This article covers several Canadian real estate trends: a drop in asking rents due to immigration caps and new supply (2-8% fall in condos/rental apartments, 3.7% in Toronto, 4.9% in Vancouver); a new wave of listings in Toronto leading to price pull-backs; and the phenomenon of 'everyday millionaires' in Canada (those with US$1-5 million net worth) who don't feel rich because much of their wealth is tied to illiquid real estate. It also touches on new marketing tactics by realtors and features a 'Home of the Week' in King Township.
Why millionaire homeowners in Canada don’t feel rich, the Home of the Week and more top real estate stories
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TL;DR: Key points with love ❤️This article covers several Canadian real estate trends: a drop in asking rents due to immigration caps and new supply (2-8% fall in condos/rental apartments, 3.7% in Toronto, 4.9% in Vancouver); a new wave of listings in Toronto leading to price pull-backs; and the phenomenon of 'everyday millionaires' in Canada (those with US$1-5 million net worth) who don't feel rich because much of their wealth is tied to illiquid real estate. It also touches on new marketing tactics by realtors and features a 'Home of the Week' in King Township.
Trending- 1 Since 2000: Number of 'everyday millionaires' quadrupled globally.
- 2 2020: Owners traded Victorian-era house in Toronto for King Township bungalow.
- 3 2024: Average asking rent in Toronto was $2,522.
- 4 First quarter of this year: Average asking rent in Toronto dropped 3.7% compared to 2024.
- 5 This week: Effects of Canada's cap on temporary foreign residents seen in rental market.
- 6 July: Toronto sees new wave of listings and pricing pull-back.
- 7 Thursday, July 10: Lowest fixed and variable mortgage rates in Canada updated.
- Lower asking rents in Canada
- Increased competition among sellers in Toronto
- Homeowners feeling less wealthy despite high net worth due to illiquid assets
- Realtors adopting new marketing strategies
What: Canadian real estate market trends, including falling rental prices due to immigration caps and new supply, a new wave of listings in Toronto causing price pull-backs, and the perception of wealth among Canadian millionaire homeowners whose net worth is largely tied to real estate.
When: Over the past year (rental market changes), first quarter of this year (Toronto rent data), July (Toronto listings), Thursday, July 10 (mortgage rates), since 2000 (global millionaire growth), 2024 (Toronto rent data comparison), 2020 (King Township home purchase).
Where: Canada, Toronto, Vancouver, King Township, Ontario.
Why: Immigration caps and increased supply of condos/apartments are driving down rental prices. Sellers in Toronto are reducing prices due to increased competition and buyer hesitancy. Many homeowners are technically millionaires due to surging home values, but don't feel rich because this wealth is illiquid and tied to their primary residence.
How: CMHC reports on rental market changes. Agents are recommending 'aggressive' pricing and price reductions for properties sitting on the market. The UBS 2025 Global Wealth Report highlights the rise of 'everyday millionaires' linked to real estate. Realtors are using social media influencers for listings.