for me.”

Foch says The Habistat enables Realtors to access data in an easier fashion than they could previously and to then communicate that data clearly to clients or on their social media.

Streamlined data access

The Habistat is available in a dashboard format that gives Realtors instant access to real-time data on what’s happening in the housing market.

“There is a need to give clients better advice,” and The Habistat enables Realtors to go into a lot more granular detail, getting as close as a neighbourhood level to provide information like sales price by location or sales volume by property type. 

Among other things, The Habistat can track market fluctuations, analyze property values, identify growing markets and access new methods of finding comparables and property history.

“Before, you kind of had access to the data, but to compile it manually and create charts is not something an agent would want to do.”

From the private sector to PropTx

Foch and his co-founders originally ran The Habistat as a private sector enterprise. They used publicly available CREA and TRREB data to provide precise information on what was going on in the housing market

However, TRREB did not take kindly to its data being used.

The Habistat “wasn’t compliant with TRREB’s data rules. That’s why we had to shut it down,” Foch says. “We worked over two or three years to become compliant with them and they basically licensed the product from us during that process.”

TRREB is now fully onboard. “The Habistat is a user-friendly tool helping Realtors navigate housing market data, providing value-added analyses and reports for buyers, sellers, landlords and tenants,” TRREB CEO John DiMichele said in a statement. 

The launch of The Habistat shows that the Toronto Regional Real Estate Board (TRREB) “continues to grow the lineup of technology tools available to Realtors using the PropTx MLS System,” DiMichele said.

Scaling for the future 

Among other things, DiMichele says The Habistat allows members to explore reports and dashboards for active and inactive listings, and easily produce comparisons based on different locations and home types. Customized map boundaries can be produced, and market activity reports can be created for individual condo buildings. 

DiMichele said the system will evolve and enhance market statistics, trends and overall property intelligence. 

PropTx, the wholly owned technology subsidiary of TRREB, now owns the global license for The Habistat, in a deal that was finalized by Foch’s two partners.  “I think the objective of PropTX is to scale it to other real estate boards,” Foch said. Most Ontario boards now subscribe to PropTx.

Training Realtors for data-driven success

While The Habistat does not currently produce real estate projections “that is something we’d like to include in the future,” Foch says

On the other hand, The Habistat does provide a clear picture of what’s happening now.  “Because it’s real-time data, whenever a data point is updated on TRREB, it’ll be reflected in the charts. You can spot a trend early if you’re trying to advise a client rather than having to wait for a monthly report to indicate that that trend exists.”

Although it will be easy to learn for people who are data-minded or analytical, “I think the average agent would probably require a little bit of training,” Foch adds. “I’m hoping to be doing some ongoing free training for the program in the new year.” 

Realtors can spend up to 35 hours on administrative tasks to close a single deal, according to Raz Zohar, who left his job in tech to work as an assistant in the industry to uncover its pain points. This realization sparked a “lightbulb moment,” inspiring him to create Mave—an AI-powered assistant designed to streamline tedious workflows and empower agents to focus on what they do best: serving clients and closing deals.

At its core, Mave uses AI technology to streamline tasks. Realtors interact with the tool through messaging platforms like WhatsApp or iMessage. For instance, an agent might text, “What’s the pet policy for ‘X’ building? When was it built? Does it have rent control?” Mave retrieves and organizes relevant information in seconds, enabling agents to provide instant answers to clients—avoiding the dreaded “let me get back to you” response.

Supporting agents in two key roles

Zohar identifies two primary roles agents juggle: consultant and marketer. Mave is designed to support both areas.

When representing a buyer, agents must act as consultants to help solve their problems, while for sellers, he adds, it goes beyond winning the deal. “Clients want agents to sell their property as fast as possible for the most amount of money,” Zohar notes.

Tasks that traditionally take days—such as creating social media strategies, filming scripts and promotional campaigns—can now be completed in minutes. Agents can quickly produce polished, branded content for platforms like TikTok, Instagram and email, driving engagement and results with minimal effort.

Mave is set up to adhere to brand guidelines for compliance. This means if agents need to market a property with, say, a social media post, a feature sheet or other collateral, they can text their request, and in a few seconds they’ll have branded content ready to go.

