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Toronto real estate board data conflicts continue despite 2016 ruling – BNN

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​Toronto-area homebuyers could be forgiven in 2016 for assuming the doors had been thrown open to the Toronto Regional Real Estate Board’s sales data in the wake of a landmark ruling by the Competition Tribunal.

After appeals by TRREB to overturn the ruling — which found that the board’s restrictions on data use were anti-competitive — were turned down by the Federal Court of Appeal and Supreme Court of Canada, Competition Commissioner Matthew Boswell wrote in 2018 that Toronto homebuyers should soon have access to a more transparent market via websites with historical sales data, online tools and innovations like heat maps to track trends by neighbourhood or condo building.

However, after more than two years Toronto’s real estate industry is still struggling to navigate TRREB’s data sharing requirements, with some brokers and third-party operators finding themselves in the board’s compliance crosshairs.

READ MORE: Real estate optimism blows past pre-virus levels in Canada

Real estate listings site Bungol fell afoul of TRREB in August over an alleged breach of the board’s data rules. The home listings search engine said in a Nov. 4 blog post it had lost 95 per cent of its web traffic after TRREB suspended its data access, and now says its future is in “the hands of fate” as it awaits the results of a Dec. 14 professional standards hearing.

Bungol’s website, which used to feature the slogan “15 years of data, updated every 30 minutes,” has not been updated since early August.

TRREB sent a memo on Nov. 25 to websites such as Realosophy, Zoocasa and HouseSigma, warning that it was undertaking a “comprehensive review” of members’ password-protected websites after it discovered that certain web development companies were being given unauthorized data from brokers, or obtaining the data by misleading means.

The memo states that brokers caught releasing the board’s data for unauthorized purposes would face fines of up to $50,000.

Despite the tribunal’s 2016 ruling, it’s clear that the fight over TRREB’s data is far from over, says Subrata Bhattacharjee, a lawyer at Borden Ladner Gervais LLP.

“You have this skirmishing between the commissioner and TRREB,” he says. “Equally vigorously, the local brokers on the other side are trying to figure out the limitations of what the outcome of the litigation actually is. It’s not surprising that the parties are threatening loggerheads, even now.”

According to lawyer Brian Facey, who represents TRREB and acted for the board on its competition case, the current climate is a result of unrealistic expectations.

“There was a thought at the beginning of all of this that all of the data that TRREB has would be just available for everybody to use, and give away, and monetize, and sell to third parties and use for advertising and all sorts other purposes,” he says. “It’s been one of those things that from day one has been so complex, that the public’s tried to understand it, media’s tried to understand it, the parties have tried to understand it and sort of work through it. It’s not surprising that issues arise from time to time.”

After TRREB’s November memo, some brokers pushed back over what they perceived as threats of severe punishment for a rule they had never heard of.

TRREB issued an update on Nov. 30 which clarified that two-year-old data can be on password-protected websites, but must be requested specifically by brokers providing services to real estate clients. John Pasalis, founder and president of Realosophy Realty, says his brokerage is able to comply with the rest of the corrected warning letter.

“If the home you want to buy has sold five times in the past seven years, would that be something the average buyer would want to know? Likely. That was the only problem,” says Pasalis, “I was not entirely surprised, TRREB does things like this every now and again. I pushed back on their legal argument last week and they ultimately changed course.”

Zoocasa’s chief executive, Lauren Haw, says her brokers were in compliance with TRREB, but that it’s not a broker’s role to withhold information that might help a homebuyer make an informed decision.

Although brokers seem to be at peace with the most recent resolution from TRREB, Toronto real estate agent Scott Ingram said the board’s heavy-handed behaviour is considered a bit embarrassing and old-school in the industry, and projects a sense of secrecy to homebuyers.

“It’s kind of like saying the only place you can buy liquor is if you go to a bar,” says Ingram. “Or you have to go to sign up to a website, instead of having anybody go to the LCBO or the Beer Store. Now they are saying, ‘Oh, you can have stuff at home, since the courts made us. But you can only have Molson Canadian.”‘

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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.

The Canadian Press. All rights reserved.

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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.

The Canadian Press. All rights reserved.

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