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Trudeau might not be able to stop blind bidding on real estate

The bidding process can be difficult for home buyers, especially when the real estate market is this hot and bidding wars are the norm. Prime Minister Justin Trudeau says he’ll make the process more transparent by ending blind bidding. We’ve been getting monthly updates from the ground floor from Realosophy Realty’s John Pasalis and Oakwyn Realty’s Steve Saretsky, who help make sense of it all, with advice for anyone buying or selling a home. Also See: The latest real estate news for housing prices, mortgage rates, markets, luxury properties and more at Yahoo Finance Canada. They say the bidding process is a provincial matter and he might not be able to get them on board. If you have questions, email them to jessybains@yahoofinance.com and John or Steve will answer them on the next episode. Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.
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Real estate news across Canada

  • CBC

    City of Victoria turns to bylaws to put a tighter rein on renovictions

    Although the province has introduced some protections for renters against renovictions, the City of Victoria is creating its own bylaws to control renovictions in the city. "For years, I have heard that people in our city and throughout the region are struggling to find housing that they can afford, particularly rental housing and there's a lot of concern and people are scared about losing the homes they currently have," said city councillor Jeremy Loveday. "This is the city trying to augment th

  • Yahoo Finance Canada

    Record construction not enough to meet Canadian real estate demand: RBC

    The types of housing being built may be part of the problem.

  • Bloomberg

    New-Home Sales in U.S. Increased to a Four-Month High in August

    (Bloomberg) -- Sales of new U.S. homes rose in August by more than forecast, reaching a four-month high and suggesting demand is stabilizing as builders make gradual headway on backlogs.Most Read from BloombergHow Los Angeles Became the City of DingbatsSchool Reopenings Falter as U.S. Kids Near 1 Million Covid CasesA Jewish Tradition Makes Room for Unconventional DesignBerlin Referendum Could Determine the Future of the City’s HousingIn Paris, the Wrapped Arc de Triomphe Is a Polarizing PackageP

  • The Canadian Press

    New homes sales rise for second straight month in August

    SILVER SPRING, Md. (AP) — Sales of new homes in the U.S. rose modestly in August as rising prices continue to sideline potential buyers. Sales of new homes last month rose 1.5%, the Commerce Department reported Friday, reaching a seasonally adjusted annual rate of 740,000. That's more than economists had expected and follows an increase in July, which was revised upward to a seasonally adjusted rate of 729,000 houses. July's jump came after three consecutive declines in April, May and June as bu

  • Bloomberg

    Tycoons Make Billions From Russian Property in Pandemic Boom

    (Bloomberg) -- Most Read from BloombergSchool Reopenings Falter as U.S. Kids Near 1 Million Covid CasesA Jewish Tradition Makes Room for Unconventional DesignIstanbul Turns Taps on Old Fountains, Joining Global Push for Free DrinksIn Paris, the Wrapped Arc de Triomphe Is a Polarizing PackageBerlin Referendum Could Determine the Future of the City’s HousingRussia’s property tycoons are minting vast fortunes after a government move to boost the market during the pandemic helped spur a housing boom

  • The Canadian Press

    Inflation forces homebuilders to take it slow, raise prices

    LOS ANGELES (AP) — Even in the hottest U.S. housing market in more than a decade, new home construction has turned into a frustratingly uncertain and costly proposition for many homebuilders. Rising costs and shortages of building materials and labor are rippling across the homebuilding industry, which accounted for nearly 12% of all U.S. home sales in July. Construction delays are common, prompting many builders to pump the brakes on the number of new homes they put up for sale. As building a n

  • The Canadian Press

    Office vacancies at highest levels since 1994 amid new supply, pandemic concerns

    TORONTO — Office vacancies in Canada were at the highest level in decades this quarter as new supply continued to come onto the market while the fourth wave of COVID-19 slowed an expected return to work, according to the latest report from CBRE Group Inc. The commercial real estate firm said Thursday that the national office vacancy rate hit 15.7 per cent in the quarter that runs to the end of September, up from 15.3 per last quarter, for the highest level since 1994. “We were really hoping to s

  • CBC

    Here's how the housing landscape could change under a newly re-elected Liberal government

    The dust has settled on an election that did little to change the parliamentary makeup in Ottawa, as the federal Liberals again take their seats as a minority government. One of the cornerstone campaign issues was the housing crisis. But it is not a new issue. Many have argued there was little improvement under the previous government, and are skeptical it will be any different under the new one. According to the Canadian Real Estate Association, the average price of a home in this country has g

  • The Canadian Press

    Existing US home sales fell in August, price growth slows

    Sales of previously occupied U.S. homes fell in August and prices that have been soaring eased, the latest sign the housing market is cooling as intense competition leaves many would-be buyers on the sidelines. Existing homes sales fell 2% last month from July to a seasonally-adjusted annual rate of 5.88 million units, the National Association of Realtors said Wednesday. That’s slightly more than the 5.87 million economists were expecting, according to FactSet. Sales fell 1.5% from August last y

  • CBC

    Vancouver renter questions landlord's 'duplicitous' new payment scheme

    A Vancouver man is worried that a new payment scheme introduced by his landlord means he'll soon be paying more for his two-bedroom apartment in the city's West End neighbourhood. Wesley Harmer has rented at the 84-suite Holly Lodge building for five years and intended on renewing for a sixth when his lease expires at the end of the month. But major changes in his new lease documents have raised red flags. Instead of his current rent of $2,225 per month — utilities included except hydro — the ne

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