Real eState

After incidents at Toronto building sites, Canadian real estate needs to wake up to realities of rac – Mortgage Broker News

Published

4 years ago

July 2, 2020

Having a bird’s eye view of the turmoil that has rocked the United States over the last two months, it’s easy, particularly if you’re not a minority, to feel that racism in Canada is not a problem on the same headline-grabbing, country-rending level as that of our southern neighbours. But recent, pathetic displays of racism at Toronto building sites – cheap knockoffs of the tactic used to intimidate NASCAR’s Bubba Wallace only a few weeks ago – shows that idiots are among us.

There are going to be people who look at what happened in Toronto recently and say to themselves, “But it was only a few incidents at a few building sites, right? Canadians aren’t that racist, are we?”

But that’s the problem right there: It implies that the only racism worth fighting is the kind that makes everyone uncomfortable. It implies that a certain level of racism is acceptable. It implies that Canadian racism is less harmful to its victims than other varieties. None of this is true.

Racism knows no borders. That’s because stupidity knows no borders. And that’s what racism is: It’s not a political ideology, it’s stupidity. It’s the result of simple-minded, scared people being duped into believing that other people are to blame for their own shortcomings. Racism is reptilian in its simplicity – I see something different, it must be scary – and, because it plays on our most primal emotions – fear, jealousy, insecurity – it is easily activated. But only in stupid people. If you believe you are a better person than every member of another race, that’s a stupid belief.

What does this have to do with real estate? Well, let’s think about numbers for a second. There are approximately 37 million people living in Canada right now. What percentage of them do you believe might hold racist views? And we’re not only talking about the noose-hanging, cross-burning extremists who, for some reason, feel comfortable speaking out in public (but, because they’re cowards, always do so from the safety of a large group). We’re talking about those who may hold views or take actions they don’t even realize are racist.

Let’s say it’s ten percent of the country, or 3.7 million people. Does that sound high? If so, it’s worth asking why. Speaking from personal experience, this writer has come to realize that in situations where racism may or may not be occurring, his first reaction has always been to assume it isn’t, to assume the people involved are people who think the same as him. (Even his writing has reflected that: three stories about race and lending in the U.S., but this is the first one written for a Canadian audience.) But there is no evidence to back up that assumption. There is no reason to assume our country has a lower percentage of racists living in it than any other country.

If we assume ten percent of Canadians hold views that are either intentionally or unintentionally racist, logic dictates that ten percent of realtors, builders, mortgage brokers, stagers, inspectors and executives possess those views, too. Maybe, because of the education involved in becoming an agent or broker, some of the stupidest/most racist people get weeded out. Let’s say it’s five percent. Is anyone reading this comfortable saying, “I’m okay with my industry. It’s only five percent racist”?

As a former teacher, this writer knows one thing: You can’t assume anyone knows anything. That is why Mortgage Broker News is encouraging every business involved in the real estate space – every business everywhere, really – to provide its staff relevant, thoughtful racial sensitivity training that reflects both current thinking on race and an exploration of the ideas and processes that have prevented non-whites from getting a bite at the apple for hundreds of years. It should be a mandatory component of any broker or agent’s education. We hope the country’s biggest real estate and mortgage brokerages, as well as each space’s trade associations, see this article, understand the value of the kind of program we’re suggesting and act accordingly.

Without education, racism will be with us forever. We can punish hate crimes all we like, but even the stiffest punishment doesn’t change the fact that someone still committed a hate crime. These are crimes, and thoughts, that can be prevented. It just takes time, patience and the realization that a) there is a problem, and b) its solution will benefit all of us.

And that’s the part that’s so frustrating about racism and racists. Our economic system requires constant growth to keep it from collapsing. What better way to drive consumer demand and increase spending than by getting everyone involved in a nation’s economy? If everyone was given an equal shot at an education, a safe home environment, potable drinking water, a promise that the people paid to protect you won’t kill you – that means everyone is in a better position to buy, sell, create, and exchange ideas. What marketplace wouldn’t that benefit? Doesn’t preventing that kind of economy from existing seem kind of…stupid?

Racial equality is not a political issue. There aren’t two sides to it: Either everyone’s free or nobody is. If you’re comfortable living in a country, or working in an industry, where a little racism is acceptable, you’re living in the past. It won’t take long before your clients figure that out.

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Real eState

Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

Published

3 days ago

November 6, 2024

Anne Joseph

TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

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Homelessness: Tiny home village to open next week in Halifax suburb

Published

2 weeks ago

October 24, 2024

Anne Joseph

HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

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Here are some facts about British Columbia’s housing market

Published

3 weeks ago

October 17, 2024

Anne Joseph

Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

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