Sales slow, prices grow
Area home sales slowed by 2.7 per cent from April last year, but stayed above the 10-year national average. The average Hamilton house price rose in April to $424,400, up from $361,700 last year.
Fans of the hit comedy “Modern Family” may have noticed an interesting product placement for the National Association of Realtors in America this week. Family man and real estate agent Phil Dunphy made the connection to the Association twice by noting that he’s a “Realtor.”
Much ado about MLS data
The federal Competition Tribunal ruled last week that the Toronto Real Estate Board was stifling competition in the industry by restricting brokers’ access to bulk electronic data about the housing market. In what is likely going to be a precedent-setting decision, some industry observers say this could open the door to innovation in the sector. The Tribunal will host another round of hearings before releasing a full ruling.
Wild West of real estate
Interest in British Columbia’s hot housing market has led at least one firm to alleged wrong doings and the government to increase oversight. New Coast Realty has come under fire and investigation by the province for perpetuating a tactic called “shadow flipping.” In this rouse, agents advise clients to list their homes at well below market value to ensure a quick sale. The buyers of these discounted homes turn around and sell them – often through the same agent – to another buyer at fair market value or above, in some cases, netting the seller a few hundred thousand dollar profit in short order.