Home of the Week, 1739 Trapper's Trail,Sotheby’s International Realty Canada
This week, the real estate community in Ontario is demanding answers from their regulator regarding the collapse of one of the largest brokerages in the province. Plus, why Vancouver and Toronto are more unaffordable than New York, and one property worth a look.
Analysis
Vancouver and Toronto outpace New York in home unaffordability. Here’s why
Vancouver, Los Angeles and Toronto consistently rank among the least affordable cities in North America.DARRYL DYCK/The Canadian Press
A comparison of the largest cities in Canada and the United States underscores an uncomfortable truth: housing in Canada is deeply unaffordable, writes Hanif Bayat. Vancouver, Los Angeles and Toronto consistently rank among the least affordable cities in North America. For years, some have argued that Toronto and Vancouver’s high housing costs are natural for “world-class cities.” But that logic collapses when New York and Boston – true global hubs – are more affordable. Incomes in Canada’s biggest cities are also lagging behind home prices. Without decisive action, housing in Canada’s largest cities will remain out of reach for most young Canadians, widening wealth gaps as more people are shut out of real estate’s wealth-building opportunities. Read the full analysis here.
This week’s lowest fixed and variable mortgage rates in Canada
The Bank of Canada will review three more major data releases before it makes its next rate decision on Sept. 17.Evan Buhler/The Canadian Press
Markets are still largely expecting that the Bank of Canada will hold interest rates when it convenes in three weeks, but the odds of a cut are now higher than they’ve been for much of the summer. As Salmaan Farooqui writes, there’ll be three more major data releases in the coming weeks that could affect the central bank’s decision, which will be announced on Sept. 17.
First, the gross domestic product report for the second quarter of 2025 will be released on Friday, followed by federal jobs numbers next week on Sept. 5. A weak showing in those two reports could further strengthen the case for a rate cut.
Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on Thursday, Aug. 28.
Left empty
Vancouver tries to get a handle on its empty-building problem
A dilapidated house in Mount Pleasant that's been vacant for many years. It's one example of an unknown number of vacant buildings in Vancouver.Kerry Gold/The Globe and Mail
In Vancouver, buildings are often left empty or mostly empty by landlord-owners who may be putting off redevelopment due to low demand and high costs. But it’s not known why many buildings are left empty for so long, and empty buildings are a danger and a potential blight that can lead to urban decay. As Kerry Gold writes, the city is responding to the problem with a new task force. There are numerous reasons a property might be left vacant by its owners. It’s difficult to lease a space that’s up for future redevelopment. And an empty residential building is sometimes less costly for the owner than a building filled with tenants who, if the property is redeveloped, may require compensation according to city policy. Experts say that given the scope of the undertaking, it will take months to determine the exact number of empty buildings in Vancouver.
The Listing
Realtors question Ontario regulator’s handling of iPro collapse
The Real Estate Council of Ontario announced Aug. 26 it was freezing bank accounts related to iPro Realty and initiating an outside review of its own conduct.PATRICK DOYLE/The Canadian Press
Ontario realtors are demanding answers for the handling of the collapse of iPro Realty Ltd., even as the Real Estate Council of Ontario, or RECO, takes dramatic steps to respond to the widening scandal. As Shane Dingman writes, questions about who knew what and who did what and when have grown in volume in the weeks since Aug. 14, when RECO publicly announced more than $10-million had gone missing from trust fund accounts at iPro, which was one of the largest brokerages in the province with more than 2,400 realtors and brokers. Read more about the collapse and RECO’s response here.
Home of the Week
An energy-sipping straw house in the woods
Home of the Week, 1739 Trapper's Trail,Sotheby’s International Realty Canada
1739 Trapper’s Trail Rd., Dudley, Ont. – Full gallery here
The seven-bedroom home nestled deep in the woods near Halliburton, Ont. has a surprising secret – its structure is largely built out of prefabricated straw panels. The current owner, a custom-home builder, wanted to test the materials sourced from Eastern Europe on his own home before offering it as an option to clients. The design of the almost-10,000-square-foot home included some creative choices to reduce energy on insulation and lighting – the attic is insulated with sheep’s wool, for example. Heating is provided by an in-floor system, but in the kitchen, a narrow space-age-looking wood-burning fireplace offers a little rustic charm and a cherry glow when lit. The lower level is built directly on top of a huge rock outcropping. The stone is a natural heat sink, keeping the room cool – and is pretty helpful for the wine cellar, too.
Guess the price
c. The asking price is $5.95-million.