On Monday, Macdonald Realty Group of British Columbia announced the appointment of Dan Scarrow as its new president and chief executive officer. Dan succeeds Lynn Hsu, who will remain with the company as chair.

Scarrow’s track record

Scarrow has a long history with Macdonald Realty Group, having served as president from 2019 to 2022. For the past two years, he was president of Lyndan Properties, the company’s new real estate development arm with over $100+ million worth of projects in its pipeline.

“Dan has been a driving force behind our success for the past 15 years,” says Hsu. “With the establishment of Lyndan Properties and the continued achievements of Macdonald Realty, Macdonald Commercial, Macdonald Property Management and Macdonald Platinum Marketing, our position as BC’s leading real estate organization remains stronger than ever.”

Dan expressed his enthusiasm for the future: “It’s an honour to lead a company with over 80 years of history and an exciting path ahead. I believe the next chapter in Macdonald Realty Group’s story will be our most dynamic yet.”

Macdonald Realty has over 20 offices and 1,000 agents and staff and handles more than $10 billion in annual sales. Macdonald Commercial employs over 40 commercial agents across Vancouver, South Surrey and Victoria. Macdonald Property Management oversees properties valued at more than $6 billion and Macdonald Platinum Marketing has managed sales of over $2 billion in luxury new construction.

A recent Money.ca study revealed significant financial challenges immigrants in Canada face, including struggles with credit, money management and access to affordable housing. The survey gathered responses from 1,200 participants, offering an in-depth look at the obstacles new Canadians must navigate as they adapt to the country’s financial landscape.

“Financial literacy is not just about numbers; it is about making informed decisions, building financial stability and improving quality of life,” says Romana King, senior finance editor at Money.ca. “This data highlights the lack of accessible and comprehensive financial education for new immigrants, across the country.”  

Here are some key findings.

Housing affordability remains a major hurdle  

11.9 per cent of new immigrants reported difficulties when trying to rent or buy a home. Contributing factors included lack of credit history (low or no credit scores), high rental prices, dependence on a guarantor and the need for large upfront payments. Many also encountered barriers such as racial discrimination, language challenges and the complexities of the rental process.

Financial management skills lacking for many  

Nearly one-third of immigrants rated their money management skills as “average” or “poor,” indicating a knowledge gap. While 62.67 per cent felt confident in their abilities, 31.67 per cent considered their skills “average,” and 5.66 per cent rated them as “poor” or “very poor.”

Credit scores impact access to financial products

A quarter of immigrants have credit scores below 670, hindering their access to affordable financial products, employment and housing.

Additionally, only 12.48 per cent of immigrants knew that their credit score could impact their ability to rent a home. Gaps in understanding debt repayment, investing, and taxation were also prevalent.

“Achieving milestone goals, like finding housing in a new home country, requires access to helpful financial tools and products. From our research, it’s clear that new immigrants don’t have uniform access to these products or to information that can help them make informed decisions,” explains King. “This is a problem for all Canadians and a reason why we need to prioritize financial education to bridge gaps and foster a financially inclusive society.”

Realty One Group recently announced its new franchise model it describes as a “full-scale evolution designed to empower real estate professionals like never before.”

The company launched the model in response to the unpredictable real estate landscape, with fluctuating markets and evolving consumer demands. It says with its new model, business owners will attract and retain more agents, grow and be set up for long-term success.

How the model stands out

Realty One Group describes the new model as standing out because of its culture: a 100 per cent commission model and offering of business coaching, support, tools and marketing.

Chris MacLeod, a franchise owner at Realty One Group Iconic, shares his experience: “Since partnering with Realty One Group, I’ve seen incredible forward momentum across every aspect of my business.

The new franchise model is a game-changer, making it easier to attract top talent and scale our operations. The combination of innovative tools, unparalleled support and a vibrant ‘coolture’ has not only set us apart in the market but has also made our journey incredibly rewarding.”

MacLeod adds his team is progressing towards its goals faster than ever.

“We are so excited to be improving on our existing model as we expand across Canada,” Vicki Schmidt, CEO of Realty One Group Canada, adds.

“We are committed to being the best value in the market with an unbeatable brand presence and end-to-end technology solution, unlimited support and now an unbelievable new simplified fee structure allowing franchisees to focus on growing their business.”

Walkability: it sounds like a straightforward concept, but when you consider the diverse landscape within major Canadian cities, it’s not quite an apples-to-apples comparison.

Francesca Johnson, a realtor with Century 21 based in Calgary (which has a Walk Score* of 39), grew up in Manitoba. The difference between the two cities when it comes to defining walkability is indicative of each area’s respective urban areas — despite Winnipeg technically having a higher Walk Score (of 48).

