April condo sales decline by 30.4% across GTA

Homes sales across the Greater Toronto Area were down in April by 23.3 per cent year-over-year. The Toronto Regional Real Estate Board recorded 5,601 sales and a average selling price of $1,107,463 that was 4.1 per cent lower.

The sharpest decline for the month of April was in the condo market, with 30.4 per cent fewer sales and a 6.8 per cent price dip to $678,048, followed by townhomes with 22.9 per cent fewer sales.

Buyers are continuing with their wait-and-see approach when it comes to borrowing costs.

“Following the recent federal election, many households across the GTA are closely monitoring the evolution of our trade relationship with the United States,” said TRREB President Elechia Barry-Sproule. “If this relationship moves in a positive direction, we could see an uptick in transactions driven by improved consumer confidence and a market that is both more affordable and better supplied.”

New listings amounted to 18,836– up by 8.1 per cent year-over-year. On a month-over-month seasonally adjusted basis, home sales edged up compared to March 2025, while the average selling price went down.

“Inventory levels remained elevated historically in April, pointing to substantial choice for households looking to purchase a home in the GTA,” said TRREB Chief Information Officer Jason Mercer. “Buyers took advantage of this choice when negotiating purchase prices, which resulted in a lower average price across market segments compared to last year. Lower prices coupled with lower borrowing costs translated into more affordable monthly mortgage payments.”

TRREB CEO John DiMichele noted that resale housing supply is currently increasing in the GTA. “However, as demand picks up and the population continues to grow with immigration, we will need to build more homes,” he urged. “Pre-construction sales have trended lower over the past year and therefore we will continue to see fewer housing starts. This means the supply pipeline will ultimately run dry. TRREB will be continuing to work with all levels of government on initiatives that promote fair and equitable taxation, reduce barriers for first-time homebuyers, and expand housing supply options throughout the province.”

Competition Bureau probes Quebec MLS oversight

The Competition Bureau of Canada is continuing to investigate the Quebec Professional Association of Real Estate Brokers’ (QPAREB) control of the multiple listing service (MLS) and real estate transaction data in Quebec. The Bureau has obtained a second federal court order to require QPAREB to divulge business records, following an initial court order in 2023.

Investigators are scrutinizing QPAREB and its subsidiary, Société Centris, which offers a range of analytic and digital sales administration services for the public and real estate firms. Under the new court order, QPAREB will be asked to produce records related to its relationships with its business partners and its oversight of transaction data.

“The Bureau is investigating whether the QPAREB has engaged in certain practices that harm competition in the real estate brokerage services market or that prevent the development of innovative online brokerage services in Quebec,” a statement from the Competition Bureau advises.

An investigation of the Canadian Real Estate Association (CREA) is also in progress. These actions come after the 2016 Competition Tribunal decree that the Toronto Real Estate Board (TREB) had unduly restricted access to MLS data in the Greater Toronto Area.

The Evergreen condo to adjoin historic church in Ottawa

The century-old All Saints Anglican Church in Ottawa’s Sandy Hill neighbourhood will soon adjoin a nine-storey condo called The Evergreen.

The historic church is currently home to a restaurant, event space and patio. Owner Leanna Moussa purchased the property with a group of investors and spent two years working with the community to rezone the site for multi-residential housing.

“I had a theory that if I could bring local residents to the table, they would be inspired to support good development,” she says. “We selected Windmill as our development partner because they have a solid reputation for sustainable development and share our vision for the neighbourhood. We did it the right way and the community bought in. This is a major win for Sandy Hill and for Ottawa.”

The residence will be a net-zero operational carbon building and adhere to the global One Planet Living framework. All appliances will be electric and a geothermal exchange system will heat and cool the premises to minimize its carbon footprint. Parking spaces will be electric vehicle-ready, with 1:1 bike parking that includes electrified bike parking. Rainwater will be captured onsite and reused for a 50 per cent reduction in potable water. All paint and flooring will have a lower amount of volatile organic compounds (VOC).

For the design, several elements of the church are folded into the vision that Ottawa-based architecture and interior design firm Linebox Studios imagined for the space. A two-storey portion of the church’s 27-inch-thick limestone wall will be exposed in the building’s lobby, and include a large wall of moss, among other biophilic elements. Salvaged limestone will also be incorporated into the façade and landscaping. The front entrance will feature glass walls to preserve views of the church, as well as coloured stained-glass elements.

