Canada Housing/Debt: Trust me, I'm a landlord.

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namaste friends: Sep 18, 2004; by Smythe

http://www.cbc.ca/news/canada/toronto/condo-rentals-airbnb-investigation-1.4560076

quote:

Toronto condo owner discovers unit listed on Airbnb behind her back � with more than 70 reviews
Units rented out without owners' consent can violate condo, tenant legislation, experts say

When Sanda Jovasevic agreed to lease her downtown Toronto condo to a tenant in May 2016, she hoped it would be a wise, long-term investment for her retirement.

But after a series of strange incidents the following year, including the unit's front door being left wide open, Jovasevic and her husband learned something was going on behind their back: Someone was repeatedly renting out the unit on Airbnb.

"It was a complete shock to us," Jovasevic said.

A CBC Toronto investigation has found two condo owners whose units were being listed on Airbnb without their consent by a "host" who claims she works for a Toronto property management company.

Legal experts say the scenario shows why condo and tenant legislation needs to keep pace with the rising popularity of home-sharing websites.

"How many people went through our condo without even knowing us?" Jovasevic said. "And what could have happened that we were not aware of?"

Mystery tenant
Jovasevic used a real estate agent in the spring of 2016 to find a tenant for her investment property at 300 Front Street West, a highrise just north of the CN Tower in the heart of Toronto's entertainment district.

She said the agreement was brokered between her real estate agent and another agent, and Jovasevic and her husband never actually met the tenant who signed the lease. But the tenant, a man named Shripal Banker, did provide a reference letter stating that he worked as an accountant for a Toronto property management company called Zahra Properties.

For more than a year, the Jovasevics assumed all was well with their tenant, who paid $2,100 each month in rent.

But in 2017, Jovasevic started to worry. In February that year, she got a call from her building concierge saying the unit's door was wide open.

Then, in November, the concierge called to inform her of a noise complaint and said two Airbnb guests were staying in the unit. The concierge also told Jovasevic the unit had been listed in their system as an Airbnb condo the entire time.

Jovasevic started doing her own research and found her condo's listing on the website � and it had more than 70 reviews dating back to 2016.

Jovasevic told her tenant she was going to inspect the unit. But she said Banker didn't show up at the inspection on Nov. 7. Instead, a woman who said she was a representative for Zahra Properties � the same company listed as the tenant's employer � came in his place. In emails provided by Jovasevic, the same woman identified herself as a property manager with Zahra Properties and referred to Banker as her "client."

During the inspection, Jovasevic took photos of the unit's empty closets and fridge, and the dated checklists she believes were left by cleaning staff. Jovasevic said it was "obvious" the unit was being used for a home-sharing business, but the woman denied it.

Later that month, Jovasevic entered the unit again for another inspection, and instead of Banker, she found a woman from the U.S. who said she was renting the unit through Airbnb for $266.17 US for a two-night stay.

Jovasevic had seen enough. She issued a notice to Banker to end his tenancy that month, writing that her condo was "rented out for the short-term rentals without [her] consent."

Meeting 'Sofia'
The Airbnb listing for Jovasevic's condo has since been removed. But until recently, it was among more than 10 listings from a verified Airbnb host named "Sofia" whose units have roughly 700 reviews combined. CBC reached out to "Sofia" through Airbnb but has not received a response.

Prior to its recent removal, CBC attempted to book a one-night stay at Jovasevic's condo through the posting listed on Airbnb. "Sofia" confirmed the CBC journalist's booking and asked to meet at a nearby grocery store on Feb. 27.

At the meeting spot, a woman who identified herself as "Sofia" and said she was a representative for Zahra Properties said the unit wasn't available, instead taking the journalist to another condo building nearby on York Street, where she provided keys to a unit.

