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How TikTok and Instagram are influencing the Alberta real estate market

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As soon as he got his real estate licence, Brandin Strasser reached into his toolkit and started making posts on social media.

“Most of them were just house tours; I didn’t talk too much because I didn’t feel like I had that confidence in real estate yet,” the Edmontonian said in an interview with CBC.

The house tours soon evolved into talking about his personal life as a way to build connections with his audience, which mostly consists of millennials and generation Z.

Based on those demographics, he primarily focuses on TikTok and Instagram based on those demographics.

As mortgages and inflation reach all-time highs across Canada, Strasser and other Albertans selling real estate are using social media platforms to convince young Canadians to take the plunge into the housing market.

A man sits in a room.
Edmonton-based real estate agent Brandin Strasser wants to encourage younger buyers that real estate is attainable for everybody. (Aaron Sousa/CBC)

Strasser has been with cloud-based brokerage REAL Broker since April 2022.

He said TikTok, in particular, is a great platform for what he calls organic growth.

“Other platforms, they’ve kind of matured in the place where you have your influencers established on Facebook and even Instagram somewhat, whereas TikTok seems to be a lot more open forum and friendly to new accounts just getting out there,” he said.

Strasser said millennials and gen-Zers often feel discouraged over the high costs associated with buying a home. He wants to encourage younger buyers to recognize that it’s not all “gloom and doom,” as he believes real estate is attainable for everybody.

“It really just comes down to showing that there are options and setting realistic boundaries that your first house doesn’t have to be a mansion; your first house can be modest,” he said.

Recent figures from the Canadian Real Estate Association put the average price of a single detached home in Toronto at $1.2 million, and close to $1.7 million in Vancouver. In Edmonton, a typical single-family home can be purchased for about $425,000.

Umar and Atefah Khan purchased their Calgary condominium in May 2022 after Atefah found Calgary-based agent Tyler Hassman on TikTok. Originally from Toronto, they were newly newlyweds who spent a lot of time moving back and forth between provinces.

But they moved to Alberta permanently once they realized a mortgage was cheaper than rent.

Umar Khan said finding a real estate agent with a large social media presence helped the pair feel a connection with their agent even before their first phone call.

“I feel like platforms like TikTok, Facebook and YouTube are going to be the way the younger generation resonates to [real estate agents],” he said.

A man smiles while posing.
Calgary-based real estate agent Tyler Hassman believes the best way to reach young buyers is through social media platforms like TikTok and Instagram. (Submitted by Tyler Hassman)

Hassman has garnered more than 62,000 TikTok followers from his own home tours, which showcase everything from the cheapest condominiums to $15-million show homes.

“People are commenting like crazy, like, ‘As if you can get a fully detached home for 400 or let’s say $500,000,’ and they’re blown away,” he said.

When Hassman became a real estate agent almost two years ago, he wanted to explore different areas of marketing and move away from traditional techniques like door-knocking, cold-calling and mail flyers.

He wondered why other agents weren’t taking advantage of newer social media platforms, noting the influx of people moving to Alberta from Ontario and British Columbia.

“The best way to reach them was going to be [through] social media,” he said.

100 deals in 2 years

Hassman’s focus on social media has made an impact, he said. He said he and his team have closed on more than 100 deals over the last two years — based solely on his videos.

“It’s absolutely blown me away, the amount of homes we’ve been able to sell and the people we’ve been able to reach,” he said.

A woman smiles while posing.
Heather Thomson believes social media has had an astounding impact on consumer spending. (Submitted by Justine Milton)

Heather Thomson, executive director of the Alberta School of Business at the University of Alberta, said social media has an astounding impact on consumer spending.

“I think the pandemic kind of took the need out of the middleman,” Thomson said.

“There isn’t the need to work with advertising or to work with a media source to get that content out there – they can do it themselves.”

Thomson said consumers want to connect to a person and a value system when they engage with sales professionals through social media.

When real estate agents use these tools, they’re strategically selling themselves and their experiences, she said.

Thomson believes it may reach a point where professionals working in forward-facing industries like real estate could lose out on sales opportunities if they don’t engage with these newer marketing tactics.

“There’s so much value to add to the everyday consumer to make sure that they feel like they’re learning something and they feel like they’re connected to that person,” she said.

Strasser thinks TikTok and Instagram will play a huge role in the growth of the real estate industry as a whole.

“I think that’ll help a lot – break down a lot of negative stereotypes around real estate agents.”

 

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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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