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Ottawa-based real estate auction site looking to shake things up – CTV Edmonton

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OTTAWA —
An Ottawa-based startup is looking to shake up the real estate industry by hosting online auctions for homes, with one small difference—all the bids are in real time and public.

The company is called Unreserved, and they’re hoping to take a piece of the hot housing market.

Anamika and Ashish Srivastrava moved to Canada six months ago. They used Unreserved to buy their first house, on the first try.

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“I thought why not? Let’s go ahead and lets go with some numbers,” says Anamika.

Here’s how it works. By using public online auctions, buyers can see others bids, allowing potential buyers to bid more, or bow out.

“And that’s the best part,” says Anamika. “We get to see the numbers on the screen. And that’s when, you know there was like half an hour left and we were like, all game. And it was fun actually.

“I mean, imagine a scenario just sitting casually on a Friday just putting in some numbers. It started as a game. But then when you actually win it, at the end of it you have a house,” Ashish says, laughing.

Founder and CEO Ryan O’connor says he’s created the first ever transparent online housing auction site in Canada.

“The buyers have total confidence knowing that they’re not overpaying $50,000 or $100,000,” says O’Connor. “It’s working. We’re excited that we’ve been able to remove the blind bidding and give buyers the confidence that they needed because a lot of buyers were pulling out of the market. So this is able to bring them back in.”

Unreserved, charging one per cent of the sale price, auctioned its first house a month ago. The company says it is on pace to sell close to 25 houses in September alone.

“All the bidding that happens seems to happen in the last hour, the last half our, the last 10 minutes,” says O’Connor.

Andrew Lemoine just recently sold his house using Unreserved.

“Down to the last second,” says Lemoine. “You know, to sum it up in one word, it was pretty exciting. My whole family was over for dinner. My mom was there, my brother, the kids; everybody was just glued to the screen watching the offers come in, in real time. It was quite an experience, for sure.”

Real estate agent Geoff Walker has been selling houses for 20 years, he says this business model might work now, but could end when the hot housing market does.

“You’re going to drive the price up higher,” says Walker. “That’s what buyers have been wanting to avoid right? Versus a traditional market, where you can work one-on-one with a seller, it gives you a better opportunity as a buyer to be able to not only take your time, but potentially get the property at a price that is not only satisfactory to the seller, but to you as well, without the pressure of other buyers.”

Ottawa Real Estate Board President Debra Wright says she has concerns about this method.

“Real estate sales by auction are not regulated and do not have the same regulatory regime of public protection legislation that real estate by realtors have,” says Wright. “So, this is something that is of concern to us as an industry of course.”

O’Connor admits he had a rough start in business. In 2009 he was convicted of fraud connected to a used car business called “Find a Car”.

He says he’s learned from the experience.

“Not everyone gets second chances and I’ve been very blessed to rehabilitate my name over the last 15 years. Not just in Ottawa, but also in the Canadian automotive community,” he says. “It was that auction experience that lead to Unreserved being born and we look forward to earning the trust of Canadians”

For the Srivastavas, they say this was the perfect way to become brand new homeowners.

“We’re new to Canada,” says Anamika. “New to the system. It’s difficult to navigate the system otherwise. So, I think we felt a lot of reassurance with respect to this particular buying. And we’re excited.”  

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Housing and Accommodation Challenges Experienced by Canada’s Black Population

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Every human is entitled to housing and accommodation as part of their fundamental human rights and needs. While some residents of Canada enjoy this, the black community is socially exempted.

Canada’s Black population is currently experiencing discrimination from homeowners and landlords who prevent them from renting a home. Some blatantly refuse individuals with darker skin tones, while others raise the terms needed to rent the place, making it almost impossible for the average black person to sign an agreement.

According to a study by the Ontario Human Rights Commission, landlords often refuse people of African descent because some believe they are criminals or have too many children. These stereotypes harm the black population, preventing them from getting crucial accommodations for themselves and their family.

The situation becomes more tedious for immigrants as their post-arrival experience is riddled with fear, isolation, and anxiety. These individuals face discrimination from Landlords during the renting process as they encounter harassment and refusal for nothing more than their skin colour.

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Factors like culture, economics, and language barriers also reinforce these feelings of inferiority in African immigrants, and many are yet to adjust to Canada’s language or ways of operation.

Housing is also scarce in Canada due to extremely low vacancy rates, insufficient social accommodation, and rent-geared-to-income housing. Therefore, getting a place to stay becomes more tricky for immigrants since the low vacancy rate results in higher rent fees.

Unfortunately, limited data that describes the racial background of renters makes it challenging to demonstrate and quantify the extent of discrimination that renters of colour experience in housing.

The absence of this race-based data hinders the efforts of advocates from these communities to bring about changes in housing policies and practices to address discrimination.

Nevertheless, the limited data available from the University of Toronto indicates that there has been an increase in household income levels since the 1970s. Unfortunately, individuals living in low-income neighbourhoods still earn incomes that are below the average.

Even in neighbourhoods where income levels rise, there tends to be a decrease in the percentage of immigrants residing there. Consequently, the likelihood of residents in these neighbourhoods being people of colour also decreases significantly due to their economic state and discrimination.

While Canada’s black population and dark-skinned immigrants can challenge unfair housing requirements and racism due to Canada’s housing rights and the country’s anti-discrimination policies, many do not.

One reason is the hassle associated with filing a complaint and going through the necessary processes before emerging victorious. By that time, money and time have been spent, which isn’t something someone with limited time to find housing desires.

Another reason many African Canadians don’t challenge unfair housing requirements because some are unaware of Canada’s housing rights. Others don’t have the connection to community advocates to help find better housing in their desired neighbourhood.

Ultimately, the deliberate rejection of people of colour from acquiring housing in Canada is an act of pure racism and discrimination developed by unhealthy stereotypes of the black community. Such situations push these desperate individuals to low-income areas since Landlords raise the already high housing cost beyond the financial capacity of black renters.

Such acts of racism require additional efforts from the Canadian Government to implement a system to report discrimination regarding housing with quick resolution. Further action is needed to reform landlords to service people of colour according to the standard for Landlords, irrespective of what stereotypes they believe.

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Real eState

Why Mark Wahlberg and the ‘CSI’ Creator Are Buying Into Vegas’ Luxury Real Estate Boom – Hollywood Reporter

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Average price of three-bed semi passes €300,000 – REA – RTE.ie

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