“It takes half an hour to an hour to even get to the city from where a lot of people live because it’s very agricultural,” Johnson explains about Winnipeg.

She compares walkability to her current experience living and working in Calgary:

“I would break it open to three pieces: amenities, accessibility and safety,” she comments. “Are they taking good care of the sidewalks in the winter time, or are you going to be terrified that you’ll break your back on the way to work because they haven’t started it or they haven’t travelled it?”

Place-making and pedestrianization in Vancouver

On the West Coast, Vancouver (with a Walk Score of 80) is addressing its own questions about walkability with the City’s launch of the Water Street Pedestrian Zone pilot project over the summer in the popular Gastown area. The pilot converted a section of the street, formerly open to vehicle traffic, into a pedestrian-only area with public seating, market stalls and a free bike valet.

Nathan Hawkins, an urban planning student at the University of British Columbia, is involved with Vision Zero Vancouver, a non-profit organization that advocates for transportation systems that put safety first. He closely watched the pilot project in Gastown unfold throughout July and August.

“I love it,” Hawkins shares. “I think any change of use and pedestrianization of streets is fantastic from a safety and place-making perspective.”

Some businesses dissatisfied but pilot & walkability factor could help — not hinder — sales

Not everyone shares his sentiments, however. Some local businesses affected by the project have expressed their dissatisfaction with the changes, citing negative impacts on sales.

Having previous experience as a real estate project manager for a retail start-up in Canada, Hawkins takes an analytical approach in assessing any brick-and-mortar business’ sales success. This involves metrics such as month-over-month revenue, daily revenue, year-over-year revenue and basket size per sale/transaction. He believes that the pilot project, and subsequent walkability factor that comes with it, should actually help, not hinder, these businesses. 

“No business has the resources to be able to say this specific pedestrian pilot accounted for 80 per cent of their loss of sales this month versus last month. There’s just no way,” he adds.

Toronto: ‘So hard to get downtown’ and every commute minute matters

Adam Jacobs, PhD, the national head of research with Colliers, adds his insights into how walkability impacts the real estate market in Toronto (which has a Walk Score of 61), where he’s based:

“It’s so hard to get downtown here,” comments Jacobs. “It’s a difficult commute, there’s a lot of construction, there’s a lot of traffic and it’s getting harder and harder to get employees downtown.”

For businesses with offices in downtown Toronto, every minute matters. A Q1 2024 report from Colliers indicated that “an average lower commute time of 10 minutes is correlated to a two-percentage point lower market vacancy.” 

So how do these businesses decide on their next office space?

“(They think,) ‘Let’s make this as frictionless and easy as possible. I’ll pay top dollar to rent the building right next to the main train station’,” Jacobs explains.

Walkability impacting the market: A ‘wholly Canadian issue’

Whether you’re in Calgary, Winnipeg, Vancouver or Toronto, walkability plays a key factor in the real estate market. And while there are differences between each city, Hawkins sees this as a wholly Canadian issue.

“We as a country are very unwilling to invest deeply and make bold moves. Canada as a whole really approaches governance as, ‘We need to see somebody else do it successfully for 10 years and then we’ll do a milder version of what they did,’ and that’s exactly what’s happened with the Gastown pedestrian pilot,” he points out.

“I don’t think the City went far enough with it. They’re very averse to taking risks and doing things boldly, the way that other cities, like Paris, are willing to really invest in public spaces.”

Montreal: A potential source of inspiration

Widely known as one of the most walkable cities in Canada, garnering comparisons to other European cities like Paris, Montreal may be poised to serve as an inspiration point for the rest of the country.

With a Walk Score of 65 — lower than Vancouver’s — Montreal is one example of how numbers alone can’t tell the whole story or paint the full picture of a city’s accessibility and walkability.

Lea James, originally from Paris, lived in Montreal before eventually moving to Vancouver and currently advocates alongside Hawkins at Vision Zero Vancouver.

James believes that Paris and now Montreal increasingly becoming among the most walkable and bikeable cities taught us in the last few years that, “Without determined political powers and citizens pushing for healthier and safer cities, change will not happen.”

“A walkable city is the best advocacy for living in a sustainable way, connecting with our communities and enjoying healthier living, and that’s the winning recipe to make our cities durable and equitable,” James adds.

* Walk Scores sourced from walkscore.com

The Ottawa real estate market saw increased activity in August, with 1,100 homes sold, the Ottawa Real Estate Board (OREB) reports. This marks a 10.2 per cent rise compared to August 2023, though sales remained below both the five-year (-11.4 per cent) and 10-year (-14.1 per cent) averages for the month.

