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In accordance to new polling unveiled on September 20th by the Ontario Actual Estate Affiliation (OREA), college student debt continues to significantly impact Ontarians’ means to invest in a home.
Conducted by Abacus Information on behalf of OREA, The Affect of University student Loan Financial debt on Homeownership report discovered that Ontario graduates with personal debt larger than $5,000 concur that their university student financial debt can make it more difficult to preserve up for a house. This condition is forcing some Ontarians to appear for other possibilities in more affordable provinces, with 42% of graduates considering leaving the province for a decreased charge of dwelling and far more attainable housing.
The report discovered that a significant quantity of younger grown ups uncover them selves suspending homeownership, with college student credit card debt cited as the major explanation for this delay. Other life milestones being delayed as a final result of scholar personal debt consist of moving out of the family household, getting married, and starting off a family.
“Student debt is not merely a economical load, it is the largest barrier to the Canadian aspiration of homeownership for lots of younger Ontarians and their people,” reported OREA CEO Tim Hudak. “Our research exhibits that the bodyweight of scholar loans contributes enormously to the housing affordability crisis which, if still left unaddressed, will lead to much less younger Ontario house owners. All concentrations of govt and field need to perform alongside one another to carry affordability house to Ontario graduates.”
Because of to superior housing prices, virtually half of the graduates’ dad and mom surveyed plan to stay in their household dwelling for the future decade, rather than downsizing which will avert far more housing supply from entering the marketplace.
“As a REALTOR®, I have witnessed firsthand the energy of homeownership and the transformative influence it has on communities across the province,” stated OREA President Tania Artenosi. “Student debt casts a shadow more than this aspiration, leaving aspiring buyers caught in between their academic ambitions and the desire for a position to connect with their very own. We require to operate to empower the future generation of homeowners, and that commences with pro-homeownership insurance policies aimed at alleviating the pressures of student personal loan credit card debt.”
Inspite of carrying personal debt, publish-secondary graduates even now have potent aspirations for homeownership, with 75% still expressing a wish to very own residential property. As this kind of, at the very least 80% of graduates support various govt interventions that tackle housing affordability.
Ontario realtors have proposed many recommendations to aid address the housing affordability disaster that young Ontario graduates are struggling with:
The Government ought to match the addition of funds dollar-for-greenback. For instance, if a graduate provides $5,000 into the FHSA, the Government will decrease the students’ OSAP loan by $5,000.
This policy aligns with the announcement on April 1st, 2023, from the Authorities of Canada, which forever eliminated the accumulation of interest on all Federal student loans which includes loans at this time becoming repaid.
All Ontario pupils have a interval of 6 months following graduating or leaving full-time scientific tests right before they are necessary to start paying out back again their bank loan.
Pursuing the notification, eligible graduates should really quickly be entered into Canada’s ‘Repayment Assistance Plan’ (RAP), getting rid of the load on graduates to re-utilize every 6 months.
This ought to consist of data from just about every submit-secondary institution. This would assure that college students/graduates do not pass up crucial data about reimbursement and default processes, financial loan reduction choices, etc.
OREA states that, “… by fostering a supportive surroundings for schooling funding and advocating for insurance policies that facilitate housing affordability, Ontario can split down the limitations that at this time stand between young Ontario graduates and their homeownership desires.”
Do you live in Canada? Have you been impacted by pro-landlord policies, especially throughout this pandemic? Are you curious to know if your provincial government representative is a landlord or invested in real estate in some way?
If so, you’re in the right place, as The Maple has created a database of provincial representatives invested in real estate.
Provincial representatives in most provinces are required to complete public disclosure reports that contain, in part, property they own, sources of income and investments. These reports tell us if our elected representatives, and/or their spouses/common-law partners/dependents, are landlords/invested in real estate. The provincial governments in question make these public disclosures available on their websites. (The territories as well as Newfoundland and Labrador and Manitoba either do not collect this data or don’t make it accessible online.)
This data is based on the most recent disclosures these representatives made as of Sept. 15, 2023. We have gone through these disclosures and identified which political representatives, and/or their spouses/common-law partners/dependents, fit into one or more of the following categories: 1) disclose residential rental property that they earn income from; 2) disclose residential rental property without disclosing any income; 3) disclose non-residential property (vacant lots, farmland, etc.); 4) disclose some sort of other involvement in real estate (for example as a real estate agent, or with investments in real estate investment trusts). Personal residential and recreational properties are not included.
These provincial representatives, along with their constituency, province and political affiliation, have been listed in the chart below. Each of these representatives are also categorized based upon which of the four options above they best fit into. Some representatives fit into multiple categories, and in that case they are listed according to the earliest category option as noted above. For example, someone that owns rental property and earns income from it, but also has invested in REITs, would be listed as category one in the chart.
We have taken items in the disclosure noted as having applied solely to the period prior to the disclosure into account when determining a representative’s eligibility and categorization. For example, a representative whose disclosure notes that they earned rental income in the prior 12 months would be included in our database and categorized as a landlord. Items no longer on disclosure forms, however, aren’t included in consideration.
You can open the chart below in a new tab to view it in its full size.
After the chart, we’ve provided data analysis looking at breakdowns of representatives included by party and province. Following that, we’ve included a searchable list including each qualified representative by province, the relevant details from their disclosure and a link to their disclosure (as well as important disclaimers for some of the provinces). As previously mentioned, this data is based on the most recent disclosures these representatives made as of Sept. 15, 2023. A representative’s situation may change after that point.
This is the second time we’ve conducted and published this sort of research about provincial representatives. The first was published in March 2021. This edition was updated to reflect elections that have occurred since then, and expanded based upon feedback we received (for example, including a searchable list of representatives with the sources linked and broadening the criteria for being included in the list). This version also includes a new searchable database we’ve created on a mini website to help make navigating it all easier. If you’re interested in seeing this data for MPs, please do check out the article and database we published with that information in June 2023.
When sharing any images or data from this article, please do link back to it and/or the searchable database and give credit to Davide Mastracci at The Maple. In addition, please do consider becoming a Maple member so we can continue putting out this sort of valuable resource, as it’s time intensive and no one else in Canada is doing it. We are now formally pledging to update this data on an annual basis, as well as to keep the mini website alive. But we need your support to make this possible.
With that out of the way, here’s the first table, and then the rest of the data.
The table listing every included provincial representative is below. For a closer look at the members included in each province, see here: Ontario, Quebec, British Columbia, Alberta, Saskatchewan, Nova Scotia, New Brunswick, Prince Edward Island.
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Embodied Carbon in Real Estate: The Hidden Contributor to Climate Change
The window for solving climate change is narrowing; any solution must include embodied carbon. The Sixth Assessment Report published by the IPCC (Intergovernmental Panel on Climate Change) concludes that the world can emit just 500 gigatonnes more of carbon dioxide, starting in January 2020, if we want a 50 percent chance of staying below 1.5 degrees. In 2021 alone, the world emitted about 36.3 gigatonnes of carbon, the highest amount ever recorded. We’re on track to blow through our carbon budget in the next several years. To quote the IPCC directly: “The choices and actions implemented in this decade will have impacts now and for thousands of years (high confidence).”
The real estate industry is the single most significant contributor to climate change after the oil and gas industry, responsible for about 40% of all greenhouse gas emissions globally. Of that, building materials are responsible for about 11% of all greenhouse gas emissions globally—more than all fashion and flights combined. While that’s less than the global emissions associated with operating assets, as the grid decarbonizes and buildings electrify, embodied carbon from building materials will make up an increasingly large portion of the real estate sector’s total emissions. Already, the upfront emissions associated with constructing a building are equivalent to upwards of 10 years of operating that building.
Although structure materials make up the majority of a building’s embodied carbon emissions related to upfront construction, experts estimate that finishes & furnishings are responsible for over 50% of a building’s carbon impact over the lifespan of the building. One recent report put the impact of furniture, alone, at around 50% of a commercial building’s carbon impact.
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What’s more—whereas energy efficiency and renewables procurement can improve over time, the emissions from building materials get largely “locked in” to the atmosphere at the point of manufacturing and construction. There is no going back or reducing the carbon footprint once those materials have been selected.
The case for measuring embodied carbon is clear, but most firms are not yet measuring their emissions—even though for many real estate developers, embodied carbon represents over 80% of their emissions in a given year. Although embodied carbon has a significant climate impact, most real estate firms are not currently not measuring it—even though for many firms, embodied carbon represents up to 83% of their emissions in a given year. Why is this?
First, the industry has been more focused on operational carbon, so embodied carbon may be seen as a “nice to have.” This is starting to change, given legislative tailwinds in North America. In the State of California, the newly approved California Green Building Code (CALGreen) specifies a 10% reduction below baseline as one path to compliance starting in 2024. In the City of Toronto, Toronto Green Standard Version 4 requires adherence to an embodied carbon intensity of 350 kg CO2e/m2. While this is optional for private developments, it is expected to become mandatory. And in Vancouver, buildings will need to show a 10-20% reduction below baseline starting in 2025.
It has also historically been challenging to measure embodied carbon. However, tools like Tangible, EC3, and BEAM are making measuring embodied carbon more accessible and easier to understand for a wider set of stakeholders–including real estate owners and developers.
Real estate actors have also expressed fear of what they’ll find if they do measure embodied carbon. While firms may be intimidated by high carbon figures, the reality is that disclosure laws like the law just passed in California may seed the way to a carbon tax, so starting with measurement can help firms get ahead of potential costs down the line.
There remain challenges in tackling embodied carbon. Addressing this problem head-on requires greater stakeholder coordination and internal resources. However, taking initiative is an important first step, especially if firms want to keep up with leading players in the market.
Some initial steps:
Lastly, if we are able to limit global warming to 1.5 degrees Celsius, rather than 2 degrees Celsius, we “could reduce the number of people exposed to climate-related risks and susceptible to poverty by up to several hundred million by 2050.” Climate science speaks loud and clear.
Notes
1-The emissions released at the end of life do matter, but these are largely unpredictable from the standpoint of a real estate developer’s scope of responsibility.
2-A few select developers that have disclosed the percentage of their annual emissions that come from Scope 3 / embodied carbon emissions:
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AI can’t physically build a home. It can’t lay the brick, install the light fixtures, or get your couch up the stairs. But behind the scenes, a number of emerging technologies including AI, computer vision and machine learning are transforming the fragmented pipeline powering our “built environment.”
It’s the answer to a persistent problem in the real estate and proptech world. While the process of buying and selling has vastly improved, areas like construction, architecture, project management and design have lagged. The result is lopsided advancement and a fragmented, inefficient ecosystem.
But that’s about to change.
AI fueled by data will become the base layer that unlocks efficiency and speed. AI has the potential to smooth out many links in the real estate production chain and create a cascade that will close the productivity gap. This essay reveals what’s on the way and how founders can seize this opportunity.
Proptech has accelerated at a tremendous pace, but critical parts of it are lagging.
Where we see advancement: Companies like Trulia, Zillow, and LoopNet leveraged the search paradigm to empower consumers to become their own property hunters. The rise of SaaS created best-in-class software for property management or brokerage activities (RealPage, AppFolio). Since then, other companies have smoothed out the transaction process (Lev) or introduced new and more accessible pathways to home ownership.
Where we see stagnation: Construction, for example, has been one of the slowest industries to digitize. The average mega-project runs about 20 months behind schedule, and 98 percent of projects overshoot costs or timelines. $1.63 Trillion in value is lost each year due to construction inefficiencies.
Consider that you can now conduct most of your home search and financing process totally online and very quickly. But if one piece of construction equipment is overbooked, or a remodeling plan contains a single flaw, or weather strikes, or skilled labor is unavailable, then a whole building project can end up months behind. Because of the interdependent nature of this industry (it’s all centered around a core asset – the buildings where we live, work and play or the infrastructure that supports them) the whole pipeline gets jammed.
This is not a new problem. The “back-end” to Zillow and Co-Star’s “front end” has been slow to adopt technology, and high capital expenditure in construction and complex local regulatory structures have made digitization hard and seemingly not worth the effort.
AI is changing that, and now is the time.
While there is a commercial imperative around driving productivity, there is also a societal imperative. The operation of buildings contributes 30% of global final energy consumption, and 26 percent of global energy-related emissions. The current inefficiencies in our buildings is well recognized as a contributor to climate change, in step with industries like manufacturing and transport. And this is only likely to become more important with the rise of extreme temperatures.
As investors, we always look at startup timing and we believe there is a clear economic impetus, enabling technologies and cultural acceptance that are going to propel adoption.
Think of the real estate world like a chain. Every project must move from one link to the other. From site selection to architecture to design to preconstruction, to construction, to buying/selling, to financing, property management, and real estate office activities.
It’s a highly interconnected network. And it is in dire need of streamlining.
This chain is composed of third parties who manage each link. That makes sense. These are specialized tasks that require domain expertise. But it also creates a system where any inefficiency within a link can be easily missed and passed to the next link. Over time, these problems snowball and lead to major delays.
It can take between 2-4 months to complete a plan and permitting process. 1-4 weeks (if all goes perfectly) to purchase a lot. 2 weeks to choose a designer. Months to solidify the plans. A month to choose a contractor… and that’s before the actual construction work even begins. That’s for a single family house, for anything else it’s significantly longer.
Here is where we see opportunity for startups: Each link along this chain can be optimized with AI, creating a productivity cascade along the whole chain.
First: AI will optimize the individual links of the real estate production chain, creating faster processes with fewer mistakes.
These links are primed for AI disruption because many of them contain large corpuses of visual, numerical, or language data. Blueprints, zoning laws, emissions data…new AI models allow us to tap into these data sources and improve each process significantly.
This will begin with AI-copilots, but move towards AI autopilots as models improve and trust in them builds (think: working with architects on pre-construction, permitting, environmental impact etc..)
Second: This will enable firms to bundle tasks together that once demanded the resources of an entire firm. Companies will use software to enhance labor productivity and improve on cost/efficiency of materials.
Third: Bundling of tasks will mean that companies manage necessary handoffs at the right time. The choreography of tasks will become dynamic, and streamlined.
Fourth: This will enable a foundation which will lead to ongoing digitization of the management of properties to ensure increased operating efficiency. These digital tools, armed with physical sensing technologies, will be used to reduce emissions, or operating costs, completing the full streamlining of the building life cycle.
