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.

It’s been an unusually busy fall for much of Canada’s housing market and some regions are experiencing extraordinary activity into December, sparking optimism for 2025. 

What’s buoying that sense of optimism is a number of policy decisions on the federal level that many say will continue to boost the market in 2025. 

Those include the continued easing of interest rates by the Bank of Canada and measures by the federal government in “delivering the boldest mortgage reforms in decades” to make it easier for people to buy homes.

Just how solid and healthy is the market?

November by the numbers 

Recent data released by the Canadian Real Estate Association showed that overall MLS sales in Canada of 37,855 in November were up 26 per cent from a year ago, led by whopping annual increases of 47 per cent in Montreal, 38.6 per cent in the Greater Toronto Area and 28.6 per cent in the Greater Vancouver Area.

Marc Lefrancois, broker/co-owner with Equipe Lefrancois in Montreal, said the market is bouncing back after a tumultuous 18 months. After the pandemic, sales volume dropped drastically. Recovery began last January. But September and October began to see the recovery in full swing.

“Instead of having a very typical quiet November and December, we’re actually really busy right now,” he said. “Obviously Montreal having a lower price point than Toronto or Vancouver creates a bigger mass of people that are going back to buying homes or creating their property.

“Right now, we’re busy as crazy. I’m a little scared and worried because I think my holiday season is going to be crap. But we’re really busy right now.”

Supply vs. demand

Lefrancois explained that, yes, there are many buyers coming to the market but there are also sellers, adding he’s done a record number of home valuations for December.  People are buying now because they believe prices are going to go up and they will have to pay more next year. Sellers are coming onto the market not to miss out on the demand. 

And while there are sellers, there aren’t enough.  “Prices are starting to go up again. The problem is that supply isn’t there,” he added.

Busiest December in a decade…for some

“The only year I can compare (November and December this year) is 2011. For a while, U.S. banks were in jeopardy and everybody was stressed out about the U.S. banking system (would) collapse. In Montreal, volumes went down to zero because people were worried about what was going to happen. When they realized the banks weren’t going to collapse, we got really busy. I remember that holiday period I was at the office every single day except for the 25th and the 1st. It looks and feels like that right now. The month of December has been the busiest probably in at least the last 10 years for sure.”

He said he usually lists three to four homes at the beginning of January, but this year he’s looking at 10 or 12.

Tim Hill, with Re/Max All Points Realty based in New Westminster. B.C., said the last four weeks have been busier than normal for this time of year, adding last year’s Fall market was rough.

“In the trenches here this year, I’m surprisingly busy right now. Typically middle of December we’re really quiet. Usually the beginning of December it slows down but the last four weeks have been super busy. People have been making offers, and getting deals done. The ones that are doing it are doing it in anticipation of further rate cuts next year and thinking to themselves that if they can get ahead of that curve and get in or get moved before there’s any potential of madness it will just be a calmer move and if the numbers make sense why not do it now, why wait basically,”  he explained.

He said there’s a pause right now in sellers listing their homes as they’re gearing up to go to the market at the beginning of January.

But it’s not the same in other cities. Randy Ryalls, Royal LePage Sterling Realty in Port Moody, B.C., said December hasn’t been a continuation of November in his market.

“But that’s not unusual. Things tend to slow down in December. People tend to turn their attention to Christmas. Our October was our best month and then November continued on that trend but to a lesser degree. Our October was up about 32 per cent over October 2023. November dropped off a little bit as is kind of usual this time year. December is certainly quieter in our experience,” he said, adding sales are probably just under the 10-year average.

“For the first time in a long time, at least in Greater Vancouver, we actually have probably a sufficient amount of inventory to not really get into a serious bottleneck.” – Randy Ryalls

Though Ryalls believes 2025 is going to be very busy as things are lining up that way with new lending rules to expand the market which is important to an expensive market like Vancouver. 

“For the first time in a long time, at least in Greater Vancouver, we actually have probably a sufficient amount of inventory to not really get into a serious bottleneck,” said Ryalls, adding there’s probably about two years of pent-up demand in the market.

Cameron Forbes, with Re/max Realtron Realty in the GTA, said sales so far this month are higher than a year ago. 

“It will be a month where unit sales are up just like October and November. I’m not sure it will be 40 per cent but 20, 30 per cent for sure. So the market is more active than December 2023. December is normally a slower month…but because we’ve had rate decreases it certainly has helped more buyers ask the question is now the time to buy, should I be back in the market, what can I afford,” he said.

Forbes expects increases in monthly sales into the New Year.

Positive outlook for 2025

Brayden Irwin, Broker with the Lome Irwin Team in Toronto, affiliated with Royal LePage, said there’s a much more positive outlook on the market and on the cost of debt, which obviously plays a big factor for a lot of people and how comfortable they are taking on an investment of this size and whether they can afford it. 

Prices have softened from 2022 highs and interest rates have likely peaked, so now’s probably a good time to buy if people want to try and get ahead of what could be a stronger spring market with more competition. 

“That’s probably what’s kind of fueled the market in 2024. I think a lot of people were expecting earlier on in the year that interest rates were going to come down sooner than they did and so that forecast kept getting pushed out, pushed out, pushed out, but obviously over the last three interest rate announcements they’ve accelerated the amount that they’re decreasing them each announcement,” added Irwin. 

He said the mortgage reforms are intended to make housing more accessible allowing more people to be able to participate.

“And if more people are participating and we’re not able to keep up with the supply, then that should lead to an increase in prices. I think that is what most people are anticipating is going to happen over the next year.  So pretty positive outlook when you’re looking forward.”

A “tremendously busy December for sales” for Calgary Realtor

Joel Semmens, with Re/Max House of Real Estate in Calgary, said his sales, which concentrate on higher-end and inner-city properties, experienced a slight pullback in volume from September to November.