“It was important that we complement the church’s architecture without overtaking it,” said Marc-Andre Richer, senior architecture technologist and partner at Linebox Studios. “Sandy Hill is a neighbourhood with a lot of history, and we jumped at the chance to reference its character in a fresh way. The Evergreen will be a modern classic in Sandy Hill.”

The exterior will reference Sandy Hill’s Victorian-era Queen Anne Revival style, while blending with the church. The podium level will comprise brick, to align with the surrounding homes, while the champagne colour of the tower element’s metal panels will pay homage to the church’s limestone. The architecture on the north façade will take cues from the church’s buttressing, as will the arrangement of windows.

The suite mix will fit young families, seniors and young professionals. Large, premium penthouses are located throughout, with a row of ground-level units that incorporate mezzanines.

All suites will have hardwood floors, counter-depth appliances, waste-reducing water systems, and come equipped with a digital concierge system, which allows owners to control the thermostat, open the garage doors, book amenities and receive mail delivery notifications.

The lobby’s biophilic theme will flow into the suites through soft tones and warm wood finishes. Levels four through nine of the building will include private balconies and terraces. The common rooftop terrace will feature a generous patio, private dining areas, and all-electric BBQs. The ground-floor amenities include a lounge and co-working space, as well as an outdoor common amenity terrace off the lobby.

Jeremy Reeds, president of Windmill, said the condo will embody innovative sustainable design and architecture principles. “And when I say ‘sustainable’ I don’t just mean green building — I also mean socially sustainable,” he added. “The Evergreen will enable future residents to sustain busy social lives, meet new people and support each other as neighbours.”

Kelowna Parkinson Rec Centre breaks ground

The redevelopment of Kelowna’s Parkinson Recreation Centre has officially broken ground, marking the start of the most ambitious and transformative recreation projects the City of Kelowna has ever built.

Designed as an inclusive and welcoming “community living room,” the redeveloped Parkinson Recreation Centre will welcome everyone of all ages and abilities and will have spaces for people to move, learn, grow, connect, and socialize, both formally and informally.

To reflect the natural beauty and cultural heritage of the region and honour the diverse perspectives within it, the facility will integrate syilx/Okanagan living history into its design, in collaboration with Westbank First Nation and the Okanagan Nation Alliance.

The redeveloped Parkinson Recreation Centre will be a major expansion of athletic, aquatic, and community space, and will offer three times as many programs as the existing facility. It will be set within a 19.4-hectare park with sports fields and trail connections—serving as Kelowna’s central hub for wellness, connection, and inclusive recreation.

The facility will also offer high-quality, affordable childcare with dedicated outdoor play areas, youth zones, and accessible playgrounds—providing families in a growing community like Kelowna peace of mind that their children are in a safe, nurturing environment.

“This project is a cornerstone of our Building a Stronger Kelowna initiative—a long-term vision for our city’s future that strengthens recreation, health, wellness, sport, community infrastructure, and our local economy. The investments we’re making today will leave a lasting legacy for generations to come,” said Mayor Tom Dyas.

The new recreation facility and campus is being carried out through an Integrated Project Delivery process, with Diamond Schmitt leading the architectural design team with Stantec Architecture, Bird Construction, and the City of Kelowna as partners.

Construction starts on new B.C. children centre

Construction is now underway on a dedicated B.C. Children’s Hospital facility, giving access to children and youth with complex care needs throughout the province.

“We recognize that children with complex care needs and their families require support that goes beyond what a hospital or clinic provide,” said Bowinn Ma, Minister of Infrastructure. “With the new centre for health complexity, we’re delivering essential health-care infrastructure to support children throughout British Columbia with the most complex needs, while helping them and their families feel connected, understood and empowered throughout their care journey.”

A first of its kind in Canada, the new three-storey B.C. Children’s Hospital centre for health complexity will offer in-person and virtual care for children and youth in B.C. and the Yukon. The centre will connect people with appropriate services and provide specialized training and education for families, caregivers and health-care professionals. This will save families travel time and streamline care.

The centre will include 16 dedicated suites where children and families can reside for short, planned stays to access the centre’s services. Recognizing the demands complex care can take on family members and caregivers, the centre will also offer wellness, counselling and peer support.

The project team has been working closely with patient and caregiver partners, clinical and operational staff, and the B.C. Children’s and B.C. Women’s hospitals’ Indigenous Health team on planning the new centre. The facility will include an Indigenous healing garden, extensive green space, a teaching kitchen, public art and accessible wellness path that makes outdoor areas easy to navigate with a variety of mobility devices.

Completion is expected by December 2027 with the centre scheduled to open in early 2028.