The result: AI-powered real estate and proptech platforms will be able to conduct many aspects of the real estate process under one roof, as opposed to the many different systems that are deployed right now. (Some companies are already doing this).
It will lead to fewer errors, better results, the closing of the productivity gap, and greater operational efficiency. This is a change that we’ve seen most clearly in software, will eventually leak into the manual tasks associated with real estate (building, moving materials, upkeep) through sensing technologies and robotics.
Here are a few examples of where we see real estate-powered AI companies initiating the productivity cascade.
The concept and design phase of any building project is a key step in reducing losses down the line. It’s also one of the best fits for AI in the real estate / construction tech industry.
AI excels at pattern recognition, and optimization provided it is trained on high quality datasets. In fields like zoning, or architecture there are corpses of work that can be used to train AI models to act as co-pilots to human architects, and engineers. Zoning and permitting codes are enormously complex in the US and AI can do a great job of understanding at a base level what is possible and to speed up the permitting process. Also, the large and sprawling 2022 Inflation Reduction Act puts incentives for commercial buildings to lower emissions, acting as a catalyst for companies to understand their emissions footprint and improve environmental efficiency.
As a result, some companies have developed AI engines trained on data like zoning laws, demographics, and financial information to aid with site selection. Others are trained to reduce climate impact of buildings via architectural optimization.
We also see potential in technologies like digital twins, which allow us to integrate a variety of datasets from siloed sources into one, living replica. These models will allow us to run endless scenarios, and optimize each piece of the chain from construction to operation. (There are already predictions that digital twins of entire cities will become a backbone for urban planning and infrastructure in coming years).
Other companies operate further along the chain. NFX-backed Tailorbird, for example, speeds up the process of multi-family capex, renovations, and redevelopment. TailorBird is capable of analyzing all sorts of publicly available visual data, and without a site walk, able to turn it into architectural quality as-built drawings. From there, designers and architects can set design and scope, and immediately take those plans to a marketplace to obtain hard bids.
Ultimately, a month-long process becomes a two-week long process. That means landlords can fill buildings faster, make more money, and keep buildings in better condition for tenants.
Construction delays and mismanagement are large contributors to the productivity gap. We’re already seeing AI-powered predictive analytics smooth out this process and identify problems before they arise.
For example, NFX-backed Crews by Core has developed a field execution platform for construction teams. The crews software can automatically create work schedules, line up crews, and list tasks for each person to perform via chat. Critically, the system is also able to monitor site health and predict future issues.
For example, the Crews by Core AI engine can flag when bad weather might delay a project, when too many activities are scheduled with the same equipment at once, or a scheduled subcontractor has a history of missing deadlines.
Simply by keeping those trains on the tracks, the system can save Superintendents up to 16 hours in their workweek, and prevent unforced errors that impact the future of the project.
While we are excited about the emerging opportunities for new startups, incumbents with access to large amounts of data, engineers and distribution hold the initial advantage.
The large digital residential marketplaces (e.g. Trulia, Zillow) and large mortgage origination platforms, commercial data platforms and construction software tools (who are not asleep at the wheel) will benefit tremendously from these new technologies. They have robust databases and distribution already in place. Because of this, improvements in AI are likely to make their platforms incrementally better on the front end and more efficient behind the scenes. You will likely see AI led innovations incorporated into these platforms over the coming quarters.
But the key word here is incremental. For B2B startups, there are still opportunities if you go beyond incremental change and deliver a complete solution. Don’t be a co-pilot. Be an autopilot.
EvenUp (an NFX backed legal tech company), for example, sells software capable of generating an entire personal demand letter – not just a tool to help personal injury lawyers write those letters faster. NFX company TailorBird instantly generates entire as-built plans. These are extremely high value propositions because they truly eliminate the need for certain processes.
Proptech companies looking to use AI to deliver complete solutions are likely to gain an advantage over incumbents, who may be looking to graft AI on to existing services. These companies aren’t structured to totally recreate (if not eliminate) the workflows they helped build).
That said, a key challenge for these companies (other than distribution) is having access to all the data and a single platform to fully understand the market, the customer needs, and the way that each constituent works. These are the key ingredients needed to create that truly transformative AI autopilot – and deliver that complete solution.
That challenge exists because many traditional companies in the industry have typically embraced a “best in class” approach in selecting vendors bringing on board a number of partners and point solutions. While this made sense at the time, the fragmented data silos inhibit the ability to deliver new breakthrough product experiences and customer insights.
This is going to change. Forward thinking companies are realizing the power that a single system of record (rather than siloed vendors) unlocks. An early example of a company in this space is NFX-backed Radius. Radius helps agents source talent, manage transactions, run marketing operations, draft contracts, and manage in-house teams. Behind the scenes, the company has created one single source of truth for the entire process.
This opens up potential for more powerful AI solutions in the future.
Data is the lifeblood behind AI experiences. We expect to see new data platforms as well as increased attractiveness of verticalized solutions and ecosystems.
This is still a developing ecosystem. But we’re beginning to notice several things that founders should keep in mind as they build in this field.
AI has the potential to optimize each link of the real estate production chain, but Founders should beware thinking too small. It can be relatively easy to build a new AI tool that is immediately attractive, but don’t stop there – you need to fully understand the value chain.
When you build a vertical SaaS solution, you’re thinking about all the different ways to add value to a certain workflow. Maybe you can understand the environmental impact, interface with customers, or help brokers decide when to follow up on leads. Some of these activities hold more inherent value than others – they’re control points.
These valuable “control points”are the best places to begin building your company. They are the “need to haves.” Control points also typically do more than just save time, but facilitate the transaction (we will discuss the power of the saving time v.s. creating value distinction more below).
Many tasks are helpful, but not true control points. For example, many companies are capable of analyzing floorplans using AI, but is this a wedge or entry point that opens up the biggest opportunity to scale into a large company?
Consider whether you are more likely to be grafted onto an existing service or, over time if you could begin to expand your own product. You could imagine an upstream AI-optimized design tool creating a carbon reduction workflow, for example. Be sure that you’re the bigger idea, not the feature.
This will be a challenge for startups because you need to get to distribution (the incumbent advantage) faster than incumbents can innovate (i.e. graft you onto their platform).
Ultimately AI will make it possible to bundle together specialized tasks under one workflow. It’s ok to start with an incredibly valuable feature, but don’t stay so specialized that you’re bundled away. Avoid falling into this trap by identifying the true control points in your industry, and building around them.
2. Recognize where 3rd party status holds value
There will be fewer handoffs between disparate parties in an AI-powered real estate industry. But there are still some aspects of the process where 3rd party status is a feature, not a bug.
For example: accreditation, property valuations, or auditing are all tasks that must be performed by outside parties. These are areas that will be harder to graft on to upstream services.
3. Get paid for the work that you do: deliver true value, don’t just save time.
The killer proposition in the generative AI world isn’t about maximizing efficiency through time saving automation. It’s about using that maximized efficiency – unlocking value to drive growth.
Selling time-saving solutions may not be the best way to monetize the service. You could use this technology to create a breakthrough product experience or to monetize in some downstream activities. For example, can you incorporate a marketplace or embedded fintech to capture more value beyond a simple time saving tool.
Where we see the most exciting opportunities are where AI enables a breakthrough proposition that enables companies to participate in the transaction and get paid for the value they unlock.
The companies that strongly connect the dots between increased efficiency and growth are in the best position to succeed.
4. The compliance autopilot
Real estate remains a highly regulated industry. There’s a lot of value to be gained in helping people navigate those opportunities, especially by flagging small administrative mistakes before they snowball into bigger problems. Again, this will begin with co-piloting but move towards auto-piloting.
The transition is happening in high stakes industries. One of the earliest examples of AI co-piloting, for example, was in radiology. AI was used to help detect abnormalities in mammograms (in some cases, better than trained radiologists), and, increasingly, has begun to be seen as a key player in the future of the radiology field. Eventually, as trust builds and technology improves, it may eventually be seen as necessary.
That pattern is likely to repeat. Whenever there’s a routine compliance task (as there are across the real estate industry chain) that’s an opportunity for the co-piloting to auto-piloting transition to occur.
We see many companies pursuing office activities, creative work, or digital-first applications of AI. Many incumbents see AI as the newest way to pursue office process automation. But AI’s impact on the physical world is already here, and it’s only going to get more central.
Architecture, engineering and construction is one of the top industries likely to be impacted by AI in the future, per an April Goldman Sachs report. As we’ve covered, we’re seeing it on the software side. But it’s here on the physical side too – through robotics, sensing, and emergent IoT technologies – that will be an even larger leap.
Real estate and proptech are an entry point. It’s one of the first places we are starting to see AI’s fingerprints in the physical world. It’s an enormous opportunity.
The first step is to close that $1.63 trillion global productivity gap.
If you are an early stage founder building a startup at the intersection of real estate and AI, then come talk to us.
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Your house may be due for a refresh, but big renovation projects can easily cost tens of thousands of dollars. However, you can make plenty of home renovations without spending a fortune.
Another concern homeowners have is spending more than they intended. Mallory Micetich, home expert at home services company Angi, says to start with a realistic budget.
“Talk to several pros in your area to make sure you get high-quality work at a price that you’re comfortable with. Once you choose your pro, be very clear about your budget. A good pro will help you choose materials that work within your budget,” Micetich says. “You should also set aside 10% of the project cost for any unexpected expenses that come up during the renovation process.”
Here are some home improvement projects under $5,000 to consider:
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“If you’re looking for an affordable project with a great return on investment, consider replacing your garage door,” says Micetich. In fact, a garage door replacement is typically near the top of the list on Remodeling Magazine’s annual Cost vs. Value report.
“Garage door replacements usually cost between $750 and $1,600, with an average ROI of 94%. Replacing garage doors can be a complicated process, so I recommend bringing in a pro to get the job done correctly,” Micetich adds.
According to HomeAdvisor, professionals typically price per project. Materials and labor are the biggest contributors to the cost of a garage door replacement, but it also depends on the size, material and style of the garage door.
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A fresh coat of paint is one of the easiest and most cost-effective ways to boost your home’s curb appeal. On average, it costs around $3,087 to paint the exterior of a 1,500-square-foot home, data from HomeAdvisor shows, or it’s between $1.50 and $4 per square foot. How much you pay depends on the complexity of the job, the accessibility of your property and the amount of prep work required.
The quality of paint is another consideration, costing $20 to $80 per gallon. It may be tempting to go with a lower-cost option, but higher-quality paints will last longer, look better and offer better protection for your home.
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Upgrading every window on your house may put you over budget, but you can tackle this project one window at a time. “New windows can improve energy efficiency and increase the value of your home,” Micetich says. “On average, window replacements have an ROI of 68%. You can expect to pay between $200 and $1,300 per window.”
The window material, type, location and size affect the final price tag. According to Micetich, new windows can improve your home’s energy efficiency and increase its value. Energy-efficient windows lower energy bills by an average of 12% nationwide, according to Energy Star from the U.S. Environmental Protection Agency.
“While it’s possible to replace your windows yourself, I recommend bringing in an experienced pro for the best results,” Micetich says.
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Installing a new patio was one of the big home improvement trends during the pandemic home renovation boom. Many homeowners sought to increase the livability of their homes and patios can be built in a range of sizes, styles and materials.
Data from home cost comparison site Fixr shows that the cost to add a patio to your home ranges from $3,000 to $8,000. However, you can build a simple patio for much less. Fixr reports that a 12-foot-by-12-foot patio made of plain concrete costs, on average, $860.
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A new front door is a simple project that can greatly enhance the exterior of your home. “A new entry door can improve the look of your home while also helping you save on energy bills in the future,” Micetich explains.
New doors usually have better insulation, which allows them to keep heat inside your home during the winter and keep it out during the summer. A new front door costs between $500 and $1,500, says Micetich, with an ROI of 65%.
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Give a room, or every room, in your house a refresher with a new coat of paint. HomeAdvisor reports the cost of an interior painting project ranges between $949 and $2,953, or roughly $2 to $6 per square foot for materials and labor. Even on the high end of $5,300, an interior paint job is still a budget-friendly home improvement project.
To help cut down on the cost even more, this is a job that many homeowners can do themselves. Painting one room can take between six and 10 hours, but if you’re skilled and have the right tools, it may only take a few hours.
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Hardwood floors can increase your home's value and are a desirable feature for many homeowners. While hardwood floors may be a pricier alternative to laminate or carpeting, installing them is feasible on a budget.
HomeAdvisor reports the national average cost to install new wood flooring is $4,386. Of course, the final cost depends on the size of your home or the space you’re planning to renovate and the flooring material you choose. High-end wood flooring throughout a large floor plan can cost upward of $10,000, according to HomeAdvisor.
(Getty Images)
A full bathroom remodel will likely go way over a $5,000 budget, but a smaller-scale change can give your bathroom a new look at an affordable price. Consider refinishing your bathtub, which costs between $335 and $628, including materials and labor. Refinishing a tub and shower combo costs between $500 and $1,000. If there’s too much wear and tear, the cost of a new bathtub liner ranges from $1,800 to $5,100, according to HomeAdvisor.
(Getty Images)
If you aren’t afraid to get your hands dirty, updating your landscaping can seriously improve your home’s curb appeal and give you a 50% return on your investment, Micetich says. Plus, a beautiful, lush lawn and the right landscaping can accentuate certain features of your home and add visual interest.
According to Angi, the average professional landscaping project costs $3,456, or $50 to $100 per hour for labor, but costs vary widely depending on the extent of the work, materials, labor, type of landscape, permits and landscaping method. On the upper end, it could set you back $13,000 or more. Labor alone takes up 50% of the final price, so doing the job yourself can price down the cost significantly.
(Getty Images)
Another option for refreshing your kitchen for less is replacing your countertops, which can transform the look of the room. According to the Houzz Kitchen Trends study, 93 percent of respondents plan for new countertops in a kitchen remodel, making them the most popular feature to replace.
Of course, if you’re looking to install rare Italian marble countertops, you may find yourself with a big bill. But butcher block, engineered quartz, stainless steel, laminate and some types of granite and marble can all be purchased and installed for less than $5,000 for 50 square feet. On average, new countertop installation costs $2,300, according to HomeAdvisor.
