Vancouver firm says the market is entering a period of structural, not temporary, change
Vancouver-based real estate marketing giant Rennie has laid off 31 members of its home office team, more than 25% of its workforce, as it navigates what leadership describes as a fundamental reshaping of the real estate industry.
The company announced the layoffs this week, attributing the decision to a mix of economic uncertainty, shifting buyer behaviour, and structural transformation within the housing market.
In a company-wide email sent Thursday, Rennie President Greg Zayadi acknowledged the difficulty of the decision, saying the move to reduce staff was made to soften the impact of a difficult and uncertain real estate environment.
“We are all operating within this geopolitical, economic, urban affordability, AI-driven hyper cycle. These forces are reshaping our industry, not temporarily—but fundamentally,” Zayadi wrote in an internal email to staff on Thursday.
“In response, we are reimagining how we work. This is not about stepping back. It’s about building a stronger foundation, through adaptability while finding comfort in vulnerability, to grow with the market—industry and our communities.”
Rennie’s move comes as the broader Canadian economy faces rising joblessness and slowing real estate momentum.
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Canada’s unemployment rate rose to 6.9% in April, up from 6.7% in March, according to Statistics Canada. While the country added 7,400 jobs that month, much of the hiring was election-related and failed to offset losses, particularly in manufacturing, which has been hit hard by US trade tariffs.
Many economists now expect the Bank of Canada to cut its benchmark interest rate as early as next month in an attempt to counter persistent economic headwinds.
Since 2022, higher borrowing costs brought on by a series of rate hikes have significantly cooled homebuying activity. While there were some signs of renewed market interest in early 2025, ongoing trade tensions and affordability challenges have stifled demand once again.
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