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Greater Victoria real estate market up 60% in September – Times Colonist

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Real estate apparently loves a pandemic, according to new numbers released Thursday by the Victoria Real Estate Board.

The Greater Victoria real estate market was again busy in September with 989 properties changing hands, a 60 per cent increase in activity over September last year.

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“Another month has passed where we have seen surprisingly high sales numbers, which included quite a few higher-end properties,” said board president Sandi-Jo Ayers. “I don’t think that anyone who was trying to predict market outcomes in our area over the course of the pandemic expected that the pent-up demand from dampened sales in April and May would result in this level of market activity.

“There’s no doubt that buyers are extremely motivated and this increased demand, coupled with limited inventory, fueled the September market.”

Single-family home sales were up 91.9 per cent compared to September last year with 539 sold. Sales of condominiums were up 26.7 per cent from last year with 280 units sold.

“We had some much-needed new inventory enter the market over the course of September. But the supply has not been sufficient to outstrip the heightened demand,” said Ayers. “We continue to see multiple offers and pressure on pricing across many neighbourhoods.”

Ayers said it is impossible to predict what the rest of the fall will have in store.

“If the past couple of months are an indication, we may see higher seasonal numbers than we would have expected in a more predictable year,” she said. “That said, since our situation can change in a blink, we cannot look at the past months as the start of a trend, but instead as a moment in our market during an unpredictable time.”

There were 2,389 active listings for sale at the end of September 2020, 15.4 per cent fewer properties than the total available at the end of September 2019 and a 7.5 per cent decrease from the 2,584 active listings for sale at the end of August 2020.

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Real estate fraud: Is Canada's digital transformation the problem or the solution? | RENX – Real Estate News EXchange

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The global pandemic has changed many industries, processes and ways of doing business. However, if there is one shift that was well underway prior to the pandemic, it’s the transition to an online world.

The ongoing digital revolution has drastically altered the way we live and changed consumer expectations across all industries, and real estate is no exception.

As digital transformation continues, however, so too does the amount of information available in the cloud, providing more opportunities for fraudsters looking to access vulnerable data.

With this in mind, digital transformation can be a contributing factor to the problem of digital fraud, but also a critical resource for solving it.

Moving away from traditional processes

The global pandemic has expedited the adoption and integration of various technologies, replacing previously offline or in-person activities with digital options.

Today, digital experiences like virtual appraisals, remote closings, e-signatures and cloud-based document sharing have become must-haves for consumers, not just nice-to-haves.

Across all steps of the real estate transaction, a critical example of this transformation is identity verification. Previously, the traditional, in-person model for validating identity relied on one person reviewing a driver’s license to ensure it matched the person in front of them.

This is a process that has been used for decades, but it is one with potential to leave room for human error if fraudulent information is being provided.

There is no doubt that fraudsters are becoming more sophisticated and, as careful as an individual may be when checking the identification, it can be difficult to flag fraud based on simply an in-person manual review.

Fast-forward to today.

Given the ongoing importance of identity verification in a real estate transaction, the model had to be adapted to ensure identification could still be verified, while taking into account social distancing measures and limited in-person meetings.

With new digital ID verification solutions in place, lawyers were presented with an opportunity to decrease the risk of incorrect identification and verification.

Identifying new types of online fraud

Despite the reduction in potential human error, the shift to digital does not negate all risks.

Fewer in-person meetings are resulting in clients becoming more reliant on email communication and more sensitive information being stored in cloud-based databases, ultimately leaving them vulnerable to email or money transfer scams.

Wire fraud in the funding process, for example, has become more prevalent. It can occur when fraudsters intercept an email chain and instruct a law firm to send funds to a different, fraudulent account.

Prioritizing communication to eliminate risks

During National Cybersecurity Awareness Month, customers and businesses are encouraged to ask questions to ensure they understand all of the new online processes they’re exposed to.

Lending and real estate professionals should schedule regular phone or video calls to walk through each step of the process and should encourage clients to call if they are unsure of anything along the way.

This will prevent important personal information being sent over email, which could make clients more vulnerable to fraud attempts.

Navigating the new digitized world

At FCT, we are dedicated to improving digital processes for real estate professionals, delivering a more intelligent and connected journey. However, we recognize we must be cautious in our approach.

