This week, the renter, home construction and condo markets take a hit as demand continues to drop. Plus, the plight of the “poor millionaire” homeowner, and one home worth a look.

The demand for new condos in Canada is dwindling, leaving landlords to compete for the attention of potential tenants. As Salmaan Farooqui writes, it’s a sign that concerns about the Canadian economy and a surge in new condo completions this year are making it difficult to find renters. In past years, renters needed to jump on the first available opportunity, while landlords could be more choosy – sometimes hoping for a bidding war. Now, the roles have reversed. A spokesperson for Rentals.ca said the largest promotions he’s seen include two months of free rent, cash rebates of up to $1,000, free parking and free subscriptions to services like internet and cable.

As the condo market slows, the home construction industry is slowing down with it, leading to development companies pulling back on buying up new land. According to data from Atlus Group, the value of deals for residential land development in the Greater Toronto Area has been dropping, culminating in the first quarter of 2025 ranking as the lowest in the last five years. And as Shane Dingman writes, there are already worrying signs that builders are pulling back on construction for sites they currently own.

A long-established Vancouver development company has terminated its presales efforts for a major project and returned purchasers’ deposits, in a sign that the city’s condo market is in trouble. According to Karen West, vice-president for marketing and sales with Boffo Developments Ltd., the company launched the first of what was meant to be a four-tower, 1,200-unit development last July in the hopes that the market was starting to improve as interest rates were coming down. But as Frances Bula writes, only 44 units of the 318 in the first tower sold between July and December, and then sales dropped off completely in the new year, leading to the company pausing the project, returning deposits with interest, and waiting for better conditions.

Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on Thursday May 15.

When you celebrate real estate like we do in Canada, you end up with anomalies such as people who are house rich and retirement poor, writes personal finance columnist Rob Carrick. It all starts when you stretch your finances to buy a house and justify it with the expectation of building wealth through home equity. Open Policy has found that Toronto’s Top 50 neighbourhoods ranked by average home values in 2021 had 6,860 people 65 and older with poverty-level incomes and homes worth more than $1-million. A more common story is the senior who starts off okay in retirement, then finds their savings are running out. A basic rule if you’re concerned about not having enough retirement income and own a home: Make sure you have a home equity line of credit (HELOC) in place before you leave the work force.

8482 Highway 337, Georgeville, N.S. –