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Real estate '22: Understanding tech's rich data capabilities | RENX – Real Estate News EXchange

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(Image courtesy Yardi/Pexels)

The property technology universe, once studded with a handful of stars, is now strewn with countless constellations. Technologies from artificial intelligence (AI) to augmented reality, driverless cars to big data, blockchain to smart buildings, are transforming the real estate value chain. In turn, savvy Canadian real estate players are setting their priorities on advanced software solutions to help meet tenant needs and mitigate risk while adding efficiency across business operations. These trends signal that the adoption of sophisticated software systems is likely to accelerate in 2022.

PwC Canada has noted, “Digital transformation can play a significant role in both delivering efficiencies and creating the services and experiences customers want. Key areas of focus for real estate companies include embracing construction technology, digitizing operations and increasing their data analytics capabilities.”

Regardless of whether you’re a beginner or a behemoth, understanding the competitive real estate technology landscape can be the difference between merely surviving and thriving amid the coming waves of change.

AI built for CRE management

Most digitization strategies begin with platforms that automate only one aspect of the operation, resulting in spot solutions or siloed problems. Fully integrated systems powered by machine learning, on the other hand, offer the most value for commercial asset managers by capturing, centralizing and analyzing portfolio-wide data.

Developers seeking new properties, for example, can use AI analytics to assess their potential use, pricing and other factors. Asset managers can evaluate their pipelines and match deals with investors, tie capital calls to investment data and generate reports. Retail mall owners and investors, meanwhile, can combine property-level operational data with sales data from mobile sensors, social media and physical store sales, then use machine learning algorithms to analyze key steps in the investment lifecycle, from deal sourcing to portfolio management and risk management.

On another front, technology developers have responded to the rise in demand for shorter leases and flexible space by designing new platforms for visitor and workspace management. These solutions accommodate the tenant’s comfort and risk-aversion expectations with mobile-enabled capabilities for employee announcements, hotel desking, visitor check-ins, amenity marketing, touchless property access, rent payments and maintenance requests.

Accessing a single source of truth provides real-time insights into assets, driving more informed decision-making and enhancing construction project oversight, deal execution, investor reporting and other operations.

Tech designed for multifamily

In the residential sector, 2022 promises more seamless automation in advertising, apartment touring, rent applications, screening with e-signatures and CRM tools. The key differentiator is integrating the marketing and leasing technology with property management to equip managers to attract and convert tenants, confirm which sources garner quality leads, understand the speed of unit turns and identify opportunities for increasing net operating income.

Other innovations on the horizon include chatbots that “learn” with experience and adapt to the subtleties of human conversation with the assistance of AI, which improves subsequent interactions with residents and prospects. This tool will be crucial in attracting and engaging with Gen Zers, the largest and most diverse generation ever, as they enter the rental market.

Forward-thinking owners and operators who implement these platforms will have an advantage over the less tech-savvy competition.

New realms for energy

As operators prepare for GRESB and ENERGY STAR® submission deadlines, best in class managers rely on technology that can simplify Energy and Water Reporting and Benchmarking (EWRB) reporting. In Ontario, EWRB reporting will remain unchanged for 2022 but reporting regulations in other provinces like British Columbia are still being formulated.

Energy management can be much more organized and efficient with different building control system functionality and data points incorporated into one platform. This type of system leverages utility bill data, real-time master and submeter data, demand and consumption analytics, and fault detection and diagnostic alerts, all of which are powerful tools for optimizing building performance. Such solutions also help satisfy tenants and investors for whom ESG and sustainability are growing in importance.

Take action

Data is changing the role of real estate professionals and uncovers new opportunities that help monitor operations and increase revenues. New technology innovations on the market can help property managers attract and retain tenants, work more efficiently with automated operations, mitigate risk and cut costs with a unified enterprise platform that runs on a single database. Property managers’ adoption of these solutions will establish new best practices and create a frictionless experience that will propel the industry in 2022 and beyond.

About Yardi

Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi serves clients worldwide. For more information on Yardi is Energized for Tomorrow, visit yardi.com.

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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.

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