The RECA oversees all real estate agents in Alberta, all provincial mortgage brokers, and real estate appraisers. The organization’s mandate is to protect the public, and to create a regulated environment that people can trust.
He says the organization can hold disciplinary hearings for complaints that come in either from the public or from anyone else. If necessary, fines or administrative penalties are levied, or if conduct has been found to breach Real Estate Act rules- for more serious matters, it can go to a hearing, which can result in things like the suspension of their license, mandatory education, or fines.
A summary (as it appears in the RECA July case summaries) of the three offences levied against Lyons are as follows:
1) Before eliciting or as soon as possible upon receiving confidential information from any person concerning that person’s real estate needs, motivation, financial qualifications or in any event before entering into a service agreement, an industry member must disclose in writing to that person whether the industry member is acting in the trade or anticipated trade on behalf of any other person, in any capacity [s.55(1) of the Real Estate Act Rules] • Mr. Lyons acted as a representative in a real estate transaction for both the buyer and the sellers of the property • Mr. Lyons informed the sellers he had buyers • Mr. Lyons negotiated with both parties and the transaction was completed • Mr. Lyons did not disclose in writing to any of the parties the nature of the services he was providing, or on whose behalf he was acting in the trade or anticipated trade, or any other facts which may have influenced either the buyers or the sellers • $4,500 Industry members must disclose their role in writing in any transaction. In this case, the associate should have disclosed to both the seller and the buyer his role in the transaction.
2) An industry member shall not provide any services to the client or potential client in a trade or anticipated trade in which the industry member has, or will have, a conflict of interest without receiving the written and informed consent of the party [s.54(3) of the Real Estate Act Rules] • Mr. Lyons had previously acted as a representative in real estate transactions for each of the buyers and sellers of the property • Mr. Lyons informed the sellers that he had potential buyers • Mr. Lyons referred to the prospective buyers as clients and showed them the property • Mr. Lyons received multiple competing offers • Mr. Lyons informed the sellers of the offers and was informed to counter back with the highest offer • Mr. Lyons provided no written or informed consent regarding the conflict of interest in relation to any services he provided to any of the parties • $4,500 Industry members must disclose any conflict of interest and obtain the written and informed consent of all parties to continue providing services. In this case, the associate had previous relationships with numerous potential buyers and the sellers, requiring written consent from all parties in order to continue their relationship with the associate.
3) No industry member shall solicit, accept or receive from the public or from the industry member’s client money or other consideration except in the usual course of carrying on the business of an industry member [s. 18(1) of the Real Estate Act] • no industry member shall receive money in the course of carrying on business as an industry member unless, before receiving the money, the industry member has entered into a service agreement with the person who provides the money or on whose behalf it is to be held that expressly acknowledges the trust arrangement between them and sets out the terms on which the money will be received, held and disbursed [Real Estate Act s. 18(2)] • Mr. Lyons provided a handwritten purchase contract for a property and witnessed the buyer’s signature on the contract • the handwritten contract contained no information for both the buyer and seller representative • Mr. Lyons’ brokerage later discovered a typed purchase contract with Mr. Lyons signature that included the following term: • seller to pay commissions upon closing of house of the sum of 3% of selling price to Brad Lyons • the brokerage informed Mr. Lyons that commissions could not be received like this and that all paperwork is required to go through the brokerage • the transaction completed and Mr. Lyons received a commission check worth $11,497.50, which he deposited into his personal account • Mr. Lyons has taken no steps to remedy his non-compliance • $15,000 All transactions must go through the brokerage, including all commissions and paperwork. Mr. Lyons drafted terms to receive money directly from a client, and he received that money without entering into a service agreement, and in direct opposition to instructions clearly communicated to him by his brokerage.
They can be found on the RECA’s website here: https://www.reca.ca/wp-content/uploads/2019/07/July-Case-Summaries.pdf
When reached for comment, Lyons told LNN that under the advice of his brokerage, he would not be commenting, and additionally, the incidents occurred about 10 years ago. It’s not clear why, if the offences occurred a decade ago, the punishments were only administered a few months ago.
Douey says each agent has 30 days to appeal the fine from the date that it’s levied, and to request a hearing. During that time, the fine does not have to be paid. In Lyons’ case, that has not been done. It’s not clear whether the $25,000 in fines have been paid.
More details on the particulars of the fines can be found here: https://www.reca.ca/complaints-discipline/decisions-appeals/
Douey adds that fines are quite common and it would be strange to go for a week or two without an administrative penalty coming down. However larger fines are less common.
“We receive 1,000 complaints a year. Not all of those eventually result in a penalty. Some of them might not be in our jurisdiction, or there’s no evidence or things like that. But most administrative penalties are smaller in nature.”
