The housing market in Norfolk County, Ontario, showed renewed energy in September 2025, as both sales and new listings moved upward, while prices held steady. 

Sales Strengthen

Home sales in Norfolk County climbed sharply, rising 23.3% compared to September 2024 and marking the strongest month since May and the best September since 2021. Activity also sat more than 22% above the five-year average for September, underscoring stronger-than-usual demand heading into fall. Year-to-date sales remained virtually unchanged from 2024, showing that the September rebound helped stabilize overall annual performance.

Rise in Listings

Sellers returned to the market in large numbers, with new listings up 28.4% year-over-year and exceeding the five-year average by more than one-third. The September total represented the highest number of new listings ever recorded for the month. Active inventory rose 11% from last year and now sits roughly 49% above the five-year average, reflecting a deep pool of available homes for buyers to choose from.

Even with this influx, months of inventory declined slightly from 6.0 to 5.4, suggesting that stronger demand helped absorb some of the additional supply. The market remains looser than historical norms, and still above the long-term average of 3.5 months, but it has begun to edge toward balance.

Prices Hold Steady Despite More Supply

Home prices in Norfolk showed modest downward adjustment compared to a year earlier. The MLS® Home Price Index composite benchmark stood at $560,200, down 4.3% year-over-year. Single-family homes followed closely with a 4.2% dip, while townhouse and row units saw a larger 9.7% decline. The average sale price for all homes was $628,948, a 2.2% reduction from September 2024. However, that figure remains 24% higher than five years ago and more than 130% higher than a decade ago, highlighting how far the market has advanced over the long term.

Market Conditions

The sales-to-new-listings ratio in September settled at roughly 44%, reflecting continued buyer advantage but showing gradual tightening from earlier in the year. Compared with 2024, the ratio and months-of-inventory figures suggest a market in transition that is still buyer-friendly but showing signs of stabilization. Drew Hemsley, Cornerstone’s spokesperson for the area, summarized the trend as “a market that continues to favour buyers but is slowly inching toward more balanced conditions”.

Norfolk County’s September 2025 data portrays a market regaining momentum. Sales volumes are up sharply, inventory remains high but manageable, and prices have softened only slightly at a time when many parts of Canada have seen declines. The overall tone is one of gradual normalization, as buyers retain leverage, but the renewed pace of transactions and consistent pricing hint at an approaching equilibrium as fall progresses.

Within Port Moody’s most anticipated master-planned community, Umbra at Portwood brings together architecture, nature, and community in a way that feels both effortless and intentional. Developed by EDGAR Development and designed by Acton Ostry Architects, Umbra blends Scandinavian simplicity with the relaxed elegance of the West Coast, creating a calm, contemporary space.

A Green-Centric Community in the Heart of Port Moody

Umbra is part of Portwood, a 23-acre sustainable neighbourhood designed to harmonize with its natural surroundings. Just minutes from downtown Port Moody, the community provides a rare opportunity to enjoy close access to nature without losing touch with urban convenience.

Over 70% of Portwood is dedicated to green space, ensuring a lush, tranquil environment for residents. The master plan includes rehabilitated environmentally sensitive areas, such as restored streams and urban forests, as well as a 1.5-kilometre nature trail that weaves through the community. This trail connects art installations, active play zones, and serene walking paths, forming a natural rhythm to daily life.

Residents are close to two new neighbourhood parks, playgrounds, and multi-use trails that encourage walking, cycling, and outdoor recreation. Instead of traditional paved streets, Portwood’s design integrates accessible pathways that enhance connectivity while maintaining a pedestrian-first environment.

Urban Convenience and Local Character

Portwood is a complete neighbourhood. With approximately 14,000 square feet of retail space, a café, and a grocery store, daily essentials are only steps away. Families benefit from a 12,000-square-foot daycare centre, while recreational amenities like a multi-sport court, water play area, and community plaza encourage spontaneous gatherings and social interaction.

Commuters will find Portwood exceptionally well-connected. The community is near Moody Centre, Burquitlam, and Inlet Stations, offering direct access to the SkyTrain’s Millennium Line and the West Coast Express. Whether heading to Vancouver for work or exploring Port Moody’s celebrated Brewer’s Row, residents are always within reach of where they want to be.

Prioritized Sustainability

Umbra is a six-storey collection of residences and townhomes designed with sustainability and comfort in mind. Built to Step Code 3, these homes exceed standard building code requirements for energy efficiency through superior insulation, airtight construction, and advanced low-carbon heating and cooling systems, which help reduce energy use, lower utility costs, and maintain consistent indoor comfort throughout the year. Residents also have access to five shared e-bikes, a bike repair room, and EV-ready parking in every stall. The thoughtful design and energy-conscious features create homes that are both modern and environmentally responsible.

Amenities for Quality Living

The building is organized around a central garden courtyard, a green, open-air space that encourages residents to relax, socialize, and enjoy a connection to nature without leaving the community. 