Year-to-date, Ottawa has recorded 9,444 home sales in 2024, a 6.0 per cent increase from the year prior.

Buyers remain cautious, advised to remain patient and work with realtors

“Being a seasonal market, it’s very encouraging to see sustained levels of activity throughout the whole summer,” says OREB president-elect Paul Czan. “And coupled with a third consecutive interest rate drop from the Bank of Canada, we are anticipating a heated market in the fall.”

While affordability remains a key concern for buyers, a steady stream of new listings and stable prices have kept them cautious. Czan notes that sellers must remain patient and work closely with realtors to price their homes appropriately and develop strong selling strategies.

Source: OREB

Price trends

Last month, the area’s composite benchmark price was $646,000, down by 0.3 per cent year-over-year. The benchmark price was $732,500 for single-family homes (-0.3 per cent), $502,200 for townhouse/row units (+0.3 per cent) and $416,800 for apartments (-1.2 per cent).

The average price of homes sold in August was $660,341, reflecting a 0.3 per cent increase from the year prior. Year-to-date, the average home price stands at $678,327, up 0.9 per cent from the previous year.

Inventory & listings

Ottawa’s housing inventory saw notable gains in August, with 1,907 new residential listings, 0.2 per cent more than the previous year. Active listings grew by 25.8 per cent to reach 3,324 units, while months of inventory rose to 3.0, up from 2.6 in August 2023.

The Quebec Professional Association of Real Estate Brokers (QPAREB) August market statistics show significant growth in both Quebec City and Montreal, thanks in part to recent interest rate cuts.

Quebec City: A strong market in expansion

Last month’s residential sales in Quebec City reached 626 transactions, marking a 10 per cent year-over-year increase — the second-highest transactional activity for this time of year.

Source: QPAREB

“The strength of the Quebec City market is impressive and is firmly positioned in an expansion phase. This situation is set to continue for some time as the downward movement in interest rates is well underway. All the more so since this strengthens the confidence of households and investors in a market where the sustained increase in property prices seems unwavering,” notes Charles Brant, QPAREB market analysis director.

However, Brant cautions that rising home prices, driven by limited inventory, could offset the benefits of falling interest rates, and affordability concerns are growing as the unemployment rate edges upward.

Montreal: Market recovery driven by rate cuts

Residential sales in Montreal totalled 2,991 in August, a 9.0 per cent increase from the same period last year. Brant attributes this growth to the Bank of Canada’s three consecutive rate cuts, which have given households more purchasing power despite the moderate rise in home prices.

Source: QPAREB

“The strength of the Montreal resale market contrasts with the decline posted by many other Canadian metropolises struggling with a much higher level of household debt, lower savings and diminishing purchasing power. All these factors limit transactional activity and contribute to more instability for mortgage renewals,” he adds.

“Montreal, unlike these markets, is benefiting and will benefit even more from the downward trend in interest rates. Buyers have more maneuvering room since household income tends to be similar to that of other major Canadian cities yet home prices remain almost half as high.”

Market highlights

Quebec City saw single-family home sales jump by 13 per cent, with a median price increase of 9.0 per cent, reaching $390,000. Condominium sales rose 7.0 per cent, with a 22 per cent median price increase to $279,500.

In Montreal, single-family homes saw a 9.0 per cent increase in sales, with the median price rising by 5.0 per cent to $590,000. Condominiums led the sales increase with an 11 per cent jump, reaching a median price of $407,100.

Active listings in Montreal grew by 18 per cent, while Quebec City saw a 13 per cent decline, reflecting low inventory in Quebec City and increasing supply in Montreal.

Get more details, including by province and city.

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.”

Last month, Saskatchewan reported 1,507 residential property sales, the Saskatchewan Realtors Association (SRA) reports.

This was a 7.0 per cent year-over-year decline but over 12 per cent above long-term averages, with August marking the 14th consecutive month of above-average sales. This is unlike other Canadian markets, SRA’s CEO, Chris Guérette, points out.

Relative affordability and strong employment continues to support provincial housing demand

The sales-to-new-listings ratio decreased from levels over the last few months, thanks to few new listings compared to sales.

This prevented an even greater monthly decline in inventory. That said, inventory levels still decreased by 17 per cent year-over-year and are 40 per cent below long-term averages.

“Saskatchewan’s relative affordability, when paired with employment gains and falling unemployment rates, continues to support strong housing demand in our province,” notes Guérette.

