Innocenzo De Cotiis, who started the B.C. real estate giant, transferred most of his estate into an “alter ego” trust four years before his death in 2020
One of the elder sons of the founder of the Onni Group of Companies is contesting an estate plan he claims left him with “virtually nothing.”
Innocenzo De Cotiis — who built up the B.C. real estate giant from the purchase of a single rental building in North Vancouver in 1964 and died in September 2020 at the age of 82 — was the father of seven children, all boys.
According to a B.C. Supreme Court ruling posted Friday, Innocenzo made six wills between 1997 and 2009, then a seventh and final will in January 2016.
Innocenzo then transferred assets into yet another trust, the Onni Alter Ego Trust, nine months before his death. That trust completely excluded the older brothers.
Ivano De Cotiis took the estate to court claiming he was “disinherited” by his father and the four younger brothers.
Ivano’s claim to being disinherited is in the “broadest sense, and not just to mean excluded from Innocenzo’s last will,” according to the decision by B.C. Supreme Court Master Sandra Harper. Ivano’s claim is that merely contesting the last will would be an “empty victory; he would simply be awarded a greater percentage of nothing.”
Ivano’s suit alleges two of the younger brothers, Rossano and Guilio, who as executors of the estate and trustees to the various trusts, have “relevant documents that they have failed to list and produce,” which Ivano claims contain evidence of the extensive assets to which he has been excluded.
Ivano’s lawsuit against the defendants includes “wide-ranging claims based on unjust enrichment, breach of trust, breach of fiduciary duty, knowing receipt, and undue influence.”
The younger brothers object that Ivano’s affidavit is “replete with his ‘beliefs’ and ‘understandings,’ rather than direct evidence.” But Ivano says he is in an “information deficit” because of the defendants’ control over and exclusive contact with Innocenzo in his last months.
The court agreed Ivano’s affidavit was “somewhat speculative,” but admitted it as evidence because of his lack of knowledge of what’s in the withheld documents.
The defendants claimed Innocenzo’s earlier wills aren’t relevant, but the court disagreed because they could provide evidence that Ivano was once a beneficiary; show how Innocenzo’s attitude toward his elder son might have changed over time; and shed light on Ivano’s claim of the brothers’ “undue influence” late in their father’s life.
TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.
The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.
The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.
“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.
New listings last month totalled 15,328, up 4.3 per cent from a year earlier.
In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.
The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.
“I thought they’d be up for sure, but not necessarily that much,” said Forbes.
“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”
He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.
“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.
“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”
All property types saw more sales in October compared with a year ago throughout the GTA.
Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.
“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”
This report by The Canadian Press was first published Nov. 6, 2024.
The Canadian Press. All rights reserved.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
The Canadian Press. All rights reserved.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
The Canadian Press. All rights reserved.
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