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LACKIE: Real estate through Netflix lens a far cry from reality – Toronto Sun

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There isn’t much about real estate inspiring happiness or joy these days. In fact, it’s quite the opposite lately — most conversations about real estate tend to be mired in astonishment or fretful anticipation.

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Yet last week, when the newest season of Netflix’s Selling Sunset premiered, it was like my social media feed came alive. It seemed that many of us were pumped at the prospect of having something light and fluffy to binge-watch while riding out yet another crummy weather weekend.

Real-estate themed reality television has always been a guilty pleasure of mine. And evidently, I’m not alone — the series jumped to No. 1 on Netflix’s top 10 the day it went live.

How other people live can be fascinating — from the lavish and lovely celebrity homes featured on the pages of Architectural Digest, to Millennial-favourite shows like MTV’s Cribs taking us to see the inside of celebrity party pads, it would seem that many of us really can’t get enough.

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I spent an entire (otherwise miserable) pregnancy binge-watching approximately 67 seasons of Million Dollar Listing (both New York and L.A., thank you very much) delighting in every minute in spite of the very clear and inescapable fact that it bore almost zero resemblance to my profession.

But still.

The houses! The interiors! The outfits! The personalities!

It’s the ultimate form of escapism; a voyeuristic little glimpse of the way semi-terrible people with lives nothing like our own evidently get to navigate the world.

Big-shot clients just appear in ridiculous cars to meet their semi-ridiculous agents who are decked out in completely ridiculous outfits. After a cursory tour mainly focused on the walk-in closet and the view, they might say, “I’ll take it,” throw out a random number, and tell their agent to, “get it done.”

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An hour later cameras catch up with that same agent as they tear them self away from 3 p.m. cocktail hour to put the deal together entirely over the phone. All of 15 minutes of haughty negotiation later, the deal is made. Complete with a little text box on the screen noting their six-figure commission.

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And while I delight in the absurd hilarity of it all, it occurs to me that perhaps I’m not experiencing it the same was everyone else is. Dare I even ask, is this what people think a career in real estate entails? Could this be what they think we do?

The reality of course being that this reality is entirely manufactured. Thus it serves as escapism. I would bet good money that no one would be interested to spend their precious downtime watching the true reality of frozen lockboxes, panic-scrubbing salt marks off of floors two minutes before a scheduled showing, or slamming Starbucks almonds in the car at 4 p.m. when you realize you missed lunch. That reality, just like most elements that make up most of our mundane lives, is not in the least bit interesting — that reality is the opposite of an escape.

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Gorgeous homes and negotiations that span two phone calls are entertaining alright, but they certainly don’t help the public perception that we need barely lift a finger to make bank. I have yet to see one of those TV agents make multiple trips to Home Depot in search of grout whitener and door hinges like I did last week.


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But that’s the beauty and the magic of it all.

I would love to see some kind of stat on how many people decide to become real estate agents after watching these shows, with visions of fancy parties, feet that never hurt, and billionaire clients a plenty. It looks super fun. Sign me up.

On Twitter: @brynnlackie

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Mortgage rule changes will help spark demand, but supply is ‘core’ issue: economist

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TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.

The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.

The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.

CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.

However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.

Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.

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

The Canadian Press. All rights reserved.

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National housing market in ‘holding pattern’ as buyers patient for lower rates: CREA

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OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.

The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.

On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.

CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”

The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.

The number of newly listed properties was up 1.1 per cent month-over-month.

This report by The Canadian Press was first published Sept. 16, 2024.

The Canadian Press. All rights reserved.

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Two Quebec real estate brokers suspended for using fake bids to drive up prices

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MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.

Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.

Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.

She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.

The two brokers were suspended in May 2023 after La Presse published an article about their practices.

One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.

This report by The Canadian Press was first published Sept. 11, 2024.

The Canadian Press. All rights reserved.

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