The outdoor amenities extend across 18,000 square feet and include spaces for outdoor dining, BBQs, and communal games, as well as lush decks ideal for relaxing or stargazing. Indoors, Umbra offers over 2,700 square feet of shared lounge areas, including a children’s playroom, coworking lounge, and a 1,000-square-foot fitness facility. Every detail supports a balanced lifestyle, whether it’s unwinding, working, or socializing.

The community also includes a car wash, dog wash, and secure storage options, reflecting the property’s commitment to a high standard of living.

Sophisticated Interiors with a Sense of Ease

Umbra’s interiors, crafted by award-winning designer Cristina Oberti, offer beauty, comfort, and quality. Each home features air conditioning powered by a variable refrigerant flow system for efficient, low-carbon climate control. Expansive windows and lofty ceilings fill the suites with light, while laminate wood flooring and oversized entry doors create a sense of modern elegance.

Homeowners can choose between light and dark interior palettes, each accentuated by Italian cabinetry from Armony Cucine, quartz countertops, and Fulgor Milano integrated appliances. Kitchens are designed for both beauty and functionality, with ample storage, sleek finishes, and well-placed lighting that enhances the atmosphere.

Bathrooms continue the theme of refinement, featuring floating vanities, porcelain tile floors, and Kohler matte-black fixtures. Ensuite designs add smart storage and spa-inspired details such as Acritec soaker tubs and modern shower wands.

Security and Flexibility

Residents at Umbra enjoy peace of mind through secure key-fob access, video surveillance, and controlled elevator entry. Each home includes one parking stall, one storage locker, and one bike space, with additional parking available for select homes. Rentals are permitted, providing flexibility for investors and homeowners alike.

Residences and Townhomes for Varied Needs

Umbra offers a mix of residences and townhomes ranging from 557 to 1,669 square feet, with layouts that adapt to different stages of life. Rentals are permitted. 

Residences include one- and two-bedroom configurations, most with flex rooms that can serve as offices or creative spaces. Upper-level homes feature vaulted ceilings, while outdoor decks and balconies extend living space into the open air.

The townhomes, ranging from three bedrooms plus flex, are designed with growing families in mind. These homes offer private entries, concrete construction on the lower levels, and spacious patios with gas outlets, making these spaces ideal for entertaining or relaxing outdoors.

Developed by EDGAR

Behind Umbra stands EDGAR Development, a company known for creating meaningful, future-focused communities since 2009. Their guiding principle of “Build to Thrive” reflects a dedication to quality, longevity, and environmental stewardship. With a portfolio that includes The Duke, The Hendrix, and The Clifton in Vancouver, as well as The MacLaren in Edmonton, EDGAR has established itself as a leader in urban design and thoughtful placemaking.

Every EDGAR project is rooted in a deep respect for its surroundings, ensuring that the architecture complements the neighbourhood rather than overpowers it. Umbra continues this tradition, merging architecture, landscape, and community in a seamless, enduring way.

A Contemporary, Connected Community

Umbra at Portwood delivers a combination of sustainable design, thoughtful amenities, and flexible, high-quality homes. With occupancy expected in January 2027 and an average projected ROI of 22.36%*, it offers both lifestyle and long-term value, providing residents with a modern West Coast community that integrates nature, convenience, and comfort.

*The financials/returns provided are taken from Investor’s Playbook; these are forecasts only and are based on historical assumptions and are for informational purposes only. It should not be considered or relied upon as advice by Playbook Media Corp. and its affiliates (collectively, “Playbook”) and should also not be considered as a substitute for professional advice or recommendation on real estate investing. Playbook Media Corp. and its affiliates (collectively, “Playbook”) shall not accept any responsibility or liability of whatsoever nature for or in connection with any use of or reliance on the forecasts and/or historical assumptions for this or any real estate development project. Nothing here is or shall be considered as any recommendation or offer or solicitation to offer of any investment product.

As global temperatures rise and heat waves become more frequent, real estate investors face a changing climate that affects both risk and return. Buildings designed for past weather conditions are already showing higher energy costs, more frequent maintenance issues, and lower tenant comfort. In contrast, properties built with heat-resilient design and modern cooling technologies can reduce long-term expenses, maintain asset value, and attract stronger tenant demand. 

Passive Strategies That Reduce Cooling Demand

A building’s envelope, or the layer that protects the interior, including its walls, windows, and roof, is the first defence against extreme heat. High-performance insulation, airtight construction, and continuous thermal barriers prevent outdoor heat from entering and keep cool air inside. Passive design features such as building orientation, deep overhangs, and cross-ventilation can lower indoor temperatures naturally, reducing the need for mechanical cooling. Materials with thermal mass, such as concrete or brick, absorb heat during the day and release it at night, keeping interior temperatures more stable. These features not only cut energy use but also extend the lifespan of HVAC systems, reducing both capital and operating costs over time.

Glazing, Shading, and Façade Innovation

Windows are a common weak point in heat management, but newer technologies have transformed their performance. Modern glazing with low solar heat gain coefficients and spectrally selective coatings lets in light while keeping out unwanted heat. Double- and triple-pane windows offer better insulation and noise reduction. Exterior shading systems such as louvres, brise-soleil, or even strategically planted vegetation block sunlight before it reaches the glass. Automated façades and responsive shading systems can adjust in real time to changing weather, improving comfort and efficiency. For investors, these improvements lead to happier tenants, fewer temperature complaints, and greater long-term appeal.