Protect your building envelope with regular maintenance

Prioritizing your building envelope as part of your spring maintenance plan means minimizing costly surprises, improving your carbon footprint, and increasing operational efficiency. What does the building envelope include? This part of your building refers to all the building components separating the indoors from the outdoors, including exterior walls, foundations, roof, windows, and doors.

The goal of your building envelope is to keep your building water and airtight, lowering your costs and increasing your building’s efficiency. Here are some of the ways you can maintain the building envelope through the spring and summer months:

Schedule seasonal building envelope inspections to avoid potential issues before they develop.
Check sealants for any cracking that may have occurred during the freeze-thaw of winter
Repair any spalling brick on your building’s façade. Once this condition starts to happen, it will continue to deteriorate your brick if not repaired.
Clear drains and remove debris from your roof. Making sure drains are functioning properly means you will be able to adequately handle increased precipitation throughout the spring.
Confirm that any bird deterrent systems remain intact and that no damage has occurred through winter.
If you have heat tracing cables on your eavestroughs on the perimeter of the roof, confirm that they are still in good working order. Spring and summer are the time to have these repaired before winter arrives next.
If you have metal siding, check for fastener backout. Conduct repairs as necessary to maintain the integrity of your panels.
Look at doors sweeps for any space that might allow air to escape and make any necessary repairs or replacements.
Check for cracking in any overhead doors or warehouse doors that may allow air to escape or water to enter into your building.
Assess the interior of your building for signs of leaks like stained ceiling tiles, peeling paint or signs of mould. Consult a professional to determine the source of the leak and conduct any repairs before fall and winter arrive.
Budget for annual inspections, maintenance, and repairs. Often, managers get behind, delaying identifying a small concern, and that can create larger, more expensive issues over time.

Preventative maintenance is a vital part of your strategy, and the building envelope is a large area with many potential issue sites. Schedule regular inspections and conduct consistent maintenance to identify and address minor concerns before they become expensive issues. Incorporate your building envelope into your spring maintenance plan to ensure your building stays protected all year long.

Property values not yet reflecting market pause

Property values held fairly steady in the first quarter of 2025, while commercial real estate transaction volume dropped nearly 17 per cent from the comparable period in 2024. Newly released analysis from Altus Group reports about $8.5 billion in Q1 sales across the office, industrial, retail and multifamily sectors — a slowdown in momentum that’s largely attributed to uncertainty around the potential impact of tariffs.

“There is a bit of a pause in the market. Deals are still happening, but transaction activity is focused on core deals where people feel confident in going forward,” maintains Ray Wong, vice president, research and data analytics, with Altus Group.

Relative to the first three months of 2024, retail values were up 4 per cent this winter, while office values dropped by the same amount. Multifamily values nudged up a modest 1 per cent and industrial properties recorded a nominal 0.4 per cent improvement. That’s reflective of deals that closed last fall.

“That’s why the numbers are still robust,” Wong says. “We won’t see the real impact from investor hesitation in the market until the second or third quarter.”

Retail values are still recovering from the COVID-19 pandemic and remain about 9 per cent lower than they were five years ago. Now, the outlook on the sector is somewhat split. There are fears a recession would erode consumer spending in many retail categories, but investors continue to be interested in grocery-anchored properties, which are less abundant in the marketplace.

Meanwhile, industrial values have jumped by about 60 per cent since the pre-pandemic period, but the sector now faces tariff-related uncertainty in combination with rent softening due to a large influx of new supply. Office values are down 20 per cent since 2020, while multifamily values are up more than 12 per cent from five years ago.

Looking forward, Altus analysts point to some positive dynamics with interest rates now at lower levels and investors poised to deploy capital once some economic certainty returns. However, that will be contingent on avoiding a recession.

“It is a wait-and-see mindset right now,” hypothesizes Robert Santilli, director of valuation advisory with Altus Canada. “If this trade war is resolved, and there’s not too much damage done, then I think we resume the course of easing monetary policy. Interest rates come down, and deal activity increases from what we’ve seen in the last two years.”

Almadev breaks ground on LSQ community

A 15-acre transit-connected community started construction in North York last week. Almadev began work on LSQ (Lansing Square) at Sheppard Avenue East in the Consumer Road Business Park. The development will bring about 1,600 residential units across six towers.

Set within one of the largest employment hubs in the Greater Toronto Area, the project includes 160 affordable rental suites, 400,000 square feet of commercial space, and 50,000 square feet of retail space surrounding a 1.2-acre public park.as well as to complete this transit-connected community which will include bike lanes.

