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Canada’s Economy Rebounds in July: Signs of Resilience Despite U.S. Tariffs

Date: September 2025
By: Sami Chowdhury | TorontoBase.com


Overview

After three consecutive months of economic decline, Canada’s GDP grew by 0.2% in July 2025, according to preliminary data from Statistics Canada. The modest rebound signals renewed momentum across key sectors—despite global pressures and the ongoing impact of U.S. tariffs on Canadian goods.


Sector-by-Sector Highlights

Growth in July was driven by improvements in: - Manufacturing: A notable bounce-back as supply chains stabilized. - Utilities: Increased demand supported stronger output. - Accommodation & Food Services: A summer boost in travel and local tourism lifted activity.

However, some sectors continued to show signs of strain: - Real Estate & Construction: Remained soft amid high borrowing costs. - Wholesale Trade & Transportation: Struggled with trade uncertainty and weaker demand.


U.S. Tariffs: A Persistent Drag

Even with the July growth, Canadian exporters face significant challenges. U.S. tariffs on steel, aluminum, and automotive components continue to raise costs and disrupt trade flows—particularly in central Canada. Despite these headwinds, Canadian businesses are showing flexibility and strength.


What This Means for Consumers

The GDP rebound suggests the Canadian economy still has fuel in the tank. While growth is modest, it reduces the immediate risk of a recession. Combined with August’s weak job numbers, the Bank of Canada now faces a delicate decision: hold rates or begin easing to support momentum.

For everyday Canadians, this could mean: - Continued high interest rates—for now - Slightly improved confidence in employment and earnings - A chance for mortgage and lending rates to stabilize in coming months


Why Local Support Matters

July’s growth proves one thing: Canadians are resilient. Buying Canadian-made products and supporting local businesses is more than patriotic—it’s a practical way to build economic strength from the ground up.


Final Thoughts

This modest rebound doesn’t mean the economy is out of the woods. But it’s a step in the right direction. If upcoming inflation and job data align, the Bank of Canada may soon move toward rate cuts—giving consumers and businesses some relief.

Until then, the message is clear: stay steady, support local, and buy Canadian.

 




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·        Renting vs. Owning: How $2,500/Month Could Cost You $190,000

·        GTA Housing Market Update – August 2025

·        Ontario’s Housing Crunch: What’s Really Going On

·        Canada’s Economy Stumbles in August: 66,000 Jobs Lost, Unemployment Soars to 7.1%

·        Durham Region Real Estate Market Report – July 2025

·        Hamilton Real Estate Market Update – July 2025

·        GTA Real Estate Market Report – July 2025

·        Woodbridge Square Redevelopment: Vaughan’s New Urban Vision

·        Unlock the Full Potential of 977 O’Connor Drive: A Prime Restaurant Opportunity

·        Greater Toronto Area (GTA) Housing Market Update – May 2025

·        GTA Condominium Market Analysis – April 2025

·        Ontario Eliminates Tolls on Highways 412 and 418, Extends Gas Tax Relief

·        Stay ahead of the curve! Get the latest real estate news and insights right here.



 

 

 

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RECO Freezes iPro Realty Founders’ Assets: What Ontario Buyers, Sellers & Agents Must Know

Introduction

In a bold regulatory move, the Real Estate Council of Ontario (RECO) has secured court orders to freeze the assets of the former principals of iPro Realty Ltd. The decision follows complex allegations around missing or misused trust funds, diversion of deposits, and intercompany transfers.

As the legal drama unfolds, it’s critical for buyers, sellers, and real estate professionals across Ontario to understand what this means—both for immediate transactions and for broader industry trust.


