Bob Mackin
Another sign of a slowing economy in real estate-obsessed Vancouver.
Rennie has laid-off 25% of its head office workforce.
“Condo King” Bob Rennie (left), and clockwise from left: Ajay Dilawri, Bruno Wall, Hassan Khosrowshahi and David Negrin.
In a post on LinkedIn, Rennie president Greg Zayadi called it the “toughest and most challenging day” in his 25-year career in the industry.
“We made the difficult decision to reduce the size of our home office team from 123 to 92 people,” Zayadi wrote. “It was a necessary step in response to a changing market, but that doesn’t make it any less painful. The individuals leaving us are thoughtful, talented contributors who have helped shape our culture and our business. We’re committed to helping them land well.”
Zayadi blamed a “hypercycle” of geopolitical, economic, urban affordability and even artificial intelligence factors.
“The shifts we’re seeing in real estate aren’t temporary, they’re structural. And yesterday is never coming back,” Zayadi wrote, adding that the path forward is not clear.
Zayadi said the 92 staff continue to be supported by “over 300 realtors” and the commitment to “clients partners, and peers and friends of Rennie” has not changed.
Founder Bob Rennie has not responded for comment.
In February, Rennie hosted a fundraiser for then-Liberal leadership contestant Mark Carney. The “condo king” said in March that he was working with Carney to increase foreign investment in Canadian real estate rentals.
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