Although any licenced realtor, mortgage broker, property manager and real estate appraiser can be searched on the site, records only go back about two years. It’s not clear whether any other Lethbridge realtor has faced large fines.
Kelowna named best city for real estate investment
Kelowna is the best city for real estate investments in Western Canada.
That’s according to Western Investor, a source for commercial real estate and business opportunities in Western Canada.
Kelowna is Canada’s 53rd most populous city but has the 10th busiest airport, which the Western Investor said is a “telling” statistic that it’s a growing city and the reason why it called it the best.
The report noted two new hotels at the airport, as well as construction of new commercial and residential buildings in the downtown area.
The buildings include the One Water Street condo tower and the Ella Tower. In total, there are 12 residential towers under construction in the city.
The source also pointed out Kelowna has a 4.9 per cent office vacancy, with more office spaces under construction.
“It’s gratifying to see the city’s long-term vision for this area becoming a reality,” Mayor Colin Basran said.
“The mixture of commercial, industrial and residential properties create a dynamic and attractive hub of development where people can work, live and enjoy leisure time all in one spot.”
Other B.C. cities named in the top five include Prince George and Chilliwack.
Centurion follows opportunity, buying 6 W. Canada apartments
Centurion Apartment REIT is both following the opportunities and continuing to diversify its portfolio with the purchase of six apartment properties in three Western Canadian cities, president and CEO Greg Romundt says.
Centurion is making the purchases in four transactions in Regina, Edmonton and Victoria. The properties total just over 1,300 apartment units and bring Centurion’s total assets under management to about $2.9 billion.
Three of the properties are new builds, while three of the Edmonton acquisitions are established properties.
“We’ve seen lots of opportunity in the new construction space in Western Canada, and in general. We’ve been pursuing a strategy for years of diversifying, not being just an Ontario-based shop, doing deals in Western Canada,” Romundt told RENX in an interview.
“We’ve been pretty active in B.C., Alberta particularly this year, and Saskatchewan and Manitoba have gotten a lot of our attention in the past couple of years.
“Part of it is certainly driven by the desire to have a diversified portfolio but the other is just the opportunity set.
“The stuff we’re doing in Western Canada not only is it hitting our dollar metrics, but we’re finding it easier to find, source and complete deals out there without having to pay through the nose to do it.”
The properties are: The Apex at Acre 21 in Regina; Grand Central Manor II and III, Oliver Place, Riverside Towers and The Mayfair on Jasper in Edmonton; and Hockley Corners in Langford just outside Victoria. Closing dates range from early December through March 2020.
Centurion’s $200M equity raise
Centurion is quickly putting to work funds from a successful three-phased share offering which was designed to raise $150 million.
“We decided to accept $200 (million) in three closes,” said Romundt, noting the first close on Nov. 1 was for $110 million. “It’s all allocated. We originally went out for $150 (million), we had subscriptions for $300 (million) and we accepted $200 (million).
“The apartment sector has been doing very well and I think there is a lot of recognition that it still has a lot of strong tailwinds behind it. Vacancy rates are low, interest rates are low, performance has been excellent but also, (in) portfolios across the country the market rent gaps are so large that forward-looking returns are still pretty attractive, too.”
Romundt said two years ago he hoped to build Centurion (Centurion Asset Manager, Centurion Real Estate Opportunities Trust, Centurion Financial Trust and other divisions) to $3 billion in assets within three years, $5 billion within five years.
Centurion again eyes Toronto market
“When all those complete, we’ll be at about $2.9 billion. We seem to be on schedule for that and I wouldn’t be surprised if we’re ahead,” he said, noting conditions have been ripe for portfolio expansions.
“We got in early into the new construction space, helping builders finance new developments.
“We weren’t the only guys who saw this, obviously, and there’s been a lot of product that’s now coming available. We’ve positioned ourselves very well to have this very deep pipeline of things we finance, also relationships from that effort that is spinning off into lots of new acquisitions of new product.
“So much being built today is being built by merchant developers, so they want to sell it. That’s perfect for us.”
In the near term, rapidly rising rents across Canada might reopen markets which have been difficult to access. Romundt said its focus has been on secondary markets, or regions just outside the biggest metropolitan areas because of pricing and intense competition in the cores.
Even markets like Toronto might soon be in play.
“We’re partners on a lot of builds. . . . In fact we are even looking at product in Toronto, deals that we’ve worked on for years and couldn’t make the numbers work,” he noted.
“Because rents have moved so much, some of these locations now are starting to make financial sense. I am actually getting a little more optimistic for areas where we would love to be able to build and own.”
