In this feature, Ben Rogowski, President and CIO at Canderel, shares his perspective on how economic conditions, evolving consumer habits, and supportive policies are redefining housing demand, and how the industry can adapt to build resilient, future-ready communities.
The Canadian housing market has undergone a series of transformations in recent years. Amid an affordability and supply crisis, shifting demographic preferences, and renewed focus on functionality and lifestyle, the landscape for developers and homebuyers alike is evolving in real time. While the headlines often focus on market slowdowns or affordability crises, the broader picture reveals an industry adapting to long-term changes in how people live, work, and invest.
Drawing on over two decades of leadership in real estate development and investment, Ben Rogowski, President and CIO at Canderel, provides valuable insight into the forces shaping this evolving market—offering perspective on both the short-term disruptions and the structural shifts that are redefining the future of housing.
A Market That’s Still Maturing
“I grew up in a real estate family,” Ben began. “My dad and uncle were both entrepreneurial in the space. I always planned to learn the finance side and join my dad’s business, but I ended up at Canderel—and that was over 22 years ago.”
That unexpected shift from numbers to development gave Ben a front-row seat to the market’s evolution, from steady growth to the sudden headwinds of today’s economic climate.
Affordability and Supply Crisis
For more than a decade, Canada’s housing market had benefitted from an era of low borrowing costs and sustained demand. However, the cycle of interest rate hikes—implemented in response to inflationary pressures—has altered the investment calculus, particularly in the condo segment. While high-end end-users and price-sensitive first-time buyers continue to show activity at both ends of the spectrum, the middle of the market—dominated by investors—has slowed significantly.
Ben believes that the middle segment of the market—typically driven by investors—has been hit the hardest. “If luxury is 10% and the affordable end is another 10%, the middle is 80% and it’s stalled. But that doesn’t mean it’s permanent.”
Despite the slowdown, he remains optimistic. “We’re still seeing strong immigration. We didn’t experience the downtown exodus that some predicted. Workers returning to offices continue to improve and with limited new product being built, we’ll eventually hit a point where we need to build again. Demand will return, and so will the investors.”
Designing for Modern Lifestyles
Beyond financial considerations, a fundamental shift is occurring in how Canadians define home. As affordability challenges persist and urban densification increases, vertical living has become the norm in many metropolitan centers. At the same time, cultural values around homeownership and success are evolving. Younger buyers are placing greater emphasis on lifestyle—prioritizing proximity to amenities, efficient design, and the flexibility to spend more on life experiences rather than tying up capital in property. This mindset has contributed to a continued shift away from traditional ownership toward long-term rental as a deliberate and practical choice.
“If I think back to when I was growing up, my dad would say to me, ‘Here’s what your plan should be—you’re going to work really hard, save all your money, buy a house, and you’ll probably be measured on your financial success based on how many cars you have,’” he reflects. “If I said that now to one of our younger teammates, they’d probably laugh at me.”
This cultural shift has unfolded in parallel with practical constraints on supply. In many urban cores, there is little to no available land for low-rise development. “There’s only one way to build in a downtown area—it’s just up,” Rogowski explains. “As populations increase, single-family supply stays limited, and multi-family buildings are what’s available.” As a result, condominiums and purpose-built rentals have become not just a steppingstone, but a long-term housing solution for many.
Condos and rentals are no longer transitional—they’re long-term solutions. “We’ve seen a continued shift over the years from homeownership to a rental model,” Rogowski adds. “That has definitely changed people’s habits.”
At the unit level, functionality has become paramount. “Maybe 10 years ago, we saw units getting very small—too small. That swung back. People want functional spaces now,” he says. “At Canderel, we’ve always designed from the inside out. If it’s a den, it should fit a real desk. A den where all you can put is a stool doesn’t achieve anything.”
Developers are responding by designing spaces that serve a full spectrum of daily activities—from work to relaxation. “If you’re working from home and living in a one-bedroom condo, it doesn’t necessarily mean you want to be in your unit all those hours,” Rogowski notes. “If you’ve got a place to go in your building where you can work for a few hours, then come back to your living room, that kind of variation is important.”
Rethinking Amenities and Community
Amenity offerings have evolved from simple checkboxes into key value drivers. “We used to build our buildings, and it was really simple—if the building was big enough, you put in a pool. Otherwise, you put in a gym and a billiard room,” he says. “Today, it’s about providing coworking spaces, places for animals, and spaces where people can collide and interact in a good way.”
This shift reflects a broader desire for flexibility and community. Amenities are no longer just internal—they extend to the surrounding environment. Proximity to restaurants, grocery stores, green spaces, or fitness facilities—often referred to as “shadow amenities”—can elevate a property’s appeal just as effectively as on-site features. “The amenity doesn’t have to be in the building maybe the building next door is a big grocery store or shopping center.”
Transit, Mobility, and Regional Growth
As Canadian cities grow, the importance of infrastructure—especially public transit—has become more pronounced. In cities like Toronto and Montreal, delayed transit expansion has created tangible mobility challenges. The result is a growing demand for housing located near transit corridors and a renewed urgency to link residential hubs with employment, entertainment, and service zones.
Inadequate transit options can diminish the appeal of even the best-designed communities, reinforcing the need for coordinated planning between public and private sectors. For developers, this means identifying opportunities in emerging transit-accessible nodes and designing with mobility in mind.
“If you look at Toronto compared to other major cities around the world, we are terribly poor when it comes to transit—and it impacts people,” he says. “If I leave the office during rush hour, it could take up to an hour to get home. I could probably walk faster.”
In a country with fast-growing urban centres, lack of transit infrastructure can create real friction in housing uptake and livability. “A lot of our cities, especially Montreal and Toronto, are playing catch-up.”
Navigating the Balance Between Vision and Policy, Predictability, and Market Stability
While some recent government incentives—such as the removal of federal GST and provincial PST on rental housing—have provided welcome relief, broader policy clarity remains essential to restoring momentum in residential development. The good news: positive signals are emerging. Encouraging signs point to new government programs and incentives aimed at boosting residential construction and addressing housing supply challenges.
“We believe more support is on the way through targeted policies and funding programs that will help accelerate development,” says Rogowski. “That, combined with interest rate stability, hopefully, a resolution on the tariff front, should help create a more stable and predictable environment for builders and investors.”
As developers and industry stakeholders navigate an evolving market, a combination of supportive policy, financial easing, and regulatory clarity could provide the conditions necessary for a renewed wave of residential growth.
Building Toward What’s Next
Despite current challenges, there is no indication that the fundamentals underpinning Canadian housing demand have shifted permanently. Urbanization trends remain strong, immigration continues to drive population growth, and cultural shifts in living preferences suggest sustained demand for well-designed, well-located multi-residential options.
Despite the uncertainty, Ben’s outlook remains forward-looking and rooted in the long view that comes with experience. “Markets always exaggerate in their reactions,” he said. “We overcorrected with interest rates, and we’ll likely do the same on the way down. But nothing has fundamentally changed that would permanently alter the dynamics of our housing market. The demand will be there—we just have to be ready to meet it.”
In the meantime, the industry is using this period as an opportunity to rethink the kinds of homes people want, the neighborhoods that support them, and the infrastructure that makes them viable. From design and amenities to transit and policy, the housing conversation in Canada is broadening—and with it, the potential to build better, more inclusive, and more resilient communities.