How Mave was born

Zohar’s curiosity was born from his own experience in buying a home—he knew his Realtor was working hard behind the scenes, but admittedly, he didn’t know what they were doing. He saw an opportunity for innovation in an industry often criticized for being slow to adopt new technology. 

He began with a question: What do Realtors actually do during those 35 hours? To understand, he quit his job in tech to work as a real estate executive assistant, immersing himself in the processes behind winning listings, staging homes, arranging repairs and managing marketing.

“The only way was to become someone in the industry doing the dirty work that no one sees.,” he explains. This hands-on experience revealed inefficiencies, particularly for brokerages grappling with shrinking margins and limited resources to hire full-scale marketing teams.

Agents often relied on outdated processes or had to wait days for in-house teams to deliver materials. With Mave, Zohar says those delays are eliminated, allowing agents to act quickly and decisively.

Adoption and growth

Mave started small but has rapidly scaled, onboarding nearly 6,000 agents across 90 brokerages in the Toronto area. Of the 1,000 beta users actively engaged, about 60 per cent use Mave daily, according to the company’s founder. 

Zohar emphasizes that trust is non-negotiable. “If an agent’s showing a home and Mave says it’s 10 bedrooms but it’s really one bedroom, you’re just not going to trust it,” he says. Mave’s engineers ensure data accuracy and train the AI to minimize errors.

Still, Zohar and his team see certain situations where AI needs to be fact-checked and reviewed “because it’s performing about 30 steps in one.” So, they advise users to thoroughly review any deeper analysis from Mave to be sure the results look right.

Collaboration with boards and data providers

The tool’s functionality hinges on partnerships with real estate boards and data providers. Zohar cites PropTx, a tech-focused initiative of the Toronto Regional Real Estate Board (TRREB), as an example of industry interest in innovation.

While TRREB President Jennifer Pearce clarified that the board has no formal partnership with Mave, highlighting in a statement, “TRREB is a facilitator of technology for our members who are permitted to have individual contractual agreements with Virtual Office Website providers of their choosing.”

Mave takes data security seriously, adhering to strict protocols from real estate boards and brokerages. “Whenever we onboard a brokerage, we must go through a legal process we’ve guaranteed with the boards to sign off on the right to access data,” Zohar explains.

Human touch meets AI efficiency

Despite Mave’s capabilities, Zohar believes human interaction remains at the heart of real estate. “Psychologically, consumers are going through what’s usually the most meaningful purchase of their lives. They want support, a human touch and to feel that there’s a trusted companion by their side. This isn’t going to change because of AI,” he says.

Currently, Mave has onboarded one thousand users in Southern Ontario to its beta program with plans for expansion across North America. 

Zohar’s ultimate goal is to reduce administrative time by up to 90 per cent. For now, Mave continues to refine its features and onboard more users, aiming to revolutionize real estate by giving agents their time back.

For years, Ontario’s real estate boards were the gatekeepers. Need MLS access? You joined the local board—no questions, no choices. But that’s history. Today, with most Ontario boards subscribing to PropTx, MLS services are no longer region-locked. Instead, the majority of Ontario Realtors are or will be soon, operating on the same shared MLS platform. 

Shared MLS access redefines membership value

This shift fundamentally changes the equation: the core value every board used to offer—exclusive MLS access—is now a standard feature across (most of) the province. So the question becomes: what else do boards offer, and is it worth the price? If boards want to keep members, they’ll need to bring something new to the table. They have to compete.

This competition should mean better pricing, improved services and tangible value. And it’s not just Realtors who will benefit; brokerages can too. In a standardized MLS world, brokerages now have the option to choose boards that best match their cost and service priorities, creating material savings for their agents. This choice gives brokerages a new edge in recruitment, allowing them to align with boards that deliver the best return on dues. In a market as tight as Ontario’s, this competitive choice is a recruiting advantage that’s as valuable as it is overdue.

