NEW GLASGOW –
Peter Fraser has already been fielding calls.
A realtor with Viewpoint Real Estate, Fraser said he took roughly a dozen phone calls over the past couple of weeks from employees who work directly at Northern Pulp, or people in related spinoff jobs.
He said they were inquiring about the process of unloading their homes.
“I’m very nervous for them,” he said.
Fraser said because of the salaries that Northern Pulp workers are drawing, areas such as west side New Glasgow, and the subdivision developments off Fraser’s Mountain, could be adversely affected.
“We are in unchartered waters,” he said. “I’m expecting (the Northern Pulp closure) to have a negative impact of some kind, but to what extent is uncertain.”
Susan Green, of Coldwell Banker MB Green Realty said the closure of Northern Pulp isn’t necessarily gloom and doom for the Pictou County real estate market.
“It’s a little too early to tell,” she said. “It’s going to take six months to a year for the trends to start showing up.”
She said the Town of Pictou might even see an uptick in the real estate market once the mill closes, taking an estimated 300 jobs with it and spinoff jobs as well.
“In Pictou, it is likely to be either not impacted, or impacted positively, in my opinion,” Green said, adding that “Pictou specifically, should be neutral, at worse.”
Green, who has been in the real estate business for more than 40 years, recalls that the 1992 Westray mine explosion resulted in a period of bust for the real estate market, one that took this area “18 months to two years to come out of.”
But she noted that when Michelin downsized several years ago (the county has recently enjoyed a surge of job creation at the Granton plant), the impact was minimal, as was the case when TrentonWorks closed in the first decade of the 21st century.
“People who worked at TrentonWorks already had their own homes,” Green said, noting that many employees affected by the rail car plant closing down kept Pictou County as a home base, even if they had to move away for work.
Real estate fraud: Is Canada's digital transformation the problem or the solution? | RENX – Real Estate News EXchange
The global pandemic has changed many industries, processes and ways of doing business. However, if there is one shift that was well underway prior to the pandemic, it’s the transition to an online world.
The ongoing digital revolution has drastically altered the way we live and changed consumer expectations across all industries, and real estate is no exception.
As digital transformation continues, however, so too does the amount of information available in the cloud, providing more opportunities for fraudsters looking to access vulnerable data.
With this in mind, digital transformation can be a contributing factor to the problem of digital fraud, but also a critical resource for solving it.
Moving away from traditional processes
The global pandemic has expedited the adoption and integration of various technologies, replacing previously offline or in-person activities with digital options.
Today, digital experiences like virtual appraisals, remote closings, e-signatures and cloud-based document sharing have become must-haves for consumers, not just nice-to-haves.
Across all steps of the real estate transaction, a critical example of this transformation is identity verification. Previously, the traditional, in-person model for validating identity relied on one person reviewing a driver’s license to ensure it matched the person in front of them.
This is a process that has been used for decades, but it is one with potential to leave room for human error if fraudulent information is being provided.
There is no doubt that fraudsters are becoming more sophisticated and, as careful as an individual may be when checking the identification, it can be difficult to flag fraud based on simply an in-person manual review.
Fast-forward to today.
Given the ongoing importance of identity verification in a real estate transaction, the model had to be adapted to ensure identification could still be verified, while taking into account social distancing measures and limited in-person meetings.
With new digital ID verification solutions in place, lawyers were presented with an opportunity to decrease the risk of incorrect identification and verification.
Identifying new types of online fraud
Despite the reduction in potential human error, the shift to digital does not negate all risks.
Fewer in-person meetings are resulting in clients becoming more reliant on email communication and more sensitive information being stored in cloud-based databases, ultimately leaving them vulnerable to email or money transfer scams.
Wire fraud in the funding process, for example, has become more prevalent. It can occur when fraudsters intercept an email chain and instruct a law firm to send funds to a different, fraudulent account.
