The move by the British Columbia government to ban the
practice of limited dual agency means consumers are limited when it
comes to choosing the agents they work with, according to the
British Columbia Real Estate Association.
"Every day, realtors help their clients understand real estate
transactions, so they can make informed decisions," said BC Real
Estate Association (BCREA) President Jim Stewart."Over my nearly
25-year career as a realtor many long-standing clients have
developed trust with me, and now my clients have no choice but to
start from the beginning and build new relationships.Trust is a
crucial part of what is often the largest financial transaction in
Limited dual agency is the practice of one agent representing
both the buyer and seller in a transaction.
The BCREA claims the practice is important in small-town BC,
where there are fewer agents to choose from.There is an exemption
proposed for smaller communities, however.
“However, limited dual agency is also used in cases where
realtors have established relationships with buyers and sellers, in
commercial transactions and in situations where realtors specialize
in particular property types,” BCREA said in a release.
“Rather than working with licensees they don't know, we're
concerned people may decide to complete real estate transactions
without representation," said BCREA CEO Robert Laing."That
Interested in learning about investing in multifamily real
estate investments?Now is your chance to learn from the best.
Pierre-Paul Turgeon -- former CMHC underwriter and fulltime
multifamily investor with a portfolio of 160 doors valued at in
excess of $22 million -- wants to pass his expertise onto the next
era of multifamily investors.
Over the course of one weekend, from September 15-17, Turgeon is
hosting a live workshop and training program in
Students who take part in the course will leave the weekend with
the knowledge and skill required to invest in their first
“The experiential course starts Friday the 15.On that day, we
take students to a live inspection;they conduct an inspection of an
apartment building with a professional building inspector,” Turgeon
told CREW.“That’s step one.On the Saturday and Sunday I walk them
through the process of assessing and mitigating the risk pertaining
to that kind of investment and how to get financing for them.
“I’m the keynote speaker but I’m assisted by a few others,
including a mortgage broker, a property manager, a realtor, and a
successful student who will talk about what they learned when
buying their first apartment.”
Turgeon, the country’s leading expert on multifamily investment,
provides a step-by-step process
The Victoria core—comprised of Victoria, Saanich, Oak Bay,
View Royal, and Esquimalt—has seen the first drop in its benchmark
home prices in roughly 2 years, according to the latest figures
from the Victoria Real Estate Board.
The benchmark price in the core has declined to $823,100 last
month from $834,200 in July, the Times Colonist reported.
“Though much too early to call a trend, we do see that the
benchmark value for single-family homes in the Victoria Core area
has decreased by 1.3 per cent when compared to July,” Board
president Ara Balabanian said in a statement late last week.“This
is the first time we’ve noted a decrease in [benchmark] values
since August 2015.”
However, he hastened to add that the area has “seen a
phenomenally busy two years in real estate for our area and we are
likely heading toward a period of more balanced activity.”
August prices remained markedly higher than the same time last
year, with the benchmark price of a single-family home in the core
at $743,200 back in August 2016.
Balabanian expressed surprise at the sustained scarcity of
supply in the region.As of August, there were 1,917 active
listings, compared to the 1,921 available in July and the 2,094
listings a year ago.
“I expected inventory
Bridle Path is now playing host to probably the most expensive
home for sale in Toronto’s red-hot real estate market:A
French-style chateau with over 30,000 square feet of living area,
going for an overwhelming $35 million.
The property—which offers 10 bedrooms, 14 bathrooms, a 50-foot
indoor swimming pool, and a gourmet kitchen, among others—was built
in the early 1980s by late financier Robert Campeau, who combined
two neighbouring properties into a single mansion.
“There’s a lot of history with this property,” RE/MAX Realtron
agent Barry Cohen told the Toronto Star.“It’s an iconic home.”
Attesting to the continued desirability of the city’s high-end
properties, Cohen said that the 15-per-cent levy on foreign buyers
(which was not yet in effect when the home was last listed) will
not discourage potential overseas buyers.This is because this
buying segment now considers the tax as just another part of the
cost of moving to Canada.
