Latest news with #RealEstateBoard
Bloomberg
9 hours ago
- 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
2 days ago
- 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
3 days ago
- 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
CBC
06-05-2025
- Business
- CBC
GTA home sales fell more than 20% in April, real estate board says
Social Sharing Home sales in the Greater Toronto Area were down 23.3 per cent in April amid continued uncertainty over the economy. The Toronto Regional Real Estate Board (TRREB) said 5,601 homes were sold last month, compared with 7,302 in April 2024, while sales were up 1.8 per cent from March on a seasonally adjusted basis. The board said 18,836 new properties were listed in the GTA last month, up 8.1 per cent compared with last year. With inventory continuing to rise and prices falling, the preconditions for a housing rebound are in place, the board said, but that likely won't happen until economic confidence is restored. "Following the recent federal election, many households across the GTA are closely monitoring the evolution of our trade relationship with the United States," said TRREB president Elechia Barry-Sproule in a news release. "If this relationship moves in a positive direction, we could see an uptick in transactions driven by improved consumer confidence and a market that is both more affordable and better supplied," she said. Active listings up 54% compared to last April: board The average selling price decreased 4.1 per cent compared with a year earlier to $1,107,463, and the composite benchmark price, meant to represent the typical home, was down 5.4 per cent year-over-year. Active listings hit 27,386 last month, up 54 per cent from April 2024's inventory of 17,783 units. "Inventory levels remained elevated historically in April, pointing to substantial choice for households looking to purchase a home in the GTA," said TRREB chief information officer Jason Mercer in a news release. "Right now, resale housing supply is increasing in the GTA. However, as demand picks up and the population continues to grow with immigration, we will need to build more homes." In the City of Toronto, there were 2,129 sales last month, a 17.7 per cent decrease from April 2024. Throughout the rest of the GTA, home sales fell 26.4 per cent to 3,472. All property types saw fewer sales in April compared with a year ago throughout the region. The steepest decline was in the condo market, where 30.4 per cent fewer properties sold, followed by townhouses with 22.9 per cent fewer sales and detached houses recording a 21.7 per cent decrease. There were 10 per cent fewer sales of semi-detached homes.