Efficient Cooling Systems and Decarbonization

Traditional air conditioning is energy-intensive and increasingly costly as fuel prices fluctuate. Newer systems like variable refrigerant flow (VRF) technology, high-efficiency heat pumps, and dedicated outdoor air systems separate ventilation from cooling to achieve higher performance. Radiant cooling, which uses chilled ceilings or floors, can maintain comfort at warmer air temperatures while using less energy. Pairing these systems with on-site renewables, such as solar panels, and electrification strategies reduces dependency on fossil fuels and aligns assets with tightening emissions standards. The result is lower energy bills, smaller carbon footprints, and compliance with evolving building performance regulations.

Cool Roofs, Green Roofs, and Smart Materials

The roof plays a major role in heat management. Cool roof coatings reflect sunlight, reducing the roof’s surface temperature and the amount of heat transferred indoors. Green roofs add an insulating layer, absorb rainwater, and cool the surrounding air through evapotranspiration, while also extending the lifespan of the roof membrane. More advanced technologies, such as phase-change materials embedded in walls or ceilings, absorb excess heat during peak hours and release it later, helping maintain stable indoor temperatures. These design choices improve comfort and protect the building structure, while lowering long-term maintenance costs.

Smart Controls and Occupant Comfort

Modern heat-resilient buildings rely on intelligent systems to stay efficient. Building automation systems monitor temperature, humidity, and occupancy to adjust cooling and ventilation in real time. Demand-response systems can temporarily lower power use during peak grid periods without sacrificing comfort. 

When tenants have access to local controls and clear communication about how temperature is managed, satisfaction improves and complaints drop. Additionally, smart controls lead to lower operating costs, earlier detection of maintenance issues, and stronger documentation of energy performance for lenders and potential buyers.

Urban-Scale Site Design and Microclimate

A building’s surroundings also influence its heat resilience. While different locations can make this difficult, site planning that incorporates trees, reflective pavements, and water features helps cool the local environment and reduces the urban heat island effect. Strategic building orientation and spacing can improve natural airflow and support passive cooling methods. These design elements enhance both livability and the broader community appeal.

The Business Case for Heat-Resilient Investment

Investing in heat-resilient design may add modest upfront cost, but it pays off through lower operating expenses, reduced equipment wear, and better tenant retention. Buildings that use less energy are less exposed to volatile utility rates, while efficient cooling systems and durable materials minimize unplanned maintenance. Many insurers and lenders now recognize resilience features and may offer better terms for properties that demonstrate reduced climate risk. When selling, many of these features may increase desirability for a quicker sale. Over time, these advantages help investors secure stable income streams and higher resale values.

Design Choices That Protect Value

As temperatures climb, resilience will separate assets that endure from those that decline. Investing in heat-ready design future-proofs portfolios against the realities of a changing climate and positioning for strength in the markets ahead.

The Government of Ontario has announced a proposal to rebate the full 8% provincial portion of the Harmonized Sales Tax (HST) on new homes purchased by first-time buyers, marking one of the most significant housing affordability measures in the province in years. Announced on October 28, 2025, the initiative aims to reduce the cost burden facing those entering the housing market for the first time. The measure will apply to new homes priced up to one million dollars, while homes priced between one and one and a half million dollars will see a gradual phase-out of the rebate.

This proposal aligns directly with the federal government’s earlier decision to eliminate the 5% Goods and Services Tax (GST) on new homes valued up to one million dollars for first-time buyers, as outlined by the Department of Finance Canada. Together, the combined federal and provincial measures could reduce the overall tax burden on qualifying purchases by as much as 13%, producing total savings of approximately $130,000 on a one-million-dollar home.

The provincial government has framed this as part of its broader strategy to make housing more attainable for Ontarians and to encourage the construction of new homes, as well as to keep more young people and families in Ontario rather than losing them to more affordable provinces. 

Policy Context and Implications

The structure of the rebate is consistent with the federal model introduced earlier in 2025, ensuring consistent eligibility criteria and minimizing administrative complexity for buyers and builders. To qualify, the purchaser must be a first-time homebuyer, and the home must be newly built, intended to serve as the buyer’s principal residence. The rebate is applied to the 8% provincial component of the HST, while the federal GST component is addressed under Ottawa’s program.

The combined effect of these measures represents a substantial reduction in tax exposure on new-home purchases at entry-level price points. In practical terms, this means that a buyer purchasing a newly built home for one million dollars could save roughly $80,000 from the provincial rebate alone, in addition to the $50,000 in savings from the federal rebate. For many first-time buyers facing high borrowing costs, this could significantly improve purchasing power and expand the pool of those able to qualify for financing.