COVID-19 has created new opportunities for how identities may be verified, but with that comes additional avenues for fraud – and fraudsters are only getting more sophisticated as they adapt to the COVID-19 environment.

Luckily, this isn’t a new trend; technology will continue to evolve to be able to better detect, deter and prevent fraudulent real estate transactions.

In such a highly regulated industry, we believe a mature and informed approach to technology is always best.

Organizations across all sectors need to remain proactive and open to new technologies, ideas and partnerships that can help Canadians continue to navigate the new normal and protect themselves and each other from potential cyber threats.

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What is Happening in the Thunder Bay Real Estate Market? – RE/MAX News

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Many people are aware of how destructive the coronavirus public health crisis was for smaller towns across the province of Ontario. It has been well documented that major urban centres such as Toronto and Vancouver endured substantial pain that altered their appeal. But the smaller communities also saw a downturn in their economies. Based on the most recent housing market trends, there could be good news on the horizon for small towns as they rebound from the lows experienced earlier this year.

When you consider Canada’s booming real estate industry, few people consider Thunder Bay to be an in-demand housing hot-spot. However, maybe it’s time to re-think these preconceived notions of Ontario’s northwestern markets. Despite the economy taking a hit from the COVID-19 pandemic that resulted in province-wide restrictions, the municipality’s economy is forecasted to rebound next year significantly, and this could bode well for an already recovering Thunder Bay real estate market.

For those who are considering fleeing the big city in favour of planting roots in a new town, Thunder Bay could be a top destination for its housing affordability, as well as a plethora of attractive fundamentals. Rural cities like Thunder Bay are now, more than ever, attracting urban dwellers in search of more space, less crowding, and a budget-friendly price tag on a family home. Below we dive into the trends unfolding in the Thunder Bay real estate market as we work our way through the final quarter of 2020.

What is Happening in the Thunder Bay Real Estate Market?

Thunder Bay may not be experiencing record-breaking sales activity and prices compared to other Ontario municipalities, but the city’s real estate market is certainly rebounding amid the COVID-19 pandemic.

According to the Thunder Bay Real Estate Board, single-detached home sales climbed 25.5% from the same time a year ago, totalling 118 units in the month of September. The median sale price advanced 8.4% to $265,000 in September year-over-year, while the year-to-date median price increased 3.8% to $249,950.

Moreover, single-detached properties spent fewer days on the open market. The real estate association reported that the median number of days on the market for single-detached homes was 18 in September 2020, down from 20 days last year. This is one of the shortest times on record, suggesting that demand continues to rise across the city.

With interest expected to climb even more, will there be enough supply to meet the booming demand? Not quite. According to a new report from Canada Mortgage and Housing Corporation (CMHC), housing starts in Thunder Bay fell 21% in September compared to the same time a year ago. While nationwide housing starts are up, CMHC expects new residential construction to start trending lower heading into 2021.

“The national trend in housing starts was largely unchanged in September,” said Bob Dugan, CMHC’s chief economist, in a statement. “Multi-family starts have been very volatile in recent months, partly reflecting the impact of COVID-19. High levels of multi-family starts in July and August were largely offset by lower levels in September, leaving the trend largely unchanged. This pattern was particularly evident in Ontario, including Toronto. We expect national starts to trend lower by the end of 2020 as a result of the negative impact of COVID-19 on economic and housing indicators.”

As a result, Thunder Bay could evolve into a sellers’ market. When you factor in historically low interest rates and the trend of homebuyers fleeing major urban centres in favour of smaller markets in Ontario, Thunder Bay could become a hot market over the next few years.

An Improving Economy in Thunder Bay?

Market observers are optimistic that Thunder Bay’s economy will modestly rebound next year. The Conference Board of Canada recently forecast that northwestern Ontario’s largest city will experience a sharp decline in the gross domestic product (GDP) this year, but 2021 looks promising, citing the strong housing market, improved tourism prospects, and expansion in manufacturing, construction, and utilities.

Overall, the Ottawa-based strategy think-tank predicts 3.6% growth in local GDP next year.

With parts of Ontario returning to stage two of COVID-19 restrictions, the province’s future over the next few months remains uncertain. Since Thunder Bay sits beyond the limits of Queen’s Park’s list of red zones (Toronto, Ottawa and Peel Region), the city’s rebound is expected to be unobstructed over the next 12 to 18 months, so long as local infection rates remain low.