Background: The Collapse of iPro Realty

  • On August 19, 2025, iPro Realty shuttered its 17 offices, affecting approximately 2,400 agents. (REM)

  • At the time, RECO revealed a shortfall of $10.5 million from the brokerage’s trust accounts. (REM)

  • But further forensic investigations suggest a far larger and more intricate diversion of funds, reportedly nearing $30 million. (REM)

  • The newly uncovered evidence presents a web of transactions where funds that should have been held in trust were commingled, routed to general accounts, or transferred to affiliated entities. (REM)


What Court Orders Were Granted

1. Mareva Injunction (Asset Freeze)

Justice William Black of the Ontario Superior Court granted a Mareva injunction that bars the respondents from disposing, transferring, or hiding assets until the litigation is resolved. (REM)

2. Norwich Relief / Document Production

A Norwich order compels banks and financial institutions to hand over records of accounts and assets held in the names of the respondents. This is central to tracing where trust funds went. (REM)

3. Carve-Outs for Living & Legal Expenses

The court allowed the ex-principals to apply for a limited carve-out authorizing use of certain funds for ordinary living expenses and legal representation. This ensures the freeze isn’t absolute. (REM)

4. Named Respondents & Entities

The litigation doesn’t just name founders Fedele Colucci and Rui Alves, but also several associated companies they direct or control, such as:

  • IP Holding Realty Ltd.

  • Hippo Holdings Corporation

  • Sutton Group Professional Real Estate Services Inc.

  • Alco Motors Ltd.

  • Alco Rent-A-Car Ltd. (REM)

These entities are alleged to have “knowingly assisted” in the diversion of funds or to have received monies impressed with a trust. (REM)


Forensic Findings & Alleged Money Flow

RECO’s evidentiary filings uncover a pattern of systematic misuse:

  • $14.3 million was transferred electronically from trust to general accounts. (REM)

  • $10.1 million was moved by cheques. (REM)

  • Around $2.63 million in cheques originally intended for trust accounts were deposited into incorrect destinations. (REM)

  • iPro Inc. transferred $3.4 million from trust to general accounts, with additional internal transfers between affiliated entities. (REM)

  • Payments directly benefiting the principals and their families were traced:
      • Colucci: ~$172,864 (via iPro general account) + further sums via other entities (REM)
      • Alves: ~$108,145 from iPro general accounts (REM)
      • Spouses and related parties also received funds (e.g., Alves’ spouse’s corporation) (REM)

RECO characterizes the scheme as a serious breach of fiduciary, statutory, and ethical duties, causing harm not only to individual clients and registrants but to the integrity of Ontario’s real estate system. (REM)


Impacts & Risks

For Consumers & Agents

  • Clients may struggle to recover deposits or retain trust protections if funds were never properly held in trust.

  • Agents tied to iPro risk missing commissions, liability claims, or reputational damage.

  • Closing deals may face legal or financial obstacles if trust fund shortfalls disrupt transactional flows.

For the Founders & Associated Entities

  • The freeze curtails efforts to move or hide assets, though defenses will likely raise motions challenging the orders.

  • Legal defense costs could be steep; the permitted carve-outs will be closely monitored.

  • Entities named in the lawsuit face potential liability for complicity, receiving improper transfers, or aiding breaches of trust.

For the Real Estate Sector & Regulators

  • This case may set a precedent for aggressive regulatory action in trust fund mismanagement cases.

  • Brokerages may face enhanced audits, tighter compliance standards, or stricter reporting rules.

  • Public trust in multi-office brokerages could erode, affecting overall business confidence.


What Happens Next

  1. Asset Tracing & Disclosure
    The Norwich orders will push banks to disclose account details, enabling RECO and its forensic team to trace diverted funds.

  2. Defendants’ Motion Responses
    Colucci, Alves and their counsel will likely file motions to contest or reduce the scope of the orders, especially around permissible expenses.

  3. Judicial Rulings on Liability
    Eventually, the court must adjudicate whether the defendants are liable and how much restitution or recovery is owed.

  4. Potential Criminal or Regulatory Referrals
    While this matter is currently a civil/regulatory action, the severity of the allegations may invite criminal investigations or referrals to law enforcement.


