Daily Market Update

by REP on 09 Mar 2015
Realtors rebel against TREB, vow to publish home sales
Two of the three brokers who shut down their online service last week after receiving a threatening letter from the Toronto Real Estate Board have decided to get back in the game. They say they've concluded they're breaking no rules in doling out the coveted information about what homes are selling for in the city. It's just the latest development in an ongoing war over the traditional industry's monopoly on vital real estate information.

Broker Frase Beach has been distributing daily home sales information to almost 30,000 subscribers and  concluded his service is "compliant" because customers must register to receive the information by email. "You're doing it for your own purposes, which means it's 'internal' and it's 'exclusive' because it excludes anyone who isn't registered," says the owner of Select/Plan Real Estate. Beach added that public outcry also motivated him to restart his service. He says when he cut off access, he received many unhappy emails from customers. "Everybody was saying how sad they were to see it go."

Real estate sales in North Okanagan climb
Overall sales rose 15.8 per cent to 88 units in the North Okanagan compared to 76 units during the same month in 2014, while total residential sales climbed 13.4 per cent from 67 to 76. Single-family home sales (39 units) improved by 18.2 per cent compared to February 2014 (33).“After a more than usual slowdown in January, Okanagan-Shuswap home sales rallied along with consumer confidence during February despite weaker economic conditions in Alberta,” said Darcy Griffiths, Okanagan Mainline Real Estate Board president.

“While not at the record pace seen at the close of 2014, the year has started off at a much stronger level than we saw during the first six months last year. However, days on market in our board area is now at 95 days on average compared to 141 last year at this time.”
Landlords buy back Target leases for $138 million
Landlords paid $138 million before taxes to buy back 11 properties from Target Canada as it winds down operations at 133 stores across Canada.

The deal was announced earlier this month, but the price paid was sealed by the court until the deal officially closed, for competitive reasons. The transaction between Target Canada Co. (TCC) and the landlords, including Oxford Properties and Ivanhoé Cambridge, two of Canada’s largest commercial real-estate companies, closed on Friday. Target will turn back the leases to the 11 properties, renting them back for as long as needed to complete the ongoing liquation sale.

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