The CEO of Ontario’s real estate regulator is stepping down, just weeks after the province appointed an administrator to assume control of the organization amid concerns about its handling of the iPro Realty scandal.

Real Estate Council of Ontario (RECO) Administrator Jean Lépine released a statement on Thursday afternoon confirming that Brenda Buchanan will step aside as CEO effective Dec. 31.

In the statement, Lépine said that Buchanan will continue to provide support during the transition while he assumes the responsibilities of the CEO.

“I want to thank Brenda for her commitment and her contributions to RECO and wish her well in the future,” he said. “Looking ahead to 2026, we have an ambitious agenda for RECO in 2026. I’m eager to continue working with the team and all our stakeholders to deliver on our mandate and rebuild trust with stakeholders.”

The interest rate for variable-rate mortgages was 3.97 per cent at the end of October compared with 4.21 per cent for all insured residential mortgages and 4.39 per cent for five-year and above fixed residential mortgages, according to the Bank of Canada.

Preliminary demographic estimates indicate that Canada’s population decreased by 76,068 people (-0.2%) over the third quarter of 2025, standing at 41,575,585 on October 1, 2025.

These preliminary estimates—which will be updated in upcoming releases following the usual process from Statistics Canada’s Demographic Estimates Program—show that the population decrease was mainly due to a drop in non-permanent residents. This trend is the result of changing government policies concerning international migration.

The Bank of Canada held its key interest rate at 2.25 per cent on Wednesday, a move that was widely expected after an encouraging round of third-quarter data showed the Canadian economy has withstood some trade war-induced turmoil.

The current rate is at “about the right level” to give the economy a boost through a “structural transition,” while also keeping inflation close to its two per cent target rate, central bank governor Tiff Macklem said in his opening remarks.

“Nevertheless, uncertainty remains high and the range of possible outcomes is wider than usual. If the outlook changes, we are prepared to respond,” he said.

 Markets increasingly expect the Bank of Canada’s next move will be a rate hike next year, as the country’s unexpected labour market strength suggests further monetary easing may not be needed despite U.S. tariffs.

Traders in overnight swaps are now fully pricing a hike from the central bank by October 2026. Just a day earlier, markets were assigning some probability of Governor Tiff Macklem and his officials cutting borrowing costs over the next year.

Greater Toronto Area (GTA) home sales, new listings, and average selling price were down compared to a year earlier in November 2024. Intending homebuyers remained on the sidelines awaiting more positive economic news.

“There are many GTA households who want to take advantage of lower borrowing costs and more favourable selling prices. What they need most is confidence in their long-term employment outlook. Fortunately, we saw encouraging news on jobs and the broader economy in November. If this positive momentum continues, consumer confidence will strengthen, and more people will be in a position to consider purchasing a home in 2026,” said TRREB President Elechia Barry-Sproule.

GTA REALTORS® reported 5,010 home sales through TRREB’s MLS® System in November 2025 – down by 15.8 per cent compared to November 2024. New listings entered into the MLS® System amounted to 11,134 – down by four per cent year-over-year.

Builders have given up trying to sell thousands of condo units in Toronto over the past five years, data shows, as the city’s housing market grinds almost to a complete standstill.

Between 2020 and 2025, 25 projects have stopped sales on more than 3,200 new units in and around Toronto, numbers pulled together by the Building Industry and Land Development Association (BILD) reveal.

Ontario’s planned new housing legislation could open the door to ending rent control and indefinite leases across the province, advocates warn after a recent proposal by Premier Doug Ford’s government.

The Ford government introduced a new housing bill on Thursday that it says would streamline approvals and let developers build homes more quickly.

But buried in the legislation is a proposal for “alternative options to lease expiry rules that could allow landlords to control who occupies their units and for how long,” including through adjustments to rental arrangements based on “market conditions, personal needs or business strategies,” according to the province’s briefing slides Thursday.