A rezoning application submitted early this year proposes expanding the total gross floor area to 2.5 million square feet, adding residential, office, self-storage and retail as part of the application. Additional height and density were proposed for the mixed-use buildings to support housing growth of the Greater Toronto Area.

Occupancy will begin in 2028, but the groundbreaking marked the official start of the first phase, which includes LSQ1: a 43-storey tower with 462 units, LSQ2: a 30-storey tower with 338 units, 83 affordable rental units and shared underground parking.

“We’ve always believed in this area and its potential to grow into something exceptional,” said Rafael Lazer, CEO of Almadev. “Reaching this milestone at LSQ, especially in today’s challenging market, is no small feat. It’s a powerful testament to the strength of the development, the resilience of the vision, and the incredible talent and dedication of our team. I couldn’t be prouder of what we’re building here.”

Risk management tips for gardening committees

Condominium corporations are often seeking innovative ways to enhance the aesthetic appeal of their properties and foster community engagement among residents. One effective approach is the implementation of volunteer gardening committees; however, it is imperative that corporations balance the benefits with effective risk management strategies to ensure a safe environment for all volunteers and to limit the corporation’s exposure to potential liability.

1. Garden Committee Policy

To ensure that a volunteer garden committee operates effectively and within their authority, it is imperative that a corporation first create a garden committee policy.

This policy should outline the scope of the committee’s responsibilities, including specific tasks they are authorized to perform and areas they are allowed to work on. It should also detail the process for selecting committee members and the duration of their service. The policy should also stipulate that every committee member must provide the corporation with an executed copy of the related waiver and acknowledgement, which should be included as a schedule to the policy, prior to engaging in any committee-related activities.

2. Waiver

Corporations owe a duty of care under the Occupiers’ Liability Act, 1990, R.S.O. 1990 c. O.2 to take reasonable steps to protect people from foreseeable harm while on the corporation’s common elements. Corporations, however, can restrict, modify and exclude this duty of care vis-a-vie waivers of liability.

To mitigate potential liability, corporations should require volunteers to sign a waiver and acknowledgement that clearly outlines the risks involved in the committee-related activities to be undertaken and state that volunteers assume responsibility for any and all injuries or damage that may occur in relation to the committee-related activities that they take part in.

3. Committee Chair

By appointing a member of the board to act as the chair of the committee, the corporation will be better equipped to oversee committee activities, ensure that it is complying with the related policy, and promote effective communication between the board and the committee.

4. Insurance

Acts and omissions of volunteers may not be covered by insurance policies that a corporation maintains. To get around this issue, a corporation could appoint individual committee members as officers of the corporation vis-vis a board resolution, in which case their acts and omissions would thereafter likely be covered by the corporation’s directors’ and officers’ liability insurance.

To ensure that a corporation’s insurer does not deny any potential claims under the corporation’s general liability and property insurance, it would be wise for a corporation to notify its insurer of the gardening tasks that the committee has been granted the authority to perform, as well as the policies implemented by the corporation to manage the activities of the committee and action taken to limit the corporation’s exposure to potential liability.

By implementing the risk management strategies discussed above, corporations will be able to limit their risk exposure while at the same time promoting community engagement and improving the aesthetic appeal of their property.

Ashley Winberg is one of the leading condominium lawyers in Ontario and is the head of corporate practice at Pulver on Condos, which is a boutique condominium law firm that provides specialized legal services to condominium corporations and unit owners throughout Ontario. Ashley can be reached at [email protected].

Timely tips for Emergency Preparedness Week

Emergency Preparedness Week is a national initiative designed to help Canadians understand the significance of being ready for emergencies such as extreme weather, power outages, floods, or wildfires. Running May 4 through 10, this year’s theme is “Be Prepared. Know Your Risks,” encouraging residents to take essential steps to ensure their safety in case of a sudden emergency.

For rental housing providers, it’s a chance to remind residents about the importance of following key safety protocols and being aware of evacuation routes.

“During Emergency Preparedness Week, but really at all times, it’s essential to remind residents of evacuation routes and safety protocols,” says Jim Mandeville, SVP, First Onsite Property Restoration. “Clear, practiced situations and communication can save injury and even lives in high-stress conditions.”

Mandeville adds that in multi-unit buildings, emergencies like fires, power outages, severe weather, and infrastructure failures aren’t just possibilities—they’re eventualities. “Preparedness means having a plan, the right supplies, and clear communication to protect residents and respond effectively,” he says.