Press Launch
Released July 25, 2023
Riverview, Florida -
The Iconic Agent introduced the launch of a new serious estate advertising and marketing, and new construction lead generation online video on their YouTube channel. This video clip is jam-packed with vital tips, procedures, and best techniques for true estate brokers who are seeking to make improvements to their observe-up to their direct pipeline and sphere of impact.
Marketing authentic estate has never ever been far more aggressive, and authentic estate brokers throughout the place encounter continual challenges when it will come to correctly pursuing up with on-website new construction profits reps, new development prospective buyers, and leads in their latest pipeline. This movie tackles this situation head-on by showcasing successful observe-up tactics that enhance engagement, generate referrals, make realtors unforgettable, and support create extra income.
As a firm, The Iconic Agent is recognized for its devotion to empowering and educating genuine estate industry experts with impressive advertising and marketing strategies and assets. Their hottest movie, which focuses on reengaging outdated potential customers is titled: New Development Real Estate Consumer Lead Observe-up Recommendations - How to Catch the attention of New Build Buyers, and is no exception.
"Serious estate brokers need to have to understand the importance of helpful adhere to-up in get to continue to be in advance of other brokers when marketing new design or luxury new development. The info we provide gives brokers the secrets and techniques to effectively next up with consumers and on-web-site product sales reps, as perfectly as techniques to retain them engaged and connected with their consumers," explains Nathaniel Crawford, a best-developing broker with Black Luxury Realty.
In the video, Crawford shares his own tactics for nurturing potential customers and setting up lasting associations with possible potential buyers and on-web site product sales reps. Among the essential recommendations provided, viewers will learn The power of a 30-day follow-up that shines a spotlight on assets facts like facilities, locale, and developer highlights. The impression of a 12-month comply with-up marketing campaign that showcases the agent's expertise, experience, and private relationship to the group. How to seize possibilities like developer shut-out bargains, distinctive events, and resales to re-have interaction sales opportunities. The movie discusses the essential position of in-person introductions and visits in fostering stronger relationships. And finally how instruments like Customer Big can help real estate agents remain best of intellect with quarterly gifts, and why remembering special situations can make a massive big difference in responses.
Crawford adds, "Quarterly CMAs are a very, very potent way to keep engaged with your consumers and continue to keep that knowledge best of intellect with them. Also, by remembering exclusive occasions or sending quarterly items, you'll keep top rated of brain with your contacts for yrs to arrive."
No matter whether a seasoned real estate agent or just starting, these highly effective insights will enable agents grasp the art of promoting new construction, and luxury new constructioin residences and develop into iconic in their discipline. The understanding and methods shared in the movie, merged with The Iconic Agent's commitment to enriching and expanding the abilities of real estate gurus, make this an critical useful resource for brokers hunting to amount up their lead observe-up recreation.
To obtain this video and other worthwhile new building advertising, and authentic estate marketing and advertising, go to https://www.youtube.com/@TheIconicAgent
Real Estate brokers exhausted of competing for resales and wanting to turn into appealing to new building, and luxury new design consumers ought to take a look at The Legendary Agent website for a totally free 40-minute video clip teaching at https://www.theiconicagent.com
https://www.youtube.com/enjoy?v=YlZm65vwZUY
About The Legendary Agent:
Damon Greene proven The Iconic Agent in 2017. Greene's mission was to teach true estate professionals about digital marketing and new methods to purchase customers. Customers have viewed tremendous success and uncovered what is possible for their occupations given that then, and many have gone on to turn into top producers. Greene has aided hundreds of purchasers earn over $200 million in additional new development and luxurious new design income in just over 3 years. His enthusiasm is aiding genuine estate brokers acquire and see their total possible. Greene and his companion Nathaniel Crawford, broker with Black Luxury Realty, have been featured on the Lab Coat Brokers Webinar Instruction, Yahoo, Bloomberg, and many media shops. The Iconic Agent Offers a suite of solutions to help brokers crank out much more new construction and luxury new building sales opportunities. They offer you the New Development Purchaser Attraction Playbook for the do-it-yourselfers, and New Construction Advertising and marketing Mastery for true estate brokers that want additional assist, entry to their crew, major-tier assets, and local community backing.
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For much more information about The Legendary Agent, get hold of the corporation below:
The Iconic Agent
Damon Greene
404.445.4439
[email protected]
10810 Boyette Street
#2565
Riverview Florida 33578
Press Benefit is a Whole-Company Push Launch distribution provider. Find out more at PressAdvantage.com
Andy Young knew exactly what he wanted when he started house-hunting in the spring. The 35-year-old was looking to ditch his North York condo for a larger, detached home with a yard to share with his girlfriend. A frequent user of AI programs like ChatGPT, Young decided to give Wahi — a Toronto-based, tech-enabled real estate brokerage — a try.
He provided his preferred neighbourhood, budget and other parameters to Wahi’s AI-powered algorithm, refreshed the search engine nightly to find new listings, and co-ordinated showings with a roster of Wahi freelance real estate agents, paid hourly to accompany clients to open houses and home visits.
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"We want to be the super app for real estate in Canada," says Benjy Katchen, founder of AI-powered real estate brokerage Wahi.
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84%
of Canadian CEOs say AI will significantly change their business within the next five years.
35%
of Canadian businesses say they are currently using AI in their operations.
54%
of Canadian businesses using AI report they are concerned they may be making decisions based on poorly designed AI algorithms.
47%
of Canadian businesses using AI say they lack the in-house expertise to validate and verify the accuracy of their AI algorithms.
44%
say their AI data sets are either too small or too big, are missing data, are incorrect or not properly formatted.
Source: 22nd CEO Survey—Canadian insights and KPMG
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Whether you’re looking to freshen up a single room or make your entire house a showstopper for guests, you may find yourself wondering how to get started. You don’t necessarily need an interior designer to help you achieve the right look or feel for a space, as long as you have a vision and feel confident about your decisions.
We’ve asked home renovation, design and decorating experts to weigh in on important details to consider as you prepare for your next home improvement project.
When designing and decorating your home, experts recommend:
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When decorating your home, it’s often best to go room by room. But which room should you take on first? “Most people start in the room they spend the most time in,” says Gena Kirk, vice president of design for homebuilding company KB Home, based in Los Angeles. “In new-construction homes, it’s typically the great room or the living room and then the kitchen.”
For the sake of entertaining visitors, it makes sense to prioritize common areas. Once you’ve tackled the spaces where you spend most of your waking hours, you can work to improve bathrooms and bedrooms, followed by less critical spaces like the laundry room or linen closet.
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While tackling your living room may be the ideal first project, don't neglect your bedroom. “People overlook their master bedroom – especially families. They make sure everyone else is happy,” says Leanne Ford, co-host of the HGTV show “Restored by the Fords” and co-author of “Work in Progress: Unconventional Thoughts on Designing an Extraordinary Life.”
A bedroom doesn’t require the extensive plumbing, electrical work and new appliances that a kitchen or bathroom may require, and you can create a new look simply by adding new paint and light fixtures or lamps. Consider directing your budget for this room toward a comfortable new mattress or a chair to read and relax in. “You can redo your master bedroom for what, $5,000 all in, and you can create a kind of a sanctuary,” Ford says.
(Getty Image)
When redesigning a room, decide whether your vision requires simple changes like moving furniture and hanging new drapes, or if you'll be starting a months-long project that requires construction. Taking on a do-it-yourself project, for example, isn’t just about how skilled you are, but “also what your appetite is for making a mess,” says Barbara Kavovit, founder and CEO of Evergreen Construction in New York City and author of “Heels of Steel,” a novel about the construction industry.
If you’re not up for having your living room covered in tarps for weeks to remove a wall and install recessed lighting, or even just a couple of days to paint the walls, you’ll want to stick to simply moving furniture and art around and patching nail holes.
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A tight budget doesn’t mean it’s impossible to accomplish a new look and feel for a room – it just means you have to be strategic about how you spend your money. To redesign a room for less, Ford says: “It’s about swapping out lighting and a fresh coat of paint.”
Painting the walls a new color is a fairly easy project, and you can change the feel of a room with lamps that light upward instead of down or even upgrade your bulbs to LED. Investing in smart lightbulbs will give you dimmer and color-changing options without requiring any electrical work – instead, the lights operate from a remote or an app on your phone.
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There’s no shortage of places you can look to find design inspiration for your home. Interior design magazines often showcase a heavily curated look that can seem intimidating, while design blogs and websites like Pinterest and Houzz can highlight more approachable and achievable aesthetics that will fit your house – and hopefully your budget.
Kirk notes that homeowners can take advantage of online resources, because it's easier to find similar pieces of furniture or decor at a lower price compared to the pieces they see in a photo of a designer's or celebrity's home.
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If you’re looking to take on a DIY project, Kavovit recommends sticking to those that can be accomplished with a limited skill set. Projects like painting walls and changing out fixtures don't require construction knowledge and are less likely to go haywire.
“Change the look of your kitchen by painting cabinets. Put up some hooks; change the under-cabinet lighting,” Kavovit says. “You could even add a backsplash with some tile – even if you’re a novice.” Take advantage of online tutorials and how-to YouTube videos to follow a step-by-step project, even if it’s for something simple like replacing a light fixture.
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A small project is also ideal if you're unsure of just how you should improve a room. Subtle alterations can tell you if cosmetic differences will do the trick or if you ultimately need a bigger renovation. “Replace a faucet if it’s the kitchen or the bathroom. You can replace a shower head; you can replace a doorknob,” Kavovit says.
Consider replacing cabinet pulls, knobs or faucets, which you can find at any home improvement store, and mix and match to try out more modern or traditional accents in a room. A new shower head may be the change you were looking for, or it could make it clear that the size or placement of the shower needs to change.
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If you’re excited about new trends or the changing season and want to embrace new colors and patterns, remember not to over-invest in those details. Kirk recommends keeping your large pieces of furniture like your couch and coffee table more traditional and neutral so they have more versatility and longevity. “Then use your accessories and those other elements to bring out the trends, so when trends change it’s easier to update,” Kirk says.
You may love plaid and deep greens or reds during the fall and winter, but come summer they look out of place. With a gray couch, you can change out green throw pillows and a plaid blanket for a pale pink come springtime.
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While home renovation shows and Pinterest often highlight what styles are popular in the moment, Ford stresses that you shouldn’t follow a trend for the sake of fitting in. In any home she works on, Ford says she focuses on creating a space that an individual can feel emotionally attached to, rather than sticking to current trends. “If you don’t love it, do something different,” Ford says.
While contemporary design trends call for clean lines and neutral colors as the main focus of a room, you can still make a space feel fresh by mixing in pieces you love that aren’t actively trending. A Victorian chandelier can still be used as a focal point over a dining room table – just consider pairing it with some modern chairs or a table to keep the room from looking dated.
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In a common area like your living room or family room, layout is important. You not only want to make it easy to interact with family and friends, but you also want to be able to watch a movie or listen to music. However, you can encourage more conversation and less focus on the television by keeping it from becoming the focal point of the space. In daily life, “TV is becoming less prevalent,” Kirk says. Consider placing your TV off-center so it’s still easy to watch comfortably, but make the focal point of the room the fireplace or a piece of artwork.
If you still want a centered, wall-mounted TV, you can use extended hooks or a sliding rail to cover it with artwork when you’re not watching a show. Samsung even offers a magnetic frame you can attach to your TV, allowing you to set the screen to an image when it's off, making it look like framed art.
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When you’re selecting new furniture for your living room and dining area, keep in mind how that space will most often be used. “Let’s say you have a large family (and) you have young children. You want a piece of furniture that’s going to hold up to that,” Kirk says.
A sturdy sectional makes a lot more sense when you have kids who are going to climb over the back and roll around than an antique sofa, for example. If you rarely entertain guests or host holiday dinners, a dining table that seats 12 is an unnecessary expense. Similarly, if you work in an office and rarely use the computer at your house, there’s no need to devote a room to a home office when it could be a spare bedroom or playroom.
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Don’t limit your decor to furniture and framed photographs. Design principles of today focus on giving a room more life and texture with plants and natural elements. “People are starting to really be open to more sustainable products. They’re bringing the outdoors in,” Kirk says.
If you’re not confident you can keep lots of potted plants alive, incorporate other natural details like pebbles or shells in a bowl or vase, or freshly cut flowers on a tabletop that you can replace weekly. Photos or paintings that show off a landscape also help to bring aspects of the outdoors inside without requiring regular upkeep.
Canadian actual estate price ranges are mounting, and which is negative news if you’re searching for low cost credit score. Studies Canada (Stat Can) claimed new household price ranges made the to start with enhance in nearly a year. In a research notice to traders, BMO warned the maximize is just a single of a lot of housing information details that shows shelter is back again to driving inflation. That helps to justify the the latest central lender price hike, and possibly opens the doorway to additional hikes.
New property costs designed a smaller maximize, but far more importantly finished the losing streak. Stat Can noted the price of a new property amplified by .1% in May well, the initially raise considering the fact that August 2022. Builders attributed the improve to better labor and materials costs, which are continue to trickling into price ranges.
Even though it’s a compact improve, it is a issue to see cost expansion return previously. “The dimension of the move (+.08% for the residence-only component) is not as vital as the path, which is now favourable for the 1st time given that the correction began last yr,” claimed Douglas Porter, senior economist at BMO.
That’s lousy information on the inflation entrance, and suggests rates weren’t high enough to mood expectations. “This flows straight into the CPI, and implies that all significant areas of shelter (choppy utilities aside) are yet again inflationary,” defined Porter.
He carries on drilling on housing-driven inflation, “Rents are pushing steadily greater property finance loan interest costs are reflecting earlier fee hikes replacement price is all over again climbing and “other” expenses these kinds of as true estate service fees are also on the increase with an upturn in resale selling prices.”
Greater house charges may well be excellent for owners, but it’s questionable if the internet affect is a advantage. Shelter fees trickle into just about every single part of inflation, driving typical expenditures a lot better.
The Financial institution of Canada (BoC) has continuously warned they will not allow for inflation to re-speed up, and the current “surprise” fee hike now has a lot more context.
“This just highlights again why the Lender of Canada possible observed beneficial momentum in housing as a rationale to hop off the bench and raise rates,” explained Porter.
Porter has formerly stated he expects at minimum two much more charge hikes. The return of new home cost progress likely reinforces that forecast.
