Real eState
Monthly Market Report for Toronto Real Estate Released
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TORONTO, May 05, 2020 (GLOBE NEWSWIRE) — Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for April 2020:
Home Sales and Listings
- Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® System. This result was down by 67 per cent compared to April 2019. Weekday sales remained within a relatively steady range during the month, averaging 130 per day.
- New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by a similar rate compared to sales (-64.1 per cent).
“The necessary social distancing and economic impacts associated with COVID-19 clearly impacted home sales and listings throughout April 2020. However, REALTORS® have been able to facilitate some transactions on behalf of buyers and sellers through the use of innovative techniques including virtual open houses. TRREB has also provided a live stream virtual open house option on Member listings featured on our public websites, and I would expect the use of these innovative techniques to increase as some level of social distancing remains in place for the foreseeable future,” said Mr. Collins.
“TRREB Members should continue to follow directives and guidance being given by the government and public health agencies. TRREB’s professional development staff are continuously working to educate our Members via virtual webinars on using technology in innovative ways to conduct business virtually, including video, virtual tours and the use of electronic forms wherever possible,” said TRREB CEO John DiMichele.
Home Prices
- The average selling price for April 2020 transactions was $821,392 – up by 0.1 per cent compared to the average price of $820,373 reported for April 2019. The semi-detached and townhouse market segments experienced annual average price growth above the rate of inflation. The condominium apartment and detached segments experienced year-over-year price declines on average.
- The trend for the MLS® Home Price Index Composite Benchmark, which had been on an upward trajectory since the beginning of 2019 flattened in April. On a year-over-year basis, the Benchmark was up by 10 per cent.
- The MLS® HPI indices represent prices for typical homes with consistent attributes from one period to the next. The fact that the MLS® HPI was up year-over-year by a greater rate than the average selling price suggests that the share of higher end deals completed in April 2020 versus April 2019 was down.
“When thinking about home prices, it is important to remember that the pace of price growth is dictated by the relationship between sales and listings. So, while the onset of COVID-19 has understandably shifted market conditions and resulted in average selling prices coming off their March peak, there has continued to be enough active buyers relative to available listings to keep prices in line with last year’s levels,” said Jason Mercer, TRREB’s Chief Market Analyst.
Condominium Apartment Rental Market
TRREB is also providing summary condominium apartment rental market statistics for April 2020. Conditions in the GTA rental market have also changed since the first quarter of 2020.
- Rental transactions reported through TRREB’s MLS® System were down on a year-over-year basis in April for both one-bedroom and two-bedroom condominium apartments.
- One-bedroom condominium apartment rental transactions were down by 57.9 per cent to 754; two-bedroom rental transactions were down by 54.4 per cent to 489.
- Average rents for one-bedroom and two-bedroom apartments were down on a year-over-year basis in April 2020 as well. The average one-bedroom rent was $2,107 – down 2.7 per cent compared to April 2019. The average two-bedroom rent was $2,705 – down 4.1 per cent compared to April 2019.
“These are unprecedented times. Past recessions and recoveries do not necessarily provide the best guide as to how the housing market will recover from the impact of the COVID-19 pandemic. A key factor for the housing market recovery will be a broader reopening of the economy, which will result in an improving employment picture and a resurgence in consumer confidence. To this end, it is reassuring that the province is taking measured and carefully monitored steps towards safely opening up some parts of the economy,” said Mr. DiMichele.