Power through choice

But competition also empowers individual members. Not happy with the direction of your board? Feeling like your concerns are ignored, or that your dues aren’t delivering value? You no longer need to wait for quorum or for your brokerage to make the call—you can vote with your feet. The ability to choose a board that better aligns with your priorities creates a new level of accountability and responsiveness that was unheard of under the old system.

At the same time, this level of choice exposes the weaknesses in the current multi-board structure. Despite the increased pressure to compete, many boards are doubling down on costly mergers and amalgamations that fail to deliver meaningful improvements in service or value. If the goal is to provide better options for members, shouldn’t these efforts focus on addressing redundancies and inefficiencies at their roots?

And here’s the issue: despite the shifting landscape, only one board in Ontario seems truly prepared to compete at scale—TRREB. That is to say that there is likely not a board in Ontario that can offer competitive pricing even if all that is offered is the most basic of services. If most boards aren’t in the game to win, why are they spending valuable resources on mergers and amalgamations that won’t increase their competitiveness? At what point do realtors have the right to ask: where’s my money going, and why isn’t my board focused on delivering more value? 

Mergers without meaningful results

When I have this discussion with clients—whether broker/owners or franchise corporate offices—I’m often met with concerns that autonomy or culture is at stake, that a merger risks “losing the board’s unique character.” But let’s be clear: mergers and acquisitions are meant to add value, not size. If you’re a member of OnePoint, Central Lakes or any of the Eastern Ontario Boards, it’s fair to ask—what value is being added by these changes? Are these amalgamations truly making boards more competitive, is your dollar stretching any further when it comes to providing you value in your real estate business or are they just merging to delay the inevitable? Without measurable improvements, these mergers are little more than costly reorganizations, creating larger, equally uncompetitive boards that fail to meet members’ evolving needs. 

The concerns around autonomy and culture aren’t unique to large mergers; these challenges arise in smaller amalgamations, too. Boards are pouring resources into combining forces without a meaningful plan to compete on a broader scale, leading to expensive exercises that result in larger, but still uncompetitive, boards. If these mergers aren’t driving efficiencies, improving services or creating real value, they’re ultimately a waste of members’ dues.

The case for a single-board model

In the for-profit world, mergers are strategic, and designed to increase efficiency, expand market reach, or add unique capabilities. Successful acquisitions often preserve the best parts of a company’s culture and structure—consider Berkshire Hathaway, which buys companies but allows them to retain significant independence, or Disney’s acquisition of Pixar, where cultural preservation was a priority. These models thrive because they combine strengths without losing what made each company valuable in the first place. Ontario’s boards could—and should—take a page from these playbooks, focusing on creating competitive value and preserving unique benefits instead of just merging for the sake of consolidation.

If mergers aren’t solving the core issues—redundancy, inefficiency, and lack of value for members—it’s worth asking if there’s a better way forward. Rather than continuing to consolidate small, struggling boards into larger but still inefficient entities, consider a fundamentally different approach: moving toward a single-board model.

Provinces like Nova Scotia, Saskatchewan, Newfoundland and PEI have demonstrated the benefits of unified governance. A single, consolidated board eliminates duplicative costs and invests resources directly into what matters most for members—training, advocacy, and technology. This structure creates a streamlined system that serves the entire province’s interests while maintaining local insights and autonomy where it counts.

The business of boards and a call for accountability 

With one board, Ontario realtors could also overcome challenges tied to vote distribution and representation. Consider last year’s ORWP vote through OREA—a win that left many members questioning how the outcome was reached. A system incorporating referendum tools could have provided a broader and more equitable resolution. Unified governance simplifies decision-making, ensuring every member has a clear and equal voice in shaping the industry’s future.

The shift toward competition places a new and necessary responsibility on associations: they must operate efficiently. Just as businesses must streamline operations to stay competitive, boards must be prepared to deliver greater value and service—faster, smarter, and with a focus on real results. The boards that can’t meet this standard will inevitably be left behind, while those that embrace this challenge set a new bar for value and relevance in the industry.

Ultimately, organized real estate is a business. Realtors owe a fiduciary duty to clients, and our boards should behave no differently. Why should realtors accept less from their boards than they give to their clients? Realtors deserve boards that focus on tangible value, evolving to meet real needs rather than clinging to outdated structures or protecting internal interests.