“The Bridle Path is by far the most luxurious neighbourhood, if
not in all of Canada, certainly the GTA,” Cohen told the Toronto
Star.“I don’t think you would find four acres, groomed, together,
flat and a river running through it (elsewhere).The culture of the
home, the architecture … I can’t think of another home that has
nailed it quite the same way.It’s all put
With geopolitical risks increasing and equity valuations
looking stretched, more investors are implementing alternative real
estate investment strategies into their portfolios.Although
traditional real estate investment vehicles, like REITS, limited
partnerships, syndicated mortgages and MICs, have served investors
well up until recently, it’s unlikely that these traditional
strategies meet every investor’s specific requirements, risk
tolerance and differing priorities.
“In response to those needs, real estate bonds are evolving to
provide more options with unique elements that expand the potential
of real estate investment,” says George Lawton, CEO, North American
Home Finance Inc.“SKYIRE’s next-generation real estate bonds
provide growth participation as well as mortgage security.In
addition to the rate of return on the bond, bondholders also
benefit from the profits generated by the underlying real estate
assets securing the bond.”
SKYIRE has launched three separate types of bond:RealIncome
Bonds, RealProperty Bonds and HomeBuild Bonds.
One of the key features of RealIncome Bonds is right there in
the name:income.That is, however, not all they offer to
investors. As well as providing quarterly cash flow over a 60
month period, RealIncome Bonds also provide capital growth and
“RealIncome Bonds offer tax-efficiency and cash flow in a
mid-term investment secured directly against completed
single-family homes via a collateral mortgage,” says Lawton.“Profit
participation comes in the form of income from rental properties
and the capital
Investors have been overlooking this one major market, but is
it time to give it a second look?
The days of impressive yearly price growth may have passed in
Vancouver, but an influx of potential renters may pique investor
BC boasts one of the strongest economies, with GDP expected to
grow 3.5% this year and employment expected to jump by 3.6% to2.46
million this year.
As a result, the province is expected to attract an influx of
migrants from other provinces looking for jobs and, indeed, new
“British Columbia’s position as the best performing economy in
the country is bolstering consumer confidence and housing demand,”
Cameron Muir, BCREA Chief Economist, said.“Strong employment
growth, a marked increase in migrants from other provinces, and the
ageing of the millennial generation is supporting a heightened
level of housing transactions.However, a limited supply of homes
for sale is causing home prices to rise significantly in many
regions, particularly in the Lower Mainland condominium
Most BC regions are experiencing constricted supply, according
to the BCREA.
“This imbalance is pushing prices higher in the most affordable
home types and will lead to a drag on home sales if new supply
isn’t sufficient to meet demand.However, strong housing demand and
tight supply hasn’t gone unnoticed by home builders,”
Continuing to blaze the trail in the realm of high-technology
financial solutions for Canadian consumers, RBC has pilot-launched
two new AI-powered digital services that provide financial insights
and savings solutions.
NOMI Insights™ is designed to monitor spending, plan for
upcoming/projected expenses, and notify RBC Mobile users when a
particular payment is higher than usual.
“NOMI Insights can also tell you when monthly spending in a
certain category is unusual so you can make informed decisions
about your spending habits.For example, NOMI Insights may notice
that you’ve been dining out more than usual in a given month, or
your transportation costs have increased,” RBC stated in its news
Meanwhile, NOMI Find &Save™ incorporates predictive
technology, which would help RBC Mobile users “find pockets of
money in [their] cash flow and automatically moving that money into
The two services, which are slated for a full launch this fall,
can help first-time buyers who are trying to find additional
savings for down payments.
“[These apps] are always thinking a few steps ahead to help
ensure our clients' finances are in order,” according to Neil
McLaughlin, group head of RBC’s personal &commercial
banking.“We’re one of the leading voices on artificial intelligence
in Canada, and these new digital capabilities are examples of how
our clients are benefitting
The most recent mortgage rule changes have had a much smaller
impact on the market than previous policy changes and there’s a
simple explanation for that, according to a new report.
The most recent mortgage rule changes have had a much smaller
impact on the market than previous policy changes and there’s a
simple explanation for that, according to a new report.
There has been an unprecedented number of housing policy changes
over the past year-and-a-half, according to TD Bank, and each has
been aimed at tempering housing demand.
