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The Sudbury region is among the top three regions in Ontario with the highest rate of home sales growth in June, according to a study by real estate website and brokerage Zoocasa.

There were 356 homes sold in the Sudbury region in June, an increase of 27 per cent over June 2019. Furthermore, the average home price in the Sudbury region was $317,592, an increase of $33,978 over the year before, said the report.

Among all the regions included in its analysis, Zoocasa compared how average sold home prices and sales for June 2020 changed on an annual basis in 28 Ontario markets to get a better understanding of how the real estate market shifted in the last year.

Out of the 28 Ontario markets included in the study, Sudbury exhibited the most prominent seller’s market conditions with a sales-to-new-listings-ration (SNLR) (the ratio of the number of sales to the number of properties listed in a given period) of 87 per cent. A seller’s market exists when the SNLR is over 60 per cent. 

It was even more competitive for Sudbury buyers this year compared to June 2019 when the SNLR was 64 per cent. 

Dan Gray, president of the Sudbury Real Estate Board, verified those numbers. 

“There’s no question it’s a seller’s market,” Gray said. “There are a lot more buyers than there are homes on the market right now, and between people wanting to upgrade their living quarters and buy a house and the low interest rates, there are a lot of homes going on the market getting multiple offers. Many that are priced for the market are selling above asking price.”

Mortgage rates right now for five years is 2.35 per cent, Gray said.

Gray’s comments echo that of the Zoocasa report.

“Pent-up buyer demand from April and May, when economic uncertainty was the highest, may have been a contributor to these higher levels of sales in June,” said Zoocasa in the report.

Five other Ontario markets saw annual sales growth, with Barrie taking the top spot with an increase of 41 per cent in June 2020 compared to June 2019. The average home price in Barrie in June 2020 was $556,932, up 14 per cent (or $67,591) from June 2019.

Pickering came in third, followed by Thunder Bay Region, then Clarington.

Meanwhile, nine markets in Ontario saw the average home price increase more than $100,000 in June 2020, compared to June 2019.

Oakville’s average home price was $1,249,685 in June 2020, up 17 per cent (or $177,550) over the year before. A total of 322 homes were sold last month in that market, up five per cent from the year before.

Markham was a very close second in terms of the level of increase in home prices. The average home price in Markham in June 2020 was $1,086,502, up 19 per cent (or $171,726) over the year before. A total of 333 homes were sold, a decrease of three per cent from the year before.

Aurora rounded out the top three markets with the highest increase in home prices, with the average price at $1,068,255, up 16 per cent (or $149,010). Only 87 homes were sold in Aurora in June 2020, a 14-per-cent decrease over the year before.

Mississauga, Vaughan, Richmond Hill, Newmarket, Halton Hills and Toronto finished off the list, respectively.

Zoocasa said in its report the statistics for June shows home sales and new listings rebounded to normal levels across the entire country, following a period of historic lows in April and May due to the COVID-19 pandemic.

Almost one million jobs were added back to the Canadian economy in June, and the housing market showed signs of growing “cautious optimism” among buyers and sellers, said the Canadian Real Estate Association.

Home sales across Canada jumped 63 per cent since May, with an almost 50-per-cent monthly spike in new listings, arguably due to the new mortgage borrowing criteria that took effect July 1, as announced by the Canada Mortgage and Housing Corporation.

Gray said with the strength of the real estate market right now, he encourages sellers to call a real estate agent of their choice and list their home at market price. Real estate agents are also working with safety measures in mind from the COVID-19 pandemic.

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Real Estate Tech Company Localize Raises $25M To Improve House Hunting – NoCamels – Israeli Innovation News



Israeli-founded real estate tech company Localize raised a $25 million Series C financing round led by Pitango Growth, with additional participation from Mizrahi-Tefahot and existing investors, the firm announced on Wednesday. The investment brings Localize’s total funding to date to $70 million.

Founded in 2012, Localize built a real estate market platform for buyers and agents powered by an AI-based insight engine that analyzes billions of data points on properties and neighborhoods. This creates “hundreds of selectable attributes, including proximity to popular stores – for example, Trader Joe’s, future construction, high ceilings, building violations, complaints and pests, and a proprietary natural light insight,” the company explains.

Homebuyers can easily tailor their searches with these attributes through a homebuying advisor called Hunter, the company’s hybrid human-AI concierge service. The company’s main mission is to make homebuying easier, more tailored, and more effective. It currently operates solely across New York, where the company has been based since 2018.