The measure also carries broader macroeconomic implications. Ontario’s new-home market has been under pressure throughout 2025, with sales activity subdued and housing starts at multi-decade lows. By targeting the first-time buyer segment, the government is effectively trying to reintroduce momentum at the base of the market, where activity can have the strongest multiplier effect on both supply chains and employment. 

Industry Response

The Residential Construction Council of Ontario (RESCON) has endorsed the announcement, describing it as both timely and necessary. In an official statement, RESCON President Richard Lyall commended Premier Doug Ford, Municipal Affairs and Housing Minister Rob Flack, and Finance Minister Peter Bethlenfalvy for introducing the proposal, calling it an important step in addressing the province’s housing affordability crisis. Lyall noted that first-time buyers make up roughly 35% of all new-home purchasers but have been “particularly hard hit” by record housing-cost-to-income ratios that have moved beyond historic norms.

Lyall also emphasized that the timing of the policy is critical, given the “grim” outlook for the residential construction sector. Housing starts in Toronto, he said, are approaching a thirty-year low, with new-home sales effectively stalled. He argued that the provincial move, especially when coupled with the federal rebate, will provide tangible relief to both buyers and builders. According to RESCON’s analysis, taxes, fees, and levies currently make up about 36% of the total cost of a new home in Ontario. Reducing that tax load, Lyall said, is the most direct way to improve affordability and to encourage the construction of more housing.

At a recent RESCON-sponsored housing summit, industry professionals identified taxation as one of the most significant barriers to building new homes; this rebate is a step toward lowering that barrier, although RESCON maintains that deeper reforms are still required. Lyall stated that the organization will monitor the impact of the measure and continue advocating for further structural changes to address the regulatory and fiscal constraints that continue to limit new supply.

Potential Impacts

The government’s goal is to stimulate both demand and supply by reducing taxes for those most likely to purchase newly built homes, thus enabling projects that might otherwise have stalled. For first-time buyers, the initiative directly lowers the upfront cost of ownership, while for builders, it may revive sales activity in price ranges that have been hardest hit by higher borrowing costs and economic uncertainty.

Ultimately, the success of the measure will depend on its implementation details and market response. If buyers and builders both benefit as intended, Ontario could see renewed construction starts and stronger buyer confidence heading into 2026. However, as RESCON has cautioned, tax relief alone cannot overcome the layered challenges facing the province’s housing system. The organization suggests it must form part of a coordinated set of policies, combining financial incentives, regulatory streamlining, and infrastructure planning, to restore balance between supply and demand in Ontario’s housing market.

On October 23, 2025, the Ontario government unveiled a new package of proposed measures under draft legislation, the Fighting Delays, Building Faster Act. The proposal forms part of the province’s ongoing effort to address housing supply pressures by making it faster and less costly to bring projects from approval to construction.

If passed, the legislation would introduce more than 40 separate initiatives across housing, infrastructure, transportation, planning, and rental regulation systems. These include overhauling municipal approval processes, revising the way development charges are calculated, removing certain site-level environmental requirements, and making procedural changes to the Landlord and Tenant Board.

The proposals are still before the legislature and would require enabling regulations and municipal coordination before taking effect. The Ministry of Municipal Affairs and Housing has indicated that consultation with industry and municipal stakeholders will take place over the coming months. Some measures, especially those tied to cost and building efficiency, such as the removal of green development standards and updates to the Building Code, are positioned to be implemented by the spring 2026 construction season, contingent on passage and regulatory readiness.

Reducing Development-Related Cost Uncertainty

The province is seeking to standardize how development charges (DCs) are calculated and applied. DCs are fees used to fund infrastructure required for new housing, but calculation formulas and cost attributions vary between municipalities. Consultations have raised concerns about land costs being used in ways that inflate DC rates, and about disagreements over which party is responsible for financing supporting infrastructure.

Proposed amendments would prevent land acquisition costs from being factored into DC calculations in ways that raise charges beyond what is tied to servicing needs.  It would also provide clearer provincial guidance on which infrastructure elements are the responsibility of municipalities vs. developers. More transparent reporting and easier public access to DC data would be required.

The intent is to create more predictability in total development cost structures and reduce disputes that delay project timelines. 

Changes Affecting Building Requirements and Site-Level Standards

Since 2009, Toronto has required green roofs or alternative roof systems for most new buildings above 2,000 square metres, a mandate not applied elsewhere in Ontario. The new proposal would prohibit Toronto from requiring green roofsprohibit the City of Toronto from requiring green roofs or other alternative roof surfaces, bringing its requirements in line with the rest of the province.

Additionally, municipalities often impose “green development standards” at the lot level, such as features related to landscaping, stormwater management, energy systems, or other enhanced environmental performance elements. These requirements are typically enforced through site plan control and vary significantly by municipality, which can add both cost and design complexity.

The province intends to remove the ability to require these enhanced site-level environmental standards outside the building envelope, with the stated goal of lowering build costs and reducing inconsistencies from one jurisdiction to another. The government indicated these measures are targeted for implementation by the spring 2026 building season, pending passage and regulation. 

Building Code Modernization

Ontario plans to conduct a section-by-section review of the Building Code with the aim of removing outdated provisions and reducing unnecessary regulatory complexity. The focus is on reducing administrative burden and design friction while maintaining safety and performance requirements. 