Here are some additional details about Centurion’s pending acquisitions:
The Apex at Acre 21
Centurion is acquiring a 50 per cent interest in this new build, on which it was a development partner with Devereaux Group. It will bring Centurion’s portfolio to five properties and 571 rental units in Regina.
Completed in May 2019, the property is in the Greens on Gardiner neighbourhood in southeast Regina. The Apex at Acre 21 includes three buildings with 176 suites.
Apex offers one- and two-bedroom suites with dens and large living spaces. Condo-style finishes include luxury vinyl flooring, granite countertops, stainless-steel appliances, private balconies, ensuite bathrooms and walk-in closets.
The property has 233 surface parking stalls and a 2,400-square-foot Resident Clubhouse.
The Mayfair on Jasper
The Mayfair on Jasper is a class-A, mixed-use property completed in late 2016 at 10803 Jasper Ave. NW. It was developed and owned by ProCura Real Estate Services.
The 10-storey, 238-unit property has a mix of studio, one- and two-bedroom suites with luxury interior finishes. It has a smart-key system, premium concierge, parcel pending automated delivery system, fitness centre and dual rooftop parks. It also has 196 parking stalls and 24,901 square feet of main-floor commercial space.
Grand Central Manor II & III, Oliver Place, Riverside Towers
This family-owned portfolio of three high-rise buildings has 832 units and 38,702 square feet of commercial space. The acquisition would increase Centurion’s Edmonton portfolio to 1,278 rental units (including The Mayfair on Jasper).
The 17-storey Grand Central Manor II and III at 109th Street and Jasper Avenue offers 306 suites with one or two bedrooms, plus penthouses. All feature spacious balconies and six full-size appliances.
The 18-storey Oliver Place, also along Jasper, is a mixed-use building with 234 residential units, a four-storey parkade and a 37,788-square-foot commercial space on the main floor. It also has a fitness centre, social room, outdoor pool and resident lounge. The suites feature floor-to-ceiling windows, spacious balconies, in-suite storage and full-size appliances including dishwasher.
The third property is just east of downtown near the Brewery, ICE, Financial, and Government districts. Riverside Towers comprises twin apartment buildings with 292 units, a 914-square-foot commercial space on the main floor and a common recreational area connecting the two 21-storey towers. Units range from studios to three bedrooms and penthouse suites. All suites overlook the North Saskatchewan River Valley.
The newly constructed Hockley Corners is adjacent to five other properties Centurion purchased in July and will bring Centurion’s portfolio to 10 properties and 664 rental units in the Greater Vancouver Area.
The six-storey, purpose-built rental developed by Design Build Services of Langford at 765 Hockley Ave. was completed in August 2019. Hockley Corners has 63 residential units with underground parking and optional out-of-suite storage.
The suites offer one- and two-bedroom units, some with dens. They feature nine-foot ceilings, condo-quality finishes, stainless-steel appliances, individual heating and cooling system, and in-suite washer/dryer.
Hockley Corners is close to Millstream Village Shopping Centre, transit and Bear Mountain Golf Resort
Guelph real estate agents to trek 100 km in Sahara Desert
Four Guelphites will be trekking 100 km across the Sahara Desert in Morocco this month to raise money for the Guelph-Wellington Women in Crisis.
The venture organized in support of the Royal LePage Shelter Foundation will see local real estate agent David Halls along with his wife Robin-Lee Norris, real estate agent Ariana Chhina and John Van Buskirk trek for five days straight, seven hours a day across the sand in the hot and dry desert climate.
“Truly it’s about supporting our local shelters. All of us who are participating, we cover 100 per cent of our own costs, our own flights, our own hotels. Every penny that we raise feeds through the Royal LePage Shelter Foundation and then ends up coming back to shelters,” says Halls.
Halls indicates that as a real estate professional, his job is to help clients find the perfect safe place to call home.
According to Statistics Canada, there were 552 residential facilities for victims of abuse across Canada that have seen 68,000 admissions in 2017 — 60.3 per cent of them being women and 39.6 per cent being their accompanying children.
On the snapshot day of April 18, 2018, 3,565 women, 3,137 accompanying children and eight men were staying in residential facilities due to some form of abuse. Over 80 per cent of women on that snapshot day reported abuse as their primary reason for seeking shelter.
The trek this month will include 120 agents and hikers across Canada representing The Royal LePage Foundation where they will be divided into four groups between 29 to 30, reside in large group tents, use camp-stye bathroom facilities and live without electricity, cell phone service and the other comforts of a modern-day home.
To participate, members must raise 5,000 each and cover their own travel costs. Each agent raises funds in any way they can.
