Okanagan real estate sales up 23% from December 2018 - Canada News Media
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Okanagan real estate sales up 23% from December 2018

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Residential sales throughout the Okanagan saw an increase last December.

According to the Okanagan Mainland Real Estate Board (OMREB), in the Central Okanagan, there were 118 single-family sales, 45 townhouse sales and 74 condo sales. The December 2019 sales in the Revelstoke to Peachland region surpassed December 2018’s sales by 23 per cent, but was a decrease of 24 per cent from November 2019.

“While activity was subdued during the first half of the year, the last couple of months saw a strong push towards market recovery,” said OMREB president Michael Loewen.

“As we head into 2020, it’s great to see demand remains robust as market conditions have pulled ahead of previous forecasts.”

 

It took an average of 80 days in the Central Okanagan to sell a home, as opposed to the entire regions average of 102 days.

The overall listings for December 2019 came in down four per cent from December 2018, but the late push in the year helped balance the numbers across the region.

“The rebound in residential sales should help to mitigate the recent declines in property tax assessments experienced by many homeowners in centers across our region,” reads the OMREB press release.

Throughout the Central Okanagan in December 2019, the current inventory of single family residences dropped 6.7 per cent, townhouses dropped 10. 4 per cent and condos dropped 7.7 per cent.

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Rapper Yo Gotti talks real estate, his new album, and his fight for prison reform – Yahoo Canada Finance

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By diversifying beyond the music industry, rapper Yo Gotti is following in the footsteps of many of his other peers in the rap game. 

The Memphis native is involved in real estate, fashion, esports and, of late, the fight for prison reform.   

“Real estate was one of the first things I was doing. I kinda like mistakenly fell into that,” Gotti told Yahoo Finance.

“I bought a house early in my career, and in my head, it was like, ‘If everything goes wrong, I own this one house, you know?’ … As I started doing concerts and more concerts, I started buying more houses. I would buy a house, and try to buy a house every month.” 

Despite his success, Gotti’s has had no formal training in the trade.     

“I didn’t have education or information about real estate at the time. I learned after I bought a few houses, and then I kind of fell in love with the rehabbing of the houses and fixing them up and just the whole process and turned it into a business.”

DETROIT, MI - DECEMBER 27: Yo Gotti performs during the WJBL Big Show at Little Caesars Arena on December 27, 2018 in Detroit, Michigan. (Photo by Scott Legato/Getty Images)
DETROIT, MI – DECEMBER 27: Yo Gotti performs during the WJBL Big Show at Little Caesars Arena on December 27, 2018 in Detroit, Michigan. (Photo by Scott Legato/Getty Images)

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="On the fashion side, Yo Gotti is working with sportswear brand PUMA (PUMSY), and he’s also invested in the esports team FaZe Clan — which Gotti called “the coolest team in esports.”” data-reactid=”32″>On the fashion side, Yo Gotti is working with sportswear brand PUMA (PUMSY), and he’s also invested in the esports team FaZe Clan — which Gotti called “the coolest team in esports.”

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Prison reform” data-reactid=”33″>Prison reform

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Gotti, who is set to release a new yet-to-be-named album, has collaborated with some of the biggest names in the music industry. But after five inmates violently died in one week in the Mississippi prison system recently, Gotti and Jay-Z teamed up to bring legal action against the Mississippi Department of Corrections.&nbsp;” data-reactid=”34″>Gotti, who is set to release a new yet-to-be-named album, has collaborated with some of the biggest names in the music industry. But after five inmates violently died in one week in the Mississippi prison system recently, Gotti and Jay-Z teamed up to bring legal action against the Mississippi Department of Corrections. 

“To me it’s personal,” Gotti said, “It’s not about being an artist, it’s something that’s really bothering me. When I grew up, my auntie was in prison. My brother has been in prison. My father had been in prison. I’ve been going to visit people in prison since I was a kid.”

The recording artist also highlighted the dangerous conditions that many U.S. prisoners face.

“You can’t put people in inhumane conditions regardless — everybody is still human. A lot of people are in there for crimes they didn’t do. Some people are there for stuff they did. Some people are waiting for trial. Some people just can’t afford bond, but it’s the same facility, people are supposed to be there for rehabilitation, not losing their lives in prison.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at&nbsp;@ReggieWade.” data-reactid=”38″>Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at @ReggieWade.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read more:” data-reactid=”39″>Read more:

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Follow Yahoo Finance on&nbsp;Twitter,&nbsp;Facebook,&nbsp;Instagram,&nbsp;Flipboard,&nbsp;LinkedIn, and&nbsp;reddit.” data-reactid=”47″>Follow Yahoo Finance on Twitter, Facebook, Instagram, FlipboardLinkedIn, and reddit.

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This Week's Top Stories: Canadian Real Estate Development Is Booming, While Consumer Credit Tanks – Better Dwelling

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Time for your cheat sheet on this week’s most important stories.

