Real eState
Real Estate: Supply down, housing prices shoot way up – The Daily Courier


By JOE FRIES
Penticton Herald
With the supply of active listings down by nearly half compared to last summer, it’s no wonder home prices are still surging in the Okanagan.
“The market has slowed down slightly due to a chronic lack of inventory but it’s by no means slow. Listings are at record lows and not replenishing to meet the high demand,” said Kim Heizmann, president of the Association of Interior Realtors, in a press release.
Residential sales across the association’s territory — which stretches from Revelstoke to Manning Park and also includes the South Peace region — totalled 1,140 in August, down 15% from August 2020.
More notably, there were 5,556 active listings across the association’s territory in August, down 46% on a year-over-year basis.
“This chronic shortage of supply is putting upward pressure on pricing and making it a strong seller’s market,” noted Heizmann.
In the Central Okanagan, the benchmark price of a single-family home rose to $962,000 in August, up 35% on a year-over-year basis, with 236 sales that took an average of 30 days to complete.
In the North Okanagan, the benchmark price of a single-family home climbed to $683,000, a 33% hike year-over-year, on 97 sales that closed in an average of 33 days.
Benchmark properties are those with what the realtors’ association considers “typical” assets that provide a more accurate indicator than a pure average.
And in the South Okanagan, where benchmark pricing isn’t available, the average sale price of a single-family home rose 10% year-over-year to $780,000, based on 116 deals that took an average of 57 days to close.
The Association of Interior Realtors was formed on Jan. 1 through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board, and represents approximately 1,600 realtors.
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House prices in the Okanagan
Thinking about selling? Here are the benchmark* and average sale prices for Okanagan homes in August 2021.
NORTH OKANAGAN
Single-family: $683K
Townhouse: $444K
Condo/apartment: $298K
CENTRAL OKANAGAN
Single-family: $962K
Townhouse: $645K
Condo/apartment: $473K
SOUTH OKANAGAN**
Single-family: $780K
Townhouse: $594K
Condo/apartment: $448K
Source: Association of Interior Realtors
* Benchmark properties are those with what the realtors’ association considers “typical” assets and is considered a more accurate indicator than a pure average.
** Benchmark prices aren’t available yet for the South Okanagan as the region is a new addition to the realtors’ association.
News
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.
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.
Real eState
Why Mark Wahlberg and the ‘CSI’ Creator Are Buying Into Vegas’ Luxury Real Estate Boom – Hollywood Reporter
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Real eState
Average price of three-bed semi passes €300,000 – REA – RTE.ie
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