And while the industry viewed the last round of changes as
particularly invasive, they have proven less impactful than
“Each successive regulation change at the federal level has left
a smaller mark on home buying activity.Our estimates suggest that
the most recent federal rule changes may have only shaved 2% off
demand nationwide,” TD Economists Beata Caranci and Diana
Petramala, wrote in their latest report, Canadian Regional Housing
Outlook Navigating a Soft Landing.“In contrast, the first
regulatory changes implemented in 2008 dampened home sales by
roughly 10%.That policy increased the required down payment from 0%
to 5% for insured borrowers and lowered the allowable amortization
period from 40 years to 35 years.”
The reason for dwindling influence, according to the economists,
British Columbia’s real estate market has been on the upswing
for the past few years, but economic observers have warned that the
province’s economy is now heavily reliant upon housing for revenue,
and that the government’s stated commitment to cool down this
sector comes with various risks.
Real estate revenue comprised a sizeable segment of the 2016/17
public accounts released last week, which recorded a $2.7 billion
surplus.Observers attributed this to a 32-per-cent growth in the
revenue associated with the property transfer tax (around $2
billion in total revenue last fiscal year).
According to University of Victoria economist Lindsay Tedds,
these developments indicated that in its current form, the
B.C.economy is innately tied to the performance of the housing
“Much as we like to point to Alberta being so reliant on their oil
revenues, we are very reliant on the real estate industry to prop
up our economy,” Tedds told CBC News.
UBC professor of economics Tsur Somerville said that aside from
property tax revenue, the red-hot housing market is providing other
sources of fiscal strength such as home builders’ personal income
taxes, real estate agents’ income taxes, and purchase taxes on
furniture and home appliances.
“If you slow down the real estate industry, because it’s an
overly large part of our economy,
With the Ontario government tightening real estate rules
earlier this year and the Toronto market slowing down soon after, a
renewed appetite for cash has led to the increased popularity of
alternative mortgage providers.
“What we have found recently is a whole bunch of aborted deals …
and we’ve stepped in,” Atrium Mortgage Investment Corp.chief
executive Robert Goodall told Reuters.
Atrium—which lends to those unable to access cheaper bank credit
by pooling resources from moneyed individuals—provides would-be
buyers with second mortgages and bridge loans at around 7.5 per
cent to 8 per cent interest, twice or thrice the rates available
for first mortgages.
“It is actually really good business … these are good people
with impeccable credit ratings, who just got caught,” Goodall
The mad dash for purchase funds stemmed from the recent cooling
in the Toronto market, which has led to sellers scrambling to get
deals closed before home prices decline further.Sellers are
considering suing those who are lagging on their agreed purchases,
while buyers are desperate for a way out of contracts without
losing deposits amounting up to $100,000.
“Some people want to walk away, some want half their deposit
back, some bury their head in the sand and say ‘I’m not closing, if
they want to sue, fine,’” according to
Last year’s mortgage rule changes are clearly impeding young
buyers from breaking into the housing market, according to one
veteran, but there is an even larger obstacle in the way.
“One of the things that came out of the report was millennials
impression that the government’s actions relating to restrictive
actions to mortgage insurance was an impendent,” Phil Soper,
president of Royal LePage, said.“Yet, I’d say a larger impediment
was 20% year-over-year price appreciation.”
According to Royal LePage’s most recent report, 49% of peak
millennials believe the federal government’s mortgage regulations
have impacted affordability.
As a result, they have been forced to consider lower-priced
“When looking for a home, 53% of peak millennial purchasers
across Canada are willing to spend up to $350,000, which would
typically buy them a 2.5 bedroom, 1.5 bathroom property nationwide,
with 1,272 square feet of living space,” the report reads.“Yet,
with 58% of respondents having a annual household income of less
than $69,000, and only 34% currently tracking to have a sufficient
down payment of over 20 % to qualify for a mortgage in this price
range, the actual logistics of homeownership can be quite
The study also found 61% of millennials prefer to buy a detached
home but only 36% believe that wish is realistic.
Commercial real estate manager ReDev Properties Ltd.has
announced the unconditional agreement for the sale of the Daly
Grove Centre retail/office complex, situated at 4205-4259 23rd
Avenue, Edmonton, Alberta.