“Royal LePage corporately pays all of the overhead expenses, all the staff salary so that every penny raised goes out directly towards a shelter or to education programs against violence,” says Halls adding that each city supports their local shelter.
The trek to the Sahara desert will be Halls’ third trip with the foundation. In 2017, he travelled over 100 km across some of Iceland’s most actively volcanic areas and in 2015, he travelled to the ancient Inca capital of Cusco and visited Ina ruins and Spanish colonial churches where he hiked through remote areas that have been the same for centuries.
“I think part of the experience is that you’re putting yourself in such an uncomfortable position. Most of us are blessed to never have to leave our house and go into a shelter,” says Halls.
“You’re putting yourself in a position that’s uncomfortable for a little period of time just to try and remember there are ladies out there and kids out there who have to do this regularly.”
To date, the Royal LePage Shelter Foundation has raised over $30 million in support of Canadian women’s shelters and violence prevention programs.
Halls says he continues to see a passion from everyone involved in the project to support the charity.
“We have a thing through Royal LePage called the commission where every single deal we do, we have a slice of our commission that goes towards this charity. So collectively again across the country its millions of dollars raised. It’s phenomenal,” says Halls.
So far, Halls’ campaign raised helped raise $12,141 which is 1 percent over their goal before he officially kicks off toward the middle of the desert on Nov. 20.
Executive director Sly Castaldi says the Royal LePage Shelter Foundation has been extremely supportive throughout the years and are huge community champions for which the Guelph-Wellington Women in Crisis is extremely grateful.
“Their impact has been immeasurable to us,” says Castaldi
“Any funds they raise go toward our overall operation which we depend on in terms of overall fundraising goals and managing the organization,” she said adding that the impact is both national and local.
Most distant world ever explored gets new name: Arrokoth – TVNZ
Greenland's oldest and thickest sea ice is melting twice as fast as other ice | Mapped – Daily Hive
Welcome to Lindas Embroidery 15k Designs Collection ! | Linda's Embroidery Designs
Mayor's Art Awards ceremony set for Dec. 2 – The Kingston Whig-Standard
Boeing received 'unnecessary' contract boost for astronaut capsule: Watchdog – The London Free Press
Eight arts events to check out in Vancouver this winter – Business in Vancouver
Boeing received 'unnecessary' contract boost for astronaut capsule: Watchdog – Canoe
LCD Monitor Repair Made Easy – How To Repair LCD MOnitors
Singh says Liberals must demonstrate willingness to work together
CPPIB posts 2.3-per-cent return in second quarter
Canadian Astronaut video chats with students
Asking space-age questions at Kay Bingham in Kamloops – Kamloops This Week
Kamloops students get a video visit from Canadian astronaut – iNFOnews
Warren Buffett favorite investing strategy is gaining steam
Over $857000 in grants for 24 Delta sport, arts and culture organizations – Surrey Now-Leader
Woman in furious rant about rainbow poppies for ‘gay soldiers only’
Window washer rescued from a dangling suspended scaffolding outside Edmonton’s Stantec Tower
Influential curator championed Canadian art
Asteroid horror: NASA panic as space rock half size of Ben Nevis on dangerous Earth-orbit
Search for missing teenager Alexandre Baron ends in tragedy
Some bus service will be cancelled due to the transit strike, states TransLink
Last Seen In 1986, Halley’s Comet Will Make Its Presence Known This Week With Shooting Star Show
Social worker stabbed to death in Calgary
Classic: Trump Interrupts First All-Women Spacewalk to Get His Facts Wrong – VICE
Vulgar slur painted across MP Catherine McKenna office
Jeffrey Spalding, renowned artist and curator, dead at 67
Splash: Arts Umbrella's 37th annual art auction and gala – BCBusiness
Doug Ford government pledges to be on better behaviour
Maxar Delivers Robotic Arm for NASA's Mars 2020 Rover – Financial Post
NASA unveils flexible, one-size-fits-all space suits – CTV News
- News7 days ago
Baby found dead inside dumpster in Saskatoon, police search for mom
- Sports5 days ago
Don Cherry criticized for comments on immigrants, poppies
- News5 days ago
Alberta Premier, Jason Kenney announces ‘Fair Deal Panel’
- Arts4 days ago
Hornby Island gets ready to build Arts Centre – BCLocalNews
- Investment5 days ago
Bitcoin Revolution CB – What is Bitcoin
- News5 days ago
Richmond Hill councillor slammed for not being a war veteran
- Real Estate5 days ago
Tech companies in Edmonton offer new ways to buy, sell homes
- Technology5 days ago
Pokemon Sword and Shield Critics Need to Put Up or Shut Up