Past 7 days, I released the 2023 variation of The Maple’s landlord MP knowledge, which include an post and a searchable databases, which observed that approximately 40 for each cent of MPs (and/or their spouses/dependents) are landlords or invested in authentic estate in some way.
Before this 7 days, I published an article containing responses on the data from a number of tenant advocacy groups.
The Vancouver Tenants Union explained: “While it’s 1 thing to say that the political course is out of touch with the tenant class, this data compiled by The Maple demonstrates just how quite a few politicians are true landlords whose actions straight mirror their financial pursuits as users of the capitalist class.”
And the Federation Of Metro Tenants’ Associations explained, “The minister of finance … is a Toronto landlord. The minister of housing … is a Toronto landlord. The chief of the opposition … is an Ontario landlord. The only time these persons probably think about or occur into make contact with with a tenant is when they are collecting rent from them.”
To follow up on this report, I arrived at out to just about every MP bundled in the databases (133), and requested them the following question: “How does your vested content fascination in high genuine estate and/or rental charges affect your ability to advocate for tenants impacted by the housing crisis in your driving?”
Regretably, really couple of of them replied. No matter, below is what they experienced to say.
The hyperlinks on the MP’s name can take you immediately to the appropriate part of the short article detailing their involvement in serious estate. In some circumstances, I have adopted up their solutions with opinions of my own, which are italicized.
Ahmed Hussen (Minister of Housing and Variety and Inclusion): “Every Canadian has a appropriate to a risk-free and economical place to contact property. We know that too many Canadians are having difficulties to afford the amplified cost for hire. Which is why our authorities legislated the appropriate to housing and we are making historic investments to make this a actuality for all Canadians.
Sad to say, Pierre Poilievre, who co-owns a true estate investment company and a rental house in Ottawa, doesn’t figure out this correct. He voted versus recognizing it, and he and his social gathering have voted versus each evaluate we have introduced forward to develop inexpensive housing, present support to people battling with the expense of housing, and deal with abnormal gains in the housing industry. They owe Canadians an explanation for this.
Our government will generally have the backs of renters and all individuals having difficulties with the cost of housing.” - Spokesperson from the Place of work of the Minister of Housing and Variety and Inclusion.
As famous in the introduction, I questioned all of these MPs how their vested material curiosity in high genuine estate and/or rental price ranges impacts their ability to advocate for tenants afflicted by the housing crisis in their ridings. This dilemma looks significantly pertinent for Hussen, who is the minister of housing. His decision to attack the Conservatives instead of addressing that query does not sit well with me, and I suspect it won’t for many other folks as well.
Patty Hajdu (Minister of Indigenous Solutions): “Please refer to the assertion delivered by the business office of the Honourable Ahmed Hussen, Minister of Housing and Variety and Inclusion, on behalf of all MPs.” - Jacqueline Dyck, communications and outreach coordinator.
The response from Hussen’s spokesperson does not say the answer was delivered on behalf of all Liberal MPs.
Shannon Stubbs (MP for Lakeland, Alta.): “This problem is not in MP Stubbs portfolio and hence we will not be offering a assertion on the concern. Thank you for achieving out but we kindly decline.” - Kieasha Di Paola, administrative assistant.
Four minutes afterwards, we acquired the pursuing e mail with no additional clarification: “Di Paola, Kieasha (Stubbs, Shannon - MP) would like to remember the message, ‘Media Remark Request About Housing’.”
We replied to let them know we’d be like the two email messages in this short article, and encouraging them to send out a observe-up reply. They did. Right here it is:
“I just wished to appropriate my earlier e-mail as I misunderstood the context of the preliminary e-mail.
MP Stubbs has:
‘Joint possession with an additional individual of vacant land located at 1 County, Two Hills, Alberta’
‘Joint possession with 2 individuals of an financial investment assets situated at 139 Avenue, Edmonton, Alberta’
The 1st residence is agricultural land for which she gets no rental profits. The next property is her Husbands secondary residency which he has owned for about a ten years and takes advantage of for work functions. neither home has tenants, and neither makes rental cash flow.
MP Stubbs's vested interests in these two properties do not pose a immediate conflict with her potential to advocate for tenants or those influenced by the housing crisis in her riding. Her investments do not instantly financial gain from significant true estate or rental charges, nor is she in a landlord-tenant partnership the place potential conflicts could crop up.
Transparency is important in these issues, as the potential for conflict of fascination could alter if the MP have been to have other undisclosed ties to the serious estate sector. It is really also well worth mentioning that proudly owning authentic estate does not automatically inhibit an elected official's capacity to make truthful and well balanced selections. Legislators commonly have varied financial passions, and mechanisms are in location to ensure they act in the most effective desire of their constituents.” - Kieasha Di Paola, administrative assistant.
Di Paola is correct that the 2nd house stated in the article is in fact attributed only to Stubbs’s partner on the disclosure form. We up to date the article and database, and observed the change at the base of the posting.
Mike Morrice (MP for Kitchener Centre, Ont.): “Mike co-owns his primary residence, section of which is rented to tenants. Mike is just not materially invested in actual estate, as demonstrated by the disclosure demonstrating no rental cash flow. Below is the expertise of just one of his tenants: My chronically homeless pal rented a small expression room from Mike Morrice final summertime. : r/kitchener (reddit.com)
Mike has usually been a sturdy advocate on very affordable housing and tenant rights, and he carries on to advocate for options to address the root results in of the housing disaster. As an MP, he has fought to restrict the financialization of housing and referred to as for substantial federal government investments to construct the affordable properties we require, such as via his Non-public Associates Motion 71.” - Rosalind Horne, senior communications advisor.
Rachael Thomas (MP for Lethbridge, Alta.): “We have reviewed the short article by Maple and it promises that knowledge is based on general public reporting as of June 13, 2023. We are curious about in which these reports may be found? Please present a url. For MP Thomas, you have selected to use this hyperlink: Public Registry Declarations (parl.gc.ca), which is based on June 17, 2022. It would seem that you are misleading your reader in two ways:
Remember to correct the report. We search ahead to your favourable response.” - Nolan Toscano, coverage and communications advisor.
We replied and pointed out that our article mentioned the pursuing: “This facts is based mostly on the most new disclosures these MPs manufactured as of June 13, 2023.” The June 17, 2022, disclosure from Thomas was the most current disclosure readily available in the registry as of June 13, 2023, so the post is not deceptive.
We also pointed out that the section focused to Thomas in the post includes the next estimate from the disclosure: “Last 12 months: – Cash flow from beforehand owned rental residence.” As such, the post is also not misleading with regard to the categorization of Thomas.
With that reported, the email did prompt us to increase a few of traces to the post producing our categorization recommendations clearer: “We have taken goods in the disclosure pointed out as getting applied only to the time period prior to the disclosure into account when identifying an MP’s eligibility and categorization. For case in point, an MP whose disclosure notes that they acquired rental money in the prior 12 months would be provided in our databases and classified as a landlord. Merchandise no for a longer period on disclosure sorts, on the other hand, aren’t provided in thing to consider.”
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In February, 3.12 for every cent of U.S. professional mortgages had been delinquent, in accordance to details tracker Trepp Inc.FangXiaNuo/iStockPhoto / Getty Illustrations or photos
The humdrum business of leasing out workplaces and suppliers is all of a sudden in the highlight as property authorities and economists warn that expanding challenges in U.S. industrial genuine estate could induce a new fiscal disaster.
Between the people elevating alarms is Scott Rechler, main executive officer of RXR Realty, a huge house manager in New York, and a director of the Federal Reserve Financial institution of New York.
In a Twitter thread past week, Mr. Rechler warned that US$1.5-trillion in industrial actual estate credit card debt will mature about the upcoming three decades. Most of it was taken out when fascination fees were being near zero.
“This financial debt desires to be refinanced in an environment where rates are larger, values are lower,” and markets are much less liquid, he wrote. If loan companies balk or challenges emerge, “we possibility a systemic crisis with our banking method, especially the regional banks which make up 80 for every cent of [real estate] lending.”
Considerably similarly Neil Shearing, team chief economist at Money Economics, warned that a “doom loop” could arise in which falling industrial true estate values feed again into the U.S. banking method, choking off lending and building further declines in professional residence price ranges.
“Historically, problems in the property sector have been at the coronary heart of significant crises,” Mr. Shearing wrote. Illustrations contain the 2007-08 money crisis, the U.S. savings and financial loans debacle of the 1980s and 1990s, and the British secondary banking crisis of 1973-75.
The recent circumstance would have to improve considerably, significantly worse to match those people earlier episodes. It does have its worrisome features, however. The potential troubles start out with the plight of business office and shopping mall landlords in the United States.
Both equally teams were previously struggling to preserve up with the accelerated change to an on-line economic system that commenced through the pandemic. Now they are abruptly struggling with a lot better borrowing expenses as a consequence of the large maximize in interest rates in excess of the earlier yr.
Workplace landlords are hunting specially haggard. They have been hit tricky by the popular shift to perform-from-house arrangements.
Mall landlords are also sensation some warmth as on the net shopping shrinks retailers’ desire for actual physical room.
The stresses in the place of work and retail sectors are taking a toll on even the most subtle of operators. Blackstone Inc. BX-N, the huge U.S. asset manager, created headlines late very last 12 months when it started off to implement limits on how substantially buyers could withdraw from a personal actual estate investment decision rely on created for rich persons.
The have to have to impose this kind of limits speaks to how anxious those traders are rising about the prospective clients for industrial genuine estate and how lots of of them would like to head out the door.
Ian McGugan: Canadian financial institution stocks may well not be really as distinctive as we believe
Expanding stresses in industrial genuine estate have been further more highlighted in February when Brookfield Corp. BN-T, the big Canadian asset supervisor, defaulted on financial loans tied to two office environment properties in Los Angeles.
This kind of circumstances could multiply. In the U.S., the the vast majority of lending to the commercial genuine estate sector comes from smaller financial institutions that cater to a specific location instead of the whole place. The recent failure of Silicon Valley Financial institution, a single of the bigger of these regional establishments, has created problem about no matter if depositors may well start to edge away from more compact lenders.
If depositors were being to mature anxious and decide to transfer their savings to cash current market funds or greater financial institutions, regional banks could be compelled to quickly curtail their lending to the genuine estate sector.
This would be no compact subject. Cumulatively, regional U.S. banking companies have US$1.9-trillion in financial loans to commercial actual estate operators on their balance sheets, according to Paul Ashworth, chief North American economist at Money Economics.
The stresses at regional financial institutions and the troubles in professional serious estate could interact in terrible techniques, Mr. Ashworth warned in a current note.
Canada’s greatest buying malls scramble for anchor tenants in wake of Nordstrom’s departure
“An adverse responses loop” would start off with regional U.S. banks reining in their lending to business serious estate operators. These tighter lending standards could induce extra defaults in commercial real estate. That would drive down the benefit of commercial qualities, forcing regional banking institutions to enhance their provisions for bank loan losses, triggering an even greater tightening in lender lending standards. And so on.
“In a worst-case state of affairs, we could have a rolling disaster that lasts for many years,” Mr. Ashworth wrote.
Nonetheless, it is far from specified that the worst situation will materialize.
For 1 point, the business real estate sector is made up of a number of distinct subsectors. When workplace and retail landlords are battling, some other locations, such as industrial qualities, have held up just wonderful, although continue to other people, this sort of as resort homes, are really observing disorders strengthen as the economic climate reopens and travel resumes.
Taken as a entire, the business actual estate sector doesn’t seem so bad. Delinquent mortgages – that is, those on which payments have been overdue for at least 30 days – are increasing in amount, but the data are still a prolonged way from panic degrees.
In February, 3.12 for every cent of U.S. industrial home loans ended up delinquent, according to data tracker Trepp Inc. That is a little bit greater than the 2.98 for every cent recorded 6 months before but significantly underneath the report 10.34 per cent recorded in July, 2012.
Could major exposure to troubled workplace and shopping mall landlords bring down some regional loan companies? Maybe, but analysts aren’t sounding any alarms but.
According to the Economical Occasions, the credit history exploration staff at JPMorgan not too long ago ran a simulation work out in which they assumed that regional banks choose a 9-for every-cent loss on their overall business office exposure and 6 per cent on retail. They concluded that the losses would scarcely dent the banks’ cash ratios, whilst they would weigh on earnings for as prolonged as the losses persist.
This seems distressing. It doesn’t sound like a new economic crisis, nevertheless. At minimum, not still.
“We want developers to stay in Montreal,” said executive committee member Luc Rabouin. “We want to make it easier for them to develop good projects that meet the needs of citizens and our vision of the city.”
Montreal has rolled out a new strategy that aims to speed up approval for real estate projects and help private developers deal with an administration often decried as too slow and overly complex.
Under a pilot project unveiled Wednesday, four boroughs have each appointed an individual to serve as the point person for real estate development, executive committee member Luc Rabouin said. Ville-Marie, Sud-Ouest, Rosemont—La Petite-Patrie and LaSalle, as well as the Namur-Hippodrome area, will serve as “laboratories” to test the plan, which includes 23 concrete actions designed to give developers more predictability. About 80 projects will be affected.
Montreal’s announcement comes as the city grapples with a shortage of affordable and social housing while planning for the creation of new neighbourhoods such as Namur-Hippodrome, near the old Blue Bonnets racetrack, and Bridge-Bonaventure, at the southwestern edge of downtown. City hall’s handling of the Bridge-Bonaventure redevelopment has come in for repeated criticism, with developers saying last year that the Projet Montréal administration dragged its feet and misjudged the area’s potential.
“From now on, we will be in a partnership” with private developers, Rabouin said Wednesday after a speech to members of the Urban Development Institute, a lobby group that represents real estate promoters.
“Apparently, it can sometimes be complicated to develop real estate projects in Montreal,” Rabouin said earlier during his address, eliciting laughter from the audience. “Some people even speak of a veritable ordeal. What I want to tell you is that we recognize that the situation is problematic.”
Montreal’s plan is the result of discussions between the city, elected officials and real estate promoters as part of an advisory council known as the “facilitator cell” that was created in 2021. It pledges to create a “flexible regulatory framework,” improve communication between stakeholders, optimize consultation processes and offer developers greater clarity on approval procedures and delays, among other actions.
About 26,000 people work for the city, “and sometimes it’s hard to find your way around,” said Philippe Krivicky, the city’s deputy general manager.