Key Takeaways & Advice

  • Trust funds must remain beyond reproach. Misuse, commingling, or diversion is a red line that regulators and courts will aggressively pursue.

  • Brokerages must invest in tight internal controls and transparency. Segregation of trust vs operating accounts, regular audits, and clear accounting trails are nonnegotiable.

  • Clients and agents should demand disclosure. Always verify how deposits are held and how a brokerage maintains trust compliance.

  • Regulatory scrutiny is intensifying. Real estate professionals should anticipate new rules, audits, or compliance obligations ahead.


Call to Action

Are you buying, selling, or investing in Ontario real estate? Now is the time to ensure full protection of your deposits and transactions.

Reach out to Sami Chowdhury, Broker – RE/MAX Realtron Realty Inc.
📞 647-725-0606 | ✉️ samichy@torontobase.com
🌐 TorontoBased.com | TorontoBase.ca

Let’s make sure your real estate dealings are safeguarded by transparency, trust, and accountability.


Source & References

  • “RECO lands court order to freeze iPro founders’ assets,” Real Estate Magazine (REM)

  • “This is where the iPro trust money went, according to RECO evidence,” Real Estate Magazine (REM)


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Read more about the market developments And MY Blogs.

GTA Housing Market Update – August 2025

Canada’s Economy Stumbles in August: 66,000 Jobs Lost, Unemployment Soars to 7.1%

Greater Toronto Area (GTA) Housing Market Update – May 2025

Stay ahead of the curve! Get the latest real estate news and insights right here.

Greater Toronto Area (GTA) Real Estate Market Update – April 2025

Toronto Real Estate Market Update – March 2025

Peel Region Real Estate Market Blog – March 2025

Renting vs. Owning: How $2,500/Month Could Cost You $190,000

Metro Vancouver Condo Inventory Could Rise 60 by Year End Report 

 

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Ontario’s Housing Crunch: What’s Really Going On (2025 Analysis)

Introduction

In Ontario, 2025 is shaping up to be a tough year for housing. For a province that set out to build 1.5 million homes by 2031, the current pace of construction is nowhere near what’s needed. Homebuilding is falling behind across almost all metrics—housing starts are down, targets are being missed, many would-be buyers are priced out, and developer and municipal challenges are being exposed.

This post digs into the data, what’s causing the slowdown, how Ontario compares with other provinces and what policy options might help turn things around.


What the Data Tells Us: How Bad is the Shortfall?

From several sources:

  • Ontario has achieved only about 26% of its 2025 housing starts target so far by August.

  • Compared to 2024, housing starts in Ontario are down ~23%.

  • The number of housing starts in the first half of 2025 was ~27,368 — roughly 25% lower than the same period in 2024.

  • In Toronto specifically, homebuilding has dropped substantially, especially in the condominium segment, which is dragging down overall numbers.

Measure

Change / Status

Housing starts in Ontario vs 2024

Down ~23%

Housing starts vs target

Only ~26% achieved mid-year

Condominium starts, especially in Toronto

Sharp decline

Rental housing starts

Up in some measures, but not enough to offset ownership shortfall


Why Ontario is Falling Behind: Main Causes

There isn’t just one issue, but several overlapping ones:

1. High Construction & Development Costs

  • Land prices, labour wages, material costs are all up.

  • Development charges, municipal fees, and regulatory charges add further burden.

2. Low Investor Confidence & Falling Pre-Sales

  • In the condominium/pre-construction market, declining interest from investors has delayed or canceled many projects.

3. Long Delays & Approval Bottlenecks

  • Municipal planning delays, slow zoning approvals, and outdated permit processes have stalled many developments.

4. Regulatory & Policy Challenges

  • Recent legislation has aimed to ease supply constraints, but there is a lag in implementation and enforcement.

5. Demand vs Supply Mismatch

  • Rapid population growth and insufficient housing stock is putting pressure on affordability.

6. Interest Rates & Economic Uncertainty

  • Elevated interest rates increase borrowing costs for both developers and buyers.