Rental Housing System Changes

The province has also proposed reforms to the Landlord and Tenant Board (LTB) intended to reduce case backlogs and provide faster resolution of disputes. While the number of adjudicators has increased and average hearing wait times have shortened, the government notes that delays still deter rental supply.

One of the main changes would remove the current ability for tenants to introduce new issues at a rent arrears hearing without giving prior notice. Under the existing rules, tenants can raise additional claims or counterarguments on the day of the hearing if they can justify why the issue was not submitted earlier. This practice often leads to adjournments and months-long delays. The proposed amendment would require all such issues to be disclosed in advance, ensuring hearings proceed without unexpected procedural interruptions.

Another change would limit the ability to raise new claims in rent arrears cases unless at least half of the outstanding rent has been paid. The government describes this as a measure to discourage strategic non-payment while preserving fairness for tenants who demonstrate good faith by addressing a portion of the arrears before the hearing. This would require further regulation and consultation before being implemented.

The time frame to request a review of an LTB decision would also be shortened from the current 30 days to 15 days, except in specific circumstances. The goal is to reduce the period that disputes remain unresolved and minimize financial uncertainty for both sides.

A new regulatory framework would also be introduced to define what constitutes “persistent late payment” of rent. Although the Residential Tenancies Act currently allows eviction for habitual late payment, it does not clearly specify what frequency or duration meets that standard. Setting consistent criteria through regulation would create more uniform outcomes across cases. Details would be determined through future consultation and regulation.

Finally, the province intends to simplify and revise the standard notice forms used by the LTB, including the N4 notice to end a tenancy for non-payment. The updated forms would use clearer language to outline rights, obligations, and timelines, making them easier to understand for both landlords and tenants and reducing procedural errors that can delay proceedings.

Extreme weather events, including floods, hurricanes, wildfires, heat waves, and severe storms, are increasing. They have become increasingly influential forces shaping where people live, how homes are built, and how real estate markets function. As a result, their influence is increasingly visible in property values, construction trends, insurance markets, and buyer behaviour across both residential and commercial sectors.

Shifting Buyer Preferences and Migration

Investors and home buyers are now making decisions with risk exposure in mind. In areas repeatedly affected by floods, wildfires, or hurricanes, demand is softening as more people seek properties in lower-risk zones. Prospective homeowners are asking pointed questions about floodplain maps, wildfire history, and local climate projections before committing to a purchase. This has fuelled the “climate migration” trend, where people move inland, toward higher elevations, or to regions with milder and more stable climates. In Canada and the United States alike, these safer areas are seeing a rise in demand, reshaping both pricing and development patterns.

Insurance Costs and Financial Risk

Insurance has emerged as one of the most immediate and tangible consequences of extreme weather on real estate. 

As damage from climate-related disasters rises, insurers have increased premiums, tightened coverage terms, or, in some regions, withdrawn entirely. In high-risk areas, some homeowners are forced to rely on last-resort or government-backed insurance programs, which can dramatically increase ongoing ownership costs. Properties that are difficult to insure often see their market value decline, as buyers and lenders price in these risks. 

Lenders are becoming more cautious as well, demanding higher underwriting standards or avoiding properties in flood- and fire-prone zones altogether. The financial strain caused by rising insurance costs is beginning to reshape what types of properties are marketable and where financing remains accessible.

Building Codes, Regulation, and Resilient Design

Municipalities and regional governments are responding to weather-related risks by tightening building codes and requiring resilience features in new developments. 

Fire-resistant materials, elevated foundations, wind-resistant roofs, and advanced drainage systems are increasingly being written into local codes, particularly in high-risk regions. 

For existing properties, the demand for resilience upgrades is growing rapidly. Homeowners are investing in storm shutters, backup generators, reinforced insulation, and energy-efficient systems that can handle prolonged heat or cold. While these improvements add to upfront costs, they are becoming standard expectations among modern buyers who want long-term stability and reduced risk exposure.

Market Segmentation

Climate risk is creating a clear divide in the real estate market. Regions with lower exposure to extreme weather events are gaining value, while high-risk areas are beginning to lag behind. 

Properties in flood plains, coastal zones facing sea-level rise, and regions prone to wildfires are seeing slower appreciation or even price declines. On the other hand, inland and elevated areas with stable climates are attracting migration and investment, driving up local prices. 

One study in Italy found that repeated flood exposure led to price drops of up to 4% in some neighbourhoods; while this is not a large number, it still illustrates the growing economic penalty of climate risk. Over time, as risk data becomes more transparent, the pricing gap between vulnerable and resilient areas may widen further.

Short-Term Market Behaviour and Rental Demand

Extreme weather also affects market dynamics in the short term. Heavy rains, snowstorms, and heat waves can disrupt buyer activity, delaying showings, appraisals, and closings. Homes may sit longer on the market during these conditions, and sales cycles can stretch as weather events interfere with transaction logistics. After large-scale disasters such as floods or wildfires, displaced homeowners often enter nearby rental markets, driving up demand and short-term rents in safer areas. These temporary shocks can ripple outward, affecting affordability and availability even in neighbouring regions.