“The homebuying process is complex and the real estate industry as a whole has been slow to embrace technological change to address these issues. Most of the data available in the market today is too fragmented for buyers to effectively use,” said Omer Granot, President and COO of Localize, in a company statement. “We have developed products that are shifting the paradigm to empower prospective buyers and brokers to really fill in those information gaps and receive the assistance they need throughout the entire process, making us a partner from their initial search to receiving keys in hand for their new home.”

Localize is led by founder and CEO Asaf Rubin, previously with Taboola, Granot, who previously served as New York general manager and global VP of Growth for the Israeli-founded ride-sharing giant Via, and Ilan Fraiman who serves as CTO.

The company said in a statement that the newly raised funds will be directed toward further development of Localize’s existing services, R&D, sales and marketing operations, and the creation of complementary services to support the Localize ecosystem.

As part of the agreement, Chemi Peres, managing partner and co-founder of Pitango, will join Localize’s board of directors.

“Buying a home is one of the most important financial and life decisions many people make,” said Peres. “Localize enables people to find and buy the house of their dreams in a short time, using the advanced AI tools it developed. The ability to use tools that automate and digitalize this process, combined with insights that are produced using algorithms which run on massive amounts of data, makes the results quick, accurate, and fully fitted to the client’s needs.”

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Real estate agents can learn benefits of living shorelines | Coastal Review – Coastal Review Online



Oyster bag living shorelines effectively stabilize eroding shorelines and also preserve the coastal environment. Photo: Restoration Systems, LLC.

Real estate professionals are encouraged to join next month a workshop on the benefits of living shorelines for waterfront properties.

The free, online workshop is from 9 a.m. to 1 p.m. Sept. 2 via Webex. Organizers ask attendees join 15 minutes early to confirm their real estate license number. Registration before the event is required. The agenda is online.

Organizers plan to share the benefits and limitations of using living shorelines for erosion control, different shoreline stabilization techniques, including living shorelines, living shoreline permitting process; using marsh plants and oyster shell to prevent erosion; and living shoreline projects in North Carolina. 

Real estate professionals will receive four elective continuing education credits from the North Carolina Real Estate Commission.

Prior to the workshop, organizers ask attendees review the Virtual Workshop Best Practices.

The workshop is being presented by the state Department of Environmental Quality, North Carolina Coastal Federation and North Carolina Sea grant.

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Tight real estate inventory and lower sales in the capital region in July – Times Colonist



A shrinking number of properties for sale in Greater Victoria is translating into fewer sales, despite strong demand.

“The real estate story right now continues to be inventory,” David Langlois, president of the Victoria Real Estate Board, said Tuesday as July sales statistics were released.

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At the end of July, there were just 1,270 listings — down by 52.1 per cent from the 2,653 properties on the market at the same time a year ago.

Inventory dropped by 7.6 per cent, or 1,375 listings, last month from the previous month.

“The market is driven by inventory and fewer home listings lead to fewer home sales,” Langlois said. “In that context, these numbers do not reflect a downturn in our market but reveal sales falling due to this continued trend of low inventory.”

A total of 835 properties sold last month, down by 14.7 per cent from the 979 sales in July 2020, the board’s report said.

Elton Ash, regional executive vice-president for RE/MAX western Canada, said the real estate market is returning to normal patterns, as sale are typically lower in July and August after a stronger spring.

He predicts inventories will rise in the capital region because that’s what happening in major markets across the country. “We are seeing inventory levels starting to increase. I’m confident we will see it higher in Victoria as well.”

Prices in the capital region have remained strong so far this year.

The benchmark price for a single-family home in the core was $1.082 million in July, up by 1.7 per cent from June.

A year ago, that benchmark was at $909,900.

Benchmark refers to the value of a home in a particular area over time, a method the real estate industry says more accurately reflects the market than average prices.

In May, the benchmark price for a single-family house in the core topped $1 million for the first time, although the average price had surpassed $1 million previously. The core consists of Victoria, Esquimalt, Oak Bay, Saanich and View Royal.

For many people, a single-family house in the core area is financially out of reach, a factor driving condominium construction and sales. Condos are typically less costly than a single-family house.

The benchmark value for a condominium in the core in July was $535,100, an 8.1 per cent increase from $494,900 in July 2020, the board said.

Langlois said it’s important for the long-term health of the housing market that the region maintains a “strong focus” on developing new homes to meet growing demand.

For the Vancouver Island Real Estate Board, north of the Malahat, where inventory is also tight, 450 single-family homes were sold, down 15 per cent from 531 in June. In the condo apartment category, sales dropped by seven per cent from June. However, row/townhouse sales rose by 29 per cent from the previous month.

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