Real estate projects of at least $10 million will automatically be considered “structuring,” meaning they will become a priority for the administration, Rabouin said. All social and affordable housing projects will also be treated as priorities, he said.
“The challenge is that we are in the process of changing the city’s culture in its relationship with real estate promoters,” Rabouin said. “We want developers to stay in Montreal. We want to make it easier for them to develop good projects that meet the needs of citizens and our vision of the city.”
Reactions from property officials who spoke at the Urban Development Institute event were generally favourable. UDI head Jean-Marc Fournier lauded the plan as a “sign of rapprochement” between the city and the real estate industry.
“Of course we would like to see things move much more quickly, but this is a major shift” by the city, said Roger Plamondon, head of real estate operations at builder Broccolini. “We are facing an economic crisis and a housing shortage, so we have to work together to succeed.
“At the end of 2023, we are going to have to sit down to look at what was achieved. I’m very confident, but I will be vigilant.”
Renters’ groups sounded more cautious, in large part because the issue of funding for social housing projects remains unresolved.
Provincial Housing Minister France-Élaine Duranceau told La Presse in an interview published last week that she plans to end the AccèsLogis program, which has been the biggest source of funding for social housing in Quebec since its creation in 1997. Duranceau said it takes too long for projects approved by AccèsLogis to proceed — sometimes as long as seven years.
Mayor Valérie Plante said Wednesday that she wrote to Finance Minister Eric Girard to ask for help in dealing with the “unprecedented” social and affordable housing crisis. To speed up construction, Montreal is offering to take charge of more than 1,000 AccèsLogis units still waiting for funding in order to be completed, Plante said. In exchange, the city is asking the province for $314.5 million in additional financing.
Close to 24,000 people are on a waiting list for social housing as of March 1, according to data compiled by the Office municipal d’habitation de Montréal. The city says it needs to add about 2,000 new social and affordable housing units per year.
“On one side, the city’s announcement is interesting,” Saray Ortiz Torres, a community organizer with the Côte-des-Neiges housing advocacy group Project Genesis, said Thursday in an interview. “It sounds like they want to facilitate development and remove red tape, which hopefully will benefit the co-operatives and non-profit organizations that are also trying to develop housing.
“But it seems they are not really addressing the elephant in the room, which is how to fund social and affordable housing development if Quebec is slashing AccèsLogis. This is missing from this announcement.”
Catherine Lussier, a spokesperson for the Front d’action populaire en réaménagement urbain, voiced similar fears.
“We’re preoccupied,” Lussier said Thursday in an interview. A program such as the one announced by Montreal “will probably result in private real estate projects getting built faster, but we know from experience that these aren’t the kinds of projects that meet the needs of people in search of low-income housing. So it’s a big concern.”
Single-family home prices are expected to fall in 2023 from 2022's record level.
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Edmonton’s resale real estate market is returning to normalcy following the frenzied pace of record sales and prices seen in late 2021 and early 2022.
As noted in the recent forecast by the Realtors Association of Edmonton, the market is expected to look more like pre-pandemic conditions.
“Compared with long-term trends, the COVID years are anomalies,” RAE’s chair Melanie Boles noted in a recent statement.
Still, local realtors point out that the return to normal will be different from the market before the pandemic.
“What differentiates it from pre-pandemic times is we’re not ‘hurtin’ Albertans’ like we were back then,” says Tom Shearer, broker/owner of Royal LePage Noralta Real Estate.
Indeed, the economy is in much better shape than it was four years ago when Alberta was only in recovery from a multi-year energy industry slump.
According to a recent forecast from ATB Financial, Alberta’s gross domestic product (GDP) is expected to grow by 2.8 per cent in 2023, driven by strong migration and a relatively steady energy sector.
“These conditions mean our market fares better than other parts of the country where there are major concerns about economic growth,” Shearer adds.
Still, RAE forecasts prices across all segments will fall, year over year, by 2023’s end with the steepest decline in single-family detached homes, also the city’s largest resale segment.
It predicts the average single-family home price will drop to $486,000 by 2023’s close from $500,480 at 2022’s close — which was a record for the Edmonton market.
Apartment condominiums are expected to see the smallest price decline — about one per cent to $195,000.
The upside to price declines is the market becomes all the more affordable with one caveat: borrowing costs will remain higher than even pre-pandemic times.
Even in this respect, however, buyers and sellers should soon adjust to the new normal for borrowing, says realtor Rob DeJong with Schmidt Realty Group Inc. in Edmonton.
“If this is it for rate hikes, a lot of buyers’ perspectives will shift from a holding pattern to taking action.”
Buyer trends should change, too, with greater focus on semi-detached, row and condominiums in 2023, DeJong adds.
Like condominiums, semi-detached and townhomes are forecast to see price declines of 2.4 and 1.4 per cent respectively in 2023. In turn, the forecast average price of $365,000 for a semi-detached home and $254,00 for a townhome would be well within reach for first-time buyers even amid higher borrowing costs, Shearer says.
“The entry-level marketplace will continue to see strong activity because first and foremost it’s affordable.”
The buyers likely to see the biggest adjustment are homeowners looking to move-up buy.
“They likely need to adjust expectations regarding the home they want to move up to,” DeJong says. Additionally, they need to shift expectations regarding the price they can receive for their current home, Shearer adds.
Still, Edmonton’s market should not see the price declines than larger markets, a recent report by Royal LePage predicts.
The Greater Toronto Area average price, for example, is expected to decrease the most in Canada by two per cent.
Even then, its average price will remain above $1 million.
In contrast, the report projects Edmonton’s average price could grow by one per cent, driven by strong economic conditions and low inventory.
Although RAE forecasts price declines, unlike Royal LePage, it points out Edmonton’s market will offer a greater balance between buyers and sellers, providing relative price stability and certainty.
“Because prices aren’t expected to slide much this year, at this point it doesn’t seem that advantageous for buyers to wait,” DeJong says.
The Quebec Professional Association of Real Estate Brokers (QPAREB) recently unveiled its 2022 report and 2023 outlook on the residential real estate market for the province of Quebec and its various regions.
Record high prices, overheating, overbidding, rising interest rates, and inflation: the residential real estate market has changed significantly in the past year. But what is in store for 2023?
A look back at a pivotal year
All property categories experienced record high median prices in 2022. The single-family home tops the list with a median price of $415,500, an average increase of 14 per cent from the previous year. After reaching remarkable levels, sales nevertheless experienced a 20 per cent drop. According to Centris.ca – the platform used by Quebec real estate brokers – 88,000 transactions were concluded over the year, well above the averages of the past ten years.
Moreover, the fall in the number of buyers in several of Quebec’s regions resulted in an easing of overheating and overbidding conditions. It should be noted that Greater Montreal and surrounding areas were particularly affected by this reality in both 2021 and 2022.
According to Charles Brant, QPAREB market analysis director, the exceptional scale of the rise in interest rates has upset all forecasts. For instance, the key rate increased by four percentage points in less than ten months, primarily due to inflation and the outbreak of the conflict in Ukraine.
The second part of the year, meanwhile, saw a major turnaround due to rising interest rates and the inability of some buyers to obtain a mortgage. This situation has also resulted in a price correction – to the delight of some buyers – as well as a decline in activity.
Despite a marked slowdown in sales, residential real estate market conditions remained favourable to sellers. “The drop in sales has resulted in an increase in active listings, i.e., the number of properties on the market that have not found a buyer. This reversal in the trend has been taking place since the second half of 2022 and indicates a turning point in an upwardly trending real estate market cycle,” explains Brant.
Accordingly, listings have remained at historically low levels, and the number of months required to sell the inventory of properties is still below the balanced market threshold. Everything suggests that the market is entering a slowdown phase. Moreover, the return to more balanced conditions between buyers and sellers may take some time.
What’s ahead in 2023: a more balanced market that will be slightly favourable to sellers
In 2022, rapidly rising interest rates combined with record high prices generally exacerbated homeownership difficulties. However, some regions have proven to be more resilient in the face of these challenges. This is particularly the case for the Quebec City, Saguenay, and Trois-Rivières Census Metropolitan Areas (CMA) as well as certain regions in northern and eastern Quebec.
Nevertheless, homeownership could remain a challenge for certain regions, more specifically those that have been affected by overheating and overbidding, including Greater Montreal and neighbouring cities.
Generally speaking, Quebec households are coping relatively well with the shock of higher interest rates. Many households are advantageously positioned due to excess savings accumulated and increased mortgage prepayments during the COVID-19 pandemic.
Even so, the market could still experience some slowdown and a drop in sales of up to 9 per cent. The median price of a single-family home is forecast to decline just 5 per cent, erasing only the gains of 2022.
Finally, it is unlikely that a large number of new properties will come to market. Consequently, the housing deficit could persist due to a slowdown in housing starts forecast for 2023. Although linked to demographic changes, this situation should nevertheless stabilize the market, which will remain favourable to sellers.
For all your real estate questions, contact the expert … your real estate broker!
This story was provided by The Quebec Professional Association of Real Estate Brokers for commercial purposes.
For the first time, the Canadian Housing Statistics Program (CHSP) is publishing data on investors. This article presents a profile of these owners and the residential properties they owned in the provinces of Nova Scotia, New Brunswick, Ontario, Manitoba and British Columbia in 2020.
Residential properties can be owned for several reasons: for use as a primary place of residence, but also for occasional use as a secondary residence, to generate income or other investment purposes. When properties are owned by investors, they can contribute to the rental housing supply—and therefore meet the population’s need for rental housing—but that can also limit the number of properties available to buyers who intend to use it as a primary place of residence. Data from the 2021 Census showed that the proportion of Canadian households who owned their home fell from 69.0% in 2011 to 66.5% in 2021. This article distinguishes between investors and other types of owners to better understand the profile of investors, what they own, and the role they play in the market.
This topic is especially important since, in the United States, the study by Haughwout et al. (2011) showed an increase in the proportion of investors among buyers from 2000 to 2007, when a housing bubble emerged. These borrowers then contributed considerably to the rise in delinquency rates during the 2007/2008 housing crisis. Analyzing the subsequent period in the United States (2009 to 2013), the study by Allen et al. (2018) also found that an increase in the percentage of houses purchased by investors in a given area led to higher prices in that market.
North of the border, the Bank of Canada (2022) analyzed the importance of investors—defined as buyers who own multiple mortgaged properties—and found an increase in the proportion of purchases by investors in Canada in the first half of 2021. Teranet (2022) made a similar observation in an analysis of transactions carried out by owners of multiple properties in Ontario. The Canada Mortgage and Housing Corporation (2016) also investigated investors — defined as households who own a primary residence and at least one secondary condominium unit — using a survey of condominium owner households in Toronto and Vancouver. They found that 48.4% of investors in 2015 stated that their secondary unit was rented out while 42.0% stated that they or a family member were using the unit.
In this release, the CHSP follows a different approach by identifying properties owned by investors among the entire stock of residential properties in Nova Scotia, New Brunswick, Ontario, Manitoba and British Columbia for the reference year 2020.Note The findings provide a snapshot of the situation in these provinces before the COVID-19 pandemic and can therefore be used as a point of comparison to determine the effects of the public health crisis when examining subsequent years.
In this analysis, owners are divided into three categories: investors, investor-occupants, and non-investors.
An investor is defined as an owner who owns at least one residential property that is not used as their primary place of residence. Individual owners who own a single property in the same province as where they reside are not considered investors, so long as it is not a property with multiple units.
Specifically, the following owners are considered to be investors:
The investor category thus can include, among others, secondary residence owners, landlords, short-term rental owners, developers, for-profit businesses and speculators.
An owner is classified as an investor-occupant if they own a single property with multiple residential units, one of which is their primary place of residence. For example, this category includes owners of a house with a laneway unit or basement suite and owners of a duplex who live in one of the units. In all cases, at least one of the units must be occupied by one of the owners.
An owner is classified as a non-investor when they are not an investor or an investor-occupant. This category primarily includes owners who live in the province where the property is located, who own a single property, and this property does not have multiple residential units. Canadian non-profit businesses are also included in this category.Note
For British Columbia, Manitoba, Ontario, New Brunswick and Nova Scotia combined, CHSP data show that a total of 21.9% of owners were investors in 2020. The proportion of investors was higher in Nova Scotia (31.5%) and New Brunswick (29.0%) than in British Columbia (23.3%), Manitoba (20.4%), and Ontario (20.2%).
British Columbia | Manitoba | Ontario | New Brunswick | Nova Scotia | |
---|---|---|---|---|---|
percent | |||||
Investor | 23.3 | 20.4 | 20.2 | 29.0 | 31.5 |
Investor-occupant | 9.6 | 0.7 | 0.8 | 2.5 | 1.8 |
Non-investor | 67.1 | 79.0 | 79.0 | 68.4 | 66.7 |
This difference is largely due to a higher proportion of vacant land in the two Atlantic provinces, which is a type of property often owned in addition to the primary place of residence. The proportion of investors who live in the province and own one or two pieces of vacant land in addition to their primary place of residence was 6.7% in Nova Scotia and 7.7% in New Brunswick. If we remove this type of investor, the rate of investors falls to 24.8% in Nova Scotia and 21.3% in New Brunswick. The proportions of investors are then more comparable to those of the other provinces.
Given that the stock of vacant land is proportionally lower and more expensive in British Columbia and Ontario, less than 2% of owners in these provinces were in-province investors who owned one or two pieces of vacant land in addition to their primary place of residence. In Manitoba, the proportion of homeowners in this situation was also low, at 2.5%.
Investor-occupants are more common in British Columbia, where they made up 9.6% of owners. This higher proportion is mostly due to the composition of the housing stock. In this province, properties with multiple residential units represented 11.7% of the stock, a higher proportion than in the other provinces, where it varied from 2.9% in Ontario to 5.7% in Nova Scotia. This higher percentage in British Columbia was mostly attributable to many residences with a laneway unit or a basement suite among properties with multiple residential units. These kinds of properties were more likely to be occupied by the owner when compared to apartment buildings in British Columbia and elsewhere.
An analysis of properties used as an investment helps clarify the role that investors play in the housing market. The investment status of the property is determined by analyzing the investor status of the owner and the use of the property. Properties are divided into one of the following three categories: an investment property, an owner-occupied investment property, and a non-investment property.Note
An investment property is defined as a property owned by at least one investor that is not the primary place of residence of any of the owners. This can include, for example, a rented property with one or more units, a cottage or a property owned for speculative purposes.
