Thread with frustration I'm encountering with RECO (#realestate regulating body in Ontario) being weak on enforcement, with a side of lack of effort. #lame Thread will show how actual situation has played out, but first, a bit about RECO. /1
Here's the complaint I wanted to make (funny enough, with my pet peeve of bad signs). This "COMING SOON" sign has been up in my neighbourhood since April. Below is a picture I took May 22, when it had already been up 4-6 weeks. Don't think meets anyone's def'n of "soon." /2
This property has never hit the MLS this year, so agent/owner obviously just fishing for curious potential buyers. Pick anyone of false, misleading, or deceptive and it applies to pretending you're going to hit the MLS imminently. /4
So I'm tired of looking at this guy's sign and I submit something via City of Toronto's 311 (how you report). Enforcement officer calls me back a couple of days later and said she's well familiar with the sign because it's in her territory and she often goes by. /5
But says she can't do anything because coming soon not specifically mentioned in Toronto's bylaws. That's too bad. Respect out to Mississauga who put it in its sign bylaw amendments passed this July. (Toronto does have same 30 day rule for sold sign.) /6
So I submit a complaint to RECO, who are supposed to be enforcing stuff provincially. I go through the pain in the butt of finding how to submit something, give them all the info they request, and even send in a picture. /7
I receive a reply back that "The process requires that such complaints be submitted by the Broker of Record, on an Advertising Complaint Summary Form after an attempt to resolve the matter with the other brokerage." /8
Even though this is no-brainer wrong, I've got to now drag in another person, who has to fill out some other form, and encourages you not to bother them. And you have to identify yourself. Somebody is doing something wrong but you have to out yourself to get them to stop. /9
Oh, and to add to the bureaucratic uselessness, you have to take a bunch of notes and compile correspondence to prove your broker tried with the other broker. 🙄 /10
SUMMARY: open-and-shut case of real estate agent with false advertising, but RECO puts in so many layers that nobody is going to bother reporting and NOTHING WILL BE DONE.
If RECO actually cared about bad behaviour it'd:
i) make it easy to report
ii) hand out stiff penalties
/11
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Crazy shifts this week as the fall market has officially kicked off. 🍂
Let's start with Freeholds. Note that weekly bump. Higher than any fall in the last 7 (but for one week of 3,040 in 2018) and it's only first week of fall season. 🧵/1
The week-over-week (w/w) change was ⬆️428 listings for Freeholds (houses). Below's the equivalent week in the last 7 years. Usually the weeks leading up to and including Labour Day ⬇️w/w and then things start to grow.
2018 +324
2019 +258
2020 +320
2021 +248
2022 +135
2023 +213
2024 +428
/2
Here's a different look. Number of Freehold listings 0-7 DOM:
9/3: 314 (was 298 week before)
9/10: 962
Tripled! Now, a bunch of those are going to be re-listings ("Hey let's terminated and put it back fresh after Labour Day"), but a bunch are brand new too. /3
Here's a rental eviction story a friend of mine is letting me share, from the N12 notice (family member) to the recently concluded LTB hearing. So grab a ☕️, sit back 🪑, and read this 🧵 to see the outcome. /1
July 2020 - "I texted him at 9:30am asking about cockroaches I had seen in the apartment in the last few weeks.. he replied a few hours later asking me if the type and let me know his mom would be moving in.. all in the same message with the 🙏at the end. Next day sent N12." /2
He'd lived there 9 YEARS.
"I had a feeling it was bullshit but really what could I do with no proof.. I was tempted to stay and wait for it to get tied up in the LTB, some part of me believed it was possible he was being truthful."
Since CBC Marketplace likes investigating, I thought I'd do my own investigation on the house in the Real Estate "exposé" that aired last night, which centered around this house in Vaughan. Here's a bit more info for you in this 🧵/1
The owner was complaining about how they listed on the MLS offering to pay 1% commission to the "co-operating brokerage" (buyer's agent), which is short of the more common 2.5% commission offered in the GTA market. She claimed that agents were "steering" their clients away. /2
The CBC investigation with the large sample size of 3 agents, found 2 of them appearing to discourage their buyers (don't know if they were actually clients because they didn't mention if they'd actually signed Buyer Representation Agreements, which is no small matter). /3
So CBC is running a show tonight (which I'm PRVing). Here's the article previewing it. I got emails this afternoon from TRREB and OREA about it this aft, so it might be getting some play.
Here's the Sept 2nd RECO bulletin referred to by TRREB above, and in the article where it said RECO "issued a notic ice about steering to the over 93,000 real estate agents, brokers and brokerages under its purview." /3
TRREB has released its September #torontorealestate numbers. They like to accentuate the stats that would indicate everything is awesome, but let me point out 5⃣ STATS SHOWING MARKET COOLING ❄️ /1
First let me say it's not a COLD market yet by any means. But problem is everyone just likes to look at YoY change. When you think about it, 12 months is a somewhat arbitrary period to compare to. So September sales are way ⬆️(42%) and average prices are also ⬆️ (14%) /2
1⃣ AVERAGE YoY PRICE GROWTH IS SLOWING.
In July it was +16.9%
In August it was +20.1%
In September that slowed right down to +14.0%
Note a good chunk of the price growth is due to mix (less condo apts, more detached). /3
Some weekly #torontorealestate sales numbers in this thread. Firstly, week over week pattern this year continued to follow same as last year (only couple of deviations on here, main one being Labour Day one week later this year). /1
The total sales in the 416 in the past 4 weeks cumulative have been just 1% below 2019, with this week being flat. /2
But "tale of two cities" continues, with freehold (lowrise houses) selling stronger than last year and condos (apts and townhouses combined) selling weaker of late (and didn't show the huge "pent-up demand" that houses did. /3