CBC Toronto located the Airbnb listing for the unit, which has since been taken down. After being approached by CBC, the owner listed on property records said she was not aware the unit was ever listed on the website. She said she believed a long-term tenant named Shripal Banker, who referred to himself on his lease agreement as an accountant with Zahra Properties, was living in the unit.

Afzal Nathoo operates Zahra Properties and said the company only manages rental properties owned by its "principals, family and friends."

"It does not manage properties owned by third parties, outside this select group of owners," Nathoo said. "No property therefore, is managed without the knowledge and the consent of the owner in respect of its use or any other matter."

When CBC shared the addresses and unit numbers for the two condos with Airbnb listings, Nathoo said his company does not represent tenants at either location but confirmed that his employee, Shripal Banker, "has been participating in renting condominiums in Airbnb."

Nathoo also said Banker is not affiliated with Zahra Properties, but is an employee of Nathoo's gas station.

"I have made it clear to Mr. Banker that his rental activities are not acceptable and he has terminated all rental activity," Nathoo said.

Banker declined to speak to CBC.

Law 'struggling to catch up'
Legal experts say certain types of home-sharing situations can potentially violate Ontario legislation and condo bylaws.

"It all depends on the condominium documentation," said Denise Lash, founder of Lash Condo Law. While some condos don't allow home-sharing services, others have policies supporting short-term rentals, which Jovasevic said is the case in her building.

Lawyer Caryma Sa'd said the Residential Tenancies Act also applies, and landlords would be within their rights to try to end a tenancy if they discovered Airbnb rentals were happening without their knowledge.

"The law is always struggling to catch up," she said.

Short-term rentals have long been a "legal grey area," echoed Thorben Wieditz, a spokesperson with Fairbnb, a national coalition of organizations focused on establishing fair regulations for short-term rentals.

But Wieditz hopes upcoming regulations in Toronto � similar to those in Vancouver and New York � will change that.

In December, city council voted to require short-term rental operators to obtain a licence, a change that will come into effect later this year. Homeowners or renters will also be limited to offering their primary residence.

Even now, when hosts sign up on Airbnb "they must certify that they will comply with local rules before they list their space," company spokesperson Lindsey Scully said in a statement.

"We also have a hosting responsibilities page that reminds people to check their local laws and regulations and includes additional information and resources."

Landlords can also share concerns about specific listings with Airbnb. Scully said the platform treats "each case seriously."

'Inspect your units'
On Friday, Jovasevic walked around her now-empty condo unit, which has broken stove knobs and carpet stains from what she believes was a regular parade of Airbnb tenants coming and going.

She said Banker has officially moved out, though she doesn't believe he ever actually moved in.

But her fight isn't over yet. Later this month, she will face off with the tenant she never met at a joint Landlord and Tenant Board hearing. Jovasevic is making the case that Banker was renting the unit out without her knowledge. She said he's countered with his own claims that she harassed him and disrupted his enjoyment of the unit.

Still, Jovasevic plans to rent the unit out again � she'll just do things differently next time.

She offered a cautionary message to fellow landlords: "Inspect your units, now."

how disruptive

# ? Mar 5, 2018 21:26

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# ? May 23, 2024 12:50

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

Gas station attendant subletting out prime condo through airbnb, honestly respect to that gasman

# ? Mar 5, 2018 21:41

HookShot: Dec 26, 2005

I've heard of two instances of that happening here as well; someone thought they were renting their condo out long-term, then eventually found out that the person they rented it to was sub-letting on AirBNB.

I wonder how much it happens without the owners even finding out about it; in both cases it happened that the owners stopped by and the neighbours that they had formerly known from living in the place told them about it.

# ? Mar 5, 2018 22:06

RBC: Nov 23, 2007; IM STILL SPENDING MONEY FROM 1888

"what?? you mean i have to actually meet the tenants and inspect the unit?? i just wanna cash checks!"

# ? Mar 6, 2018 00:24

dev286: Nov 30, 2006; Let it be all the best.