Ontario’s real estate boards are at a crossroads. Realtors and brokerages deserve value, transparency, and innovation—not outdated systems. It’s time for boards to compete, consolidate or step aside for a streamlined provincial model that better serves its members.

This past year delivered a mixed bag for the Greater Toronto Area’s real estate market, with declining prices, mediocre home sales and an increase in average days on market. 

According to Wahi’s 2024 Housing Market Snapshot, early hopes for a spring rebound fell flat, and although rate cuts in the latter half of the year sparked some signs of life, they weren’t enough to drive meaningful growth. Buyers, however, benefited from a flood of inventory, keeping the market competitive and prices in check. 

Wahi’s post-mortem on the 2024 market includes TRREB data from Jan. 1 to Nov. 30, and compares it to the same time period in 2023. 

Prices down, sales flat across the GTA

The median sales price across the GTA dipped to $965,000, marking a 2 per cent year-over-year decline, while the total number of sales remained unchanged at 62,651. Homes took longer to sell, with the average DOM rising to 24 days (an increase of five days compared to 2023).

Among regions:

• Toronto saw a 2 per cent decrease in the median sales price to $888,000, while total sales also declined 2 per cent to 24,017.
• Durham posted a 3 per cent price drop to $860,000, and a 3 per cent jump in sales to 8,8682. 
• Halton’s median sale price fell 2 per cent to $1.08-million and a 3 per cent increase in sales to 7,7132.
• Peel’s median sales price dropped 2 per cent to $970,000 while the number of sales fell 2 per cent to 11,363.
• York also saw a price drop, down 3 per cent to just under $1.22-million, coupled with a 1 per cent decline in sale to 11,457.

Buyers had an advantage as inventory stayed high; the number of homes actively listed on the market remained above 20,000 from May onwards. 

The condo market remains under pressure

The GTA’s condo market underperformed compared to single-family homes, reflecting a 5 per cent decline in sales and a 3 per cent drop in median prices to $655,500. Condos also remained on the market longer, with an average DOM of 30 days (up seven days year-over-year).

High inventory levels in the condo sector, driven by new developments and investors offloading properties, contributed to downward pressure on prices. Wahi’s data shows that condos took nine days longer to sell than single-family homes on average. The company notes that GTA condo sales jumped to the highest level in three years over September, October and November. 

Single-family homes hold steady

Single-family homes displayed relatively more stability in 2024, with a 2 per cent year-over-year decline in median prices to almost $1.9-million, while sales rose 2 per cent to 39,576 units. This segment also saw a sharper recovery in the fall, as sales gained momentum during September, October and November.

Wahi identified the most popular communities based on its website’s search volume as well as neighbourhoods with the most sales. 

Most searched neighbourhoods 

1. Bowmanville (856 homes sold)
2. The Danforth (253 homes sold)
3. Jane and Finch (155 homes sold)
4. Bridle Path (seven homes sold)
5. Mount Pleasant, Brampton (481 homes sold)

GTA neighbourhoods with the most sales

1. Willowdale (1,134 homes sold)
2. Neighbourhood of Newmarket (922 homes sold)
3. Bowmanville (856 homes sold) 
4. Entertainment District (792 homes sold)
5. Neighbourhood of Aurora (754 homes sold) 

The fastest-selling GTA neighbourhoods

According to Wahi, It took longer for homes to sell in 86 per cent of neighbourhoods across the GTA in the third quarter of the year compared to Q3 2023, but in some areas, the average DOM was 10 days. 

Overbidding trends decline

For much of the year, the majority of the GTA’s approximately 400 neighbourhoods have seen prices bid down. As of November, 91 per cent of GTA neighbourhoods were in underbidding territory up from 88 per cent in October. 

A buyer’s market in transition

Wahi’s 2024 report paints a picture of a housing market in transition, characterized by more inventory and moderate price declines.

Wahi CEO Benjy Katchen sums up the year, saying in the report, “In 2024, Toronto homebuyers had more choice in the market than they have in years, with listings piling up to the highest level in recent memory.”