Prioritizing communication to eliminate risks
During National Cybersecurity Awareness Month, customers and businesses are encouraged to ask questions to ensure they understand all of the new online processes they’re exposed to.
Lending and real estate professionals should schedule regular phone or video calls to walk through each step of the process and should encourage clients to call if they are unsure of anything along the way.
This will prevent important personal information being sent over email, which could make clients more vulnerable to fraud attempts.
Navigating the new digitized world
At FCT, we are dedicated to improving digital processes for real estate professionals, delivering a more intelligent and connected journey. However, we recognize we must be cautious in our approach.
COVID-19 has created new opportunities for how identities may be verified, but with that comes additional avenues for fraud – and fraudsters are only getting more sophisticated as they adapt to the COVID-19 environment.
Luckily, this isn’t a new trend; technology will continue to evolve to be able to better detect, deter and prevent fraudulent real estate transactions.
In such a highly regulated industry, we believe a mature and informed approach to technology is always best.
Organizations across all sectors need to remain proactive and open to new technologies, ideas and partnerships that can help Canadians continue to navigate the new normal and protect themselves and each other from potential cyber threats.
What is Happening in the Thunder Bay Real Estate Market? – RE/MAX News
Many people are aware of how destructive the coronavirus public health crisis was for smaller towns across the province of Ontario. It has been well documented that major urban centres such as Toronto and Vancouver endured substantial pain that altered their appeal. But the smaller communities also saw a downturn in their economies. Based on the most recent housing market trends, there could be good news on the horizon for small towns as they rebound from the lows experienced earlier this year.
When you consider Canada’s booming real estate industry, few people consider Thunder Bay to be an in-demand housing hot-spot. However, maybe it’s time to re-think these preconceived notions of Ontario’s northwestern markets. Despite the economy taking a hit from the COVID-19 pandemic that resulted in province-wide restrictions, the municipality’s economy is forecasted to rebound next year significantly, and this could bode well for an already recovering Thunder Bay real estate market.
For those who are considering fleeing the big city in favour of planting roots in a new town, Thunder Bay could be a top destination for its housing affordability, as well as a plethora of attractive fundamentals. Rural cities like Thunder Bay are now, more than ever, attracting urban dwellers in search of more space, less crowding, and a budget-friendly price tag on a family home. Below we dive into the trends unfolding in the Thunder Bay real estate market as we work our way through the final quarter of 2020.
What is Happening in the Thunder Bay Real Estate Market?
Thunder Bay may not be experiencing record-breaking sales activity and prices compared to other Ontario municipalities, but the city’s real estate market is certainly rebounding amid the COVID-19 pandemic.
According to the Thunder Bay Real Estate Board, single-detached home sales climbed 25.5% from the same time a year ago, totalling 118 units in the month of September. The median sale price advanced 8.4% to $265,000 in September year-over-year, while the year-to-date median price increased 3.8% to $249,950.
Moreover, single-detached properties spent fewer days on the open market. The real estate association reported that the median number of days on the market for single-detached homes was 18 in September 2020, down from 20 days last year. This is one of the shortest times on record, suggesting that demand continues to rise across the city.
With interest expected to climb even more, will there be enough supply to meet the booming demand? Not quite. According to a new report from Canada Mortgage and Housing Corporation (CMHC), housing starts in Thunder Bay fell 21% in September compared to the same time a year ago. While nationwide housing starts are up, CMHC expects new residential construction to start trending lower heading into 2021.
“The national trend in housing starts was largely unchanged in September,” said Bob Dugan, CMHC’s chief economist, in a statement. “Multi-family starts have been very volatile in recent months, partly reflecting the impact of COVID-19. High levels of multi-family starts in July and August were largely offset by lower levels in September, leaving the trend largely unchanged. This pattern was particularly evident in Ontario, including Toronto. We expect national starts to trend lower by the end of 2020 as a result of the negative impact of COVID-19 on economic and housing indicators.”