‘Very significant’ price growth in Saskatoon and Moose Jaw

Less supply, especially in the lower price ranges, are pushing prices upward: last month the province reported a residential benchmark price of $344,700, a 6.0 per cent year-over-year jump.

“Inventory levels remain over 40 per cent below average province-wide and in our two largest centres — and we’re seeing the impact that can have on prices,” says Guérette.

She notes that almost all regions of the province saw year-over-year price growth in August. This was as high as 11 per cent in Moose Jaw and 9.0 per cent in Saskatoon — something she describes as “very significant.”

Regina

Regina reported 387 sales last month, 8.0 per cent above year-over-year and 29 per cent above long-term trends. Year-to-date sales consist of 2,765 units, 15 per cent higher than last year despite ongoing inventory issues — levels declined by 22 per cent year-over-year and remain over 40 per cent below long-term trends. The city’s benchmark price was $319,700 in August, 3.0 per cent above the year prior.

Saskatoon

Saskatoon reported 457 sales last month, 13 per cent below year-over-year and 14 per cent above long-term trends. Inventory remains over 48 per cent below long-term trends, and Saskatoon still reports the province’s tightest market conditions. Its benchmark price was $404,900 in August, over 8.0 per cent above the year prior.

Review the full report, including by province, city, CMA/CA, economic region and census division.

Sotheby’s International Realty Canada recently announced the addition of the Scott Marshall Group to its national network. Based in Kelowna, British Columbia, the team brings expertise and roots in the Okanagan Valley.

“The addition of the Scott Marshall Group to Sotheby’s International Realty Canada reinforces our position as the premier choice for discerning clients seeking the highest level of real estate expertise,” says Don Kottick, president & CEO of Sotheby’s International Realty Canada. 

“Their proven track record of success and deep connections to the local community align perfectly with our mission to deliver unparalleled service and results across Canada.”

The team

Led by Scott Marshall, the Scott Marshall Group is known for its specialization in acreages, lakeshore, luxury and farmland properties. 

Marshall is a fifth-generation Okanagan resident with a real estate and farming family history going back to 1911. He has deep knowledge of the region and an educational background in real estate and finance from the University of British Columbia. For eight years, he worked with a large international real estate brand, where he achieved the top sales position among over 200 local agents and ranked second in sales for B.C.

Joining Marshall are two sales associates: Cole Young and Natalie Reichert. Young carries a mortgage broker license, an extensive background in finance, with a global perspective from his time in Singapore, and knowledge of investment banking, mortgage brokering and real estate. Reichert is a graduate of Kwantlen Polytechnic University and brings experience in international markets.

“I am confident that the Scott Marshall Group’s presence will bring immense value to the brand and further solidify its leadership in the Canadian real estate market,” says Nathan Flavel, regional managing broker, Interior British Columbia.

“We take pride in working with exceptional real estate leaders across Canada and we look forward to working together with the Scott Marshall Group to achieve new heights of success.”

Last month’s Metro Vancouver home sales stayed below 10-year seasonal averages, according to the Greater Vancouver Realtors (GVR). The region’s residential sales totalled 1,904, marking a 17.1 per cent decline from the 2,296 sales the year before and 26 per cent less than the 10-year seasonal average (2,572).

“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and data analytics explains. “With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.” 

Buyers’ hesitancy + new listing activity result in accumulated inventory & balanced market conditions

4,109 new listings for detached, attached and apartment properties were on Metro Vancouver’s MLS in August, a 4.2 per cent increase from the 3,943 properties listed the year before. Despite the increase, the total was 1.7 per cent below the 10-year seasonal average (4,179).

The total number of properties listed for sale stands at 13,812, a 37 per cent rise from August 2023’s total of 10,082 and 20.8 per cent above the 10-year seasonal average of 11,432.

For all property types, the sales-to-active listings ratio in August was 14.3 per cent. By category, it was 9.6 per cent for detached homes, 18 per cent for attached homes and 17.2 per cent for apartments.

“Buyers’ hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions,” Lis notes.

He says that with the Bank of Canada reducing the policy rate this month by another quarter percentage point, and with September being a time that often sees more seasonal sales, the fall market should bring more buyers off the sidelines.

Where prices landed

The composite benchmark price for all residential properties in Metro Vancouver currently sits at $1,195,900, 0.9 per cent less than August 2023 and 0.1 per cent less than July 2024.

By property type, detached home sales reached 509, a 13.9 per cent decline from 591 the year before. Apartment sales totalled 1,012 in August, 20.3 per cent less than the 1,270 sales in August 2023 and attached homes totalled 370 sales last month, 12.3 per cent less than the 422 sales of the prior year.

Review the full report here.