The Bigger Picture: Financial, Urban, and Investment Impacts

The financial implications of climate-related risks extend well beyond individual homeowners. Properties in exposed regions may be overvalued if climate risk is not accurately priced, creating long-term vulnerabilities for lenders, investors, and insurance companies. Rising insurance burdens and declining values could also lead to higher default rates in the most at-risk zones. Governments and urban planners are under increasing pressure to adapt infrastructure, investing in flood control systems, wildfire prevention, and stormwater management, while updating zoning regulations to restrict new construction in vulnerable areas. Investors, meanwhile, are beginning to incorporate climate data into due diligence processes, favouring properties and regions that demonstrate resilience and long-term viability.

Challenges and Considerations

While the trend toward climate-conscious real estate is accelerating, it comes with complexities. Public perception of climate risk often lags behind the data, meaning that many buyers and sellers are still slow to price risk accurately. Differences in regulation and insurance across jurisdictions also create uneven market responses. Furthermore, rising costs associated with relocation, insurance, and retrofitting create an equity issue: wealthier households can move or adapt, while lower-income owners may be trapped in depreciating, high-risk properties. The uncertainty inherent in climate modelling adds another layer of difficulty, as projections can vary widely by region and event type.

Buyers, sellers, and policymakers alike must approach the market with due diligence, understanding local hazards, insurance realities, and the true cost of resilience. As extreme weather events become more common, real estate markets adapt.

The Waterloo Region housing market in September 2025 reflected a continued move toward balanced conditions, shaped by moderating sales activity and rising supply. Broader economic factors have contributed to a slower pace of transactions compared to both last year and longer-term seasonal norms, giving buyers more time and choice than they have had in previous years. While prices remain below 2024 levels, month-to-month pricing trends indicate some stabilization as the fall market unfolds

Prices

Average sale prices across the region softened compared to the previous year but rose slightly from August, indicating pricing stability at the start of the fall season. The average sale price for all residential properties in September was $753,162, down 4.7% year-over-year (y/y) but up 3.2% month-over-month. Detached properties sold for an average of $858,872, a decrease of 5.9% from last year and up 1.4% from August. Townhouses recorded an average price of $606,871, marking a 1.7% increase year-over-year and 1.8% month-over-month (m/m). Apartment-style condominiums averaged $442,086, a decline of 8.9% annually but an increase of 2.0% from the prior month. Semi-detached homes sold for an average of $621,026, down 5.1% year-over-year and up 0.5% month-over-month.

The Composite Benchmark Price in Kitchener-Waterloo was $673,100 in September, down 7.6% from last year and 0.3% lower than in August. Townhouses saw the sharpest benchmark adjustment, with a 9% year-over-year decrease to $548,300.

Sales

The number of homes sold across the Waterloo Region through the MLS® System in September declined by 4.7% from the same month in 2024, with a 25% decrease compared to the region’s ten-year average for September. The decline in sales has eased the competitive environment that characterized recent years, particularly during periods of constrained supply. With sales volumes lower and inventory higher than last year, buyers generally have more time to make purchase decisions.

The breakdown of activity across property types aligns with the broader moderation. Detached homes remained the most active category with 325 sales, 4.1% fewer than in September 2024. Townhouses saw a 5.2% decline y/y, while condominium apartments recorded a 13.6% annual decrease. Semi-detached homes were the only category to see an annual uptick, rising 6.3%. 

Inventory Growth and Time on Market

Inventory levels expanded significantly compared to both last year and long-term norms, which has played a central role in balancing market conditions. A total of 1,469 new listings were added in September, representing an 11% increase year-over-year and nearly one-third higher than the ten-year historical average. Active listings reached 2,094 by the end of the month, marking a 22.2% annual increase and standing nearly 80% above typical September levels seen over the past decade.

The increase in supply translated into a 4.0-month inventory level across all property types. Condominiums demonstrated the largest supply buffer with 7.3 months of inventory, followed by townhouses at 4.8 months and detached homes at 3.3 months. 

Regional Resilience

Despite the moderation in pricing and sales, the foundations of the Waterloo Region market remain strong. The region continues to benefit from a diversified economic base, including its established technology sector, higher-education institutions, and skilled labour pool. These long-term fundamentals support steady housing demand even when short-term conditions shift. 

The shift toward balance reflects higher supply and more moderate demand, rather than a clear downturn. With inventory elevated, conditions have steadied, resulting in a slower and more measured market pace than during the tighter periods seen in recent years.

Some of the most attractive real estate opportunities are secured before they reach the wider market. Early-stage buyers in preconstruction or investors with access to private deals can gain entry at lower prices, positioning themselves for appreciation as demand builds. While not every off-market deal is lucrative, investors who understand how to identify these opportunities early may find themselves ahead of the broader buyer pool.

Promising preconstruction projects can offer prime units at attractive entry prices and benefit from appreciation before completion, but spotting these opportunities requires careful market reading, developer evaluation and proper timing.