“But oddly December we’ve been run off our feet again in terms of sales. It was almost like a bit of a delayed market. I think the interest rate cut as another half a point has kind of helped fuel the market back up and it’s been a really tremendously busy December for sales,” he explained. “Busier than we typically get.

“I think we’re going to have a very busy market starting by mid-February. I think we’ll see an uprise in terms of people bringing their houses to the market to beat the spring and summer rush. I think we’re going to see more inventory coming to the market in February and March…It’s going to be a strong market.”

Renata Reid, senior vice president of Sales with Sotheby’s International Realty Canada in Calgary, says she’s seeing a “phenomenal” December, “with multiple offers still happening right now, which is unusual for this time of year.”

Reid adds, “And our market was already crazy. It’s going to be a really hot market for Calgary going forward.”

A newly designated provincial flood zone in Quebec has sparked concerns and anger across the real estate industry.

The Quebec Professional Association of Real Estate Brokers (QPAREB) says the new zone affects 77,000 properties potentially impacting property values, complicating insurance coverage and destabilizing the market.

“We applaud the government for seeking to implement long-term solutions to counter the very real impacts of climate change,” says Nathalie Begin, president of QPAREB’s Brokerage Practices Committee. 

“However, it is crucial that mitigation and supportive measures be developed to support homeowners affected by the new mapping and to preserve property market stability. The government can continue to count on our complete cooperation in this regard.”

Frustration and anger among Quebecers 

Begin notes the expansion of the map is causing frustration. “A lot of people in the province are pissed off because we had a map before but they’ve added a lot more properties on the new map,” she explains

“Most of the people now in the flood zone it’s their only asset in life,” she said. “A lot of people have been living (in their homes) for a long time. For now, the problem is, because the map is already out, all the insurance companies, (and) the lenders will decide if they want to put some insurance or accept a mortgage on a house, they are looking at this map.

According to Begin, the lack of clarity from lenders and insurers has stalled some transactions. “We don’t have any news about what the lenders are going to do, what the insurers are going to do and we don’t have any programs by the government that’s going to help those people.”

In Sainte-Marthe-sur-le-Lac, Begin notes “almost all the properties are now in the flood zone. People over there are crying because they don’t know what they’re going to do.”

QPAREB’s recommendations

QPAREB has submitted a brief to the public consultation on modernizing the province’s regulatory framework for water environments and flood-prone areas. 

The brief indicates that the new flood zone now covers 55,000 more properties than previously.  

The association is recommending the government implement mitigation measures to relieve the already shaky real estate market and help Quebec homeowners affected by the regulatory framework.  

“This loss of property value will clearly have an impact on the tax revenues of municipalities, which are already facing serious financial difficulties. This is a major issue, since the estimated total value of properties in flood-prone areas under the new mapping is around $18.4 billion,” according to QPAREB.

 “Moreover, owners of homes in the zones newly identified as flood-prone could have serious difficulty should they wish to sell their property. The perception that a flood risk exists, even if this is considered a low-recurrence possibility, can be enough to dissuade potential buyers.”

Recommendations and measures proposed by QPAREB include:

• The Quebec government should establish financial assistance programs to support affected homeowners.
• Financial institutions and insurers should publicly disclose their policies regarding properties in flood-prone zones.
• The government should implement a “resilience certification” program, as suggested by Professor Michel Leclerc of the Institut national de la recherche scientifique, to recognize properties that have been retrofitted for flood protection.
• A public awareness campaign is needed to clearly communicate the impacts of the new regulations to affected residents.

National perspective on climate resiliency and property values

Pierre Leduc, spokesperson for the Canadian Real Estate Association (CREA), shared that CREA is gathering data to evaluate the impact of labelling properties in high-risk zones. “CREA fully recognizes that extreme weather events are happening around the country that are having a direct impact on housing and continues to support efforts to address climate resiliency of Canadian homes,” he wrote in an email statement.

Leduc says CREA collaborated with Natural Resources Canada on “A Homeowner’s Guide to Energy Efficiency,” which aims to inform buyers and sellers about energy-efficient upgrades to make homes more resilient.

“Moreover, CREA is in the process of developing a ‘green’ designation for Realtors which will allow Realtors to better assist their clients (in recognizing) home improvements that make their homes resilient to extreme weather events and more energy efficient.”

In an email, Canada Mortgage and Housing Corporation said it “undertakes and supports research that deepens our understanding of challenges such as extreme weather events and adapting to climate-related risks in the future.”

In an email, Canada Mortgage and Housing Corporation (CMHC) stated it supports research on challenges such as extreme weather and climate adaptation.

 A CMHC study, conducted with the Intact Centre for Climate Adaptation and the University of Waterloo, explored the impacts of catastrophic flooding in Canadian cities including Grand Forks, Burlington, Toronto, Ottawa, and Gatineau. Findings showed that catastrophic flooding led to:

• An 8.2 per cent reduction in the final selling price of homes,
• A 19.8 per cent increase in time on market,
• A 44.3 per cent reduction in the number of houses listed for sale.

Challenges with real estate data on flooding 

Alan Tennant, CEO of the Calgary Real Estate Board, cited the lack of current, credible data as a major hurdle, and noted the flood that devastated Calgary in 2013. 

“We’ve had a huge desire to have maps of that nature and frankly crime statistics and traffic volumes. Those kinds of things are important bits of data that our members are thirsty for because their clients want them.,” Tennant explains. “But it’s getting that credible source that keeps them current and a lot of government agencies aren’t equipped to do that,”

Tennant said a common question is what impact the big flood has had on real estate in the city but there really isn’t any great data on that.

“Most of the time it’s sort of anecdotal,” he said.

Aahil Matcheswala and Tracey Choy built their property management and investment business, Dongle Capital, from their home base in Kitchener-Waterloo. They started by renting out their basement’s single room on Airbnb to overseeing about 60 properties across the country.