If the property is not included in the previous category, it can be considered an owner-occupied investment property if it is a property with multiple residential units where at least one of the owners occupies a unit.Note
Finally, the non-investment property category includes properties owned only by non-investors or those used as a primary place of residence by at least one of the owners.
The proportion of investment properties varies greatly by the type of property analyzed. Vacant land and properties with multiple residential units are used more for investment than single-detached houses, semi-detached houses, row houses, and mobile homes — which we refer to as “houses” in this article — and condominium apartments.
In all the provinces analyzed in this study combined, more than 9 in 10 vacant lots were investment properties or were owned by a non-profit organization. The remainder were owned by individuals residing in the province where they owned a single vacant lot. Similarly, for all these provinces, 96.7% of properties with multiple residential units were either investment properties (45.6%) or owner-occupied investment properties (51.1%), while the rest were owned by non-profit organizations. However, these proportions varied from one province to another. In British Columbia, 73.0% of properties with multiple dwellings were owner-occupied investment properties. By contrast, in the other provinces, the majority of properties with multiple dwellings were investment properties, with the proportion reaching 72.0% in Manitoba.
As a result, provinces with a large stock of vacant land, such as New Brunswick and Nova Scotia, and those with a high proportion of properties with multiple residential units, such as British Columbia, had high rates of investors or investor-occupants. The portrait shifts when the focus is on houses and condominium apartments, which are more likely to be owner-occupied, and therefore not used for investment purposes. In the following sections, the analysis of properties focuses exclusively on houses and condominium apartments, and excludes properties with multiple dwellings and vacant land.
The analysis by property type found that investors were drawn more to condominium apartments than houses. The share of houses used as an investment varied from 14.3% in New Brunswick to 20.1% in Nova Scotia, with an overall average of 15.6% for all five provinces. By comparison, this same statistic for condominium apartments was 39.4%. For the five provinces, a total of 918,695 houses were used as an investment, 584,615 of which were in Ontario. A regional analysis found that the proportion of houses used as an investment was generally higher in more touristic regions, where there may be more cottages.
In-province investors owned, as investment properties, between 8.7% of the houses in New Brunswick and 12.4% in Nova Scotia, and, as such, they owned more houses used as an investment than all the other types of investors combined.
British Columbia | Manitoba | Ontario | New Brunswick | Nova Scotia | |
---|---|---|---|---|---|
percent | |||||
In-province investor | 9.8 | 10.5 | 10.9 | 8.7 | 12.4 |
Out-of-province investor | 1.7 | 0.9 | 0.3 | 1.6 | 2.3 |
Non-resident investor | 2.5 | 1.8 | 1.9 | 2.6 | 3.4 |
Business | 2.5 | 3.0 | 1.9 | 1.5 | 2.0 |
Out-of-province investors owned proportionally fewer houses used as an investment in Ontario (0.3%) than out-of-province investors in the other provinces, which is likely partly due to higher real estate prices in Ontario than most of the provinces. Nova Scotia, New Brunswick and British Columbia seemed more popular with out-of-province investors, who owned, as investments, 2.3%, 1.6% and 1.7% of houses, respectively. New Brunswick and Nova Scotia may have attracted residents from other provinces with lower average housing prices than in other provinces. As for British Columbia, the number of out-of-province investors was particularly high in the areas near the Alberta border. In British Columbia, non-residents and out-of-province investors owned 43,890 houses used as an investment.
The share of condominium apartments used as an investment was higher than for houses, varying from 22.6% in New Brunswick to 41.9% in Ontario and totalling 39.4% for all five provinces. Although this share was higher in Ontario and British Columbia (36.2%) than in Manitoba (29.2%) and New Brunswick, this does not appear to be attributable to the large census metropolitan areas (CMAs) in those provinces. In fact, the rate of condominium apartments used as investment was lower in the CMAs of Toronto (36.2%) and Vancouver (34.0%) than the rate in the rest of their respective provinces.
British Columbia | Manitoba | Ontario | New Brunswick | Nova Scotia | |
---|---|---|---|---|---|
percent | |||||
In-province investor | 18.1 | 15.7 | 22.4 | 7.1 | 14.3 |
Out-of-province investor | 2.6 | 1.6 | 0.6 | 5.7 | 4.0 |
Non-resident investor | 7.0 | 3.5 | 5.6 | 3.1 | 5.4 |
Business | 8.6 | 8.5 | 13.4 | 6.7 | 12.8 |
There was a higher rate of business-owned investment properties among the condominium apartment stock than in the stock of houses. In Ontario, businesses owned 74,485 condominium apartments for investment purposes, or 13.4% of all properties of this type, which is the highest share among the provinces analyzed. Nevertheless, most condominium apartments used as an investment in both Ontario and Manitoba were owned by in-province investors. In the other jurisdictions, this was not the case.
The proportion of condominium apartments owned for investment purposes by non-resident investors was the highest in British Columbia (7.0%), followed by Ontario (5.6%).
While some investors rent out their investment property, others may use it as a secondary residence. Properties located outside CMAs and CAs are more likely to be used as secondary or recreational properties, such as cottages, when the owners are residents of the province and only own one additional property outside the region of their primary residence.Note These properties may or may not be rented.
Outside the major centres, this type of investment made up between 3.2% of houses and condominium apartments in New Brunswick and 11.1% in Ontario. In the latter, this amounted to 70,610 properties, or 1.6% of all houses and condominium apartments in the province. Of these, more than 99% were houses, while condominium apartments, which are less common outside major centres, represented less than 1% of the investment properties of this type.
In British Columbia and, to a lesser extent, Nova Scotia, the share of potential secondary residences owned by out-of-province investors was higher than in the other jurisdictions. In British Columbia, investment properties owned by out-of-province residents represented 6.3% of the houses and condominium apartments outside CMAs and CAs, while the figure for Nova Scotia was 3.5%.
British Columbia | Manitoba | Ontario | New Brunswick | Nova Scotia | |
---|---|---|---|---|---|
percent | |||||
In-province investor who owns two properties in different regions | 7.2 | 6.9 | 11.1 | 3.2 | 3.9 |
Out-of-province investor | 6.3 | 1.9 | 1.1 | 2.5 | 3.5 |
Other types of investor | 18.7 | 16.7 | 18.3 | 14.4 | 20.0 |
Although a secondary residence could also be a pied-à-terre in the city, this seemed less common. In large urban centres, the proportion of houses and condominium apartments used as an investment owned by residents from outside the region or the province was lower than in areas outside CMAs or CAs. This proportion was highest in the CAs and CMAs in Nova Scotia (2.2%) and British Columbia (2.2%). In CMAs and CAs of the five provinces, the second property of in-province investors living in a different region was more often a condominium (23.0% of cases) than was the case outside major centres.
British Columbia | Manitoba | Ontario | New Brunswick | Nova Scotia | |
---|---|---|---|---|---|
percent | |||||
In-province investor who owns two properties in different regions | 1.1 | 0.4 | 1.2 | 0.5 | 0.7 |
Out-of-province investor | 1.1 | 0.5 | 0.2 | 1.0 | 1.5 |
Other types of investor | 17.4 | 12.1 | 15.0 | 8.2 | 13.3 |
In both Toronto and Vancouver CMAs, there was a higher proportion of investment properties in the core census subdivisions (CSDs). In the Vancouver CMA, the Greater Vancouver ANote CSD was the one exception, with a higher proportion of houses and condominium apartments used as an investment (42.1%) than in the other CSDs in the region. This is consistent with other trends observed for Greater Vancouver A. According to the 2021 Census, this CSD had a higher proportion of renters (57.3% of households) than in the rest of the CMA. This difference is partially due to the students who attend the University of British Columbia, which is located in this area. Students are more likely to be renters, but they could also be owners, or they could live in a second property owned by a family member. In addition, this CSD had the highest non-resident ownership rate (14.9%) in the CMA in 2020.
In the City of Vancouver, which is the core CSD, the proportion of houses and condominium apartments used as an investment was 32.5%, the second highest proportion in the Vancouver CMA, which had an overall rate of 21.3%. The higher share of investment properties in the core CSD is partly due to a greater concentration of condominium apartments, which are more often used as an investment. However, even considering condominium apartments and single detached houses separately, both had a higher rate of properties used as an investment in the Vancouver CSD than in the rest of the CMA.
The title of the map is: “Proportion of houses and condominium apartments used as an investment by census subdivision, Toronto and Vancouver census metropolitan areas, 2020.” This figure displays two maps of the CSDs in the Vancouver CMA (left side) and the Toronto CMA (right side).
Each CSD is shaded from light to dark purple based on the proportion of houses and condominium apartments used as an investment. The darker the shade, the higher the proportion of houses and condominium apartments used as an investment in that CSD. The map shows that the proportion of houses and condominium apartments used as an investment is generally higher in CSDs near the core of the Vancouver and Toronto CMAs. A continuous scale is used and ranges from 0.0% to 42.1%.
Census subdivision name | Proportion of houses and condominium apartments used as an investment (percent) |
---|---|
Toronto CMA | |
Ajax, Town | 7.4 |
Aurora, Town | 12.1 |
Bradford West Gwillimbury, Town | 12.6 |
Brampton, City | 9.8 |
Caledon, Town | 9.2 |
East Gwillimbury, Town | 15.1 |
Georgina, Town | 18.4 |
Halton Hills, Town | 7.1 |
King, Township | 12.9 |
Markham, City | 13.7 |
Milton, Town | 13.2 |
Mississauga, City | 14.2 |
Mono, Town | 9.6 |
New Tecumseth, Town | 9.8 |
Newmarket, Town | 12.1 |
Oakville, Town | 13.9 |
Orangeville, Town | 11.5 |
Pickering, City | 8.0 |
Richmond Hill, Town | 15.0 |
Toronto, City | 21.7 |
Uxbridge, Township | 9.5 |
Vaughan, City | 10.6 |
Whitchurch-Stouffville, Town | 10.2 |
Vancouver | |
Anmore, Village | 9.2 |
Belcarra, Village | 20.9 |
Bowen Island, Island municipality | 28.3 |
Burnaby, City | 21.6 |
Coquitlam, City | 19.1 |
Delta, District municipality | 12.1 |
Greater Vancouver A, Regional district electoral area | 42.1 |
Langley, City | 20.6 |
Langley, District municipality | 11.4 |
Lions Bay, Village | 16.0 |
Maple Ridge, City | 12.3 |
New Westminster, City | 20.2 |
North Vancouver, City | 24.3 |
North Vancouver, District municipality | 11.8 |
Pitt Meadows, City | 14.8 |
Port Coquitlam, City | 13.3 |
Port Moody, City | 14.8 |
Richmond, City | 22.4 |
Surrey, City | 16.5 |
Vancouver, City | 32.5 |
West Vancouver, District municipality | 19.0 |
White Rock, City | 19.2 |
The finding was similar in Toronto, where the proportion of investment properties was higher in the core CSD of the City of Toronto (21.7%) than in the CMA as a whole (16.3%). For the CSD, this amounts to 112,220 condominium apartments and 52,935 houses used as an investment.
The Canadian Housing Statistics Program (CHSP) is an innovative data project that leverages existing data sources and transforms them into new and timely indicators on Canadian housing.
The data in this study are compiled from the CHSP for the reference year 2020. Complete information about the reference years of the property stock, by province and territory, are available here.
Investor status and investment status of the residential property take into consideration the type of property as obtained by our data providers. Certain properties may have secondary units that are not known to the authorities. As a result, we cannot account for them. The counts and distribution of properties are calculated based on the property classifications established by the CHSP. These may differ from the ones used by local authorities.
Once the property is categorized as an investment property, a subcategory is created to determine the type of investment property. This is based on the type of investor who owns it. The order of priority is as follows:
Properties cannot be included in more than one investment property category. If the property has multiple owners with various profiles, once an owner fits in one of the categories, by order of priority, then the property is included in that category.
In CHSP releases, data are based on the geographical boundaries from the Standard Geographical Classification 2016.
The CHSP database does not contain information about residential properties on Indian reserves.
A property owner refers to an individual or an entity included in the classification of 'business and government' (such as corporations, governments, sole proprietorships and partnerships, and other legal types) that has property title transferred to, recorded in, registered in, or otherwise carried in their name.
A property may have more than one owner or an owner may have more than one property, therefore the count of owners and properties can differ.
An individual is considered a non-resident if their primary dwelling is outside the economic territory of Canada.
The core of a geographic area, for the purposes of this release, refers to the census subdivision (CSD) within a census metropolitan area (CMA) with the highest number of residential properties.
An investor is defined as an owner who owns at least one residential property that is not used as their primary place of residence, excluding Canadian non-profit organizations. An individual owner who owns a single property in the same province as where they reside is not considered an investor, so long as it is not a property with multiple residential units. This category excludes investor-occupants.
An investor-occupant is defined as an owner who possesses a single property with multiple residential units and who occupies that property.
A non-investor is defined as an owner who is not an investor or an investor-occupant. An owner who lives in the same province as where the property is owned and owns a single property is included in this category, so long as it is not a property with multiple residential units.
An investment property refers to a residential property owned by at least one investor and is not used as a primary place of residence by any of the owners. This category excludes owner-occupied investment properties.
An owner-occupied investment property refers to a property with multiple residential units where at least one of the owners occupies a unit.
A non-investment property refers to a property held solely by non-investors or a property being used as a primary place of residence by at least one of the owners and that is not an owner-occupied investment property.
The term unspecified investment property status refers to properties whose owner is unknown, and therefore the investment status of the property cannot be determined.
A property with multiple residential units refers to a property containing more than one set of living quarters owned by the same owner(s), as is the case for an apartment building or a duplex or a property with two houses on the same lot.
A condominium apartment refers to a set of living quarters that is owned individually, while land and common elements are held in joint ownership with others.
Allen, Marcus T., Rutherford, J., Rutherford, R., Yavas, A. (2018). Impact of Investors in Distressed Housing Markets. The Journal of Real Estate Finance and Economics. 56. 622-652.
