One of Vancouver’s most prominent developers announced that his firm has laid off 31 employees as real estate sales decline.
Rennie & Associates Realty’s head office is reducing staff by 25 per cent, from 123 to 92 people.
The agency, which usually employs over 400 staff across its locations, made the announcement on May 8 through a post on LinkedIn by company president Greg Zayadi.
“It was a necessary step in response to a changing market, but that doesn’t make it any less painful,” Zayadi wrote. “The individuals leaving us are thoughtful, talented contributors who have helped shape our culture and our business.”
The post did not specify which departments within the “home office team” would be affected.
Zayadi said that the firm is becoming “leaner and more focused,” and emphasized the adoption of artificial intelligence tools to enhance service delivery.
The company mentioned its new AI product, rCatalyst, which it launched as an “AI-powered sales and marketing platform” aimed at automating its sales process as part of the company’s ongoing transformation.
He also pointed to other factors like high construction costs, tariffs, and permitting delays as contributors to the industry’s struggles.
Rennie, founded by condo-marketing mogul Bob Rennie, operates in British Columbia, Washington state, and California.
Rennie’s own data compiled from multiple sources, shows the number of homes listed on the market at highest availability since 2018, yet sales have declined by 24 per cent from April 2024 to April 2025 in Metro Vancouver, to just 2,163 transactions. Rennie’s report estimates that 3,500 completed condos could remain unsold by the end of the year.