The pair call themselves “the Airbnb experts,” with their bread and butter being helping residential owners manage their properties on a short-term rental basis. 

The service

“That basically includes everything,” says Choy. “Someone just has a home. They want to put it up for short-term rentals. They don’t know how. They don’t want to take care of it. They hire us and we’re going to help them, give advice on how to furnish it, make sure that it’s visually and operationally ready for a short-term rental.

Then we create the listing for them. We onboard it completely so we take care of all the guest communication, prepare them for check-in, check in with them during their stay and after they check out, assess for any damages and basically reset the whole property (for the next rental).”

The journey: ‘We didn’t have the real estate investment or business mindset whatsoever … it changed quickly’

The duo’s concept began at the end of 2020 when they bought their first home for $600,000 outside of Toronto after renting and working corporate jobs downtown in the city. They started by renting out a room in their new home on Airbnb. Despite having no prior experience, their first Airbnb brought in $5,000 a month, with expenses of just $2,900. This sparked an interest in property management, and soon friends and family were asking them to manage their properties.

“We didn’t have the real estate investment mindset or business mindset whatsoever, but when we saw that type of cash flow come in, it changed really quickly and we bought a second property and did the same thing basically,” recalls Choy. “One thing led to another and we were able to create a business out of it.”

Future growth on the horizon

Today, they own two properties and manage about 55 units with 75 per cent of them in Ontario and the rest in Nova Scotia and New Brunswick. The business is now generating about $500,000 annually in revenue.

Matcheswala and Choy see future growth on the horizon for the business, which is averaging about two units per month, between 20 and 25 for the year, Matcheswala notes.

Here’s what it takes

“You need really good people that you work with, our teammates. People that we hire, our team that helps us carry out all the property management tasks, and also other subcontractors like cleaners and property managers,” he points out.

Matcheswala explains their value-add and how they’ve kept a lean team is the fact they only have two virtual assistants and leverage technology in every business aspect.

“The first piece is your property management software. Hospitable plays a key role. It’s all reactive stuff because you can’t really control everything and people are going to ask you questions,” he explains. On top of the scheduled messages that go out, he says the program allows them to create property manuals and “basically do a brain dump of all the information you have about the property. It will help you answer questions, create drafts all on its own using AI.”

Tech software is also used in several other areas — including the process of cleaning the properties when people check out to get units ready for the next rental. It also helps with pricing, providing market data for different times of the year.

The business charges a commission anywhere from 15 to 20 per cent of the nightly rental rate. Most clients are more like mom-and-pop operations or small real estate investors with a handful of properties.

Client considerations: What makes a suitable property?

Choy notes that many things must be looked at when they onboard a property or consider if it’s suitable for Airbnb rentals. 

“We have to analyze the design of the property — not that it needs to be super modern, high tech or anything — but it has to appeal to the masses, even if it’s not the owner’s style. (So) there’s a lot of convincing and discussion with the owner about this.”

This means stripping away the personal attachment they have to the property, as it’s now becoming a business. Choy notes this is especially true these days with people being pushed to putting it up for cash flow because of rising interest rates.

“There’s a lot of discussion around security on the property, where our outdoor camera is going to be placed, what type of security locks we need, which is actually one of the big aspects for us,” she explains. “We can never take on a property where an owner is not willing to change the front locking mechanism there from a key to a specific smart lock because that smart lock needs to do a couple of things, (including) hold a lot of different codes.” 

Key elements of successful property management companies

When asked about what makes a property management company successful, Matcheswala mentions the industry has been a very unprofessional one. That makes communication key, which means responding to clients on a timely basis.

Choy agrees that communication is important, also noting resiliency, or “thick skin” being a key element of a successful property management company.

Although Dongle Capital is in the hospitality industry, it serves many real estate investors. “That’s kind of where the lines get blurred,” she points out. “But at the end of the day, it’s customer service. And the customer’s always right, even if it’s not your fault.” Having that thick skin has allowed the pair to be really creative and quick on their feet, Choy says.

Since moving his well-established real estate brand from Re/Max to eXp Realty last fall, Calgary realtor Justin Havre has been an ambassador for the relatively new, independent company trying to upend the status quo across North America.

At the time, Havre had a team consisting of 60 agents and 18 staff. 

New model, different fit

Havre’s team has been very successful, selling almost 9,000 homes in Calgary since 2016. For five consecutive years, they were named Re/Max’s #1 Large Team in Canada in Closed Transactions. They left Re/Max First with $4 billion in sales volume in Calgary and surrounding areas.

Today, his team at eXp, the Justin Havre Real Estate Team, has 90 agents. 

In Canada, eXp continues to grow with the recent addition of Toronto’s Polsinello Team, which Havre helped recruit to the brand. With 25 agents, last year they achieved 218 closed transactions totaling $213 million in volume.

“Finding a brokerage that offered more in terms of commissions and benefits was our top priority and eXp Realty fit the bill perfectly,” says founder and team lead Frank Polsinello in a news release. “We are very conscious of what’s best for our agents. The idea of a retirement fund and revenue share made a huge difference in our decision.” 

Likewise, Havre notes that other teams choose to partner with eXp because they see the business model is for them and their agents who go on to become partners.

Future plans: ‘The sky’s the limit’

Havre explains his future plans are to continue to impact the people he chooses to partner with. 

Goals for the Justin Havre Real Estate Team also include creating a great client experience and delivering results that both buyers and sellers are seeking in the marketplace while continuing to evolve and adapt to the constantly changing real estate environment, “whether that comes with utilizing technologies, different brokerage models and/or marketing tools to ensure that we are top of mind in the marketplace but at the same time creating the (right) client experience.”

Havre’s mission is to provide the tools, resources and development for all agents so they have what they need to navigate the ever-changing real estate landscape.