CBRE, Edmonton was engaged as the broker for the vendor, ReDev
Properties founder and president Richard Crenian said.The Centre
was initially purchased by the developer in 2007, and offers over
33,000 square feet of retail and office space amid the dense
residential, family-friendly Mill Woods area.
“Daly Grove Centre has been a valuable product for us,”
Crenian.“The centre hosts secure and stable tenants making the
property a strong cash yielding asset.We’re sad to part ways with
the centre, but believe our group has maximized the potential of
Daly Grove Centre is the 14th asset in the ReDev Properties
portfolio to have been acquired, owned, operated and sold since
2001, as well as the 2nd property to close in 2017.
recovery a near-future reality for Edmonton—report
housing sector resurgent thanks to Edmonton and Calgary
Are you looking to invest in property?If you like, we can get
one of our mortgage experts to tell you exactly how much you can
afford to borrow, which is the best mortgage for you or how much
they could save you
With mortgage rates constantly in flux, one investor felt the
need to better manage the various files – and a new tool was
developed as a result.
Monitor My Mortgage (M3) is a new mortgage application that
gives homeowners the ability to stay on top of the mortgage market
with real-time alerts that allow them to take advantage of the best
mortgage options available.
“It’s like having a tool that scans for the best mobile phone
rates and tells you how much you can save with your current
provider or by switching to another – whether you’re locked in or
not,” Brent Hughes, founder of M3, said.“It re-defines how people
can and should think about their mortgage – as an investment they
control, versus a monthly payment dictated by lenders.”
M3 provides its users with alerts that could impact their
“When the Bank of Canada rate came out in July, it was an
interesting time:Everyone was in vacation mode and 100% of our
clients were sent and update of the rate change and showed their
position with the rate change,” Hughes told CREW.“You can put in
the software if you want to know when rates go up … early dates on
renewals, and it does calculations of penalties as well.99% of
A full-service online real estate marketplace has just
announced the launch of its newest office in Vancouver,
representing its very first expansion in Canada.
“Casalova, which has been operating in Toronto since November of
2014, sees great potential and demand for a new approach to
traditional real-estate in the Vancouver market,” the company
announced in a news release.
The platform is designed to help buyers find new houses or
tenancies from the comfort of their own homes.Casalova’s
front-to-end architecture incorporates the entire purchase process
from property searches and schedule viewings to payment
“The issues faced by clients looking to rent or buy a home are not
confined to the Toronto market,” Casalova CEO and co-founder Ray
“The Vancouver market shows strong signs of growth and we’ve
been getting more and more requests to expand out west.Our system
has proven to be successful in Toronto and we’re excited to finally
offer it to the people of Vancouver and greater British Columbia,”
As part of this expansion, Casalova has hired trilingual real
estate agent, coach, and trainer Lex Sheng to lead the new
Vancouver location.Previously a top agent of Zolo Realty, Sheng
holds over 24 years of experience in real estate investment as well
as 15 years in sales and marketing.Sheng has
53 new townhouse units are slated to arise on the premises of
the old St.Andrew’s United Church in Mission, B.C., should the
proposal for the development push through.
The project, which is spearheaded by Noort Developments Ltd.,
has been scheduled for a public hearing on September 5.The
development is planned to replace a church that has been standing
The proposal included provision for grey row townhouses along
with large parcels set aside for personal patios and yards, as well
as an expansive children’s play area.
Updated data from the CMHC showed that Abbotsford-Mission has an
overall vacancy rate of 0.5 per cent, a level maintained by a
limited supply of housing in the Fraser Valley.
Earlier this month, the B.C.Real Estate Association said that
consumer demand for condominium units and townhouses has
significantly outpaced the hunger for free-standing homes in the
year that followed the B.C.government’s introduction of the foreign
home buyers’ tax.
The MLS Home Price Index benchmark price of apartments has
increased by 18.5 per cent compared to July 2016, up to
$616,000.Meanwhile, the benchmark price for townhouses has grown by
11.9 per cent over the past year, up to $763,700.
Jill Oudil, president of the region’s real estate board,
attributed this shift to a pronounced need for