Canada Mortgage and Housing Corporation (2016). “Condominium owners report – Toronto and Vancouver”. April 2016. https://publications.gc.ca/collections/collection_2016/schl-cmhc/NH21-3-2016-eng.pdf
Haughwout, A., D. Lee, J. Tracy, and van der Klaauw, W. (2011). Real estate investors, the leverage cycle, and the housing market crisis. Staff Reports 514, Federal Reserve Bank of New York.
Khan, M., Xu, Y. (2022). Housing demand in Canada: A novel approach to classifying mortgaged homebuyers. Staff Analytical Note 2022-1, Bank of Canada.
Statistics Canada. (2021). “Canadian Housing Statistics Program, 2020.” The Daily. September 17, Statistics Canada Catalogue no. 11-001-X. https://www150.statcan.gc.ca/n1/daily-quotidien/210917/dq210917b-eng.htm
Statistics Canada. (2022). “To buy or to rent: The housing market continues to be reshaped by several factors as Canadians search for an affordable place to call home.” The Daily. September 21. Statistics Canada Catalogue no. 11-001-X. https://www150.statcan.gc.ca/n1/daily-quotidien/220921/dq220921b-eng.htm
Statistic Canada. (2022). “Canadian Housing Statistics Program, 2019 and 2020.” The daily. November 11. Statistics Canada no.11-001-X. https://www150.statcan.gc.ca/n1/daily-quotidien/221110/dq221110c-eng.htm
Statistics Canada. (2022). Census Profile, 2021 Census. Statistics Canada Catalogue no. 98-316-X2021001. Last updated on September 21, 2022. https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/prof/index.cfm?Lang=E
Teranet. (2022). Market Insight – The Canadian Source for Housing Information – Q2 2022, https://www.teranet.ca/wp-content/uploads/2022/06/Teranet-Market-Insight-Quarterly-Report-Q2-2022.pdf (accessed September 12, 2022).
MEXICO CITY (AP) — A grisly pre-Christmas killing of two young men and their uncle at an early 1900s house in Mexico City cast attention on the dark side of the capital’s booming real estate market, fed by a lack of legal documents and gangs that illegally seize properties.
Actor Andres Tirado, his musician brother Jorge Tirado and an uncle whose name was not released were found dead Sunday, all with their throats slashed. Prosecutors said the apparent motive was an ownership dispute over the property.
In another case, a young woman on Tuesday posted a desperate video on social media from a rooftop on the city’s south side in which she can be heard screaming: “Police! Help! They have kidnapped me!”
Police said the woman told them relatives had erected a metal door to prevent her from leaving her home, trapping her inside with four children. Police said a dispute over property ownership was behind the alleged abduction and that an investigation was underway into the illegal takeover of the property.
Authorities have known for years there are armed, violent gangs that specialize in taking over houses. The trend is enabled by the fact that many properties — perhaps as many as one-fifth of homes — have no legal papers or have titles listed in the names of dead people who left no will.
According to a 2021 report by the city government’s public policy evaluation agency, the percentage of homes in the capital that are occupied by squatters, that have ownership in legal dispute or that had owners who died without a will rose from 10.9% in 2010 to 19.9% in 2020.
Mexico has a costly, inefficient, antiquated and corruption-riddled legal system.
In 2019, Mexico City prosecutors said in some of the 311 active property-seizure cases that year, notary publics, lawyers or real estate firms had falsified papers to force out legitimate owners.
Because it costs so much to have a will drawn up in Mexico, many people do not do so, often leaving those who inherit homes with problems in protecting their rights.
That appears to have been the case in the killings of the Tirado brothers and their uncle. The elderly brother of the uncle’s wife died recently after a long illness, but his nurse who had cared for him continued to live on the ground floor of the house in the thriving Roma neighborhood, made famous by the Oscar-winning 2018 movie “Roma.”
Prosecutors gave the following account:
The nurse tried to claim the house was hers based on her supposed romantic relationship with the deceased man. The man’s sister moved into the upstairs to prevent the nurse from seizing the home.
The Tirado brothers came to live with their aunt and uncle in August, in part to protect them. The nurse had brought her daughter and son-in-law to live on the ground floor, and the Tirados apparently feared they could become violent.
What followed was a tense, five-month coexistence, with one family downstairs and one upstairs.
The downstairs family “began to act in such a manner that it progressed to this type of violence,” prosecution spokesman Ulises Lara said.
The nurse, her daughter and son-in-law have been ordered jailed pending trial on kidnapping charges. One of the men who may have carried out the killings — also believed to be related to the nurse — has been arrested on drug charges, but is under investigation in the case.
In other cases, gangs have simply forced their way into a property and kicked the occupants out. The city estimates there are 23 home seizure gangs operating in Mexico City, some of them linked to drug gangs and others to quasi-political groups.
“A problem we have in practically the entire city is the problem of property takeovers,” Mexico City prosecutor Ernestina Godoy said in 2019.
In 2016, for instance, a police operation evicted a violent group of squatters from a house in the upscale Condesa neighborhood that the group had seized years before. After the building was recovered, police found underground bunkers and tunnels dug beneath the structure. Weapons and stolen goods were also recovered.
The building was so badly damaged it had to be torn down, in the midst of rising prices and rents and a housing shortage in the city.
In a reflection of higher interest rates, Metro Vancouver prices expected to come down next years as buyers and sellers adjust, expert suggests
The big story that closed out 2022 was rising interest rates and the impact of those rates on the commercial real estate sector, particularly as it relates to investment.
By the end of 2022, it became clear that there were some dramatic changes afoot to the pace of investment deals. The “staring contest” between buyers and sellers over pricing has resulted in a relatively stagnant market for investment. However, as we head into 2023, there is reason for optimism.
Vancouver’s commercial real estate sector has always been resilient, and we anticipate the continuation of an active leasing market across all asset classes. The second half of the year will see a return to more normal levels of activity for investment deals.
Investment: One of the greatest changes seen in 2022 was the decrease in land sales, almost 50 per cent less than in 2021. This was a direct result of rising interest rates and banks cooling on lending. This caused many developers to hit the pause button on purchasing new land and delaying launches into 2023. Major developers, however, are moving forward with existing projects and taking advantage of the lack of competitiveness to explore opportunities created when small developers and landowners sell. We expect to see prices come down in 2023 as buyers and sellers fully adjust to the new higher interest rate environment.
Industrial: The industrial market continued to outperform, with a vacancy rate last year that was the lowest in North America. Vancouver was also the first market in Canada to cross the $20 per square foot average asking net rent threshold. Even with the highest amount of space in the city’s history under construction (seven million square feet), this represents only 3 per cent of inventory.
With vacancies running below 1 per cent and very little new supply available, we will continue to see demand for lease space drive up rates in a market that remains among the tightest in North America. The calls to unlock new development land will continue to grow as B.C. risks losing regional and national distribution companies to Alberta. We expect to see more stacked industrial developments with growing demand from micro-fulfillment and last mile delivery end users in the urban core. So far, the industrial market has continued to absorb rental rate increases. We do expect rental rate growth to slow, but any decreases in prices and deal volume will be the lightest of all asset classes in 2023
Office: Once the investment darling, office demand and prices are now cooling, and as we head into 2023, everyone is watching what permanent changes the pandemic triggered in terms of where and how we work.
The overall office vacancy rate held steady through 2022, but there was a shift in suburban locations seeing lower vacancy than downtown, and sub-lease space remained a factor. 2022 saw the highest amount of new office space added in more than 20 years. With 2.2 million square feet complete and 5.6 million square feet under construction, inventory will increase by 7 per cent in the next two to three years. This new inventory has contributed to the rising vacancy rate, but also in a flight-to quality as companies gravitate to newer buildings, leaving higher vacancies in older assets.
Retail: With the increase in in-person activities, retail made a huge comeback in 2022, with both suburban and urban retail markets experiencing extreme lows in vacancy. Limited development sites and rising costs due to inflation could slow the development pipeline and cause even lower vacancies. We anticipate an increased focus on mixed-use sites where new retail opportunities will open, and an increase in experiential retail to drive traffic.
Multi-family: Multi-family continues to be the preferred asset for investors. Continued strong fundamentals, including rising wages and a recent announcement of record high immigration levels, suggests continued strength for this asset class. We’ve seen an increasing number of developers and owners looking to reconfigure aging suburban retail assets into mixed-use or residential communities. As well, secondary markets are benefitting from the combination of an exodus from cities, a search for affordability and increased retirement from the labour force, leading to record prices and investment in smaller markets such as Kelowna.
Conclusion As we head into what will likely be a recessionary period, we anticipate a level setting of pricing, particularly on land sales. We anticipate a return to normal activity by the end of 2023, as sales increase. Ultimately, the future looks bright for commercial real estate in Metro Vancouver thanks to a shortage of new product in the region and ongoing demand.
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Undeveloped property near a senior home and a closed Westfield restaurant are among the real estate sales that took place in late July.
The Post-Journal and OBSERVER have been analyzing real estate transactions in Chautauqua County and recently looked at the sales from July 18-29.
During that time period, 9-11 Holt St., Westfield was sold to Triple C. Coffee LLC of Fredonia for $145,000. This is the former Vine City Restaurant.
In a separate sale, Missionary Sisters of St. Columban’s Inc. of Silver Creek sold a parcel at 2546 Route 5, Sheridan to Stoica Capital LLC of Hamburg for $245,000. St. Columban’s on the Lake Retirement Home is owned by the Missionary Sisters of St. Columbian. The facility has the same mailing address, although a real estate website describes the property that was sold as a “beautiful, wooded, two acre vacant lot.” The Missionary Sisters of St. Columbian, Inc. are listed as the property owners for three other parcels along Route 5 that vary in size.
Overall, from July 18-29, there were 195 real estate transactions, 139 of which were higher than $1. Of the 139 transactions, 20 were $250,000 or higher. Of those 20 transactions, four were in the town of Ellery, three were in the town of Pomfret, three were in the city of Jamestown, two were in the town of Chautauqua, and there was one sale each in the towns of Ripley, Sherman, Cherry Creek, Portland, Ellington, Harmony, Hanover and Busti.
The top 20 sales were as follows:
¯ 5358 Lake Avenue, Dewittville sold for $750,000.
¯ 1694 Blockville Watts Flats Road, Harmony sold for $492,500.
¯ 3135 Wait Corners Road, Sherman sold for $485,000.
¯ 148 Thayer St., 251 Barrows St., 522/524 Cresent St., 374 Falconer St., and property on Cowing Street, Jamestown sold for $404,000.
¯ 4704 Bemus-Ellery Road, Ellery sold for $380,000.
¯ 216 West Summit Ave., Lakewood sold for $365,000.
¯ 9580 Chautauqua Road, Pomfret sold for $325,000.
¯ 5674 The Circle, Ellery sold for $324,900.
¯ 20 Carroll St., Jamestown sold for $320,000.
¯ 4964 Pittsburgh Avenue, Chautauqua town sold for $320,000.
¯ 5 Ventura Circle, Fredonia sold for $315,000.
¯ 6380 Klondike Road, 6370 Welch Hill Road and property on Benson Road, Ripley sold for $300,000.
¯ 3662 Pleasant Ave., Ellery sold for $300,000.
¯ 3862 Rt. 430, Ellery sold for $290,000.
¯ 5583 Lakeside Boulevard, Portland sold for $272,000.
¯ 6366 Pickup Hill Road, Cherry Creek sold for $265,000.
¯ 1355 Waterman Road, Ellington sold for $260,638.
¯ 5 Casabella Drive, Fredonia sold for $251,900.
¯ 320 Park St., Jamestown sold for $250,500.
¯ 5 Karen Drive, Silver Creek sold for $250,000.
The full list of sales above $1 is as follows:
A referee for the late Charles Gillette sold 47 Eagle St., Fredonia to Lake Shore Savings Bank for $92,669.
Nelson Family Construction LLC of Clymer sold 20 Charles St., Jamestown to Wein Realty LLC of Lakewood, NJ.
The administrator for Paul Carlson sold 2511 Panama-Stedman Road, North Harmony for $16,000.
Gary Szymanski sold 17 Babcock Ave., Silver Creek to Janet Field for $91,000
Roger and Jessica McCleary sold 135 Fredrick Boulevard, Ellicott to John Robert Rogers for $131,000.
Wayne and Amy Jo Dorler sold 8025 Fredonia-Stockton Road, Pomfret to Paul Pierski and Edith Orozco for $249,900.
Larry and Janice Bowman sold 9422 Reagan Road, French Creek to Matthew Catrabone for $115,000.
Edwin and Emily Morris sold 3135 Wait Corners Road, Sherman to the Elder/Okumura Living Trust of Inverness, Calif. for $485,000.
Kellie Lisciandro sold 1704 Eddy Road, Harmony to Willliam Jr. and Shawna Whitmore for $200,000.
Russell Solazzo and Bernadette Chapman sold 30 Berry St., Fredonia to Ronald J. Roush Jr. for $119,900.
David Lepley sold 409 Busti-Sugargrove Road, Busti to Charles and Terra McKay Legg for $65,000.
Daniel and Linda Tota 235 Summit Ave., Jamestown to Conor-Cruz Frank Sporer for $160,000.
Benjamin and Sarah Hostetler sold 6366 Pickup Hill Road, Cherry Creek to Henry and Franey Miller for $265,000.
Carol and Stephen Shulman sold 16 Elam Ave., Jamestown to Kristofer Nolloth for $125,000.
Julie Ann Spencer, Sharon Lee Aten Johnson and Gayle Marie Aten Perria sold 4704 Bemus-Ellery Road, Ellery to James and Jessica Gatto for $380,000.
Vincent and Mary Frances Powall sold 102 Center St., Fredonia to Mark Carlson and Lisa Dickey for $170,000.
David Logan and Laurie Doreen Capps sold 154 Lakeview Ave., Lakewood to Matthew Titus for $157,500.
Robert and Marilyn Hall sold 5 Casabella Drive, Fredonia to Kristina Johanson for $251,900.
David and Timothy Neckers sold 257 Clymer-Corry Road, Clymer to Ray and Robyn Wiggers for $135,000.
Gary and Jonathan LaPaglia sold 20 Hillcrest Drive, Fredonia to Nicole Siracuse for $238,600.
The executor for P. Richard Cowan sold 158 Chautauqua Ave., Jamestown to Jonathan Hoyt for $67,500.
Daniel Brehm sold property on Weaver and Livermore Road, Arkwright to Lyle Milliman for $8,000.
