Is that it?

Do we hate Realtors®?

Of course. This visceral dislike of the entire house-flogging, house-building sector was evident in spades days ago when the feds and BC hatched a plan to Hoover up vacant new condos at distressed prices to turn into rent-to-own units for needy families.

The moment Mark Carney’s hate squad labelled it a ‘bailout for developers’ the game was lost. What seemed like a reasonable idea became the PM’s first major cowpattie. He stepped in it hard.

For years Canadians have groped for people to blame for real estate they can’t afford. The Chinese in Vancouver. Elite rental-unit-owning MPs. Greedy bankers. Greedy developers. Greedy sellers. Condo investors. Landlords. Immigrants from India. Russia. Ukraine. Wherever. The government. The Bank of Canada. And, above all, Realtors®. Seriously. We hate them®.

Like this guy.

But wait. Does this self-promoting, chart-humping house huckster have a point? Is the crash over?

The latest stats are out and, indeed, they’re not good news for the doomers or those waiting for a 30% price correction to turn into a 50% rout (which has never happened in Canadian history). Here’s the story in the GTA and LM – the two bellweather markets what influence more than half the country…

In Toronto, it’s hard not to see a trend – yeah, the one we identified a couple of months ago. Sales are now higher for the fourth month running. Listings are declining. Price declines are shrinking. In short, demand is rising and supply is falling. That does not mean a boom – just the likely end of the bust. A breakout of stability may soon be at hand. And then, prices could reverse a little.

Monthly sales increased 9.4% New listings were down 12.9%. The average selling price is 3.9% lower than a year ago (at $1.058 million).

Seasonally adjusted, sales increased 1.4% from May and hit the highest level since last November. Also adjusted for the time of year, prices increased month/month, ending a year-long string of declines. These results, say the locals, have given rise to hope that the long, dark night of angst for brokers and agents (and sellers) is over.

“We expect accelerating transactions and more competition between buyers in the last six months of the year, helping to satisfy pent-up demand and ultimately resulting in renewed price growth,” says the real estate board’s chief wizard. “If market conditions continue to tighten in the second half of 2026, selling prices could move in line with 2025 and eventually post some increases. This would give an increasing number of households the confidence to move back into the marketplace.”

Indeed. Human nature on display. When it becomes painfully evident the collapse is done, the recovery has arrived, prices are higher and competition is heating up for a reduced number of properties – meaning multiple offers and blind auctions – then buyers will return. It never fails. We shun what is cheap. We crave what’s dear.

But what about Vancouver, Ground Zero for the Carney Condo Crisis?

Ditto.

Sales last month jumped 9.8% above year-ago levels. Detached home deals surged almost 14%. Significant was a growth in sales of all kinds of properties, while new listings fell 6%. Prices are still down year/year – but the question is, for how long?

““Despite signs that demand is slowly returning to the market, prices haven’t moved much in recent months as the inventory of homes for sale has been big enough to absorb the increased demand,” says board economist Andrew Lis. “Prices typically trend upwards when demand rises and inventory declines. With recent data revealing a slower pace of new listings coming to market, standing inventory is no longer climbing, and may be showing early signs of reversing. It’s still too early to call, but if the current pattern of rising demand and slower new listings continues, we may see a sustained downtrend in inventory over the coming months.”

Realtor hopium? Sure, maybe. To the people who sell houses there’s never a bad time to buy. We get it.

But this correction is now four years old. It has shaved up to 30% off most urban prices. It’s cratered sales, stalled new projects, resulted in tens of thousands of unsold units, stopped construction cold in many places and had devastating ripple effects on movers to roofers to deck guys. The decline in values has matched that of the early 1990s – the worst on record in this country – while conditions for buyers have improved. Mortgage rates are lower. Immigration levels have been slashed. New buyer incentives (like the FHSA) are in place. Sellers are motivated. Conditional offers are back. And affordability has jumped.

Look at the stats. Ignore the crazy property pumpers. Do the math. I’s over.

About the picture: “Greetings from our trip abroad,” write Judy and Ed. “Found this fellow chilling outside his owners shop in Sorrento and thought he’d just love to be part of your blog dog gang. Thanks for all the advise and for what you and your team do to keep things on track with a special shout out to Sinan.”

To be in touch or send a pcture of your beast, email to ‘[email protected]’.

Source: https://www.greaterfool.ca/2026/07/05/is-that-it-3/