“One thing we do quite well is training and developing our agents, whether they’re experienced or new to the industry,” he explains. “I’ll continue to grow as long as we find the right people. I’m never going to say no to aligning myself with people who have the skills, the talent and the ambition to grow a successful real estate business. How many agents is that going to be? The sky’s the limit, really.”

Super or ‘mega’ teams with 200+ agents to come

Havre thinks the industry will see the formation of super, or mega, teams in the future with 200 to 300 agents.

“I do believe that a lot of brokerages are recognizing it’s incredibly challenging to run a profitable business but at the same time provide all the tools and resources to support their agents,” he points out.

“Because the margins are so small and tight in that brokerage model, this is where the so-called ‘disruptors’ like eXp come into play, (to) actually provide better support, better tools, better technologies and resources that will help agents’ businesses for a lot less.”

Another benefit he cites is the fact that all agents partnered with eXp have ownership in the company.

Havre could have gone the route of creating a brokerage, but he says eXp made more sense for being able to grow his business and attract people to a model.

‘It‘s a business that’s here to stay. It’s a business that more and more agents are looking to’

Being a large independent real estate company with more than 87,000 agents in over 20 countries, eXp continues to scale internationally. It gives realtors the unique opportunity to earn equity awards for production goals and contributions to overall company growth.

“There are a lot of misconceptions, a lot of fear-mongering from the traditional brokerages, which is unfortunate. I may have been one of those people myself because I wasn’t informed,” Havre admits.

He feels that as more people get educated and begin to understand this model — a model that he stresses isn’t going anywhere — one of the things he’ll look at is publicly traded companies.

“I would say that people on Wall Street are pretty smart. And when you can look at a Re/Max with 140,000 agents with a market cap of around $250 million compared with, for instance, a company like eXp with 87,000 agents having a market cap of nearly $2 billion, that has to say something about what kind of a business model it is.

And it’s not going to be gone tomorrow — it‘s a business that’s here to stay. It’s a business that more and more agents are looking to.”

Havre explains that if people open their eyes to study the model without judgment and once they start to see and understand how it works, “The ‘light bulb moment’ will go off. Part of me moving over also opened many people’s eyes. There must be something to this model.”

Returning to original brokerages for ‘the professionalism of the people, the vibe feeling like family and the services provided’

As with anything else, finding the right brokerage is a personal decision that looks different for every agent and industry professional.

For example, Teri Shaw, a realtor with Royal LePage State Realty in Ancaster, Ontario, moved over to eXp in February 2020 from Royal LePage but returned in December 2020. Shaw has been a realtor for 17 years. She joined Royal LePage State Realty in 2015.

She says the decision to join eXp wasn’t her choice as she had a business partner at the time who was “gung-ho” on the idea.

“I just went with it,” says Shaw, adding that her experience with the brand was “not great.” “But, in fairness, they were new to Ontario. So the professionalism that I was used to from Royal LePage, which is amazing, was not there with eXp.”

Shaw ended her business partnership and stayed with eXp for a couple of months after that. “Then, I needed to go back to somewhere I felt was a better fit for me,” she recalls.

Shaw cites the professionalism of the people she had worked with at Royal LePage and the vibe of the brokerage which felt better suited to her, feeling more like family, as key factors in her decision to return.

“Also, I felt the services provided by the brokerages were more in line with who I was than eXp. I want to sell real estate. I didn’t want to recruit people and it felt like eXp was a recruiting (place). Get more people to join. And that’s not what I wanted to do — it wasn’t for me,” notes Shaw.

“I wanted to talk to a real person, but every time I’d have a question about something I’d call and they’d say you have to go into the ‘eXp world’ and chat with someone there. I didn’t want to do that. I wanted to be able to pick up the phone and call my manager to get my question answered immediately.”

That said, Shaw recognizes they may have improved upon this by now. “I’m not knocking them. There were some quite nice people that worked there and everybody was helpful, but at that time they were not ready for the growth that they were experiencing.”

While there were early signs of renewed momentum in June following the Bank of Canada’s first interest rate cut since 2020, activity in Canada’s housing market took a pause in July, according to data released earlier this month by the Canadian Real Estate Association (CREA).

“With another rate cut announced on July 24, we’ve now seen two rate cuts in a row, and the expected pace of future policy easing has steepened considerably, with markets now anticipating rate cuts at every remaining Bank of Canada decision this year,” Shaun Cathcart, CREA’s senior economist, says in a statement.

“Combine that with a record amount of demand waiting in the wings, and the forecast for a rekindling of Canadian housing activity going into 2025 has just gone from a layup to a slam dunk.”

According to CREA, in July:

• National home sales decreased 0.7 per cent month-over-month
• Actual monthly activity was 4.8 per cent above July 2023
• Number of newly listed properties was up 0.9 per cent month-over-month
• MLS Home Price Index was up 0.2 per cent month-over-month but was down 3.9 per cent year-over-year (benchmark price was $718,700)
• Actual national average sale price ($667,317) was down just 0.2 per cent year-over-year

Uptick in market interest since interest rate cuts

Phil Soper, CEO of Royal LePage, says there has been a material uptick in market interest since the Bank of Canada started cutting interest rates. 

“Our principal portal which is royallepage.ca is the busiest real estate company portal in the country. Not as busy as realtor.ca … Every week I get an update from our IT team on royallepage.ca and we’ve seen a material uptick in viewership and engagement in our planning tools.”

Soper notes that a leading indicator is the increasing number of people using the site is unusual for August: “August is typically a very slow month. Things pick up at the end of August and into September. It’s indicative of re-ignited interest.”

He says the final leading indicator is the brand’s showings system, which clients use to book property showings with their realtors: “We saw an uptick in that in July. There’s clearly more interest and I believe it’s related to three principal things.

