This week, the effects of Canada’s cap on temporary foreign residents is seen in the rental market, as demand pushes prices down. Plus, why many Canadians with a million-dollar net worth don’t feel rich, and one property worth a look.

According to the Canada Mortgage and Housing Corp, over the past year, the average asking monthly rent fell between 2 per cent and 8 per cent in condos and rental-only apartments. As Rachelle Younglai writes, the drop was due to a surge in new condos and apartment buildings hitting the market along with limits on temporary foreign residents such as students and new permanent residents. In Toronto, the average asking rent was $2,522 in the first quarter of this year, a 3.7-per-cent drop over the same period in 2024. Vancouver also saw a 4.9-per-cent drop compared to last year.

Motivated sellers are reducing their asking prices in the Toronto-area real estate market as competing properties arrive in July, and buyers are taking notice. In a market full of supply where buyers have the freedom to take their time, some sellers have been struggling to make a deal at their current asking price.

Writer Carolyn Ireland told me that agents are recommending that their clients launch with the most “aggressive” price in the area, especially in the condo market.

“But just the fact that a property has been sitting means it’s time to reduce the price, agents say, because ‘the market has spoken’. The longer a house sits, the more likely it is that buyers will stigmatize it,” Ireland said.

Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on Thursday, July 10.

A rising number of people technically qualify as millionaires, but don’t feel, or function, like it. According to the UBS 2025 Global Wealth Report, the number of so-called “everyday millionaires,” those with wealth between US$1-million and US$5-million, has quadrupled globally since 2000, reaching nearly 52 million people. In Canada, and around the world, much of that growth is tied to real estate, according to the UBS report. As home values surged in major cities and even mid-sized markets, many middle-class homeowners became millionaires without doing anything beyond staying put, Meera Raman writes.

Despite their net worth on paper, however, Raman told me that actually unlocking the wealth tied to a home involves financial and emotional trade-offs.

“Owning a home is part of the Canadian dream, but it’s risky to rely on it as your entire retirement plan,” Raman said. “To build a more flexible financial future, it’s smart to keep a portion of your savings in liquid assets, like a high-interest savings account for short-term needs, and invest in the stock market to support longer-term goals.”

In a world of virtual tours, the need for an agent’s or broker’s open house has waned. But realtors are turning to social media influencers in an effort to build hype for a new listing, inviting them to tours in hopes they create content around it. As Shane Dingman writes, there may be good reasons to turn an open house into a social media or professional networking event, but agents should be aware that such a dog and pony show may not ultimately lead to a sale.