Provincial Government Goals vs Reality

Ontario has set ambitious housing targets:

  • Build 1.5 million homes by 2031.

However:

  • 2025 starts are far below what’s needed to meet the 2031 target.

  • Delays in implementing policies mean that the province is falling further behind.


Comparisons: How Ontario Stacks Up to Other Provinces

  • Quebec, Alberta, and Atlantic Canada are seeing growth in starts.

  • Ontario is among the worst performing provinces relative to its goals.

  • Rental starts in other provinces are growing faster and approval processes are more efficient.


What Happens if Things Don’t Change?

1. Worsening Affordability

  • Supply constraints will keep prices elevated.

2. Housing Supply Shortage

  • Continued under-building will exacerbate housing deficits.

3. Increased Costs

  • Reduced builder confidence will lead to fewer projects and higher prices.

4. Social & Economic Impacts

  • Increased homelessness, inequality, and pressure on municipal infrastructure.


Possible Policy & Practical Solutions

  • Reduce development charges or defer them until occupancy.

  • Streamline approval and permitting processes.

  • Encourage purpose-built rental construction.

  • Incentivize missing-middle housing.

  • Utilize public land for housing.

  • Offer tax incentives and rebates for affordable development.


Outlook: What to Watch in Late 2025 & Beyond

  • Interest rate movement.

  • Legislative implementation.

  • Pre-sale market recovery.

  • Municipal infrastructure upgrades.

  • Federal investment effectiveness.


Conclusion

Ontario’s housing market in 2025 is at a crossroads. Ambitious targets have been set, but the tools and political will to achieve them may be lacking. With the right combination of incentives, streamlined regulation, and federal-provincial coordination, the province can change course. But until then, the supply gap will grow, affordability will worsen, and everyday Ontarians will continue to feel the pinch.


References

🏡 Ready to Start Your Real Estate Journey?

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·         Stay ahead of the curve! Get the latest real estate news and insights right here.


 


📩 Need help navigating your options?
Reach out for expert advice and market insights:

Sami Chowdhury

BROKER
📧 Email: samichy@torontobase.com
🌐 Web: www.torontobased.com | www.torontobase.ca

Let’s make your next move a smart one!


Get more market insights here.


·         GTA Housing Market Update – August 2025

·         Canada’s Economy Stumbles in August: 66,000 Jobs Lost, Unemployment Soars to 7.1%

·         Durham Region Real Estate Market Report – July 2025

·         Hamilton Real Estate Market Update – July 2025

·         GTA Real Estate Market Report – July 2025

·         Woodbridge Square Redevelopment: Vaughan’s New Urban Vision

·         Unlock the Full Potential of 977 O’Connor Drive: A Prime Restaurant Opportunity

·         Greater Toronto Area (GTA) Housing Market Update – May 2025

·         GTA Condominium Market Analysis – April 2025

·         Ontario Eliminates Tolls on Highways 412 and 418, Extends Gas Tax Relief

·         Stay ahead of the curve! Get the latest real estate news and insights right here.

·         Greater Toronto Area (GTA) Real Estate Market Update – April 2025

·         Toronto Real Estate Market Update – March 2025

·         Peel Region Real Estate Market Blog – March 2025

·         Renting vs. Owning: How $2,500/Month Could Cost You $190,000




Read

GTA Housing Market Update – August 2025

Introduction

The Toronto Regional Real Estate Board (TRREB) has released its August 2025 Housing Market Charts, giving us a clear snapshot of how sales, listings, and prices evolved through the late summer. August is always a transitional month in real estate — balancing slower summer activity with early signals of the fall market. This year, the numbers reveal a market leaning toward balance, with pockets of opportunity for both buyers and sellers.


MLS Sales in August

The data shows MLS home sales in August continuing to follow seasonal trends, slightly below spring highs but consistent with past years. Comparing 2022–2025, sales volumes remain steady but not overheated, a sign that demand is still present despite affordability challenges.