HookShot posted:

I've heard of two instances of that happening here as well; someone thought they were renting their condo out long-term, then eventually found out that the person they rented it to was sub-letting on AirBNB.

I wonder how much it happens without the owners even finding out about it; in both cases it happened that the owners stopped by and the neighbours that they had formerly known from living in the place told them about it.

TBH with so many uninvolved absentee landlords it's a pretty good way to make easy money. A clever scheme that preys on the amateur investors' desire to cash a cheque and nothing more.

# ? Mar 6, 2018 01:03

Chillyrabbit: Oct 24, 2012; The only sword wielding rabbit on the internet; Ultra Carp

RBC posted:

"what?? you mean i have to actually meet the tenants and inspect the unit?? i just wanna cash checks!"

If there are no problems the landlord really has no business inspecting your place. The tenant gives you money, the landlord gives you space.

I only ever met my landlords when they were changing things in the common area of the shared house I was renting a room in, like upgrading the bathroom, changing lights or when they were showing a room out.

# ? Mar 6, 2018 01:06

RBC: Nov 23, 2007; IM STILL SPENDING MONEY FROM 1888

Yeah i don't understand that unless you've only delt with slumlords. There's always something to bug the landlord about. I make them work for my money.

And if I was a landlord holding a several hundred thousand dollar interest in real property you can bet I would want to know what the gently caress is going on there every now and then.

# ? Mar 6, 2018 01:08

HookShot: Dec 26, 2005

I only see my landlord once a year when we resign the lease. She trusts us since the apartment always looks fine. The only time anything worse than a blown lightbulb has happened she got the handyman to fix it (the battery on our lock died and I couldn�t get in the house).

It�s way better than Australia where every three months on the dot the real estate agent is in your home complaining that you haven�t put the clean dishes in the dishwasher away yet what kind of loving scum are you.

# ? Mar 6, 2018 01:43

Femtosecond: Aug 2, 2003

Had a conversation with a fellow in my building who is a realtor.

The reason all the presale costs of units in new buildings are suddenly so insanely expensive is because the developers are now baking in the expected appreciation into the price of the unit.

It used to be that presales were somewhat of a bargain (if you were ok with the risk) because a unit could appreciate in the years between you gave the developer a big deposit, and completion. The developer was ok with this anyway since people were financing development of the building.

Now developers are realizing that there have been huge deltas between the time when one puts down a deposit and completion, and they want some of those gains, so they're raising the price to what they expect the value will be some years down the road.

Anyway the realtor didn't explicitly say so, but it seemed pretty clear that he thought buying into presales was now a lousy idea.

# ? Mar 6, 2018 02:35

McGavin: Sep 18, 2012

Femtosecond posted:

Anyway the realtor didn't explicitly say so, but it seemed pretty clear that he thought buying into presales was now a lousy idea.

This suggests that there was a time when buying presales was a good idea.

# ? Mar 6, 2018 04:17

Femtosecond: Aug 2, 2003

McGavin posted:

This suggests that there was a time when buying presales was a good idea.

Buying the Independent was a good idea.

From a 2017 article:

quote:

The Independent project at Main Street and East Broadway, a Rize Alliance tower that sold out in 2015 at an average price of $672 per square foot, has assignments being offered at more than $900 per square foot. One two-bedroom is listed by Rennie & Associates at $991 per square foot. The Independent is scheduled to be completed this fall.

Probably more than $1000/sqft now.

# ? Mar 6, 2018 04:39

The Butcher: Apr 20, 2005; Well, at least we tried.; Nap Ghost

Femtosecond posted:

Probably more than $1000/sqft now.

This just gave me an idea for a modern art project, a 250 sqft microsuite with cutaway 2 ft high walls, every square foot containing $1000 worth of loonies. The cutaway suite is centered in a larger display room.

Upon unveiling it, the crowd mobs the installation, grabbing madly for as many loonies as they can hold and jam into their pockets, while pushing and shoving each other.

