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The Most Interesting Real-Estate Stories of 2020 – Livemint

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At the start of 2020, Mansion’s reporting stretched from the Koch brothers’ vast (and very expensive) real-estate portfolio to how retirees could apply for mortgages on a fixed income. There was the story about Madrid’s luxury market finally putting the 2008 financial crisis in the rearview mirror. And the other that looked at why wealthy millennials were eschewing the suburbs for move-in ready homes close to cities.

Then March happened, and seemingly, our priorities shifted overnight.

Like many industries in the U.S., the coronavirus pandemic shook real estate down to its foundation, flipping markets upside-down and changing the way developers, designers and especially real-estate agents conduct business. Even homeowners had to adapt, from the way they configured their own spaces, to where and why they bought certain properties.

Many stories that appeared in The Wall Street Journal’s real-estate section this year examined the industry through the lens of Covid. But despite the pandemic, sales moved forward. Brokers leaned into technology to show properties and seal deals. And people fell in love with their homes all over again, or gave them a much-needed refresh.

And not all of our stories were defined by the pandemic. If the world is spinning, real estate is happening.

Read on for a closer look at Mansion’s most interesting reads of the year.

Covid-19 Pounds New York Real Estate Worse Than 9/11, Financial Crash

The city’s luxury market was teetering amid a glut of high-end condos even before the coronavirus outbreak. The pandemic pushed it over the edge.

Covid is Forcing Real-Estate Developers to Rethink Buildings

Developers are reconsidering everything from how shared living spaces and kitchens are configured to the number of balconies and elevators they have planned for buildings.

TikTok Studios, Zoom Rooms and Co-Working Spaces Are the New Must-Have Home Amenities

For millions of Americans working remotely, a home office became an absolute must-have during the pandemic. These spaces take it to the next level.

For Black Designers, a Surge of New Visibility and Business is ‘Bittersweet’

Following a general reckoning of race relations in the U.S., many Black architects and interior designers saw more visibility and increased demand. Above all, the professionals we interviewed for this story wanted to be recognized for the quality of their work.

Some of Boston’s Priciest Real Estate Is Sinking Into the Earth

Rotten wood pilings are threatening to sink some of the city’s most expensive homes. And buyers who purchase these properties are on the hook for repairs.

As Lake Michigan Rises, Homeowners Scramble to Protect Their Properties

Water levels on Lake Michigan are on track to reach their highest levels on record since 1918. Homeowners are rushing to preserve their properties, made increasingly difficult by coronavirus.

South Dakota Cowboy Who Won $232.1 Million Powerball Lists $41.15 Million Ranch

Neal Wanless was living in a camper after his family’s home was repossessed when won the Powerball in 2009. Now he’s selling the 50,000-acre ranch he assembled with his winnings for $41.15 million.

Wealthy Property Owners All Want a Slice of Hawaii’s Kona-Kohala Coast

Both celebrities and billionaires are jockeying for space along this once remote corner of the Big Island, despite the area’s history of human disputes and volcanic activity.

For These Intrepid Boaters, Life Is but a Great Loop

On every boater’s bucket list: The Great Loop, a roughly 6,000-mile journey that circumnavigates the eastern half of the U.S. and part of Canada. We joined a few Loopers making the journey on luxury watercraft.

Model Train Enthusiasts Are Parking Their Railroads in Souped-Up Spaces

All aboard! Model railroaders are spending hundreds of thousands of dollars to build elaborate rooms in their homes for their tricked-out train sets.

(This story has been published from a wire agency feed without modifications to the text)

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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.

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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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