Bringing together in-depth macroeconomic insights from Benjamin Tal, Deputy Chief Economist at CIBC, with a dynamic fireside discussion featuring Greybrook CEOs Sasha Cucuz and Peter Politis alongside Tyler Meredith (Founding Partner, Meredith Boessenkool & Phillips Policy Advisors), Justin Sherwood (SVP, Communications, Research & Stakeholder Communications, BILD), and Toronto City Councillor Brad Bradford, the event delivered clarity, actionable analysis, and a shared vision for progress.
Watch the full coverage of the event here.
Benjamin Tal, who was pulled away to Ottawa just before the event to meet with Canada’s Finance Minister for an important pre-budget meeting on housing, provided a virtual keynote in which he opened by acknowledging that navigating today’s environment requires “normalizing the abnormal.” He described the ongoing global tensions—such as persistent tariffs and geopolitical uncertainty—as forces that continue to unsettle trade and investment sentiment worldwide. These challenges compound underlying economic headwinds but also highlight the resilience and adaptability of the Canadian economy.
Inflation, he noted, has moderated impressively to about 1.2%, well below the Bank of Canada’s 2% target, marking a significant reduction from pandemic-era spikes. This easing inflation has opened room for monetary policy recalibration, though caution remains warranted. GDP growth is slowing, but still positive, while Canada’s labour market remains firm—albeit with early signs of softening that warrant monitoring.
One of Tal’s key points was the demographic pressure driving housing demand in Canada, notably an influx of newcomers fueling population growth beyond prior forecasts. This rising population heightens demand for housing that dovetails with supply side limitations, aggravating affordability issues. He emphasized that while immigration policies are being adjusted to moderate growth, addressing supply constraints through incentives and regulatory reform is essential.
Tal highlighted proposed government initiatives aiming to stimulate housing. Among them is the removal of GST/HST on residential properties priced up to $1.5 million—a direct effort to reduce costs for homebuyers. Additionally, a proposed 50% reduction in municipal development charges could unlock millions in new construction activity, accelerating housing delivery and supporting market balance.
Turning explicitly to the condo market, Tal painted a realistic but optimistic picture: the market is deeply recessionary, with prices corrected by approximately 20%, largely due to investor retreat and a halt in new developments. However, this downturn is cyclical. Tal forecasted that within the next two years, constrained supply and sustained end-user demand would lead to a significant shortage in condo housing that would put pressure on pricing and that this segment of the market would recover over the coming years but would look different. He noted an important structural shift in buyers’ profiles—from investors to end-users—imposing new demands on developers to adapt financing models and streamline delivery timelines. This evolution signals promising opportunities for those prepared to meet evolving market needs.
Following Tal’s insights, Greybrook’s CEOs engaged with Tyler Meredith, Justin Sherwood, and Councillor Brad Bradford in a candid discussion on the multi-level government actions necessary to drive Toronto’s housing market forward.
Key highlights included:
Inside Track 2025 reinforced that while the road ahead involves complexity and evolving risks, it also presents unique opportunities grounded in innovation, collaboration, and thoughtful policy. By leveraging expert analysis and fostering multi-sector dialogue, Greybrook continues to lead with a vision for sustainable, resilient growth in Toronto’s real estate market.
We look forward to welcoming you again at Inside Track 2026.
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