Average asking rent drops in Vancouver, but remains highest in Canada: report
Vancouver and Burnaby have topped a ranking of the most expensive places to find rental housing in Canada.
So when’s the housing bubble bursting?
- Thread starter Dr. Truth
- Start date
David Copperfield Sued by N.Y.C. Condo Board for Over $2.5M for Allegedly ‘Trashing' Manhattan Penthouse
David Copperfield is being sued by a New York City condo board for allegedly 'trashing' and neglecting his Manhattan penthouse. The lawsuit was filed on Aug. 6 and seeks over $2.5 million in damages to the unit and building.
David Copperfield accused of trashing $7M NYC penthouse, sued by condo board - National | Globalnews.ca
Photos from the penthouse show rotting ceilings, a stained bathtub and filthy carpets.
globalnews.ca
Real estate insolvencies in Canada set to surpass levels of global financial crisis
More real estate developers face insolvency owing to high debt levels and construction costs as Canada is on track to reach about 240 real estate insolvencies this year
www.theglobeandmail.com
This Sask. town is offering $30,000 to people who build a home in the community
The town of Moosomin in eastern Saskatchewan plans to double its population by offering $30,000 cheques to those building a home in the community.
Rent increase of 23.5% approved for landlord: RTB
Are the high interests rates of the last few years a reason to allow landlords the ability to increase rents above the allowable limit?
vancouver.citynews.ca
B.C. Realtor receives maximum penalty for misconduct related to assignment sales
A Realtor and his personal real estate corporation have had their licences suspended for six months and been ordered to pay $16,000 to the BC Financial Services Authority over misconduct that occurred eight years ago.
Victims of Real Estate Scheme Involving HGTV's Christina Hall and Tarek El Moussa Awarded More Than $12M
"Flip or Flop" stars Christina Hall and Tarek El Moussa were among the many reality TV icons who promoted "flipping" seminars.
www.realtor.com
Customers Duped By House-Flipping Scheme Tied To HGTV Stars Are Getting Refunds
Some $12M will be returned to would-be house flippers.
deadline.com
People are idiots, all that information can be found for free on YouTube or Reddit. Paying for free information is like paying for porn.Victims of Real Estate Scheme Involving HGTV's Christina Hall and Tarek El Moussa Awarded More Than $12M
"Flip or Flop" stars Christina Hall and Tarek El Moussa were among the many reality TV icons who promoted "flipping" seminars.
Customers Duped By House-Flipping Scheme Tied To HGTV Stars Are Getting Refunds
Some $12M will be returned to would-be house flippers.
Edited photos, virtual staging should void contract for home purchase, B.C. man argues
A B.C. man who backed out on a deal to buy a house after he realized online photos of it were edited and virtually staged has been ordered to pay a penalty for rescinding the contract.
More than one-third of B.C. residents worried about rent, mortgage payments: poll
Most British Columbians are dissatisfied with their current financial situation, with more than one-third of respondents to a recent survey saying they worry "frequently" or "occasionally" about being able to pay their rent or mortgage.
Woman's insurance canceled after drone flies over her home
The company said it saw debris on the left side of the house.
local12.com
California woman's home insurance dropped after drone view reveals clutter, unsanitary conditions during renovation
A Modesto woman said her home insurance company of nearly 40 years abruptly canceled her coverage over what it spotted from a drone's view high above her Central Valley property.
www.cbsnews.com
Average home price tops $2 million in nearly 3 dozen Bay Area cities
It’s getting even more difficult to afford a home in an even larger portion of the Bay Area.
www.nbcbayarea.com
https://www.cbsnews.com/news/housing-market-new-rules/
MoneyWatch
When it comes to buying and selling homes, new rules are about to be put in play, five months after the National Association of Realtors agreed to a blockbuster settlement over how its 1.5 million agents across the U.S. are paid commissions.
The settlement — which resolved litigation stemming from a grand jury finding that the real estate group artificially inflated brokerage commissions — brings sweeping changes to the industry, starting tomorrow.
The adjustments come as prospects brighten for the beleaguered housing market. Mortgage rates earlier this month tumbled to their lowest level since April 2023, offering hope to house hunters priced out of the market given high borrowing costs and home prices that reached a record in June.
Still, the current rate on the 30-year fixed loan stands at about 6.5%, or more than double the sub-3% rates available in 2020 and 2021. The Federal Reserve in September is widely expected to reduce its benchmark interest rate, a step that should reduce mortgage rates currently high enough to bring turnover in the housing market near 40-year lows.
In the meantime, real estate agents across the nation will have to adopt to new changes that could potentially reduce the commission that home sellers are asked to pay.
Many experts are now looking for home prices to fall as the sticker price will no longer include the steep commissions that have for decades been in play.