To make the most of this timely initiative, Mandeville urges landlords to post and distribute evacuation maps on each floor and in common areas as a reminder of the procedures; he also recommends hosting a brief safety walkthrough, or sending a digital reminder outlining steps to take during common emergencies like fire or power outages.

According to First Onsite’s latest survey, 31 per cent of respondents said they have experienced a weather-related disaster in past five years while only 35 per cent said they know their evacuation routes. If forced to evacuate in a hurry, residents who partook in the survey indicated they would be most likely to prioritize the following:

Credit cards (54%)
Pets (51%)
Important documents (51%)
Medications (45%)
Pre-packed emergency bag (33%)
Food (20%)
First aid kits (16%)
Heirlooms (11%)
Electronics (10%)
Clothing, footwear, and jewelry (9%)

Manitoba enacts prompt payment legislation

Prompt payment regulation, which facilitates the timely flow of construction payments, is now in force in Manitoba.

“Construction projects are complex and involve many parties, including owners, contractors, sub-contractors, engineers, labourers and material suppliers, and often conflicts between these parties can result in withholding funds,” said Public Service Delivery Minister Mintu Sandhu. “These regulations make sure the local contractor at the end of the chain is protected, as they are often the one who are affected by delayed payments.”

The prompt payment regulation addresses concerns from the construction industry about delayed payments causing problems through project payment chains, noted the minister, adding this ensures orderly and timely construction projects occur by avoiding the disruptive effect of non-payments.

“The establishment of an adjudication framework and authority were important steps taken by this government,” added Sandhu. “The construction sector is vulnerable to the impact of delayed payments because of the tiered payment structure and these changes will reduce the risk of disruptions to projects while ensuring sub-contractors and suppliers can continue to pay bills and their workers.”

The regulations set out the duties and powers of the adjudication authority including details about payment and adjudication, process in the event of non-payment, requirements for adjudicators and other matters concerning the conduct of an adjudication.

“Our industry is thrilled to see the creation of a construction prompt payment system in Manitoba and the launching of the new prompt payment adjudication authority,” said Ron Hambley, president, Winnipeg Construction Association. “We were pleased to collaborate with the Manitoba government and dedicated industry professionals to create an adjudication authority that will provide oversight and guidance as the industry adjusts to this new system. Construction payments that are withheld place contractors, especially smaller contractors, at great financial risk and we are confident that the prompt payment system in Manitoba will work to address these concerns.”

Manitoba Métis Federation opens mixed-use residence

The Manitoba Métis Federation (MMF), the National Government of the Red River Métis, officially opened a multi-million-dollar mixed-use residential complex in Selkirk.

The six-story property on Eveline Street will provide 49 residences to Red River Métis Elders and seniors, with more than half dedicated to affordable housing. The building also includes common areas for residents and energy efficient design principles, along with commercial space for facilities like a Red River Métis-owned pharmacy, along with other businesses or service providers.

“Our goal is to provide our Elders and seniors with a home where they will feel safe and comfortable, and we believe we have done just that with this beautiful building overlooking the Red River, which holds such a symbolic and important place in our history,” said Will Goodon, MMF Minister for Housing and Property Management. “We’re proud to offer these beautiful, accessible residences for our Citizens, who blazed the trail for us. It’s the least we can do to give back to those who have given us so much.”

While the 77,900-square-foot property is the first of its kind for the MMF, it will be a template for other developments, most notably, a similar building on Henderson Highway, which will also offer a mix of affordable and market price housing options for Red River Métis Elders and seniors.

“Housing remains a critically important issue for all Canadians, which was clearly shown in the recent federal election,” said David Chartrand, President of the MMF. “For our Citizens, who have at times in Canada’s history been called the road allowance people, adequate, safe and accessible housing has been a long-cherished dream that was once out of reach. I know that this housing complex, along with our other housing initiatives in all Regions, is not just a place to call home, it is a source of pride and a demonstration of our strength and advancement as a Nation.”

Arkfield acquires townhouse site in Richmond Hill

Arkfield has acquired a 2.4-acre site in Richmond Hill for the development of a new townhouse community.

The site is approved for 44 townhouses and is situated in Oak Ridges Moraine near Yonge Street.

The acquisition adds to Arkfield’s growing portfolio of low-rise communities. The real estate firm has been focusing on delivering family-oriented housing across the Greater Toronto Area.

Climate perils inspire new investment products

Climate perils are pushing insurers to explore new ways to diversify risk, likewise inspiring new investment products. Earlier this year, TD Insurance issued the first Canadian catastrophe bond tied to the risk of earthquakes and severe convective storms, such as hurricanes, hailstorms, derechos and tornadoes, within Canada.