The installation is titled "Vancouver".

# ? Mar 6, 2018 05:16

namaste friends: Sep 18, 2004; by Smythe

i call it "vancouver"

# ? Mar 6, 2018 05:34

Mandibular Fiasco: Oct 14, 2012

namaste friends posted:

i call it "vancouver"

Honestly, gently caress this stupid city. The place is dying, and all that will be left are condos. Saw today that they demolished the 80-year old church where my wife's grandparents and parents were married. Why? To build more high density condos. It was a beautiful old building, but wasn't protected by any heritage designations because it wasn't ten years older than it actually was. It wasn't a surprise, and the reasons for the change were readily apparent on their face, but what kind of a community do you have when any sources of community are cast aside? The reason the congregation was dwindling was because young families couldn't afford to live anywhere near where the church was!

On one hand, this is where I grew up and where I hoped to live my life and raise my family. On the other hand, what kind of life is this, with no certainty of housing, poor job quality, ridiculous underpayment no matter the sector, criminally high child care costs, a transport system that is a joke, gridlock everywhere, ridiculous taxes and fees, and for what? Because it's pretty and the weather is nice three months of the year? Well, I can't eat the scenery, and mountains do nothing to reduce the two-hours I spent commuting each day. I'll happily buy a snowblower, some additional cold weather gear, a set of cross country skis and some snowshoes if it means community and a decent quality of life.

What a colossal policy and planning failure. I hope one day to look Christy Clark and Gregor Robertson in the eye and tell her that it was under her party's leadership, and particularly her leadership, that a province was destroyed for a generation. I'd say the same thing to Trudeau, but he wouldn't understand what I was saying anyway. Anything that isn't written down in large print with monosyllabic words is too complex for Mr. Socks.

I can't wait until the Gen Xers and Millenials are in charge of health care - they aren't getting poo poo from us, and you will have to pay, big time. There's no way we can afford what that generation wants. Intergenerational warfare works both ways. Their turn will come. Try paying $200K for your heart surgery and see whether it was worth it to screw over the next generation.

# ? Mar 6, 2018 05:59

namaste friends: Sep 18, 2004; by Smythe

I don't know what church you're talking about but my dad has been involved with his congregation's redevelopment plans over the years and here's the problem: anglican church congregations pretty much all over the lower mainland are dying except for the one downtown. Some churches, like the one in New West are sitting on a goldmine of real estate (for some loving reason) and the churches are in disrepair. That church in NW actually doesn't have bathrooms connected to the church building itself and it's a fuckin cathedral. Anyway, some archbishops around the joint see condo towers as the salvation of their dioceses and are 'PARTNERING' with various developers to build big fuckin towers to replenish their church coffers while preserving their churches. I'm guessing some parishes aren't so lucky so their churches are being straight up replaced with LUXURY PREMIUM SKYHOMES NI HAO MAH

# ? Mar 6, 2018 06:04

Mandibular Fiasco: Oct 14, 2012

namaste friends posted:

I don't know what church you're talking about but my dad has been involved with his congregation's redevelopment plans over the years and here's the problem: anglican church congregations pretty much all over the lower mainland are dying except for the one downtown. Some churches, like the one in New West are sitting on a goldmine of real estate (for some loving reason) and the churches are in disrepair. That church in NW actually doesn't have bathrooms connected to the church building itself and it's a fuckin cathedral. Anyway, some archbishops around the joint see condo towers as the salvation of their dioceses and are 'PARTNERING' with various developers to build big fuckin towers to replenish their church coffers while preserving their churches. I'm guessing some parishes aren't so lucky so their churches are being straight up replaced with LUXURY PREMIUM SKYHOMES NI HAO MAH

This is Oakridge United, at 41st between Cambie and Oak Street. And you are right, the congregation is dying (literally) because young people aren't anywhere near to replenish (to say nothing of the disconnect of the young to organized religion, which is a whole other story...I'm mean seriously people, most of it is civics and how to be a good person...it's not awful to hear messages to be kind to each other, support one another, and try to help the less fortunate). We went to a service there once and the people there were so excited to have a young couple attending, they asked us when we'd be back. I felt quite sad because they wanted to see life in their community once more. The church building, however, was impeccably maintained and absolutely spectacular to look at. The interior was quite something as well.