Here's a rundown of what this means for those looking to buy and sell homes going forward.
However, "at that stage, the buyer hasn't had an adequate opportunity to evaluate that agent," Steve Brobeck, a senior fellow at the Consumer Federation of America, told CBS MoneyWatch. "When you're touring houses with an agent, the agent is auditioning to be your agent, that's when you get to know the agent."
Most buyers would not be comfortable signing a contract with a financial obligation that early in the process, added Brobeck, who noted that the new requirement came at the industry's behest and was not part of the NAR's settlement.
Buyers should not sign a contract with a financial obligation until they are ready to make an offer, advises Brobeck. "There are other options for seeing a house," he noted, including calling the listing agent or attending an open house.
Another option that is increasingly in use are touring agreements that cover limited amounts of time and come without financial ties, he said, noting that Zillow had developed one. Many model contracts developed by the industry are difficult to read, understand and are otherwise problematic for consumers, Brobeck warns.
That said, one buyer-broker agreement developed by real estate brokerage eXp Realty is "simple, consumer-centric and meets most of our criteria," he said. "They've made it available for the industry to use."
Homebuyers should also think about offering a flat fee or paying their agent an hourly rate, the advocacy group advised.
"The dollar value of today's percentage commissions is often underestimated by buyers. Moreover, buyer agents should not have a financial incentive to be paid more the higher the sale price," Brobeck said in a report.
Nearly 9 in 10 home sales are handled by real estate agents affiliated with the NAR, the nation's biggest trade association. It required that home sellers figure in a commission rate, usually 6%, before listing homes on its property database, known as the Multiple Listing Service, or MLS.
The commission borne by home sellers was then divided between agents for the seller and buyer. While on paper subject to negotiation, the fee was the focal point of the lawsuit lost by the NAR and brought by a group of home sellers, who claimed the trade group and others colluded in driving up the commissions.
In June, the median sale price of a home was $442,451, according to Redfin. Under the previous practices sellers would be paying $26,547 in commissions. That customary rate is no longer the default.
Sellers can now expect to be asked for just one side of the commission pot, or what would now average 2.5% to 3%.
"For the first time now, buyers will have the opportunity to negotiate the buyer commission," said the CFA's Brobeck. "We suggest setting a target of 2% or less," the advocate said. Matched with the buyer agent's commission that would mean paying overall commission closer to 4% rather than the current standard of 5% to 6%, he added.
In a separate but related development, almost any American who sold a home in the last fives years is covered by the class-action settlement with NAR and other brokerages. How much anyone is entitled to depends in part on how many sellers submit claims, and other factors including where one lives and when your home was listed.
To see if you're eligible, check here.
MoneyWatch
Rules for buying and selling a home are changing. Here's what to know.
When it comes to buying and selling homes, new rules are about to be put in play, five months after the National Association of Realtors agreed to a blockbuster settlement over how its 1.5 million agents across the U.S. are paid commissions.
The settlement — which resolved litigation stemming from a grand jury finding that the real estate group artificially inflated brokerage commissions — brings sweeping changes to the industry, starting tomorrow.
The adjustments come as prospects brighten for the beleaguered housing market. Mortgage rates earlier this month tumbled to their lowest level since April 2023, offering hope to house hunters priced out of the market given high borrowing costs and home prices that reached a record in June.
Still, the current rate on the 30-year fixed loan stands at about 6.5%, or more than double the sub-3% rates available in 2020 and 2021. The Federal Reserve in September is widely expected to reduce its benchmark interest rate, a step that should reduce mortgage rates currently high enough to bring turnover in the housing market near 40-year lows.
In the meantime, real estate agents across the nation will have to adopt to new changes that could potentially reduce the commission that home sellers are asked to pay.
Many experts are now looking for home prices to fall as the sticker price will no longer include the steep commissions that have for decades been in play.
Here's a rundown of what this means for those looking to buy and sell homes going forward.
Buyers beware
Real estate agents are now required to have buyers sign a form before showing them a home. The agreements are intended to detail exactly how much a buyer will be expected to pay an agent.However, "at that stage, the buyer hasn't had an adequate opportunity to evaluate that agent," Steve Brobeck, a senior fellow at the Consumer Federation of America, told CBS MoneyWatch. "When you're touring houses with an agent, the agent is auditioning to be your agent, that's when you get to know the agent."
Most buyers would not be comfortable signing a contract with a financial obligation that early in the process, added Brobeck, who noted that the new requirement came at the industry's behest and was not part of the NAR's settlement.
Buyers should not sign a contract with a financial obligation until they are ready to make an offer, advises Brobeck. "There are other options for seeing a house," he noted, including calling the listing agent or attending an open house.