Canadian Real Estate

Canadian Household Credit Slows, As Consumer Credit Growth Plunges Lower
Canadian household debt is still rising, but experienced a bit of a hiccup in the latest numbers. The balance of outstanding household debt reached $2.26 trillion in November, up 3.9% from a month before. The 12-month rate of growth made a minor decline, due to falling consumer loan balances. This means all credit growth in the month was due to mortgage debt. Unusual, since consumer credit typically accelerates with mortgage debt.
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Canadian Mortgage Debt Growth Accelerates, But Throws A Sign It May Be Losing Steam
Canadians have been ramping up mortgage borrowing, but there’s a sign it may slow. The balance of mortgage debt hit $1.62 trillion in November, up 4.6% from last year. The 3-month annualized pace of growth fell to 5.7%, down 3.39% from the month before. This is only one decline, so it’s unclear if it’ll follow with further declines going forward. However, it does show that growth lost a little steam.
Read More

Canada Has Never Had This Much Housing Under Construction At The Same Time
Canada has never seen this much housing being built all at the same time. There were 274,829 units under construction in Q4 2019, up 7.40% from the same quarter a year before. The current peak is a little over 30% higher than any other previous peak – which happened in 1973. Yes, we need to go back almost 50 years, to find a number even close to today’s building.
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Canadian Real Estate Numbers Soar As BC Sales Surge… Kind Of
Canadian real estate sales have been showing robust growth over the past few months. There were 26,976 sales in December, up 22.7% from last year. The big climb sounds impressive, but it’s still 0.85% below 2017’s sales. Looking at the distribution of this trend, most of the growth is explained by the slow first half of 2019. There’s growth, just not exactly the shocking amount told by headline numbers.
Read More

Toronto Real Estate

Toronto Rental Vacancy Rises To The Highest Level Since 2015, Despite Population Boom
Toronto is finally seeing a little relief in its primary rental market, as vacancy rates climb. The average vacancy in the city reached 1.5% in 2019, up 25% from the year before. This is now the highest level since 2015, but still relatively low. However, Toronto has always had a tight primary rental market. The fact that rental rates are showing some of the highest growth in history, isn’t explained by this trend.
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Vancouver Real Estate

Vancouver Rental Vacancies Climb To The Highest Level Since 2013
Vancouver’s primary rental market saw vacancies climb to the highest level in years. The average rate reached 1.1% in 2019, up 10% from a year before. This is the highest level since 2013, but highlights how tight the Vancouver rental market has been. Despite the rise in vacancy, rental prices have been rising the most we’ve seen in over a decade.
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Market Value of New York Real Estate Shows Signs of Weakening – Wall Street Journal

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Hudson Yards other developments


Photo:

Richard B. Levine/Zuma Press

New York City assessors are flashing a warning sign about a slowing real-estate market—even though city property-tax bills continue to rise.

Market values of existing New York homes, apartment buildings and commercial space rose at the slowest pace in six years, under a new assessment roll released last week. The annual assessments provides a valuation as of Jan. 5 of each year.

The gains—based on changes in net income for existing commercial and apartment buildings, and sales prices for smaller homes—rose by 3.6% overall, while commercial properties were up 2.4%, just above the rate of inflation. Hotel values were up less than 1%.

The total market value of all New York properties was put at $1.378 trillion, an increase of $62 billion from January 2019.

At the same time, the new assessment data showed that property tax bills are projected to rise by 6.7% in the fiscal year beginning on July 1, assuming that tax rates are unchanged.

City officials say the rising tax bills reflect a system in which changing market values are phased in over a number of years, even at times when market values lag. In a new report, the Real Estate Board of New York, an industry group, said that real-estate taxes paid by the industry already make up 53% of all city tax revenue, including $28 billion in property taxes.

The industry group is pushing back against a campaign by some state legislators to impose an annual tax on second homes known as the pied-`a-terre tax.

The high real-estate tax burden shows “that policies that limit the amount of tax revenue generated by our industry are counterproductive to improving the lives of New Yorkers they aim to help,” said

James Whelan,

president of the board.

The weakening valuations follow a multiyear slump in the real-estate market, with slowing rent growth, falling commercial sales and sluggish homes sales, experts say.

Market values of apartments and commercial buildings could slow further next year, since the latest assessments are based on a full year of income and expenses back in 2018, and analysts say conditions have remained weak since then.

Robert Knakal,

chairman of New York investment sales at JLL Capital Markets, said that investment sales hit a peak in 2014 and 2015, and have been slowing since October 2015, though price declines on sales that have closed have been modest. The slump has extended to land prices, hotels and condominiums, he said.

He said the market was down 10% in value, but in terms of sales volume, “This is the longest correction we have ever seen in the 36 years I have been” in the business.

Properties in Manhattan had the smallest increase in market value, 2.11%,  with values of single-family townhouses up only 2%. Values in the Bronx, which has seen a new wave of investment, are up  6.3%, while Brooklyn properties were up 5.8%. Queens and Staten Island were up less than 3%.

Values of one-to-three family homes were up 9.1% in the Bronx and 6.2% in Brooklyn.

The analysis is based on changes in property values due to market conditions. But the latest roll also reflects $14 billion in increased value due to construction activity, as new buildings under way for a number of years are completed.

Jacques Jiha,

commissioner of the city’s department of finance, said the construction increase was the largest such increase in 10 years. “New York City continues growing, and this year’s roll confirms that construction activity remains strong across the five boroughs,” he said in a statement.

Even including new construction, the increase in market value rose by 4.7%. On that basis, the gains over the past year were still the slowest since 2013.

Under the new assessments, the average tax on a rental apartment will rise by 7.1% to $5,441 a year, based on current tax rates, according to city projections. The average co-op taxes will rise by 6% to $8,660 and condominium taxes will grow by 5.5% to $12,113.

In Manhattan, the average tax on a condominium was due to rise to $20,045. It was listed at $14,776 for a co-operative apartment, $8,946 per rental apartment and $61,952 on a single-family townhouse.

This year, the city’s finance department listed Hudson Yards, the new residential and commercial neighborhood on the West Side of Manhattan, as one of the most valuable properties in the city, valued at $3.70 billion. The World Trade Center was valued at $3.79 billion.

The new data, released in January of each year,  is a preliminary assessment statement to give property owners time to challenge it. It is for property taxes in the city’s fiscal year that begins on July 1. Owners of one-to-three-family homes have until March 16 to challenge their assessments. Other properties face a March 2 deadline.

Write to Josh Barbanel at josh.barbanel@wsj.com

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