Colloquially known as “cat” bonds, the bonds are primarily instruments to serve insurers’ purposes, but they have implications for policy holders and investors. That includes the potential to mitigate rising premiums and options for diversifying investment portfolios that could align with climate action agendas. The Canadian debut follows what’s characterized as a correction in the global reinsurance market that has generally translated into higher rates, more stringent terms and changes in the weighting of risk.

“As the frequency and severity of natural catastrophes increases, it’s very important that we evolve our approach to stay ahead of those loss trends,” observed James Russell, president and chief executive officer of TD Insurance, during a recent webinar sponsored by the financial ratings agency, Morningstar DBRS. “The traditional approach to managing this risk is to increase the amount of reinsurance purchased. That also drives up costs and that’s where diversification can help. This is where the cat bond really fits in.”

Cat bonds have emerged over the past decade as a means for issuers — typically insurance companies and governments — to transfer risk to the capital markets. Proceeds from the bond placement are invested in high-yield, highly liquid securities, which are held in a trust account as collateral and then paid out if or when insurance claims related to a single specified kind of catastrophic event reach a triggering level.

The bonds have a fixed term, maturing in one to five years. Investors receive the interest on the securities in the collateral account and an additional risk premium over that period. However, they could lose part or all of their principal depending on the volume of payouts during the bond term.

The fixed term is the attractive element for bond sponsors, allowing them to lock in protection for a multi-year period and hedge against a fluctuating reinsurance market. For investors, there is an opportunity for robust returns with what can be a low probability of loss, depending on the bond parameters. In the case of the TD Insurance bond, for example, payout from the collateral account is triggered when a qualifying event exceeds CAD $2.35 billion in claims, but is terminated once claims surpass CAD $2.5 billion.

“I believe the modelled risk was 0.4 per cent,” Russell noted. “So, investors get a risk premium (3.29 per cent), which is greater than the probability of reaching this.”

Victor Adesanya, vice president, global insurance and pension ratings, with Morningstar DBRS, cited data from Swiss Re showing that cat bonds delivered a 17.29 per cent average return, globally, to investors last year, down from the record high of 19.69 per cent in 2023. Across a broader portfolio, the bonds could be described as nonconformists dancing to their own tune.

“Cat bonds have a low correlation to traditional investments. The outcome depends on the occurrence or non-occurrence of a specific event so certain market events wouldn’t affect a cat bond,” Adesanya advised. “That low correlation gives a good mix to a portfolio.”

At CAD $150 million, TD Insurance’s three-year bond is a small portion of the roughly USD $7 billion in cat bonds that have been issued thus far in 2025. Insurers based in the United States, such as Allstate, USAA, California Earthquake Authority and State Farm, have been among the most active sponsors.

“Most of the cat bonds issued are for U.S. perils,” Adesanya affirmed. “It’s understandable because the U.S. has a big exposure to catastrophe risk. They’ve got hurricane season, earthquakes in California and wildfires.”

Russell suggests the Canadian bond now offers a new element of diversification within the alternative asset class since it is tied to different perils. He reported “overwhelming positive response from investors and reinsurance partners” to the first bond placement. Notably, the risk premium could be set at the low end of the initial price guidance on the risk spread — 3.25 to 3.75 per cent — based on investor willingness.

The European Bank for Reconstruction and Development (EBRD) provides the backing for the collateral trust account, representing the financial institution’s first Canadian-denominated debt security, or maple bond. This ticked some key boxes, including the stature to attract global investors’ interest and meet the criteria for high-quality collateral, while also giving TD Insurance access to new reinsurance capital with no exposure to currency exchange risk. In turn, EBRD gained entrance to a new market.

“While the likelihood of reaching this level of catastrophe is very low based on the expectancy of a catastrophic event of this magnitude of event occurring, this investment gives us options to diversify our protection sources,” Russell said. “I’d say with the increasing frequency and severity of climate-related events, we’ll continue to explore options toward more resilient ways to manage our financial impacts.”

“On the Canadian side, we may see more companies follow what TD has done in terms of issuing a cat bond,” Adesanya added. “I think the demand for cat bonds in the future will grow.”

Efforts to manage and mitigate physical climate risk are also necessary to fill out this picture. Losses related to natural catastrophes climbed to a record high, surpassing CAD $8 billion in Canada last year, with about half of that total attributed to hailstorms and wildfires in Alberta. Russell underscored the importance of embedding climate risk management into infrastructure strategies, development planning and building codes.