  • Historically, August sales soften as families focus on back-to-school and vacations.

  • In 2025, sales volumes aligned closely with the levels seen in 2023 and 2024, reflecting a more stable demand curve.


New Listings on the Rise

New listings saw an uptick compared to recent Augusts. This increase has important implications:

  • More choice for buyers, especially in the suburban 905 markets where detached homes dominate.

  • For sellers, more competition means strategic pricing and presentation are essential.

  • Historically, new listings climb in September; the August rise could foreshadow a busier-than-usual fall market.


Sales-to-New-Listings Ratio (SNLR)

The SNLR hovered in the balanced to buyer-leaning zone in August.

  • A ratio under 40% usually signals a buyer’s market, 40–60% balance, and over 60% a seller’s market.

  • August’s reading suggests buyers had slightly more leverage, negotiating with a growing pool of listings.

  • This ratio also correlates with future price movements — as the TRREB chart shows, when SNLR drops, annual price growth often slows.


Average Price Trends

The average resale price across the GTA in August 2025 remained below the 2022 peak but consistent with the cooling and stabilizing trend since 2023.

  • Prices hovered in the $1.0M range, with minor fluctuations depending on property type and location.

  • Detached homes in suburban markets showed softer prices due to higher inventory.

  • Condos, especially in Toronto’s 416 core, maintained stronger price resilience, supported by rental demand.


Long-Run Perspective

TRREB’s long-term charts highlight important context:

  • Sales trend: The 12-month moving average shows stability since mid-2024 after the sharp adjustments of 2022–23.

  • New listings trend: Rising slightly, showing confidence among sellers.

  • Average price trend: Flattening out, which indicates the market is moving from correction to stabilization.


What This Means for Buyers

  • More options: With listings climbing, buyers don’t face the intense bidding wars of past years.

  • Negotiation power: Conditions like financing and inspection are often back on the table.

  • Timing opportunity: Buyers who act before interest rates shift may secure better terms.


What This Means for Sellers

  • Pricing discipline is critical — buyers are well-informed and comparing across multiple listings.

  • Staging and marketing matter more than ever to stand out in a balanced market.

  • Sellers who prepare well can still achieve strong results, especially in sought-after neighborhoods.


Outlook for Fall 2025

Looking ahead:

  • September and October usually bring a seasonal surge in activity.

  • If the Bank of Canada cuts interest rates in September as many anticipate, demand could increase.

  • Expect balanced conditions to continue, with selective competition for well-priced, turnkey properties.


Conclusion

August 2025 highlighted a GTA housing market in transition:

  • Sales were steady, listings increased, and prices held firm within a narrower band.

  • Buyers enjoyed more leverage, while sellers faced more competition.

  • The balance of power may shift again this fall depending on interest rate moves and job market performance.

For professionals and consumers alike, the August numbers stress one theme: data-driven decisions win. Whether you’re buying or selling, tracking SNLR, inventory levels, and price trends is essential in today’s evolving GTA market.


📊 Source: [Toronto Regional Real Estate Board – August 2025 Housing Market Charts (PDF)]

 




🏡 Ready to Start Your Real Estate Journey?

Whether you're planning to buy, sell, or invest, I’m here to guide you every step of the way — surprises and all.

📈 Looking to capitalize on today’s changing market?
Explore a wide range of specialized listings with access to powerful tools and search portals tailored to your needs:



·         Stay ahead of the curve! Get the latest real estate news and insights right here.


 


📩 Need help navigating your options?
Reach out for expert advice and market insights:

Sami Chowdhury

BROKER
📧 Email: samichy@torontobase.com
🌐 Web: www.torontobased.com | www.torontobase.ca

Let’s make your next move a smart one!


Get more market insights here.


