2025 Year in Review
Real Estate Development and Property Management
2025 was not an easy year for real estate. But it was an important one.
Projects slowed. Financing tightened. Decision making became more disciplined. At the same time, rental and multi unit operations continued to accelerate, pulling more attention toward long term asset performance and day to day operations.
What made this year interesting was not contraction. It was recalibration.
Across Canada, development teams became more selective about what moved forward. Property management teams grew larger and more complex almost overnight. Municipal teams felt the pressure of growth with fewer resources. And talent conversations shifted with it.
Leaders stopped hiring for speed. They started hiring for stability, judgment, and long-term value.
What We Saw in Real Estate Development in 2025
The post pandemic momentum leveled out this year. Forecasts were rebuilt with more caution and more discipline. The same signals showed up across nearly every market:
- Housing starts slowed and more projects were postponed as uncertainty around rates, construction costs, and financing created hesitation.
- Buyers and investors became more cautious. Decision cycles stretched while teams waited for clearer economic direction.
- Rental and multi unit stayed active. Purpose built rental and mixed income deals continued because the fundamentals still worked.
- Developers leaned into long term value. Mixed use, resilient assets, and environmentally responsible projects gained traction as teams planned further ahead.
From a talent standpoint, the implications were clear. Development groups leaned into stronger Analysts, more experienced Managers, and leaders who could handle feasibility, capital structure, and risk in a slower cycle. Volume hiring faded. Quality of hire became everything.
Property Management Became the Growth Engine
While development slowed, Property Management moved in the opposite direction.
Demand for experienced managers grew across rental, condo, and multi unit portfolios. Several forces drove that shift:
- The boom in purpose built rental created immediate staffing gaps.
- Senior managers retired faster than new professionals entered the industry, making succession planning urgent.
- And the job itself became more complex. Compliance, building systems, investor reporting, maintenance oversight, tenant experience, and operations strategy now sit on one desk.
The result was a noticeable rise in demand for capable Property Administrators, Coordinators, Community Managers, Operations Managers, and Directors of Property Management. Candidates with real technical depth or strong tenant relations experience were suddenly very hard to find.
How Our Practice Evolved in 2025
This year confirmed something we have been feeling for a long time.
Real Estate Development no longer operates in neat silos.
- Developers do not just build.
- Property Managers do not just operate.
- Municipalities do not just regulate.
Projects succeed when all three are aligned from the start.
That is why we formally brought Real Estate Development, Property Management, and Municipal Recruitment together under one connected Built Environment practice.
In 2025, we:
- Expanded dedicated consultant expertise across each pillar so clients work with specialists who understand their world and how it connects to the broader industry.
- Deepened our reach in Property Management as rental, multi unit demand, and investor activity continued to grow.
- Introduced Municipal Recruitment into the practice, supporting planning, development, engineering, public works, and HR leadership roles for communities across North America.
- Continued to benchmark compensation, job satisfaction, workplace preferences, and turnover through our 2026 Salary Survey across Development and Property Management.
The goal is simple. Reflect the market as it operates today, not how it worked five years ago.
Looking Ahead to 2026
The reset of 2025 has reshaped what teams expect from talent.
- Development teams want professionals who can plan with precision, communicate risk clearly, and help leaders make better go or no-go decisions.
- Property Management teams want experienced operators who can handle aging buildings, rising tenant expectations, and increasing regulatory pressure.
- Municipalities want leaders who can guide growth with limited resources and increasing public scrutiny.
Our 2026 Salary Survey will provide the compensation and workplace data teams need to hire and retain effectively in this next cycle.
The world of Real Estate Development is changing. But the core purpose remains the same. These roles shape the communities where people live, work, and build their lives.
We are proud to support the people doing that work and genuinely optimistic about what lies ahead in 2026.
As always, happy to connect on talent, retention, market insights, or simply to catch up.
Enjoy the holidays.
Onwards to 2026.