With the promise of breathtaking scenery and a close-knit community perfect for raising a family, the lure of Thunder Bay is undeniable. If you’re looking to re-plant your roots within a diverse and growing city within a rural setting, take advantage of the affordability of housing within the Thunder Bay market before it joins the ranks of Ontario’s highly priced real estate hot-spots!

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Global Luxury Real Estate Market 2020 Key Regions – Brookfield Asset Management, Public Storage, Prologis, American Tower, AvalonBay Communities – re:Jerusalem

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Hot Property Newsletter: The luxury real estate market changes with the  calendar - Los Angeles Times

MarketsandResearch.biz has uploaded a smart research report titled Global Luxury Real Estate Market 2020 by Company, Type and Application, Forecast to 2025 that tracks the significant developments which are recently being adopted across the global market. The report covers a variety of market factors such as drivers, opportunities, and restraints. The report highlights a comprehensive summary of the market, highlighting the future trends in the global Luxury Real Estate market that will impact the demand during the forecast period from 2020 to 2025. It contains an analysis of market size, growth rate, regional market scope, product-market various applications, industrial chain, market effect factors analysis.

About The Report:

The report further pinpoints the various limitations and strengths of the leading companies operating in the global Luxury Real Estate market. The competitive developments such as research and development activities, partnerships, product innovations, and mergers and acquisitions have been analyzed. The research contains a comprehensive market breakdown on the basis of value, volume, CAGR, and year on year growth. The intelligent market research report enables clients to take strategic decisions and achieve estimated growth.

NOTE: Our report highlights the major issues and hazards that companies might come across due to the unprecedented outbreak of COVID-19.

DOWNLOAD FREE SAMPLE REPORT: https://www.marketsandresearch.biz/sample-request/89213

The Key Market Parameters Included:

  • Company overview and snapshot
  • Product/service portfolio
  • Strategies and key developments
  • Global Luxury Real Estate market outlook
  • Global market trends
  • Global market forecast
  • Global market overview
  • Global market growth analysis

In the global Luxury Real Estate market, the following companies are covered: Brookfield Asset Management, Public Storage, Prologis, American Tower, AvalonBay Communities, Simon Property Group, Klepierre, Weyerhaeuser, Link REIT, Gecina, Covivio, Equity Residential, Welltower, Ventas, Equinix, Host Hotels & Resorts, Boston Properties, Digital Realty Trust, HCP, Annaly Capital Management, Segro, Starwood Property Trust, Dexus, Vornado Realty, Realty Income

Product segment analysis of the market is: Single-family homes, Condos, Townhouses

Application segment analysis of the market is: Residential, Commercial

The market report offers a comprehensive geographical analysis with major regions such as: North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, etc.), Middle East & Africa (Saudi Arabia, Egypt, Nigeria and South Africa).

The manufacturers dominant within the global Luxury Real Estate market are highlighted inside the competitive landscape section of the report. The report documents factors such as drivers, restraints, and opportunities that impact the remuneration of this market.  The report includes data about several parameters related to the regional contribution such as market share, application share, type share, key companies in respective regions. Furthermore, information related to the growth rate, revenue, sales, production, consumption, during the forecast period is delivered in the report.

ACCESS FULL REPORT: https://www.marketsandresearch.biz/report/89213/global-luxury-real-estate-market-2020-by-company-type-and-application-forecast-to-2025

In-Depth Study of Each Point of The Market:

Manufacture Analysis: Manufacture of the Luxury Real Estate is analyzed with respect to different applications, types, and regions. The manufacturer segment has been described in the report with its market share, revenue, basic data, company profiles, product picture and specifications, sales revenue, price, gross margin, and contact info and the highest growing segment globally.

Resource And Consumption: This segment studies resource and consumption. Import-export data is also provided by region if applicable.

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This report can be customized to meet the client’s requirements. Please connect with our sales team (sales@marketsandresearch.biz), who will ensure that you get a report that suits your needs. You can also get in touch with our executives on +1-201-465-4211 to share your research requirements.

Contact Us
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Head of Business Development
Phone: +1-201-465-4211
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Web: www.marketsandresearch.biz

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