Prominent Vancouver real estate firm Rennie undergoes big layoffs | Daily Hive

Prominent Vancouver real estate firm Rennie undergoes major layoffs

Rennie head office at 1650 West 1st Ave., Vancouver. (Google Maps)

Vancouver-based real estate marketing and brokerage firm Rennie made the decision this week to lay off a quarter of its head office workforce, citing fundamental structural changes in the market.

In a social media post released by the company on Thursday, Rennie confirmed it has reduced its head office team from 123 employees to 92 — a move described as both necessary and painful.

The prominent company employs realtors, brokers, marketers, and market intelligence analysts, and is also known for working with major developers to market and sell their significant condominium projects, beginning with pre-sales.

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“The people leaving us are thoughtful, talented contributors who helped shape our culture and our business. We’re committed to helping them land well. If you’re hiring, please consider them,” the statement read.

The layoffs come amid what the company calls a “geopolitical, economic, urban affordability, AI-driven hyper cycle,” a period of rapid and profound change that Rennie says is reshaping the real estate landscape permanently.

“The shifts we’re seeing in real estate aren’t temporary — they are structural. And yesterday is never coming back,” the company stated, pointing to a broader transformation in how real estate services are delivered and consumed.

Despite the cuts, Rennie says it is moving forward with clarity and purpose. The remaining head office team of 92 will continue to support over 300 realtors across its markets in British Columbia, Washington state, and California.

Rennie is also the Walt Disney Company’s official broker in Western Canada for Cotino, an upcoming master-planned Disney-themed residential community in Rancho Mirage, located within the Coachella Valley near Palm Springs, California.

The firm emphasized yesterday that it remains committed to its full scope of services, including development, sales, rentals, resale, and advisory. It also highlighted its efforts to become more agile and efficient, embracing new tools and approaches to better serve clients in a fast-changing environment.

“To our clients, partners, and peers: our commitment to you remains unchanged. You’ll continue to see us show up, thoughtfully and consistently, doing what we’ve always done — helping to shape the future of real estate, together,” reads the statement.

Home sales have slumped since 2022, when the Bank of Canada began raising its policy interest rate in response to rapid inflation. While intended to curb inflation, the rate hikes significantly increased borrowing costs, dampening demand for new homes or delaying potential purchases. Up until recently, there were promising signs of a rebound in home sales, buoyed by falling policy interest rates, but this move by the Bank of Canada has been offset by continued economic uncertainty, especially with the Canada-US trade war.

As well, in April 2025, a market forecast report by Rennie estimates the number of unsold condominium inventory in Metro Vancouver is projected to jump by 60 per cent in 2025 — from 2,179 units in completed projects to 3,493 units by the end of 2025. Sluggish conditions could persist beyond this year.

The latest monthly real estate performance reports by Greater Vancouver Realtors and Fraser Valley Real Estate Board also show a spring slowdown accompanied by a growing number of listings. And this week, a new report by Sotheby’s International Realty Canada shows Vancouver’s luxury housing market taking a hit, partially due to the trade war, with consumer sentiment notably falling starting in February 2025.

Three years ago, Rennie also vacated its longtime head office location in Vancouver’s Chinatown district, which was co-located with the Rennie Museum. The company opened a new head office at 1650 West 1st Ave. next to the former Molson Coors brewery near the south end of the Burrard Street Bridge, and its old Chinatown building was converted into the new Chinese Canadian Museum.

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