One, variable rate mortgages are cheaper given that the bank rate has come down. Two, fixed-rate mortgages are cheaper given the state of the bond market and the slowing economy — we’ve seen a real material drop in the popular five-year fixed. The third is building demand. We had this very large influx of new Canadians in 2022 (and) 2023 — a record. That’s going to put pressure on the entire housing ecosystem.”

Soper says demand is building and it will be released at some time. There will be an uptick in sales volume triggered by cheaper borrowing and pent-up demand should result in a busy fall. 

He believes those most impacted by higher interest rates, the overall lack of consumer confidence in the economy and the housing market in general are predominantly renters or first-time homebuyers. “That’s a big piece of the puzzle.”

Alberta, Nova Scotia, New Brunswick strong while Ontario struggles

Listings are going up because existing homeowners are seeing some positive indicators. However, Christopher Alexander, president of Re/Max Canada, says province by province is a different story.

“The year started off with a bang. Lots of anticipation that the Bank of Canada was going to start a series of rate cuts in the spring. That never materialized so you had this kind of malaise and slowness for several months, and then a strong majority of economists were insisting there would be rate cuts in June, so the market almost stopped in May. Then we got the rate cut and it really did nothing, but after the second rate cut we’re seeing renewed activity,” he notes.

“Alberta has been strong. New Brunswick and Nova Scotia have been pretty strong. Ontario has really struggled with slower market conditions.”

Alexander expects the market will see a renewed sense of urgency from buyers. 

“We’ve got a lot of inventory, so that should keep prices in check for the foreseeable future. We’re expecting more rate cuts and I think once the overnight rate gets to around four per cent, we’ll see sustained activity. All the indicators are showing we’re entering healthy territory again which is a good thing,” he says. 

‘End of the slump in most of Canada by end of this year’ but deeper rate cuts needed

Robert Hogue, assistant chief economist with RBC Economics, described the Canadian real estate market as slow, generally speaking, with obviously some variances across the country. Prices are mostly flat and some condominium prices are under pressure.

“We’ll need more interest rate cuts to get the market going,” he notes. “It’s a fairly slow grind this summer but it remains our view that as we get more rate cuts it’s going to translate more into lower mortgage rates, and that should get the market going a little faster.

We’re not expecting a big boom or anything like that but it will be the end of the slump in most of Canada by the end of this year.”

Hogue says the Bank of Canada’s interest rate cuts in June and July likely marked a turning point for struggling housing markets across the country, but so far the impact has been mixed. He says it will take deeper rate cuts to meaningfully reduce ownership costs and stimulate homebuyer demand more broadly.

“Supply, on the other hand, continues to grow. In some cases, such as in Toronto, it reflects the completion of many newly built units (mainly condominiums) that owners (mainly investors) are looking to offload. In other cases, it could be sellers betting lower rates will spur buyer interest and improve sale outcomes. In some, it may be a sign of homeowner distress arising from high rates,” notes Hogue.

He goes on to say that the balance between supply and demand varies considerably from market to market. “Conditions in Calgary, Edmonton and, to a lesser extent, Montreal favour sellers. It’s the opposite in the Toronto area where buyers have the upper hand — albeit just barely. A tenuous equilibrium holds in Vancouver.”

However, Hogue also points out that home prices have generally levelled off since spring. “Calgary — Canada’s housing hotspot — remains an exception, though gains have moderated recently. We see flat price trends persisting until larger rate cuts heat up demand more materially.”

Total listings up nearly 23%, sales-to-new listings below long-term average but balanced

According to CREA, at the end of July, there were about 183,450 properties listed for sale across Canada, up 22.7 per cent from the prior year but still about 10 per cent below historical averages (more than 200,000 for this time of the year). New listings were up slightly by 0.9 per cent month-over-month. 

The national sales-to-new listings ratio went down 0.8 per cent from June to 52.7 per cent last month. CREA notes the long-term average for the national sales-to-new listings ratio is 55 per cent, with a ratio between 45 per cent and 65 per cent generally consistent with balanced housing market conditions.

The real estate industry in Canada is adapting to a new and growing trend in the marketplace: multigenerational living. More and more Canadian families are seeking creative housing solutions in light of today’s affordability challenges.

Tim Syrianos, owner of Re/Max Ultimate Realty based in downtown Toronto, says the trend is evident in his market and will continue to impact the real estate industry in the coming years.

“Affordability, or the lack thereof, has definitely driven the consideration for multigenerational living. We are seeing it in neighbourhoods where you haven’t seen it before,” he explains. “You’re seeing types of homes that were single-family being topped up and having the lower level completed, and now you have two to three units where families are able to live together.”

Multi-unit homes with unconventional layouts

A trend he also notes is larger homes in more luxurious neighbourhoods being built to include more than one unit — in some cases, as many as three.

“Based on the cost of housing today, this is something that is definitely going to be considered by many families. There’s been conversation in the past about the bank of mom and dad helping kids — maybe the bank of mom and dad will not help them buy another home but instead, renovate an existing home that allows them to be together. This way, it helps (both) the parents as they’re aging and the younger generations as well.”

Syrianos points out that people looking at these properties might not realize they’re multigenerational homes. Instead of having the traditional single door in front of the home, there are perhaps two double doors side by side with a bay window. One door could go straight upstairs while the other door goes to the main floor and lower level.

He says builders are starting to build homes with this in mind. “Builders are being contracted specifically for it. They’re not really going to market and build them as common. They’re being contracted for that for the most part at this point,” adds Syrianos. 

“There are builders that I know and I have personally spoken to that are specifically building those types of opportunities for people, but not in the luxury market as much as we’ll say the ‘missing middle’ market.”

Not enough homes for multigenerational living: Finding solutions

Richard Mariani, sales and marketing manager for CountryWide Homes, says there are not enough homes being designed properly for multigenerational living, since much of the land isn’t conducive for that particular layout.