As a result, Thunder Bay could evolve into a sellers’ market. When you factor in historically low interest rates and the trend of homebuyers fleeing major urban centres in favour of smaller markets in Ontario, Thunder Bay could become a hot market over the next few years.
An Improving Economy in Thunder Bay?
Market observers are optimistic that Thunder Bay’s economy will modestly rebound next year. The Conference Board of Canada recently forecast that northwestern Ontario’s largest city will experience a sharp decline in the gross domestic product (GDP) this year, but 2021 looks promising, citing the strong housing market, improved tourism prospects, and expansion in manufacturing, construction, and utilities.
Overall, the Ottawa-based strategy think-tank predicts 3.6% growth in local GDP next year.
With parts of Ontario returning to stage two of COVID-19 restrictions, the province’s future over the next few months remains uncertain. Since Thunder Bay sits beyond the limits of Queen’s Park’s list of red zones (Toronto, Ottawa and Peel Region), the city’s rebound is expected to be unobstructed over the next 12 to 18 months, so long as local infection rates remain low.
With the promise of breathtaking scenery and a close-knit community perfect for raising a family, the lure of Thunder Bay is undeniable. If you’re looking to re-plant your roots within a diverse and growing city within a rural setting, take advantage of the affordability of housing within the Thunder Bay market before it joins the ranks of Ontario’s highly priced real estate hot-spots!
Global Luxury Real Estate Market 2020 Key Regions – Brookfield Asset Management, Public Storage, Prologis, American Tower, AvalonBay Communities – re:Jerusalem
MarketsandResearch.biz has uploaded a smart research report titled Global Luxury Real Estate Market 2020 by Company, Type and Application, Forecast to 2025 that tracks the significant developments which are recently being adopted across the global market. The report covers a variety of market factors such as drivers, opportunities, and restraints. The report highlights a comprehensive summary of the market, highlighting the future trends in the global Luxury Real Estate market that will impact the demand during the forecast period from 2020 to 2025. It contains an analysis of market size, growth rate, regional market scope, product-market various applications, industrial chain, market effect factors analysis.
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The Key Market Parameters Included:
- Company overview and snapshot
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In the global Luxury Real Estate market, the following companies are covered: Brookfield Asset Management, Public Storage, Prologis, American Tower, AvalonBay Communities, Simon Property Group, Klepierre, Weyerhaeuser, Link REIT, Gecina, Covivio, Equity Residential, Welltower, Ventas, Equinix, Host Hotels & Resorts, Boston Properties, Digital Realty Trust, HCP, Annaly Capital Management, Segro, Starwood Property Trust, Dexus, Vornado Realty, Realty Income
Product segment analysis of the market is: Single-family homes, Condos, Townhouses
Application segment analysis of the market is: Residential, Commercial
The market report offers a comprehensive geographical analysis with major regions such as: North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, etc.), Middle East & Africa (Saudi Arabia, Egypt, Nigeria and South Africa).
The manufacturers dominant within the global Luxury Real Estate market are highlighted inside the competitive landscape section of the report. The report documents factors such as drivers, restraints, and opportunities that impact the remuneration of this market. The report includes data about several parameters related to the regional contribution such as market share, application share, type share, key companies in respective regions. Furthermore, information related to the growth rate, revenue, sales, production, consumption, during the forecast period is delivered in the report.
In-Depth Study of Each Point of The Market:
Manufacture Analysis: Manufacture of the Luxury Real Estate is analyzed with respect to different applications, types, and regions. The manufacturer segment has been described in the report with its market share, revenue, basic data, company profiles, product picture and specifications, sales revenue, price, gross margin, and contact info and the highest growing segment globally.
Resource And Consumption: This segment studies resource and consumption. Import-export data is also provided by region if applicable.
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Real estate fraud: Is Canada's digital transformation the problem or the solution? | RENX – Real Estate News EXchange
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