The Value of Early Access

Preconstruction real estate is unique in that investors are purchasing units that may not be completed for several years. This creates a potential advantage for early buyers. Developers often release pricing in phases, with initial phases typically discounted to reward those willing to commit early. If the broader market supports rising values, early entrants can see material gains on paper before the building even opens its doors. The key is to identify which projects are likely to deliver strong resale value or rental demand once complete, rather than simply chasing discounts.

Reading Early Sales Momentum

Before projects are released to the broader public, small groups of agents and investors often gain early access. Tracking how quickly units are absorbed during these insider rounds can offer clues about future success. If a building sees strong sales velocity in its earliest phases, it suggests confidence among market-savvy buyers who have done their due diligence.

However, investors should also be cautious of artificially manufactured hype. Developers may claim “80% sold” early in the process, but this could include allocations that are not yet firm purchases. To avoid being misled, work with brokers who specialize in preconstruction sales and can verify genuine demand.

Tracking Emerging Neighbourhood Trends

The foundation of a profitable preconstruction purchase is location. Investors should focus on neighbourhoods undergoing infrastructure improvements, new transit connections, or public and private investment. Cities often signal future growth corridors years in advance through urban planning documents and rezoning initiatives. 

Investors who track where government dollars are being spent, where major employers are opening offices, or where universities are expanding campuses will often find the strongest rental markets by the time a building is complete. Understanding the timing of these changes is equally important, since a preconstruction project finishing alongside a new transit hub or employment center is likely to outperform.

Evaluating the Developer’s Track Record

A low entry price is less meaningful if the project faces construction delays, or has poor finishes or a compromised design. Evaluate the builder’s past projects to understand their delivery track record. Assess whether previous projects were completed on time and whether finished buildings command strong resale values relative to peers. Check whether rental units in those buildings are consistently in demand.

A developer with a proven history of high-quality construction and desirable amenities is more likely to create long-term value. Conversely, unknown developers offering steep discounts may involve a higher risk. Balance the upside of buying early with the confidence that the project will be completed to a standard that tenants and buyers actually want.

Considering Rental Fundamentals

When planning to use units as rentals, analyze the underlying rental market. A profitable preconstruction purchase should align with tenant demand by offering layouts, amenities and price points suited to the local demographic. For example, in downtown markets with a high concentration of young professionals, smaller one-bedroom units near transit tend to lease quickly. In suburban growth corridors attracting families, two- and three-bedroom layouts may be a safer option.

Future rent growth potential is just as important as today’s numbers. Studying population inflows, immigration patterns and the pipeline of competing rental supply helps investors avoid excessive risk. 

Building the Right Relationships

Perhaps the best way to spot profitable preconstruction projects is through relationships. Developers rarely open their earliest or best opportunities directly to the public. Instead, early allocations are given to a trusted network of agents, brokers and repeat buyers. These relationships also provide valuable intelligence about which projects are worth pursuing and which to avoid. Cultivating reliable sources may lead to learning about opportunities weeks or even months before the general market becomes aware of them.

Experienced investment-focused agents can give buyers an early edge in identifying worthwhile preconstruction projects. RLP InvestorsEdge™ agents are trained to analyze market fundamentals, assess developer credibility and identify properties with strong appreciation or rental potential. By drawing on their specialized knowledge and industry connections, these agents help investors make informed, strategically-timed decisions in a competitive market.

Harbourfront has undergone a dramatic transformation from its industrial dockland past to its current status as a vibrant mixed-use waterfront community. The area is defined by a dense inventory of condominiums, cultural venues, and ongoing public realm upgrades that drive steady demand from both local renters and lifestyle-oriented buyers. Harbourfront’s value is rooted in its lasting qualities, including the waterfront parks, public promenades, and cultural institutions that create enduring appeal and support stable demand, unlike some other markets where more speculative new construction dominates.

Public Investment and Infrastructure Improvements

One of Harbourfront’s distinguishing features is the level of public investment dedicated to its ongoing revitalization. Waterfront Toronto’s long-term redevelopment program includes new public spaces, reconfigured shoreline infrastructure, and mixed-use parcels. These projects enhance access, improve resiliency, and create placemaking advantages that directly increase the desirability of nearby housing.

Cultural infrastructure also plays a role. The Harbourfront Centre, supported by federal funding, brings year-round events and activities that generate foot traffic and sustained rental demand. For investors, these public and cultural investments act as stabilizers, reducing downside risk during softer market cycles and supporting long-term appreciation.

Demand Drivers and Rental Strategies

Harbourfront appeals to two primary renter groups: local urban tenants who are priced out of single-family homes, and lifestyle buyers who value proximity to the waterfront and cultural amenities.

However, the City of Toronto has introduced strict short-term rental rules that limit opportunities for Airbnb-style income strategies. Whole-unit short-term rentals are largely restricted to principal residences, and operators face licensing and reporting requirements. These regulations reduce the feasibility of using Harbourfront condos as tourist-season income generators. For most investors, mid- to long-term leases offer the most dependable source of cash flow in this neighbourhood, particularly when supported by professional property management that brings industry expertise and strong connections for securing ideal tenants.

