I just went through the City of Toronto's Short-Term Rental $50 registration process to see how it went. I'll tweet some screenshots and observations. But first, the link. #shorttermrentals#airbnb /1 toronto.ca/community-peop…
It asks if the place is your principal residence (a requirement), then gives some helpful guidance. /2
When it asks what kind of building it is, there was something interesting under Single/Semi that wasn't under Townhouse/Rowhouse, and that was a Laneway Suite/Guest House option. Laneway suites are permissable in some rowhouses (e.g. end of row, or 1m wide walkway) so, weird. /3
Something I wasn't expecting from keeping up with this whole story developing was the need for a 24-hour contact. You have to get them to sign a document declaring themselves as available for this. /4
This declaration is wild to me. What tiny percentage of people know if their residence complies with the Fire Cod and Building Code?? /5
You then get a confirmation email with your reference number, and they say they'll get back to you within 5 business days. /6
Here's some of the heaviest fines that they can levy on individual operators. /7
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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