Summary of TRREB MLS® Sales and Average Price – April 1 – 30, 2020 | ||||||
2020 | 2019 | |||||
Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
City of Toronto (“416”) | 1,036 | 881,424 | 2,223 | 3,219 | 904,199 | 5,736 |
Rest of GTA (“905”) | 1,939 | 789,317 | 3,951 | 5,786 | 773,736 | 11,476 |
GTA | 2,975 | 821,392 | 6,174 | 9,005 | 820,373 | 17,212 |
TREB MLS® Sales By Home Type – April 1 – 30, 2020 – Home Type | |||||||||||||
Detached | Semi-Detached | Townhouse | Condo Apartment |
Other Types |
All Types | ||||||||
All Areas | Sales | 1,412 | 324 | 532 | 667 | 40 | 2,975 | ||||||
Yr./Yr. % Chg. | -66.0% | -62.1% | -65.3% | -71.6% | -66.4% | -67.0% | |||||||
Halton | Sales | 174 | 20 | 105 | 36 | 3 | 338 | ||||||
Yr./Yr. % Chg. | -66.8% | -62.3% | -59.8% | -68.4% | -72.7% | -64.9% | |||||||
Peel | Sales | 237 | 93 | 116 | 73 | 1 | 520 | ||||||
Yr./Yr. % Chg. | -72.7% | -69.0% | -69.2% | -79.6% | -91.7% | -72.9% | |||||||
Toronto | Sales | 313 | 126 | 108 | 482 | 7 | 1,036 | ||||||
Yr./Yr. % Chg. | -67.9% | -54.8% | -68.4% | -69.9% | -63.2% | -67.8% | |||||||
York | Sales | 247 | 45 | 87 | 50 | 7 | 436 | ||||||
Yr./Yr. % Chg. | -68.1% | -65.9% | -71.9% | -76.6% | -79.4% | -70.2% | |||||||
Durham | Sales | 345 | 34 | 98 | 25 | 11 | 513 | ||||||
Yr./Yr. % Chg. | -53.1% | -51.4% | -47.6% | -53.7% | -52.2% | -52.0% | |||||||
TREB MLS® Average Price By Home Type – April 1 – 30, 2020 – Home Type |
|||||||||||||
Detached | Semi-Detached | Townhouse | Condo Apartment |
Other Types |
All Types | ||||||||
All Areas | Average Price | $983,630 | $865,971 | $681,393 | $578,283 | $649,120 | $821,392 | ||||||
Yr./Yr. % Chg. | -3.5% | 7.0% | 3.8% | -1.7% | -3.6% | 0.1% | |||||||
Halton | Average Price | $1,064,805 | $765,690 | $695,854 | $506,306 | $835,000 | $870,966 | ||||||
Yr./Yr. % Chg. | 0.7% | 10.4% | 8.5% | 0.1% | 6.4% | 1.8% | |||||||
Peel | Average Price | $997,803 | $745,646 | $644,549 | $490,118 | $750,000 | $802,155 | ||||||
Yr./Yr. % Chg. | 5.1% | 5.3% | 4.3% | 7.1% | 6.2% | 6.5% | |||||||
Toronto | Average Price | $1,249,730 | $1,096,437 | $784,899 | $612,300 | $563,000 | $881,424 | ||||||
Yr./Yr. % Chg. | -7.8% | 4.0% | 3.5% | -4.0% | -7.4% | -2.5% | |||||||
York | Average Price | $1,149,487 | $814,973 | $783,113 | $542,254 | $917,843 | $968,499 | ||||||
Yr./Yr. % Chg. | 3.0% | 4.4% | 7.8% | 1.3% | 8.2% | 6.1% | |||||||
Durham | Average Price | $662,126 | $524,441 | $537,601 | $364,788 | $561,409 | $612,563 | ||||||
Yr./Yr. % Chg. | -1.1% | 6.1% | 7.5% | -10.6% | 2.8% | 0.0% |
April 2020 Year-Over-Year Per Cent Change in the MLS® HPI |
|||||
Composite (All Types) |
Single-Family Detached |
Single-Family Attached |
Townhouse | Apartment | |
TRREB Total | 10.22% | 8.49% | 9.60% | 10.79% | 13.21% |
Halton Region | 10.36% | 9.65% | 8.38% | 12.90% | 12.94% |
Peel Region | 12.55% | 10.71% | 11.86% | 12.57% | 17.94% |
City of Toronto | 10.43% | 7.95% | 8.24% | 8.01% | 12.51% |
York Region | 7.66% | 6.55% | 8.32% | 6.83% | 12.74% |
Durham Region | 9.73% | 9.03% | 10.63% | 10.57% | 14.17% |
Orangeville | 6.87% | 6.82% | 9.78% | – | – |
South Simcoe County1 | 10.62% | 13.00% | 9.14% | – | – |
Source: Toronto Regional Real Estate Board | |||||
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth |
Annual Summary of TRREB MLS® Sales and Average Price | ||||||||||||||||
Year-to-Date | ||||||||||||||||
2020 | 2019 | |||||||||||||||
Sales | Average Price | New Listings | Sales | Average Price | New Listings | |||||||||||