Balancing Risk and Return

Toronto’s rental market has been shifting in recent years. Rising supply in many areas has pushed vacancy rates upward, placing downward pressure on rent growth and extending leasing timelines. At the same time, operating expenses have risen, and some buildings face higher condo fees or potential special assessments. 

These shifts affecting Toronto generally do affect Harbourfront as well, and investors should therefore model conservative projections for net income and account for these factors when evaluating opportunities.

However, Harbourfront is differentiated from other Toronto neighbourhoods, because of its premium waterfront location, unique lifestyle appeal, and limited supply of properties. These factors make it a high-demand neighbourhood where prices carry a significant waterfront premium. This premium does compress gross yields and cap rates, as investors accept lower immediate returns in exchange for location advantages and long-term value stability, but Harbourfront properties compensate with location stability and strong resilience over time.

Harbourfront’s assets position it to recover faster than many other areas when conditions improve. The waterfront premium that compresses yields also underpins consistent occupancy and long-term capital preservation, making Harbourfront a good choice for investors seeking stability in a shifting rental market.

Practical Investment Considerations

Investors evaluating Harbourfront assets should take a disciplined approach to underwriting. Net operating income calculations should include realistic vacancy allowances and condominium fees. Conservative estimates for turnover and maintenance costs are essential, as is modelling multiple exit scenarios that account for broader capital market shifts.

When focusing on total return, investors should prioritize units with strong floor plans, waterfront views, and proximity to transit and cultural amenities. These features consistently outperform in both resale value and leasing demand. Attention should also be given to regulatory compliance, particularly for short-term rentals, as well as to the phasing of Waterfront Toronto’s revitalization projects. Improvements in public infrastructure and programming have historically supported both occupancy and long-term appreciation.

Achieving Operational Excellence in Harbourfront

Harbourfront represents a stable, defensive option for investors in Toronto’s downtown market. Yields are compressed compared with suburban or speculative developments, but consistent rental demand, limited supply, and the neighbourhood’s waterfront location create resilience and long-term value stability, while public investments encourage good occupancy rates and support ongoing appreciation.

Maximizing these advantages requires disciplined property management. Marco Property Management brings over 20 years of experience managing both furnished and unfurnished rental properties in downtown Toronto. Our hyper-local knowledge provides critical insights into neighbourhoods like Harbourfront, allowing investors to make informed decisions. Marco also applies its expertise to securing qualified tenants, coordinating maintenance and repairs efficiently to protect property value, ensuring timely rent collection with transparent financial reporting, and enhancing property presentation to attract tenants who contribute to long-term, stable occupancy.

Mississauga’s housing market in September 2025 reflected a decisive shift toward buyer-friendly conditions as inventory reached its highest level in more than fifteen years and prices trended downward across all major housing categories. Sales volumes have begun to stabilize after a period of disruption driven by rate hikes and broader economic uncertainty, but the supply of available homes continues to outpace demand, placing downward pressure on pricing. 

Source: Cornerstone Association of RealtorsⓇ

Pricing

Home prices in Mississauga declined on a year-over-year basis in September, with every property type showing reductions. The MLS® Home Price Index composite benchmark price fell to $972,100, representing an 8.9% decrease compared to September 2024. Single-family homes saw a benchmark price of $1,234,900, down 9.4% from last year, while townhouse and row units recorded a benchmark of $769,000, reflecting a 7.3% annual decline. The most significant price adjustment occurred in the apartment segment, where the benchmark price decreased by 11.5% to $570,300. 

The overall average selling price in September was $969,501, marking a 7.6% decline from the previous year. When examined over a longer timeframe, the year-to-date average price came in at $1,004,272, down 5.8% from the same period in 2024. The consistency of these reductions across both monthly and year-to-date figures suggests a sustained recalibration after earlier market peaks. 

Sales

Sales activity in September offered a sign of gradual recovery. An increase of 10.4% in sales was seen compared to September 2024. Despite this gain, overall transactional volume remains subdued relative to longer-term norms. Sales remained 6.3% below the five-year average and 26.4% below the ten-year average for the month. On a year-to-date basis, sales totalled 4,136 units, which represents a 10.7% decline from the first nine months of 2024. 

Inventory and Supply

New listings surged in September, with a 13% increase year over year and the highest count for September in five years. Active listings rose to 2,727 units, up 24% from September 2024. Active listings now sit 57.3% above the five-year average and 71% above the ten-year average. Buyers now have a broader range of options.

Market Balance

The months of inventory figure reached 5.5 in September, well above both the 4.9 levels observed last year and the long-run average of approximately 2.8 for this time of year. The Sales-to-New-Listings Ratio stood at 36.8, reinforcing that supply is outpacing demand. Markets with ratios below 40% are typically characterized as favourable to buyers. 

With more listings arriving and sales recovering only slowly, these conditions may persist. For active buyers, this environment offers negotiation leverage, options across price brackets, and fewer bidding pressures.