Top five real estate newsmakers that defined 2025

For Canada’s real estate industry, 2025 was a year that tested adaptability and fortitude. 

Market turbulence from persistent affordability pressures, an uneven mix of inventory droughts and deluges depending on the city, and client uneasiness in the face of U.S. tariffs and other economic factors shaped day-to-day business. 

Shifting interest rates and cautious buyers made transactions more complex and expectations harder to manage, as the adoption of advanced technology tools and AI became more mainstream, with more agents looking to data to close deals.

At the same time, the industry faced a broader reckoning. Regulatory action, legal decisions and high-profile controversies sharpened the focus on governance, professional standards and safeguarding consumer trust. 

Together, these forces reshaped how agents operate. The following are the five stories that most significantly influenced Canadian real estate in 2025, counting down to number one.

5. Realtor.ca’s transition and leadership shift

In 2025, Realtor.ca’s transformation into a standalone, taxable subsidiary of the Canadian Real Estate Association (CREA) became one of the industry’s most significant structural developments. Early in the year, the newly formed entity appointed longtime executive Patrick Pichette as interim CEO and began recruiting a permanent board and chief executive to guide its next phase.

Later in 2025, Realtor.ca announced that Scott Neil, former CEO of major digital marketplace Kijiji Canada, will take over as CEO effective January 2026. 

The shift gives Realtor.ca greater operational flexibility to pursue innovation, new revenue streams, and technology investments, says CREA. 

4. Cowichan land title decision

The Cowichan land title decision was one of the year’s most significant legal developments affecting real estate in British Columbia.

The ruling, focused on Indigenous land rights and title issues in parts of the Cowichan region, introduced new complexity for affected transactions, and was viewed by some as a possible signal of what’s to come for other areas across the country with land claims.

Even with a limited scope, the decision prompted agents, lawyers and lenders to re-examine due diligence practices and title certainty. It also highlighted how historical land claims can cross with modern real estate in ways that are not always apparent to buyers and sellers. 

3. Condo pressure in Toronto and Vancouver

Downtown condo markets in Toronto and Vancouver remained in the spotlight in 2025 as pricing, investor confidence and project viability came under strain. 

Slower sales, elevated interest rates, and concerns around investor saturation prompted some developers to pause or rethink projects, while resale conditions stayed steady. 

Many experts in the field agree that micro units, which had a moment in the early 2020s, are out of touch with today’s buyer demands, as the market has shifted from investors to end users.

 While both cities remain central to Canada’s housing landscape, 2025 marked a clear reset for downtown condos. 

2. Eric Drinkwater scandal in Calgary

The Eric Drinkwater scandal became a major national story after the former Calgary agent admitted to defrauding about 71 people through a Ponzi scheme, from which he collected $3.5 million.

In September, the Real Estate Council of Alberta (RECA) banned Drinkwater from Alberta’s real estate industry for life, following an investigation and hearing.

In its decision, the independent hearing panel described his conduct as “among the most severe” RECA has ever addressed. 

Drinkwater’s conduct led Remax Canada to drop the longstanding Calgary brokerage where he worked, formerly known as Re/Max Central. 

Civil lawsuits and criminal charges brought by the Calgary Police Service remain ongoing and are separate from RECA’s disciplinary process.

1. iPro Realty scandal and industry fallout

The iPro Realty Ltd. scandal was one of 2025’s most closely watched stories, sending shockwaves through Ontario’s real estate community after a $10.5-million shortfall was detected in the trust account of the major brokerage. 

Criticisms of the handling of the situation by the Real Estate Council of Ontario (RECO) ultimately led the government to take control of the regulator by way of an administrator.

Affected agents are currently set to be compensated for 50 per cent of what they’ve lost in commissions.

The affected agents – some of whom are claiming six-figure losses – have been pushing for justice since iPro’s trust account shortfall was revealed and the brokerage was shut down in August, three months after RECO became aware of the breach. 

For many, the concurrent Drinkwater and iPro scandals represent a collective reckoning for the industry, with industry leaders emphasizing that the damage extends beyond the individuals involved, threatening the integrity of the entire profession.