“But it’s something we felt the market had been requesting and the feedback from our sales team was that we had a lot of buyers coming here and looking to upgrade their house to a larger one. Maybe their in-laws or their parents are getting older, they have an older house (and they) sell both of their houses and buy one from us. We allow them to do that with certain options,” says Mariani.

Recently, the builder broke ground on Sora Vista, a new community in Vaughan, which addresses some of the housing challenges and encourages multigenerational living with fully customizable floor plans.

‘We have to think differently and the buyer has to think differently to come up with solutions’

The multigenerational living trend is happening because of challenges in today’s market with elevated interest rates of recent years. This puts constraints on what people can afford. “We have to think differently and the buyer has to think differently to come up with solutions,” Mariani points out.

For example, homes are built with higher ceilings, allowing buyers to acquire more square footage and the potential to finish the basement to accommodate multigenerational living. Side-door entrances and separate staircases from the mud room off the garage or the side entrance of the house go right into the basement.

“We try to explain and illustrate to these buyers that we’re not just selling houses. This is an asset that’s so valuable to everyone. Everyone needs somewhere to live. You can put two families together, make it economically feasible and have some extra income generated. We’re trying to make everyone win here,” adds Mariani.

He explains that costs aren’t changing — they’re still high, whether for materials or labour — so they’re constantly thinking of innovative ways to give people shelter and be creative.

“That’s how a lot of immigrants start in this country: they live together. It’s nothing new that we’re talking about. People have been coming to this country, they live with family or friends until they can save up enough money, they all work and they all get jobs. We try to give people opportunity in this country no matter where they’re coming from … We want to provide shelter for them and make it affordable in the best way possible by coming up with these new creative building solutions.”

49% of those living with co-owners bought together because they couldn’t afford to on their own

Karen Yolevski, COO of Royal LePage Real Estate Services Ltd., notes the company did a co-owner survey in 2023 which shows that multigenerational households are now the fastest-growing household type in Canada.

“This trend is growing,” she says.

The survey found that 56 per cent of co-owners own a home with their parents or their parents-in-law, while 18 per cent co-own with their adult children. This doesn’t mean they’re all living together — in some cases, it’s for financial support. 

Yolevski says the survey indicated that, of those who live with their co-owner(s), 49 per cent purchased with another party because they would not have been able to afford to on their own. “Especially in Canada, we’ve always seen some multigenerational living. (It’s) very common, particularly in some cultures to have multigenerational living,” she points out.

“Because of the price of houses and the difficulties that particularly first-time buyers are having getting into the market — because it’s very difficult to save up the down payment and purchase prices are so high, (and) it can be difficult to qualify for the mortgage as well — we’re going to continue to see people make this decision based on financial reason. So, finances will be the driver behind multigenerational living.”

Yolevski also feels there will be different formats of the co-owner living arrangement. “We’re not just going to see parents and children living together, but we’ll see more instances of friends investing in a property together, we’ll see more instances of siblings investing in a property together. Different household formation patterns will come out of this.”

As president of the Ontario Real Estate Association (OREA), Rick Kedzior wants to concentrate on the organization’s member-focused strategic plan. His goal is to guide it to deliver its mission of supporting realtors in helping people find a home.

“I just want to leave organized real estate in a better place than I started four years ago (as a member of OREA’s board),” he states.

What OREA’s been up to

Kedzior says this has been working out, although the provincial association had “a bit of a rough year” in 2023 with the Ontario Realtor Wellness Program.

“Some of our members weren’t in favour or big supporters of it. That made it a bit of a tougher year. So this year, we’re out there mending some fences, improving our brand, providing guidance for our membership to continue to raise the bar on professional standards and advocating for home ownership policies,” he explains.

Kedzior notes the three pillars of the organization are advocacy, forms and clauses, and leadership training for all 29 real estate boards in the province.

Housing affordability: Ontario industry’s biggest challenge

As for the biggest challenge faced by the Ontario industry today, he says it’s the affordability issue.

“I’ve got a couple of kids in their early 30s. I look at them and what the real estate market in Ontario has done since 2021 when there was a big change in terms of pricing and craziness, and I wonder if my kids are ever going to be able to afford homeownership. That’s a real concern for me and I think for a lot of people,” says Kedzior. “This is definitely a concern for us at OREA.”

A 30-year career including giving back to the profession

Kedzior has been active in the real estate profession since 1994. He’s a Broker with Re/Max Aboutowne Realty Corp., Brokerage in Oakville, and a member of the Oakville, Milton and District Real Estate Board (OMDREB), where he was president in 2018 and 2000 and served as chair on various committees, including MLS, By-law and Professional Standards.

Kedzior also previously served as president of the Oakville Chamber of Commerce and director at the Ontario Chamber of Commerce. He recently served as director-at-large and president-elect at OREA. Then, he joined OREA’s board in 2020 and became president earlier this year.

“I’ve always been a volunteer. I’ve always thought that you need to give back to the profession that you’re in,” says Kedzior.

He believes real estate is all about meeting people and developing relationships. “The more people you know, the better off you’re going to be in terms of helping them. But that’s not the reason why I volunteer. I’m just a consummate volunteer. I think you’ve got to give back, try to make the profession better when you leave it.” adds Kedzior. 

He says some of the newer agents don’t have an interest in volunteering, which to him is “scary.” For example, OREA needs volunteers to keep the organization going. “It’s not always about making money. It’s about giving back. To me, it’s been a great career in real estate so I feel obligated to volunteer as well.”

‘Working with the public … something I enjoyed from banking days and I always had this fascination about real estate’

Kedzior was born and raised in Hamilton, where his parents immigrated in 1949. During World War II, his parents were each captured by the Germans and ended up working on a labour farm in Germany, where they met. His father was Polish and his mother was Ukrainian. They married in Germany and came to Canada after the war.