Why we need more crates in the sky is beyond me. Let's just sell the whole province off to China and see how that works out. In fact, since that's such a great idea, I recommend that either CI or me are elected dictator-for-life just like Xi Jinping and we'll really get on with things here in Canada and turn this place around (or not, because who cares, right?)

# ? Mar 6, 2018 06:11

namaste friends: Sep 18, 2004; by Smythe

Mandibular Fiasco posted:

This is Oakridge United, at 41st between Cambie and Oak Street. And you are right, the congregation is dying (literally) because young people aren't anywhere near to replenish (to say nothing of the disconnect of the young to organized religion, which is a whole other story...I'm mean seriously people, most of it is civics and how to be a good person...it's not awful to hear messages to be kind to each other, support one another, and try to help the less fortunate). We went to a service there once and the people there were so excited to have a young couple attending, they asked us when we'd be back. I felt quite sad because they wanted to see life in their community once more. The church building, however, was impeccably maintained and absolutely spectacular to look at. The interior was quite something as well.

Why we need more crates in the sky is beyond me. Let's just sell the whole province off to China and see how that works out. In fact, since that's such a great idea, I recommend that either CI or me are elected dictator-for-life just like Xi Jinping and we'll really get on with things here in Canada and turn this place around (or not, because who cares, right?)

I go to ANGLICAN church (get hosed catholics) twice a year because I'm too lazy to go more often. Posting this to say that I support your views about what a good liberal organized religion can teach about civics and being a good person.

# ? Mar 6, 2018 06:21

JawKnee: Mar 24, 2007; You'll take the ride to leave this town along that yellow line

Church communities aren't coming back. Pining for those good old days is pointless, modern personal communication technology has ensured that the need for public spaces like churches (and malls) for the youth to just talk to eachother is permanently diminished. It sucks that the nice old buildings (and older architecture in general) is being replaced because it looks cool (and I guess lasts longer?).

# ? Mar 6, 2018 06:33

Mandibular Fiasco: Oct 14, 2012

JawKnee posted:

Church communities aren't coming back. Pining for those good old days is pointless, modern personal communication technology has ensured that the need for public spaces like churches (and malls) for the youth to just talk to eachother is permanently diminished. It sucks that the nice old buildings (and older architecture in general) is being replaced because it looks cool (and I guess lasts longer?).

You don't seriously believe that you get better fellowship from the Internet than you do sitting across a table from a friend? Whether you like the religious piece of it or not isn't the point...the point is that we, as a society, are increasingly depressed and anxious because the social ties we used to have through organized religion, service clubs, the Legion, the pub, professional associations, union halls, etc., just don't exist anymore. The Internet is not a replacement, and the evidence base, such as it is using observational data, would back me up on this assertion. Suggesting that personal technology is an equivalent replacement is simply nonsense. We are social creatures and we need community. When we don't have it, bad things ensue.

# ? Mar 6, 2018 06:39

JawKnee: Mar 24, 2007; You'll take the ride to leave this town along that yellow line

dude I was brought up Anglican. I'm not making a judgement on the value of those communities - they are not coming back, despite whatever their value might be, and it's because young people don't need them any more. Or don't think they do, if you like.

# ? Mar 6, 2018 06:42

Mandibular Fiasco: Oct 14, 2012

JawKnee posted:

dude I was brought up Anglican. I'm not making a judgement on the value of those communities - they are not coming back, despite whatever their value might be, and it's because young people don't need them any more. Or don't think they do, if you like.

Fair enough, I can accept that.

