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Hack of critical real estate tool upends Bay Area house showings

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A cyberattack on a software service used by real estate agents to track property listing data is in its second week, upending open house tours in San Francisco.

“It is wreaking havoc everywhere,” said David Bellings, an agent for 37 years. “It is disrupting and frustrating. Clients are asking for information and we just have to tell them we don’t have access.”

That access is normally provided by Rapattoni Corporation, a Southern California company that contains property listing information and distributes data to local multiple listing services provided by realtor associations.

Agents are able to add listings and make price changes and transmit this information through automated, up-to-the-minute listing information on their phones. After the attack last week, the industry was paralyzed and there is no prediction for when it will end.

A statement posted Tuesday by the San Francisco Association of Realtors stated that the system would be down at least until Thursday. “At this time, we still do not have a clear timeline on when services will be fully restored,” it said.

Damon Knox, president of the association, said Tuesday that agents were still able to function at a minimum of disruption and that the natural ebbs and flows of the Northern California real estate market were helping.

“This is literally the slowest two weeks of the year for us,” he said. “At this point, it is just an inconvenience. I’m not going to speculate on financial repercussions for anybody.”

A tweet issued by Rapattoni last week said the company was “continuing to investigate the cyberattack that has caused a system outage and are working diligently to get systems restored as soon as possible. All technical resources at our disposal are continuing to work through the weekend. We still do not have an ETA at this time.”

A representative of Bay Area Real Estate Investment Service in Santa Rosa did not respond to email and voice mail requests for comment. A representative of the National Association of Realtors referred questions to Rapattoni or local agencies that use their services.

According to Bellings, the longest previous crash of the price-list system had been for a few hours, “and that created angst for everybody,” he said. “This is unheard of. Clients aren’t blaming us, but anytime something like this happens there are repercussions.”

Bellings said the San Francisco Association of Realtors managed to put together a house tour by having brokers input their listing information manually. A spreadsheet of more than 160 listings was then created, but in order to tour the listings, agents had to write them down or print out the spreadsheet.

“Being resourceful agents, we cobbled together a brokers’ tour that was done organically, not automated,” he said. “It was a workaround that was weird but very successful.”

But David Papale, president of Laurel Village Realtors next to Presidio Heights, said there were only a fraction of the listings on the spreadsheet that would normally be part of the normal Tuesday tour if the automated list had been generated through the multiple listing service software provided by Rapattoni.

“Everyone is very frustrated. It has been almost a week since Rapattoni got hacked,” he said. “Relevant information is current information, and there is no current information because the MLS is shut down.”

Reach Sam Whiting: swhiting@sfchronicle.com. Reach Megan Fan Munce: Megan.Munce@sfchronicle.com.

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

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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.

The Canadian Press. All rights reserved.

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

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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

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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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