Real estate professionals will learn how to recognize red flags and be instructed on their obligations if they’re involved in a suspicious transaction. It’s estimated $5 billion was laundered through B.C.’s property market in 2018 alone, driving up prices by an estimated five per cent that year
Real eState
Anti-money-laundering course mandatory for real estate agents and property managers – Vancouver Sun
The regulatory agency for B.C.’s real estate professionals is launching a mandatory anti-money-laundering course to show real estate agents and strata and property managers how to recognize red flags and what steps they’re obligated to take to report suspected cases.
The course will provide “the information you need to understand why real estate is attractive to money launderers,” said the course outline on the website of the Real Estate Council of B.C., the self-regulatory body of the province’s 26,000 licensed real estate pros.
Members will learn “how to recognize the risk signs and red flags associated with money laundering (and) review your obligations and the steps to take to report suspicious transactions,” it said.
The self-paced online course will “empower them (real estate pros) to actively contribute to preventing criminal activity in B.C. real estate markets” and support them to “comply with their federal reporting obligations,” spokesman Warren Mirko said in an emailed statement.
“Real estate professionals work closely with their clients, so they are well positioned to identify suspicious transactions,” he said.
The announcement of the course requirement comes two months after the provincial government unveiled plans to create a new regulator for B.C.’s real estate sector by spring 2021. A single regulator for the sector was a key recommendation of recent reports aimed at cracking down on money laundering.
The three reports into money laundering since 2018 have revealed billions in proceeds-of-crime, and other questionable sources of income have been laundered for years through the real estate industry, as well as through other luxury purchases and through casinos.
The latest report, by Maureen Maloney in May, estimated up to $5 billion was funnelled through the B.C. property market in 2018 alone, likely increasing housing prices that year by five per cent.
Retired B.C. Supreme Court associate chief Justice Austin Cullen is in the middle of a year-long public inquiry to investigate the causes, scope and impact of money laundering in the province.
Registration will open when the course is launched next week and it will be required for licence renewal beginning April 1.
“It will become part of the mandatory education that real estate professionals must take in order to maintain their licence to practise in B.C.,” said Mirko.
The B.C. Real Estate Association announced this week a new requirement of 18 hours of professional training every two years for its realtors (who make up 90 per cent of all real estate agents), but there was no reference to money laundering.
Real eState
Greater Toronto home sales jump in October after Bank of Canada rate cuts: board
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.
Real eState
Homelessness: Tiny home village to open next week in Halifax suburb
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.
Real eState
Here are some facts about British Columbia’s housing market
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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