City of Toronto (“416”) | 7,864 | 952,857 | 13,277 | 9,030 | 850,262 | 16,711 | ||||||||||
Rest of GTA (“905”) | 14,884 | 843,898 | 25,781 | 16,057 | 758,564 | 33,789 | ||||||||||
GTA | 22,748 | 881,565 | 39,058 | 25,087 | 791,571 | 50,500 | ||||||||||
Annual TRREB MLS® Sales & Average Price By Home Type – Year-to-Date 2020 |
||||||||||||||||
Sales | Average Price | |||||||||||||||
416 | 905 | Total | 416 | 905 | Total | |||||||||||
Detached | 2,256 | 8,420 | 10,676 | 1,425,426 | 987,409 | 1,079,968 | ||||||||||
Yr./Yr. % Change | -7.7% | -3.7% | -4.5% | 9.9% | 9.2% | 9.1% | ||||||||||
Semi-Detached | 624 | 1,440 | 2,064 | 1,136,141 | 745,819 | 863,823 | ||||||||||
Yr./Yr. % Change | -17.5% | -6.7% | -10.2% | 8.6% | 9.8% | 8.0% | ||||||||||
Townhouse | 806 | 3,027 | 3,833 | 819,673 | 684,413 | 712,855 | ||||||||||
Yr./Yr. % Change | -13.7% | -8.4% | -9.5% | 7.9% | 11.2% | 10.1% | ||||||||||
Condo Apartment | 4,130 | 1,781 | 5,911 | 696,983 | 527,307 | 645,859 | ||||||||||
Yr./Yr. % Change | -14.7% | -20.0% | -16.4% | 13.4% | 13.3% | 13.8% | ||||||||||
Apartment Type |
Month/Year |
Rentals |
Average Rent |
|||||||||||||
One-Bedroom | Apr. 2020 | 754 | $2,107 | |||||||||||||
Apr. 2019 | 1,790 | $2,165 | ||||||||||||||
Yr./Yr. % Chg. | -57.9% | -2.7% | ||||||||||||||
Two-Bedroom | Apr. 2020 | 489 | $2,705 | |||||||||||||
Apr. 2019 | 1,072 | $2,821 | ||||||||||||||
Yr./Yr. % Chg. | -54.4% | -4.1% | ||||||||||||||
Source: Toronto Regional Real Estate Board | ||||||||||||||||
*Note: A broader breakout of condominium apartment and condominium townhouse rental statistics by bedroom type and TRREB areas and municipalities will continue to be provided in TRREB’s quarterly Rental Market Report. |
Seasonally Adjusted TRREB MLS® Sales and Average Price1 | ||||
Sales | Month-over-Month % Chg. | Average Price | Month-over-Month % Chg. | |
April ’19 | 7,078 | 10.2% | $787,535 | 0.7% |
May ’19 | 7,356 | 3.9% | $802,162 | 1.9% |
June ’19 | 7,513 | 2.1% | $812,342 | 1.3% |
July ’19 | 7,884 | 4.9% | $824,215 | 1.5% |
August ’19 | 7,989 | 1.3% | $825,904 | 0.2% |
September ’19 | 7,993 | 0.1% | $837,281 | 1.4% |
October ’19 | 7,840 | -1.9% | $839,945 | 0.3% |
November ’19 | 7,835 | -0.1% | $846,374 | 0.8% |
December ’19 | 7,626 | -2.7% | $874,283 | 3.3% |
January ’20 | 7,763 | 1.8% | $875,767 | 0.2% |
February ’20 | 8,902 | 14.7% | $904,450 | 3.3% |
March ’20 | 6,936 | -22.1% | $894,745 | -1.1% |
April ’20 | 2,347 | -66.2% | $789,274 | -11.8% |
Source: Toronto Regional Real Estate Board; CREA Seasonal Adjustment | ||||
1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA). Removing normal seasonal variations allows for more meaningful analysis of monthly changes and underlying trends. |
The Toronto Regional Real Estate Board is Canada’s largest real estate board with more than 56,000 residential and commercial professionals connecting people, property and communities.
Source: Toronto Regional Real Estate Board
Edited by Harry Miller
Real eState
Former HGTV star slapped with $10 million fine and jail time for real estate fraud – Fortune
Back when mortgage rates and home prices were more reasonable and manageable, homeowners invested in fixer-upper properties and made them their own. Now these types of projects aren’t as popular. But in the early-to-mid-2010s, HGTV shows including Fixer Upper, Love It or List It, and Flip It to Win It were all the rage as viewers binge-watched dilapidated homes transform into dream properties.