Kedzior’s background prior to real estate is in the financial field. He explains he managed a couple of community credit unions, one of which was in Oakville.

“When Re/Max opened up their branch or offices in Oakville, I established a relationship with the owner. He ended up banking with me so I had their trust and general accounts and handled all their banking needs,” he says.

Then, after five years of managing their accounts, the owner talked Kedzior into becoming a realtor. “I always enjoy working with the public. That was something I enjoyed from my banking days and I always had this fascination about real estate.

As a banker, I dealt with a lot of his agents financially as well, so I thought this looked really easy, real estate. Little did I know that looking from the outside in, it was easy to think that but it was not as easy as I thought it was. It wasn’t easy at all. I thought if I don’t take the plunge now I probably would never be able to.”

At that time, Kedzior was married with two young kids. He wondered what he should do. Ask his wife about changing careers knowing she was risk-averse and that she’d probably say no? Instead, one day he came home and told her this was what he was doing. In sharing this story, he jokes about the saying, “It’s better to seek forgiveness than seek permission.”

“She’s still my wife, that’s one good thing,” laughs Kedzior. “She wasn’t too happy about going from an every two weeks paycheque to commission, but it all worked out.”

Editor’s note:

On June 5, 2024, at the SGM, BRREA’s membership installed a new board of directors. Learn more here.

On May 14, 2024, LSTAR shared the following statement from Kathy Amess, LSTAR 2024 chair:

“LSTAR thanks everyone who joined us for the May 13 Special Meeting. Nearly 700 members attended, with another 244 members voting via proxy. It was the largest attendance recorded at an LSTAR event, with 937 voting delegates, and it was a very productive and respectful meeting.

During a question-and-answer open forum, the delegation received responses to 40 questions that had been submitted by members, with additional questions and comments shared throughout the forum. With respect to the proposed motions, the board of directors was pleased by the overwhelming vote of confidence, with 83 per cent voicing their opposition to removing the board. In addition, the proposed motion requesting the resignation of LSTAR CEO Bill Madder never even made it to the floor, because no one came forward to make the motion.

The LSTAR Board of Directors has a clear path forward and we look forward to continued engagement with the membership, to deliver what our members need and expect from us, to lead LSTAR into the future.”

Special general meetings (SGMs) are being held in the near future by the London and St. Thomas Association of Realtors as well as the Brantford Regional Real Estate Association to discuss how decisions are being made in those organizations.

The LSTAR meeting is scheduled for today, May 13, while the BRREA meeting is on June 5. 

“A Special Meeting of London and St. Thomas Association of Realtors (LSTAR) members has been called. LSTAR respects that this is a members’ only meeting, so details are reserved for the members of our association. We look forward to what we anticipate to be a well-attended, interactive meeting with our members,” says Kathy Amess, 2024 LSTAR chair, in a statement.

LSTAR meeting motions for consideration

In a document obtained by REM, the Notice of Meeting cites several motions to be considered, including that:

• All changes to MLS or LSTAR services/MLS or LSTAR providers/MLS systems be communicated to the membership and brokerages in an item-specific email and news alert outlining the benefits and disadvantages at least 30 days prior to any contracts signed, changes implemented or contracts terminated
• LSTAR revoke the notice of termination from the Information Technology Systems of Ontario (ITSO) (and) immediately take the required action to extend the service from ITSO to December 31, 2024
• The board strike a task force to review all the currently available MLS platforms in Ontario and the decision to move to the PropTx MLS System
• The board undertake a full governance review by a qualified independent third-party
• The board be immediately removed and an election of directors be held immediately with nominations of potential directors from the floor at this meeting
• Bill Madder CEO of LSTAR be requested to resign from his position with LSTAR

Last fall, LSTAR announced it was joining the PropTx MLS service along with other real estate boards, including the Toronto Regional Real Estate Board.

‘Ontario-wide MLS listing system is the way to go, but not by one board saying ‘our way or no way’’

Jim McCarvell, an associate broker with Re/Max Centre City Realty Inc. in London, has been a member of LSTAR since 1982. He says two main issues have raised concerns with fellow realtors.

“This is the second time, probably within 12 months, that the administration of LSTAR is trying to jam something down the throats of the members without any input and without any regard,” he explains. “The first one was an insurance program (the Ontario Realtor Wellness Program). Our board just says it’s going to cost you $500 a year and too bad, so sad. There was a big chunk of people that said, ‘My wife works as well and she’s got a good plan so we’re going to stay with that.’ They basically told you, ‘Who cares? It’s going to cost you if you like it or not.’”

The second issue McCarvell points out is about amalgamating with the Toronto system: “They had four people out of 1,500 test the system on a very time-limited basis and they got back all kinds of feedback. They already had one meeting and it was sort of forced on them.

The microphones were just lined up. People were clapping for the resistance. Booing. They brought in a lawyer. They brought in an official MC and this sort of stuff. They knew it was backfiring on them — that there were just too many people ready to stand up and say ‘enough is enough.’”

McCarvell says an Ontario-wide MLS listing system is the way to go, but “not by one board jamming it down everybody’s throat saying, ‘It’s our way or no way.’”

BRREA meeting called to remove and install new board of directors

Ryan Campbell, real estate broker with The Crew Real Estate at Real Broker Ontario Ltd., in Paris, Ontario, says the BRREA meeting was called to remove the current board of directors and install a new board due to the current board’s handling of its MLS provider agreement. A two-thirds vote of those members in attendance plus proxy votes is needed to remove the board. 

“BRREA’s current contract with ITSO is expiring in August and rather than sign another contract, the current board decided that we should use PropTx, the current provider for TRREB. This would leave us without a data-sharing agreement with the boards that surround Brantford where our agents do a good deal of business as well, (like) Waterloo, Hamilton, Burlington and Simcoe,” he says.