# ? Mar 6, 2018 06:44

JawKnee: Mar 24, 2007; You'll take the ride to leave this town along that yellow line

I mean, there's probably other factors at play. Families probably can't afford the time, effort, and cost of attendance any longer. And the now very publicly acknowledged treatment of kids by clergy also probably plays into this. But I think it's telling that it's not just churches as communal spaces that are dying - community centers, ethnic halls, and - yeah - malls aren't the places they were when I was younger.

# ? Mar 6, 2018 06:47

namaste friends: Sep 18, 2004; by Smythe

To busy working to pay off luxury German car lease to go to church

# ? Mar 6, 2018 06:50

Mandibular Fiasco: Oct 14, 2012

JawKnee posted:

I mean, there's probably other factors at play. Families probably can't afford the time, effort, and cost of attendance any longer. And the now very publicly acknowledged treatment of kids by clergy also probably plays into this. But I think it's telling that it's not just churches as communal spaces that are dying - community centers, ethnic halls, and - yeah - malls aren't the places they were when I was younger.

Yeah, the abuse thing was enormous. I didn't attend services for close to thirty years before finding my way back, largely because of this.

It's the loss of community that I am most worried and most angry about. I remember seeing what my parents had with these community structured and looked forward to having them as well as an adult, but they're all dying off, and the few of us that are making the effort aren't enough to sustain any of these organizations.

# ? Mar 6, 2018 06:53

Mandibular Fiasco: Oct 14, 2012

namaste friends posted:

To busy working to pay off luxury German car lease to go to church

I think there is truth here behind the snark.

# ? Mar 6, 2018 06:54

James Baud: May 24, 2015; by LITERALLY AN ADMIN

Mandibular Fiasco posted:

Yeah, the abuse thing was enormous. I didn't attend services for close to thirty years before finding my way back, largely because of this.

It's the loss of community that I am most worried and most angry about. I remember seeing what my parents had with these community structured and looked forward to having them as well as an adult, but they're all dying off, and the few of us that are making the effort aren't enough to sustain any of these organizations.

Anecdotally, there are plenty of churches still doing great as community hubs, but affordable (family-scale) housing in the vicinity is pretty key.

# ? Mar 6, 2018 06:57

JawKnee: Mar 24, 2007; You'll take the ride to leave this town along that yellow line

I've thought about this before kind of idly, remembering what it was like to not have a cell phone in high school and early university - needing to go to the mall, or whatever coffee shop I new my friends usually hung out at just to find them; and later when I wanted to meet new people, knowing that the undergrad faculty room, or the student union building would be crowded with people who would be at least open to talking.

Smart phones in particular may not provide the value you got from directly interacting, but they sure as hell co-opted the function of needing a way to directly communicate, and made it far more efficient.

# ? Mar 6, 2018 06:59

Femtosecond: Aug 2, 2003

Plenty of churches in Langley.

# ? Mar 6, 2018 09:27

Subjunctive: Sep 12, 2006; ✨sparkle and shine✨

Mandibular Fiasco posted:

I think there is truth here behind the snark.

There usually is.

# ? Mar 6, 2018 11:45

cowofwar: Jul 30, 2002; by Athanatos

In terms of utility I would put a condo building way ahead of a church which is less useful as a parking lot. At least a parking lot is used more than one day a week. A condo building provides homes albeit lovely ones.

# ? Mar 6, 2018 12:50

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

Mandibular Fiasco posted:

Honestly, gently caress this stupid city.

... what kind of life is this, with no certainty of housing, poor job quality, ridiculous underpayment no matter the sector, criminally high child care costs, a transport system that is a joke, gridlock everywhere, ridiculous taxes and fees, and for what? Because it's pretty and the weather is nice three months of the year? Well, I can't eat the scenery, and mountains do nothing to reduce the two-hours I spent commuting each day. I'll happily buy a snowblower, some additional cold weather gear, a set of cross country skis and some snowshoes if it means community and a decent quality of life.

