Ottawa-based real estate auction site looking to shake things up - CTV Edmonton | Canada News Media
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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.

“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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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.

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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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