Another option that is increasingly in use are touring agreements that cover limited amounts of time and come without financial ties, he said, noting that Zillow had developed one. Many model contracts developed by the industry are difficult to read, understand and are otherwise problematic for consumers, Brobeck warns.
That said, one buyer-broker agreement developed by real estate brokerage eXp Realty is "simple, consumer-centric and meets most of our criteria," he said. "They've made it available for the industry to use."
Homebuyers should also think about offering a flat fee or paying their agent an hourly rate, the advocacy group advised.
"The dollar value of today's percentage commissions is often underestimated by buyers. Moreover, buyer agents should not have a financial incentive to be paid more the higher the sale price," Brobeck said in a report.
Sellers rejoice?
For folks selling their homes, the changing landscape should bring some quick respite, as their agents no longer have to make an offer of commission to buyers' agents.Nearly 9 in 10 home sales are handled by real estate agents affiliated with the NAR, the nation's biggest trade association. It required that home sellers figure in a commission rate, usually 6%, before listing homes on its property database, known as the Multiple Listing Service, or MLS.
The commission borne by home sellers was then divided between agents for the seller and buyer. While on paper subject to negotiation, the fee was the focal point of the lawsuit lost by the NAR and brought by a group of home sellers, who claimed the trade group and others colluded in driving up the commissions.
In June, the median sale price of a home was $442,451, according to Redfin. Under the previous practices sellers would be paying $26,547 in commissions. That customary rate is no longer the default.
Sellers can now expect to be asked for just one side of the commission pot, or what would now average 2.5% to 3%.
"For the first time now, buyers will have the opportunity to negotiate the buyer commission," said the CFA's Brobeck. "We suggest setting a target of 2% or less," the advocate said. Matched with the buyer agent's commission that would mean paying overall commission closer to 4% rather than the current standard of 5% to 6%, he added.
In a separate but related development, almost any American who sold a home in the last fives years is covered by the class-action settlement with NAR and other brokerages. How much anyone is entitled to depends in part on how many sellers submit claims, and other factors including where one lives and when your home was listed.
To see if you're eligible, check here.
Florida hit by 'worst real estate crisis in decades'
Florida condo owners are slashing prices by up to 40 percent as they strive to dodge massive incoming repair costs on old buildings.
This Orange County city has the hottest housing market in the country
Irvine had the largest surge in U.S. home values over the past year and is defying population and homebuilding trends, in part because of Asian and Asian American buyers.
www.latimes.com
The ten most expensive housing markets in the United States
The median cost of buying a single-family home in San Jose, California topped $2 million last quarter
qz.com
Meet the greedy 'Apartment King' owner of 7,700 rental properties
Brad Sumrok has amassed a small fortune through real estate investment and teaching others how to do the same. But now his bubble may be about to burst.
Revealed: The most affordable state for retirement in 2024
A small mountain state has been named as the cheapest place to retire for the second year in a row.
Why millions of Britons fell in love with suburban life | Aeon Essays
Modernists and historians alike loathed the millions of new houses built in interwar Britain. But their owners loved them
aeon.co
We Found a Tiny Home on Amazon That’s Fully Customizable and Includes a Cool Rooftop Deck Starting at $16.5K
And it comes pre-wired with electricity and plumbing
By Toni Sutton
August 18, 2024
people.com
And it comes pre-wired with electricity and plumbing
By Toni Sutton
August 18, 2024
This Amazon Tiny Home Can Be Customized with Up to 800 Square Feet of Living Space — Plus a Roof Deck
The Generic Portable Tiny Home Studio includes a kitchen, a bathroom, and a living room that doubles as a sleeping area for as little as $16,570. The space is fully customizable and comes with a spacious rooftop deck. Check out this tiny house while it’s available on Amazon
Just looking at some real estate listings in the area on RedFin.
Crazy looking at some of the numbers over the years.
Take for example a 2-bed, 2-bath condo at 864 sq ft.
It initially sold in 2007 for $284,900.
It resold in 2009 for 308,700.
Sold again in 2019 for 549,000.
Then again in Jan. 2021 for 640,000.
And most recently in the summer of 2024 for 799,900.
Nice place and all ... but it's not an 800k condo.
But that's the market & what it can sell for, huh ...
Crazy looking at some of the numbers over the years.
Take for example a 2-bed, 2-bath condo at 864 sq ft.
It initially sold in 2007 for $284,900.
It resold in 2009 for 308,700.
Sold again in 2019 for 549,000.
Then again in Jan. 2021 for 640,000.
And most recently in the summer of 2024 for 799,900.
Nice place and all ... but it's not an 800k condo.
But that's the market & what it can sell for, huh ...
AND SO IT BEGINS!!!!!!