Campbell explains that the surrounding boards decided to amalgamate into the Cornerstone Association of Realtors (CAR). “I hosted the presidents of these boards at my office for an information session for interested agents last month. They informed us that they have a data-sharing agreement with the ITSO boards but not with PropTx at this point.”

He says the primary issue for the agents that called for the SGM is data and the idea of needing a dual membership to access the boards surrounding them. “We are a one-member, one-vote board and the question was asked if the board needs the membership’s vote to change MLS providers. The answers given were unclear about whether this was required.” This is what led a group of members to call for the SGM and bring the issue to the membership.

“Since this issue has arisen, three members of the board have resigned and new members were appointed by current board members. A commitment was made to take another look at the PropTx agreement (it’s a 10-year commitment and some members were uneasy about the length) and a task force was to be formed regarding amalgamating with CAR.”

Response from BRREA

In an emailed statement, David DeDominicis, president of BRREA, says special meetings of the membership are available as an option to members who have an item they would like to see debated or an action they would like to see taken.

“In this instance, a minority of members have raised concerns with ongoing discussions between the board of BRREA and the board of PropTx. It is factual and well-known that the board is engaged in contract negotiations to transition to this platform; however, at this time, no contract has been signed with PropTx and BRREA continues to be in the process of negotiating the best deal for our members,” he says.

The statement goes on to say: “BRREA recognizes the MLS landscape in Ontario is changing and it is the board’s responsibility to ensure our members are best served by the platforms and services we use. After a lengthy review of the MLS platforms surrounding our regional jurisdiction, it was determined that PropTx, under the correct terms, is the best option for our members.

The volunteer board members of BRREA are informed in their evaluation not only by their expertise as local realtor members but also through the continuous conversations they have with the membership of our organization. The board’s highest priority is always finding the best value for our members and ensuring every decision made has the best interest in mind for the membership.”

As a former managing broker and realtor, Trevor Koot’s nearly two decades in organized real estate gives him hands-on expertise in understanding the profession’s needs.

Today, as CEO of the British Columbia Real Estate Association (BCREA), Koot says he really believes that his role is not a tangible thing. 

‘(I’m) as much a critic of the industry as (I am) a champion … that balance makes me a better leader’

“It’s not to say this is what I do. What I like to think is that my role is to facilitate conversations that create impact for the industry,” he says. “That can change. That can look like a lot of different things but really it’s just having conversations with the right stakeholders at the right time to ensure that the industry is progressing, that consumers continue to be served by realtors in the future and that realtors have a place within the ecosystem of real estate transactions.

And we do that by creating impact, by knowing what changes need to happen, by facilitating those changes but also standing up for the industry when it comes to making those changes.”

Koot says he is as much a critic of the industry as he is a champion. Making sure that he can wear both of those hats to create that impact is important to him. “I think that balance makes me a better leader in this industry,” he points out.

Experienced ‘all of the beauty that is Canada’ between three coasts

Koot has lived in five provinces and one territory. He was born in Simcoe, Ontario and moved to Frobisher Bay, Northwest Territories (now Nunavut) when he was still young, grew up in New Brunswick, lived in Alberta, started his career in Saskatchewan and then moved to B.C.

“I’ve gone coast to coast to coast and experienced all of the beauty that is Canada,” he says.

Koot received a Bachelor of Science in kinesiology with a minor in mathematics from the University of Saskatchewan, and he recently completed a Master of Business Administration through Royal Roads University. Koot is adding to his extensive education through his current pursuit of completing a Master of Laws degree at York University.

Getting into real estate

He got into the business of real estate initially in Swift Current, Sask. after getting his real estate license in 2005. Koot began with Re/Max and then bought a Century 21 brokerage in 2007. He also started a property management company in between and grew that to 1,000 units in five Saskatchewan cities. While there, he was chair of the Saskatchewan Real Estate Commission for five years and played a key role in redrafting provincial real estate regulations during his tenure.

Prior to taking on his role at BCREA in 2022, Koot served as CEO of the Kamloops and District Real Estate Association for four years and the Kootenay Association of Realtors for three before successfully merging the two into the Association of Interior Realtors.

“I’ve worn all of the hats,” says Koot, who has been a competitive bodybuilder on the international stage. He also has had an acting career and owned a gym and supplement store called Iron Office. This was all in place while living in Saskatchewan before Koot decided to move to Kamloops.

‘My priority is to make sure the realtor continues to be central to the real estate transaction’

“I really believe there’s a future that exists without realtors. There is a future that can happen where realtors don’t (even) exist … let alone being part of the transaction,” Koot explains. “My priority is to make sure that’s not the future that transpires. My priority is to make sure the realtor continues to be central to the real estate transaction.”

He says the biggest challenge the industry faces today is the desire for and connection to legacy, and protectionism to the existing models that come with that. 

“It’s hard to convince stakeholders to embrace change when the primary role that they see for themselves is to protect the way things are. That’s going to be the biggest challenge for any leader in the real estate sector or the industry at large. It’s to create an environment where they can actually convince the folks who are being impacted by change to embrace that change because of a bigger outcome because of that future state.

Organized real estate is really, really good at celebrating legacy and protecting the existing structure, and that will be the demise of the sector if that’s the sole focus.”

Other major industry challenges

Koot notes there are fewer realtors today stepping up to be a managing broker. A large number of current managing brokers are reaching retirement age and looking at exit strategies. He feels there’s a lack of conversation around succession planning for brokerages and for the role of managing brokers.

“And I really think that this is potential for a kind of perfect storm that’s either going to challenge the industry or require regulatory intervention to make sure there are enough managing brokers moving forward,” he predicts. “When we talk about challenges or things on the horizon that I see being major and very impactful, that would be another one.”