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Ontario's real estate agents must carry proof that they're registered – Welland Tribune

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Does my agent need a RECO certificate for showings?

Yes. All real estate agents are required to carry their RECO certificate while working, in case they are asked for it to prove their registration.

Let me explain what this certificate is.

All salespeople and brokers have to be registered with the Real Estate Council of Ontario (RECO) to legally trade in real estate in this province. Once registered, each real estate agent receives a RECO certificate, which provides proof that the person you have hired to help you buy or sell a home is authorized to do so.

The certificate states the agent’s legal name, designation as a salesperson or a broker, registration number, employer’s name and an expiry date. Agents have the option to carry a hard copy or use a RECO app on their cellphone or other electronic device.

It is worth noting that agents are more commonly asked for this when looking at condos as opposed to houses. This is because condo apartment buildings may have concierge security staff who are responsible for the entire building, including confirming the identities of all visitors.

Prior to the appointments taking place, listing brokerages are also encouraged to confirm that buyer agents are registered. The seller and their agent have the right to verify this information to protect themselves from fraud and individuals who may not be licensed real estate agents.

Aside from the certificate being proof that an agent is licensed to practice real estate, it also provides prospective buyers, like you, a level of trust in your agent’s credibility to properly support your home purchase.

How so? Well, every agent has to complete a prescribed number of educational courses before they are certified to trade in real estate. As well, once they have started working, they must continue to take courses every two years to further hone their knowledge and skills. This ensures that all agents in the industry are equipped with information and tools to support buyers and sellers with real estate transactions.

All agents are also mandated to follow the requirements outlined in the Real Estate and Business Brokers Act, 2002 (REBBA). This legislation highlights consumer protection and contains a code of conduct and ethics that real estate professionals are expected to abide by.

On behalf of the government, RECO enforces REBBA and as the industry regulator, we have the authority to review and manage complaints about the conduct of real estate agents and brokerages in Ontario.

Further, agents are required to be insured, as is the case with other regulated sectors. The insurance program administered by RECO includes consumer deposit insurance. This coverage protects your deposit in the event of fraud, misappropriation of funds or insolvency, and is available under the insurance program at no cost to you.

In addition to seeing your agent’s certificate, I would recommend that you visit the Real Estate Professional Search tool on RECO’s website to confirm that the registration of the agent is active and in good standing.

If you have a question about the home buying or selling process, please email information@reco.on.ca.

Joe Richer is registrar of the Real Estate Council of Ontario (RECO). This column is for general information purposes only and is not meant as legal or professional advice on real estate transactions. Follow RECO on Twitter: @RECOhelps

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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.

The Canadian Press. All rights reserved.

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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.

The Canadian Press. All rights reserved.

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