Michael Seivert sold 620 Southside Ave., Cherry Creek to Debby Banas for $25,000.
Enrique Bautista Lopez sold 10 Pine St., Dunkirk to Marcelino Hernandez Lopez for $45,000.
William Brown sold 3862 Rt. 430, Ellery to Dennis Lee and Vera Knutson for $290,000.
Darrell McKee sold 14 Bemus Ave., Lakewood to Andrea Kenney for $142,000.
Michelle Foote sold 12785 Iola Drive, Hanover to Heidi Sauer for $159,900.
Coreen Kachermeyer sold 33 Wicks Ave., Celoron to Michael Kerry Fuller for $79,900.
Gary and Darlene Youngs sold property on West Main Road, Westfield to R. Chadwick Land Holdings LLC for $185,000.
Fernsler Family Partnership sold 5583 Lakeside Boulevard, Portland to John and Susan Schober for $272,000.
Scott and Pamela Sue Pollock sold 249 Ruggles St., Dunkirk to Nicholas Polvino for $113,000.
Gary and Darlene Youngs sold property on West Main Road, Westfield to Timothy Bertram for $113,700.
Edwin II and Chrystal Clover sold 44 Frew Run St., Frewsburg to Deven Dudenhoeffer for $139,900.
Jamestown Houses LLC of Ashville sold 278 South Main St., Jamestown to Abraham Estates Corporation for $33,000.
Brandon Hite and Toria Triscari-Hite sold 75 Norton Ave., Jamestown to Emily Pickert for $126,500.
Gary and Darlene Youngs sold property on West Main Road, Westfield to Jeffrey Bertram for $130,000.
PCAL Holdings LLC of Falconer sold 84 West Main St., and property on North Pearl Street, Frewsburg to Adam and Keerstin Karns Hill for $80,000.
Sherry Johnson sold property on Sylvan Way, Arkwright to Stephen and Erica Lahnen for $25,000.
Hine & Company LLC of Jamestown sold 107 Lister St., Jamestown to Kazzi Leeper for $89,900.
Laverne and Tracey Miller sold 81 West Whallon St., Mayville to Sherry Cruz for $130,000.
Brett Mitchell Pedrico sold property on Empire Road, Hanover to Timothy Steven Snyder for $6,000.
Barbara Kane sold 309 Veterans Drive, Dunkirk to Christopher and Denise Closson for $120,000.
David Chapman sold 5410 Green Flats Road, Harmony to Jason Buck for $5,000.
Patrick Roche sold 228 Connecticut Ave., Jamestown to Shally Jacobs for $143,617.
ZTS Residential Properties LLC of Tonawanda, NY sold 512 Dove St., Dunkirk to Kratos Holdings LLC for $45,000.
The executrix for George Catalano Sr sold 1259 Chemar Drive, Hanover to Jennifer Demarco for $240,000.
Nathan White sold 1709 Washington St., Jamestown to JMI Properties LLC for $50,000.
Robert Jr. and Janet Gibbs sold 9499 East Main Road, Ripley to Patrick Rummings and Robin Woodcock for $92,500.
Beverly Blair sold 190 Brooks Ave., Dunkirk to Mirna Figueroa Echevarria for $92,000.
Gregory and Susan Leif sold 307 Sampson St., Jamestown to Jerry Vargeson for $145,000.
Keith and Martha Oxley sold 119 Point Drive North, Dunkirk to Matthew Newman and Kaitlyn Vanstrom for $150,000.
Salam Development Corporation of Pittsburgh, Pa. sold two lots in Sunrise Cove, Harmony to Navage Enterprises LLC of Beaver, Pa. for $69,900.
Robert Orr Jr. and Jolene Krigar sold 24 Clinton St., Fredonia to Shayne Wolnik for $122,000.
Jean Dawes sold 185 Temple St., Fredonia to Shaila and Shainee Mahnaz Islam for $180,000.
David Gross sold 9-11 Holt St., Westfield to Triple C. Coffee LLC of Fredonia for $145,000.
Neil and Judy Hilliker sold 5 Karen Drive, Silver Creek to Vacation Rentals The Point Inc. of Fredonia for $250,000.
Mary Alice Russo sold 2883 Gerry-Ellington Road, Gerry to Esther Bly for $85,000.
Dons Ice Cream LLC of Lakewood sold 1993 East Main St., Ellicott to Aaron Destro for $109,000.
Jeremy Gross sold 19 Pearl St., Westfield to M&R Westbrook LLC of Westfield for $57,500.
Scott and Brittany Daniels sold 5432 Route 474, Harmony to Emma Blasius for $150,000.
James Coronia and Beverly Ann Grobaski sold 302 Springdale Ave., Jamestown to Patrick Langworthy for $169,900.
Mark and Martin Terrell sold 52 North Ermine St., Dunkirk to Eric Streebel for $110,000.
James Woltz sold 35 Lindsey Ave., Ellicott to Robert and Kathryn Woltz for $80,000.
Michael Joseph Williams sold 50 Chestnut St., Fredonia to Glenda Barber-Stanley for $77,500.
Norman A. Struzynski sold 66 Eagle St., Fredonia to Johnson Rentals LLC for $130,500.
Amy Carlson sold 3067 Dutch Hollow Road, Ellery to Amber Drake and Janice Johnson for $50,000.
A trustee with the George M. and Linda J. Colburn Joint Revocable Trust sold 1355 Waterman Road, Ellington to Kathy and Matthew Waterman for $260,638.
Ronald and Monica Mazany sold 20 Carroll St., Jamestown to Hideaway Enterprises LLC and Fitness Bunker LLC of Lakewood for $320,000.
Alan and Linda Laudsley sold 2814 Gerry Ellington Road, Gerry to Brian Briggs for $59,900.
Russell and Patricia Anzalone sold 55 Ruggles St., Dunkirk to Angel Jimenez Gonzalez for $30,000.
TBR Development LLC of Falconer sold 11 N. Dow St., Ellicott for $16,500.
Ernest Jr. and Barbara Laemmerhirt sold 2574 Hanson Road, Gerry to Olivia Lynn for $120,000.
Katherine Chant sold 12060 Buffalo Road, Hanover to George and Donna Patterson for $186,000.
Teri Tenpas sold 23 Sampson St., Jamestown to Russell Morrison for $106,000.
William and Frances Cassidy sold 163 East Main St., Westfield to Colin McKinley and Kelli Herschbach for $106,000.
Vincent Peterson sold property on Salisbury Road, Ellery to John Henry for $40,000.
Michael Johnson sold 3347 Anderson Road, Busti to Wyatt Johnson for $130,000.
Missionary Sisters of St. Columbian Inc. of Silver Creek sold 2546 Route 5, Sheridan to Stoica Capital LLC of Hamburg for $245,000.
Jill Hopkins sold 119 Trenton St., Jamestown to Justine Dillon and Kristine Hughes for $240,000.
Jean Mary Malinoski sold 12 Lodi St., Hanover to Kerrieann Waterhouse Pelletter for $215,000.
Jeanette Lobello sold 307 Newland Ave., Jamestown to Abdulla Abuhamra for $17,000.
Colleen Trisler sold 1426 Hartson Road, Poland to James and Anna Conner for $57,400.
The executrix for Peter Epolito sold 173 Liberty St., Fredonia to Jorge A. Lozano Deciga for $92,900.
Cullen and Jacqueline Duke sold 8999 Shore Drive, Westfield to Brad and Judith Hamric for $216,000.
Jason Stine sold 2196 Mill Creek Road, Charlotte to Mark and Marlo Barbaro for $21,000.
Owen and Kathryn Kauffman sold 237 Allen Road, Clymer to Robert and Lorena Byler for $150,000.
Marlene Volpe sold 11 Dewey Place, Jamestown to Christopher and Patricia Larson for $25,000.
Kirstie Hanson sold 124 Hotchkiss St. Jamestown to Brennan and Ellen Lockwood Webb for $124,900.
Kathy Ross sold 206 South Hanford Ave., Ellicott to Junior Abbey and Jamie Riley for $175,000.
Johnathon Sabella sold vacant property on Dean Road, Poland to Levi and Susan Hostetler for $17,000.
Jennifer Elzemeyer and Melissa Wert sold property in French Creek to the Jennifer L. Elzemeyer Trust for $100,000.
Donald Campopiano sold 3662 Pleasant Ave., Ellery to Lawrence and Lynn Wells Tiret for $300,000.
John Marcellus sold 4964 Pittsburgh Avenue, Chautauqua town to J. Michael Dywan Revocable Trust for $320,000.
A trustee with the Gerald M. Mooney and Jewell F. Mooney Revocable Living Trust sold 6380 Klondike Road, 6370 Welch Hill Road and property on Benson Road, Ripley to Walter Troyer Jr. for $300,000.
Amy Fitzpatrick sold 5 Maltby St., Jamestown to James II and Holly Nelson for $35,000.
Steven H. Duckworth sold 434 Washington Ave., Dunkirk to Devlin James Dillon for $70,000.
MZM Properties Inc. of Brocton sold 35 Highland Ave., Brocton to Elisabeth Perez for $90,000.
Cynthia Miller and Allen McNeal sold property on Sunset Bay Park, Hanover to Sunset Properties of WNY of Irving for $115,000.
Michael Brezner sold 148 Thayer St., 251 Barrows St., 522/524 Cresent St., 374 Falconer St., and property on Cowing Street, Jamestown to Michael and Sara Rinaldo for $404,000.
Michael Brezner sold 28 and 30 Bush St., Jamestown to Michael and Sara Rinaldo for $146,500.
Leo Wilcox sold 1606 South Main St. Extension, Kiantone to Russell and Theresa Cusimano for $160,000
Gardenview Properties Inc. of Falconer sold property on Park Street, Jamestown to Elizabeth Barr for $20,000.
The Chautauqua County Land Bank Corporation sold 4696 Ashville Road, Busti to Paul DeFrisco for $500.
The Chautauqua County Land Bank Corporation sold 8666 First St., Portland to Brenda Abel for $500.
Jerome and Darlene Miga sold 323 Mullet St., Dunkirk to Jason Howard for $177,000.
The Secretary of Veterans Affairs of Washington, DC sold 4827 Mahanna Road, Ellery to Patrick and Anne Farrell for $165,112.
Ralph and Delores Dolce sold 10 Taft Place, Dunkirk to Steven and Ashley Grimm for $205,000.
MacDonald Servis sold 4594 Maple Grove Road, Ellery to J2N Partners LLC for $191,500.
Paul and Judy Leonard sold 15 Unit #6, Ames Avenue, Chautauqua Cottage Condominium, Chautauqua Institution, for $169,900.
Norma Vanderpool and Ruth Christensen sold 94 Lake Ave., Brocton to James Rizzo for $44,100.
Daniel Jr. and Kimberly Woloszyn sold 5 Ventura Circle, Fredonia to Ryan and Jaime Mourer for $315,000.
Edwin Jr and Nina Stachewicz sold 9580 Chautauqua Road, Pomfret to Leland Johnson for $325,000.
Susanne Weeks sold 5674 The Circle, Ellery to John P. and Mary S. Peterson Living Trust for $324,900.
Angelique Lipari sold 1694 Blockville Watts Flats Road, Harmony to William Bognar for $492,500.
A trustee of the Anderson Trust sold 216 West Summit Ave., Lakewood to Stephen and Amy Flaherty for $365,000.
Anthony Valvo sold property on Pullman Street, Brocton to Dilorenzo Construction LLC of Brocton for $20,000.
Fred Jr and Jamie Carder sold 1457 Route 394, Poland t o Ashley Pearson and Tauron Smith for $113,000.
The Administratrix of the estate for David Siragusa sold 43 Smith St., Brocton to Robert and Samantha Fancher for $55,000.
Elaine Condon sold 23 Elm St., Ellington to Jennie Bridges for $111,600.
Thomas Horvath sold 13 West 18th St., Jamestown to Saraden White for $15,210.
A referee for Sunshine Carroll sold 56 Houghton St, Fredonia to Tracey Panek for $20,000.
APG Acquisitions LLC of San Clemente, Calif. sold 841 E. Second St., Jamestown to Scott Beebe for $105,000.
A trustee with US Bank Trust N.A. sold 21 Leming St., Dunkirk to Joseph and Valerie Senatore for $42,400.
Brian and Shannon Guenther sold 511 McKinley Ave., Dunkirk to Edwin and Luchelle Buchannan Ortiz for $185,000.
Mitchener Builders Inc. of Jamestown sold property on Diamond Drive, Carroll to K. Schoppe and B. Rauh for $29,400.
Trustees with the Shirley S. Gustafson Revocable Family Trust sold 636 Stowe St., Jamestown to Kirstie Lind Hanson for $190,000.
Eric Botticello sold 10963 Bennett State Road, Hanover to Michael Woolley for $160,000.
Steven Strickland and Barbara Jean sold 1911 Washington St., Jamestown to JMI Properties LLC of Celoron for $50,000.
The executor for the late Roger Pacos sold 35 Gardner St., Fredonia to Kravitz Properties LLC of Fredonia for $140,000.
Sean Gardner sold 241 Clyde Ave., Jamestown to Marcel Madonia for $140,000.
Richard and Onda Cole sold 228 Valleyview Ave., Jamestown to Aaron Dunlap and Teri Tenpas for $179,500.
Keisha Bowden sold 432 Washington Ave., Dunkirk to Kratos Holdings LLC of East Aurora for $65,000.
Olive Marie Visosky sold 967 Central Ave., Dunkirk to Roger Gloss for $9,000.
Girtons Flowers and Gifts Inc. sold 1519 Washington St., Jamestown to JMI Properties LLC of Celoron for $195,000.
The executor of the estate for Jerome Nowak sold 9868 East Lake Resort, Villenova to Callan Dickerson for $115,000.
David and Karen Holfoth sold 5358 Lake Avenue, Dewittville to Eric and Kaitlin Balboni for $750,000.
Shannon Rowe sold 33 E. Main St., Ripley to Aaron and Teri Rowe for $72,000.
Terrance and Kathleen Stronz sold 320 Park St., Jamestown to Michael Swanson for $250,500.
Joseph and Judy Digregorio sold 517 Pine St., Jamestown to Gabalski Jones Properties LLC of Frewsburg for $89,900.
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