But as it turns out, one former HGTV star’s house-flipping show was masking major real estate fraud. On Tuesday, Charles “Todd” Hill, was sentenced to four years in jail and ordered to pay back nearly $10 million to his victims following his conviction. Los Gatos, Calif.–based Hill, 58, was the star of HGTV show Flip It to Win It, which aired in 2013 and featured Hill and his team purchasing dilapidated homes and fixing them up. Hill then sold them for a profit.
“Some see the huge amount of money in Silicon Valley real estate as a business opportunity,” Santa Clara County District Attorney Jeff Rosen said in a statement. “Others, unfortunately, see it as a criminal opportunity—and we will hold those people strictly accountable.”
What did Hill do?
According to the indictment shared with Fortune, the accusations against Hill happened between 2012 and 2014, around the time his show (which lasted just one season) began. The indictment shows 10 counts of grand theft of personal property exceeding $950,000; three counts of embezzlement; and one count of diversion of construction funds. Hill could not be reached by Fortune to comment on the indictment, conviction, or sentencing.
Hill was convicted last year of the multiple fraud schemes, including scams that happened before his show aired. This included a Ponzi scheme with evidence showing that Hill had spent laundered money on a rented apartment in San Francisco, hotels, vacations, and luxury cars, according to a press release from the Santa Clara County District Attorney’s Office. HGTV did not respond to requests for comment from Fortune ahead of publication.
“To hide the theft, he created false balance sheets and got loans using fraudulent information,” according to the district attorney’s office. In another case, Hill diverted construction money for personal use. But one of the strangest accounts came from an investor who had poured $250,000 into a property he wanted Hill to remodel.
Instead, during a tour of the home, the investor “found it to be a burnt-down shell with no work done on it.”
After the district attorney’s investigation, Hill was indicted in November 2019 and in September 2023 admitted his guilt and was convicted by plea of grand theft against all of his victims. He’ll have to pay restitution of more than $9.4 million and serve 10 years on probation.
Victims who spoke at Tuesday’s hearing said they’re still reeling from the financial and professional damages from the fraud, according to the district attorney’s office.
Real eState
Botched home sale costs Winnipeg man his right to sell real estate in Manitoba – CBC.ca
A Winnipeg man’s registration as a real estate salesman has been cancelled after a family vacated their home on a tight deadline for a sale that never went through, then changed brokerages and, months later, got $60,000 less for their house than what they expected when they moved out.
A Manitoba Securities Commission panel found Reginald Wayne Kehler engaged in professional misconduct and conduct unbecoming a registrant when he signed a document on behalf of sellers without their knowledge, reduced the listing price of a home without their approval, and didn’t tell them for nearly a month that a potential buyer hadn’t paid a promised $100,000 deposit.
The sellers, identified as D.R. and P.R. in the panel decision released Wednesday, were awarded $10,394 from the real estate reimbursement fund. Kehler was ordered to pay $12,075 to cover costs of the investigation and hearing.
The sellers were a military family who had to move in 2020 after the husband was posted to Ottawa.
They chose Kehler as their listing agent, because he had helped them find the home when they moved to Winnipeg in 2018, and they had a good relationship with him, the panel’s decision says.
They listed their house in May and on June 15, 2020, accepted an offer of $570,000 with possession on July 15. A deposit of $100,000 was to be paid within 72 hours of acceptance of the offer.
Kehler was the salesperson for both the buyer and the sellers — but the sellers say he never told them that.
A form that indicated the sellers knew he was also representing the buyer, dated June 15, 2020, was filed.
While it appeared to be signed with the sellers’ names, they said they didn’t see it until March 2021. One of the two wasn’t even in Winnipeg on June 15.
“Kehler, in his interview with commission staff, acknowledges that the sellers never signed this document — we note that the purported signatures on the form look nothing like the actual signatures of the sellers on other documents,” the decision says.
Kehler told commission staff he’d been authorized to sign on the sellers’ behalf, which they denied. The panel found them more believable.
Once the deal was made, the sellers, believing they had just a month before the buyer would take possession of their home, quickly packed up and prepared to move with their two young children.
Buyer never made deposit
Meanwhile, the buyer hadn’t made the $100,000 deposit before the deadline — but Kehler didn’t tell the sellers.
