Latest news with #RealEstateBoard
CTV News
06-08-2025
- Business
- CTV News
Toronto's housing market may be shifting again. Did you finally buy or sell?
GTA home sales rose 10.99 per cent compared to last year, and the Toronto Regional Real Estate Board says it is the strongest showing for July in four years.
Bloomberg
12-06-2025
- Business
- Bloomberg
New York's Real Estate Industry Appeals Broker-Fee Case Decision
Real estate groups are challenging a ruling by a federal judge that allowed New York City to begin enforcing a new law requiring landlords, rather than their tenants, to pay fees for hiring listing brokers. US District Judge Ronnie Abrams on Tuesday denied a request by the Real Estate Board of New York, the New York State Association of Realtors and others to pause the law while their lawsuit proceeds. The ruling was another setback for the industry's legal fight against the measure, which went into effect Wednesday.
CBS News
11-06-2025
- Business
- CBS News
NYC law ending broker fees for renters takes effect today
New York City's new broker fee law takes effect Wednesday, shifting the financial burden of paying brokers from renters to landlords. The Fairness in Apartment Rental Expenses, or FARE, Act was passed by the New York City Council in November and became law in December after Mayor Eric Adams declined to sign the bill. Supporters say the measure will make living in New York more affordable, while real estate groups say the cost will still be passed on to tenants through rent increases. What is a broker fee? A broker fee is a payment made to an agent who helps a prospective tenant find their rental unit. Apartment hunters often pay thousands of dollars in fees before they sign a lease. New York, where 70% of the population rents, was one of the last cities in the country where passing broker fees on to renters was still allowed. Broker fees typically add up to about 12-15% of the annual rent. The fees were not capped under New York law. What is the FARE Act? The FARE Act says the person who hires the broker - which is the landlord in most cases - has to pay them. It bans brokers who represent landlords from charging broker fees to tenants. "What other industry does that exist where someone else orders something, and then someone else has to pay for it?" said City Councilmember Chi Ossé, who sponsored the legislation. On the other side, the Real Estate Board of New York, which represents brokers, previously told CBS News New York that in many cases tenants will see rents go up as a result of the new law. "The landlord is going to have to pay us in some way," broker Janna Raskopf said. "It's just going to be baked into the rent." The Department of Consumer and Worker Protection has proposed fines of up to $2,000 for repeated violations of the law.
Bloomberg
10-06-2025
- Business
- Bloomberg
Judge Refuses to Block NYC Broker-Fee Law Set to Start June 11
By and Jennifer Epstein Save A federal judge refused to block a New York City law that would require landlords — rather than their tenants — to pay fees for hiring listing brokers, handing the real estate industry another setback in its legal fight to prevent enforcement before the measure goes into effect June 11. The case is Real Estate Board of New York v City of New York, 24-cv-9678, US District Court, Southern District of New York (Manhattan).
Yahoo
04-06-2025
- Business
- Yahoo
Greater Toronto home sales fall 13.3 per cent in May: board
TORONTO — Home sales in the Greater Toronto Area remained weak in May while inventory levels were up — giving more negotiating leverage to potential homebuyers. The Toronto Regional Real Estate Board says 6,244 homes were sold in May, down 13.3 per cent year-over-year. Meanwhile, new listings reached 21,819 last month, up 14 per cent year-over-year. The board's chief information officer Jason Mercer says even as average selling prices and borrowing costs have come down from last year, softening economic confidence is affecting home-buying decisions. Mercer says once households are convinced that trade stability with the United States has been restored, home sales will pick up again. The average selling price decreased four per cent compared with a year earlier to $1,120,879, and the composite benchmark price, meant to represent the typical home, was down 4.5 per cent year-over-year. This report by The Canadian Press was first published June 4, 2025. The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