Sounds like someone's moving to Winnipeg.

# ? Mar 6, 2018 13:56

namaste friends: Sep 18, 2004; by Smythe

https://twitter.com/donrcampbell/status/970843925559857153?s=21

# ? Mar 6, 2018 14:00

Subjunctive: Sep 12, 2006; ✨sparkle and shine✨

cowofwar posted:

In terms of utility I would put a condo building way ahead of a church which is less useful as a parking lot. At least a parking lot is used more than one day a week. A condo building provides homes albeit lovely ones.

Churches often provide community or other space too � Scouts are common, for example. My kid�s aftercare is in a church basement, which is also pretty common. I think they�re less useful than housing, though, for sure. Where I�ve seen them converted it�s always been into high end condos for maximum return on the attractive stonework.

# ? Mar 6, 2018 14:32

namaste friends: Sep 18, 2004; by Smythe

https://www.reddit.com/r/vancouver/comments/82d4ay/vancouver_investor_buying_up_properties_to_run/

oh man it's happening you guys. This is what happens when you encourage economic distortion and inequality. Great job BCLP and greatest housing minister ever rich coleman.

# ? Mar 6, 2018 15:34

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

https://www.youtube.com/watch?v=Gd8jrnOPzWE

Stop fighting it

# ? Mar 6, 2018 15:51

Square Peg: Nov 11, 2008

New Toronto numbers look pretty nasty!

"TREB Releases Monthly Market Figures Reported by GTA Realtors posted:

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS� reported 5,175 residential transactions through TREB�s MLS� System in February 2018. This result was down 34.9 percent compared to the record 7,955 sales reported in February 2017.

The number of new listings entered into TREB�s MLS� System totaled 10,520, a 7.3 per cent increase compared to the 9,801 new listings entered in February 2017. However, the level of new listings remained below the average for the month of February for the previous 10 years.
...
code:
Summary of TREB MLS�  Sales and Average Price - February 1 - 28, 2018	 
 								2018										2017	 
					Sales	Average Price	New Listings	Sales	Average Price	New Listings	 
City of Toronto ("416")			2,013		806,494	3,386		2,889	859,210		3,576	 
Rest of GTA ("905")			3,162		743,196	7,134		5,066	886,145		6,225	 
GTA					5,175		767,818	10,520		7,955	876,363		9,801	


TREB MLS� Sales & Average Price  By Home Type - February 1 - 28, 2018
 		Sales						Average Price
 			416	 	905	 	Total		416	 	905	 	Total
 	 	 	 	 	 	 
Detached		524	 	1,645	 	2,169	 	1,282,240	 911,065	 1,000,736	 
Yr./Yr. % Change	-33.6%	 	-43.3%	 	-41.2%	 	-18.6%	 	-17.8%	 	-17.2%
Semi-Detached		146	 	308	 	454	 	985,902	 	648,338	 	756,894	 
Yr./Yr. % Change	-26.3%	 	-29.8%	 	-28.7%	 	-9.0%	 	-9.1%	 	-8.6%
Townhouse		183	 	664	 	847	 	776,642	 	600,671	 	638,691	 
Yr./Yr. % Change	-28.2%	 	-26.4%	 	-26.8%	 	15.5%	 	-8.1%	 	-2.9%
Condo Apartment		1,142	 	489	 	1,631	 	570,275	 	435,216	 	529,782	 
Yr./Yr. % Change	-29.9%	 	-32.8%	 	-30.8%	 	10.7%	 	7.6%	 	10.1%

Average selling price down 12% and detached home values down by 17%.
The seconds month with y/y losses, even bigger losses than last month, in everything except condos. (here's january's numbers). Here's hoping Vancouver will follow soon!

Square Peg fucked around with this message at 16:47 on Mar 6, 2018

# ? Mar 6, 2018 16:36