“If we think about more resilient reconstruction of properties and mitigation in catastrophic-prone areas like flood zones and other things, there are ways to actually reduce costs and the impact of catastrophes on claims,” he said. “It’s really important that good behaviour by clients is rewarded to prevent losses.”

GTA home sales reach dire low

New home sales in the Greater Toronto Area remained extremely low in March, showing little change from earlier months and marking a sixth consecutive month of record all-time lows. The Building Industry and Land Development Association (BILD) released data alongside a call for action among all levels of government as year-over-year housing starts are down more than 50 per cent.

There were 385 new home sales in March, which was down 68 per cent from March 2024 and 87 per cent below the 10-year average, according to Altus Group. Historically, new home sales for a typical March in the GTA would be 3,311 units based on the previous 10-year average.

Total new home remaining inventory decreased slightly to 21,707 units. This includes 16,803 condominium apartment units and 4,904 single-family dwellings.

“Housing prices have stabilized, which is a reflection of the current cost to build and they are likely reaching their low point,” said Edward Jegg, research manager at Altus Group. “This, combined with economic uncertainty, driven largely by tariff concerns, is keeping buyers on the sidelines.”

Condominium apartments, including units in low, medium and high-rise buildings, accounted for 160 units sold in the GTA in last month, down 75 per cent from March 2024 and 92 per cent below the 10-year average. Meanwhile, there were 225 single-family home sales, down 61 per cent from last year and 75 per cent below the 10-year average.

Compared to the previous year, benchmark prices decreased in March for condos and single-family homes. The average price for new condos was $1,020,864 (down 3.2 per cent over the last 12 months), while new single-family homes were $1,532,279 (down 3.9 per cent over the last year).

“New home sales in the GTA have plummeted to catastrophic lows, and without urgent government action, we risk long-term damage not just to housing supply, but to the broader economy. If this were the auto sector, governments would be lining up with support,” said Justin Sherwood, senior vice president of communications, research, and stakeholder relations at BILD.

“Let’s not forget: the housing and development industry in the GTA directly employs 285,000 people, results in $16.9 billion in wages, and creates $60.8 billion in economic activity. This is not a fringe issue – it’s a cornerstone of our economy. And with the GTA recently recognized as the fastest-growing metropolitan region in North America, it’s critical that policy aligns to get home sales and construction moving again.”

He advises that addressing the 25 per cent of fees, taxes and charges that governments levy on a new home in the GTA would add hundreds of thousands of dollars to prices and slow industry activity.

Abbotsford police HQ expansion complete

Phase 1 of the Abbotsford Police Department Headquarters (AbbyPD HQ) expansion project is now complete. The completed addition marks a significant milestone in the ongoing effort to provide Abbotsford police officers and civilian staff with the modern facilities and tools they need to continue their mission of making Abbotsford the safest city in British Columbia.

The expansion project addresses the growing needs of the AbbyPD, which now has triple the number of officers and staff from when it started, and now supports a community of more than 164,000 residents. With the completion of Phase 1, the department has access to additional investigative space, enhanced and modernized forensics and digital forensics labs, a breathalyzer room, enhanced training space and additional parking, jail cells, and bail hearing rooms.

“The completion of Phase 1 of this expansion represents a significant step forward for public safety in Abbotsford,” said Mayor Ross Siemens. “With this new facility, our officers and civilian staff are better equipped to meet the needs of our growing community, perform their duties safely and effectively, and ensure a safe and secure future for all Abbotsford residents, visitors and businesses.”

The expanded headquarters brings all operational units together in one building, allowing for greater collaboration between units as they work to enhance public safety, suppress gang violence, reduce property crime, and engage with the diverse Abbotsford community.

“The Abbotsford Police Department is thrilled about our new home and deeply grateful for the community’s support in making it a reality,” said Chief Constable Colin Watson. “With the support of our dedicated team, this new, modern facility will bolster the Abbotsford Police Department’s commitment to public safety in our rapidly growing community. We eagerly anticipate the completion of Phase 2, which will unite our entire team under one roof.”

In addition to building the future, the expansion honours the past, recognizing the sacrifice and service of fallen officers Cst. John Davidson and Cst. John Goyer. To commemorate their legacies, a John Davidson challenge coin and a John Goyer guitar pick and memorial pin were laid in the foundation of the expansion, alongside an AbbyPD challenge coin and BC Law Enforcement Memorial Ride and Run to Remember coins.