Kehler told commission staff that was because he thought the deposit was still coming, and he didn’t want to cause more stress for the sellers.
On July 10, just five days before the buyer was to take possession and the day before the family was leaving Winnipeg, the sellers spoke to Kehler — but he still didn’t tell them the deposit hadn’t been paid.
Kehler “said everything was fine,” according to the decision.
It wasn’t until the evening of July 13, when the family arrived in Toronto on their way to Ottawa and just 36 hours before the scheduled closing, that Kehler told them he’d never received the deposit.
Eventually, they received $4,000 of the deposit, but the sale of the house never closed. The sellers scrambled to extend the insurance on their old home and make sure they continued to pay the utility bills, the decision says.
Home relisted
Kehler then recommended they relist the home, and it went back on the market at $574,900.
On Aug. 10, 2020, Kehler recommended the price be reduced to $569,900. Instead, the seller said he should reduce the price to $567,900.
But when the seller looked at the online listing on Aug. 22, it was listed at $564,900.
The sellers also asked Kehler about maintaining the property, since they were no longer in Winnipeg. He agreed he would, but friends ended up going and mowing the lawn, the decision says.
The sellers asked Kehler and his brokerage about what could be done to “make things right,” the decision says, but they never received any responses.
On Sept. 5, they hired a new brokerage to sell the home. Under the new real estate salesman, they accepted an offer on Dec. 13, and closed the deal Jan. 2, 2021, receiving $507,500 for the home.
Kehler’s actions were “contrary to the best interests of the public” and undermined “public confidence in the real estate industry,” the decision says.
Real eState
Dr. Phil left speechless after real estate agent claims that squatting is justified by colonization – New York Post
Dr. Phil spoke with property owners about how squatters are using legal loopholes to occupy properties, but one real estate agent argued it can be justified because of a history of “colonization.”
Wednesday’s episode of “Dr. Phil Primetime” featured one guest named Kristine, a real estate agent who “doesn’t think adverse possession is immoral,” but believes that “people with no housing dying from the elements is immoral.” According to the Legal Information Institute, adverse possession is where a “person in possession of land owned by someone else may acquire valid title to it, so long as certain requirements are met, and the adverse possessor is in possession for a sufficient period of time.” The requirements and period of time vary by state and city.
In her introduction on the show, Kristine argued that there are “multi-million dollar projects, and they’re just abandoned.” She added that she believes the land of those abandoned projects can be reclaimed.
She also noted she is working with a client who is “trying to occupy a property” that’s around 300 or 500 acres.
“It’s something that’s so large that you wouldn’t even notice what 2 acres is compared to how many acres are on there,” she said. “Adverse possession is a law that’s left over from both Spanish and English colonization, it is how they took the land from the native people, and it’s a process we can use to take that land back.”
“You said that if I’ve got 100 acres or 1,000 acres and somebody goes and gets in a corner of it and adversely possesses 5 acres of it, I’m not gonna miss it, I’ve got 1,000 acres anyway?” Dr. Phil asked Kristine.
“Well, yeah,” she responded. “Can you tell me, if you’re looking at 1,000 acres, could you tell me what 5 acres was?”
Dr. Phil’s jaw dropped, and he said, “Hell yes.”
A landlord named Tony argued with Kristine about how she believes the manner in which people inherit property should be taken into account when it comes to adverse possession.
“We’re not in 1776, we’re in 2024,” Tony said, sparking a wave of applause from the audience.
“Do you think that a corporation that makes over a billion dollars a year is injured by someone taking 5 acres of land?,” Kristine argued.
Another guest quickly interjected with “somebody is.”
Another guest named Patti confronted Kristine by arguing she does not use her car 24-hours-a-day.
“Playing out your scenario, then theoretically anyone on the street should be able to boost your car and drive it, because that car is just sitting around unused,” Patti said, sparking applause from the audience.
“I don’t have a billion-dollar net worth,” Kristine argued, which made Barry ask if having a billion dollars is where Kristine draws the line.
Dr. Phil concluded the episode by commending Kristine for her willingness to defend her beliefs, but said he “100%” disagreed with her.
“It is a lawful thing to do if you do it in the right way, I 100% disagree with your philosophy, but your facts are correct,” he said. “She’s not suggesting people go squat in someone’s home when they go on vacation, she’s talking about something completely different, at another level, and if you’re not a billionaire, she isn’t targeting you.”
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