·         Canada’s Economy Stumbles in August: 66,000 Jobs Lost, Unemployment Soars to 7.1%

·         Durham Region Real Estate Market Report – July 2025

·         Hamilton Real Estate Market Update – July 2025

·         GTA Real Estate Market Report – July 2025

·         Woodbridge Square Redevelopment: Vaughan’s New Urban Vision

·         Unlock the Full Potential of 977 O’Connor Drive: A Prime Restaurant Opportunity

·         Greater Toronto Area (GTA) Housing Market Update – May 2025

·         GTA Condominium Market Analysis – April 2025

·         Ontario Eliminates Tolls on Highways 412 and 418, Extends Gas Tax Relief

·         Stay ahead of the curve! Get the latest real estate news and insights right here.

·         Greater Toronto Area (GTA) Real Estate Market Update – April 2025

·         Toronto Real Estate Market Update – March 2025

·         Peel Region Real Estate Market Blog – March 2025

·         Renting vs. Owning: How $2,500/Month Could Cost You $190,000

·         Metro Vancouver Condo Inventory Could Rise 60 by Year End Report 

 




Read

Canada’s Economy Stumbles in August: 66,000 Jobs Lost, Unemployment Soars to 7.1%

Date: September 5, 2025


Overview

Canada’s labor market took a significant hit in August, with Statistics Canada reporting a net loss of approximately 65,500 to 66,000 jobs, pushing the unemployment rate to 7.1%—the highest level since May 2016 outside the pandemic era (Reuters, Retail Insider).


Key Stats At a Glance

Indicator

Value

Jobs lost

~66,000 (mostly part-time) (Retail Insider, Reuters)

Unemployment rate

7.1% (Reuters)

Employment rate

Down to 60.5% (Reuters)

Participation rate

Fell to 65.1% (Reuters)

Wage growth

+3.6% (C$37.81/hour) (Reuters)

 

Industry Breakdown

  • Hardest hit sectors:

    • Professional, scientific & technical services (~−26,100 jobs)

    • Transportation & warehousing (~−22,700)

    • Manufacturing (~−19,200) (Reuters)

  • Sole bright spot:

    • Construction added approximately 17,100 jobs (Reuters)

  • Overall, the broader services sector, which employs around 80% of Canadians, lost a substantial 67,200 jobs (Reuters)

 

What’s Behind This Slump?

  1. Persisting U.S. trade tensions: Ongoing tariffs on Canadian steel, aluminum, and autos are undermining business confidence and hiring (Reuters).

  2. Part-time work bears the brunt: A sharp drop in part-time jobs—about 60,000—drove most of the decline; full-time positions were relatively stable (Retail Insider, TD Economics).

  3. Soft labor metrics: A shrinking labor force has somewhat masked how bad the situation could've been—less competition held back deeper rises in unemployment (TD Economics).

 

Market Reaction & Monetary Outlook

  • Market shifts: Odds of a Bank of Canada rate cut in the September 17 meeting spiked to over 90% (Reuters).

  • Currency & bonds: The loonie weakened against other G10 currencies (down ~0.1%) and Canadian bond yields dipped to their lowest levels since June (Reuters).

  • Analyst views: Economists at TD and BMO labeled the report “very poor” and “broad‑based softness,” signaling that further policy easing is likely (Reuters, Investing.com, TD Economics).

 

What Comes Next?

  • Bank of Canada’s policy crossroads: With labor market slack growing and inflation pressures still present, the central bank faces the classic dilemma—cut rates soon or risk deeper economic damage. All eyes are on the September 17 decision.

  • Signal for business sentiment: This job report—and any potential rate cut—will likely influence investments, hiring plans, and consumer confidence heading into Q4.

 

Further Reading




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📈 Looking to capitalize on today’s changing market?
Explore a wide range of specialized listings with access to powerful tools and search portals tailored to your needs:




 


📩 Need help navigating your options?
Reach out for expert advice and market insights:

Sami Chowdhury

BROKER
📧 Email: samichy@torontobase.com
🌐 Web: www.torontobased.com | www.torontobase.ca

Let’s make your next move a smart one!


Get more market insights here.



 




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