The next phase of the project, which involves renovating the existing headquarters to seamlessly integrate with the new expansion, is already underway and is expected to be completed by spring 2026.

Implementing smart storage for better building maintenance

As maintenance and facility managers continue to face growing pressure to boost property performance and drive revenue, practical amenities are becoming a top priority as underutilized luxury perks lose their appeal. Among the more practical amenities, secure, space-efficient, and thoughtfully integrated on-site storage solutions emerge as overlooked yet highly efficient tools. With more residents spending extended time at home as hybrid and remote work schedules continue, the demand for organized, clutter-free spaces is rising. At the same time, maintenance and property managers are looking for new ways to optimize underutilized areas and increase operational efficiency without major capital investment. Smart storage enhances the tenant experience, simplifies maintenance, and drives long-term property value and retention.

The link between storage and tenant satisfaction

Simply put, storage space is king, and often difficult to come by, even in larger units. As tenants accumulate more belongings, especially hard-to-store items like bicycles, seasonal gear, and large equipment, the need for practical storage solutions becomes even more pressing. Without proper storage, the equipment that gets used once or twice a year and takes up half of the closet becomes a daily annoyance, quickly cluttering up space and leaving tenants frustrated and overwhelmed. Off-site storage solutions are costly and inconvenient as they are detached from the property; on-site storage, however, offers a straightforward, accessible solution. By providing secure, easy-to-use storage within the building, managers can address a critical need, simplifying their jobs and boosting satisfaction.

Storage also plays a key role in tenant retention. When tenants feel their space meets their everyday needs without sacrificing comfort and convenience, they are far more likely to renew their lease. Offering the convenience of on-site storage not only solves a common pain point but also creates a sense of home and comfort that encourages residents to stay put.

Smart storage and residential tenants

Beyond boosting tenant satisfaction in commercial buildings, smart storage can also serve as a strategic tool for increasing a multifamily property’s overall value. By transforming underutilized areas such as sections of parking garages into secure storage, maintenance and property managers can unlock new revenue streams without the need for major structural overhauls. Typically requiring less investment than other amenity upgrades, on-site storage can drive higher rent premiums and enhance marketability. As prospective tenants compare properties during their apartment search, convenient storage can be a game-changer, especially in urban areas where extra space is scarce. As such, on-site storage becomes more than a tenant perk, also serving as a cost-effective upgrade that drives long-term property performance.

Implementing storage upgrades strategically

A well-researched game plan for implementing on-site storage is crucial, and it starts with identifying underutilized areas of the property that can be transformed into high-value amenities. Spaces like parking garages, basements, and utility-adjacent zones often carry untapped potential for smart storage installation. Involving an experienced manufacturer and installer from the get-go and tapping into their expertise from space planning to installation and design can help streamline the process, ensuring minimal disruption to daily operations. Assessing the needs of your building and your tenants is also vital to determine the necessary unit type and size, whether that means enclosed lockers, over-the-car bins, or a mix of both. By approaching storage installation with operational efficiency in mind, property managers can optimize maintenance, maximize return on investment, and ensure alignment with tenant needs to boost satisfaction.

Selecting smart storage

It’s critical that the storage space is safe and secure. Traditional wire mesh storage often feels exposed, leaving items visible and potentially vulnerable to theft or damage. Fully enclosed, private storage units, in turn, offer a greater sense of privacy and protection. Over-the-car storage bins offer another smart storage solution, making use of vertical space in parking areas without sacrificing parking access. By prioritizing security and design, and selecting enclosed, high-quality on-site storage solutions, property managers can improve property maintenance and offer a compelling differentiator to stand out in a competitive market.

Smart storage offers a rare opportunity to meet both tenant needs and property performance optimization goals with a cost-effective, accessible solution that simplifies property maintenance. By transforming underutilized areas into secure, well-designed storage areas, property and maintenance managers can meaningfully meet tenants’ needs without major investment or disruption to everyday life. As space remains coveted and tenant expectations continue to evolve, this amenity contributes to establishing more functional and considerate buildings.

Lindsay Steiner is the co-founder of Bradyl Storage Solutions, a trusted leader in the multifamily storage industry since 2009, delivering innovative, high-quality product solutions to clients nationwide. Bradyl Storage Solutions is a small family business dedicated to meeting the unique needs of property managers, general contractors, architects, and real estate developers. Under Lindsay, her husband, and co-founder Mike Steiner’s leadership, Bradyl Storage Solutions has earned a reputation for excellence, reliability, and personalized service.

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