A White Rock real estate agent, who sublet his rented home without permission and kept the money for himself, was fined $25,000 and faced suspension by the Real Estate Council of BC.
In a consent order published Jan. 6, which outlined the penalties and the reasoning behind them, and the council agree that on Jan. 17, 2016, Peter Christopher Dolecki and his wife signed a 12-month lease for a home located on 162 Street in Surrey for a monthly rent of $4,500.
In the fall of that year, Dolecki moved to a different rental home in White Rock. After he moved out, Dolecki listed on Craigslist the Surrey property he rented for $5,000 per month – $500 more than his lease for the property.
Dolecki told the council he attempted to get permission from the property owner to sublet the home, who lived overseas, but was unable to connect with him or his local representative.
In October 2016, a couple from the U.S., who were relocating to Surrey, inquired about the listing and viewed the property, with Dolecki, in November of that year.
The consent order says the future tenants noticed Dolecki’s white pick-up truck at the site, which advertised his name and brokerage information.
“The Tenants state that from their interactions with Mr. Dolecki at the viewing, they were under the impression that Mr. Dolecki was the owner of the property,” the consent order states.
While Dolecki told council that he never told the future tenants he was the owner of the property, he said he did refer to the property as an investment property.
Dolecki prepared a residential tenancy agreement Nov. 6, 2016 for the new tenants, where he identified himself as the landlord.
“He admits that he did not ensure that the Tenants understood he was acting as landlord in a sublease arrangement and was not the owner of the property,” the order states.
On Nov. 14, 2016, the tenants paid Dolecki a $2,500 security deposit, and on Nov. 21 the tenants paid Dolecki $5,000 for December’s rent. Then on Dec. 14, 2016 the tenants paid Dolecki $2,927 for January’s rent. By agreement, Dolecki had reduced the monthly rent for that month due to cost of repairs the renters had to undertake.
And on Jan. 21, 2017, the tenants paid Dolecki $5,000 for February’s rent.
However, after collecting more than $15,000 for rent and a deposit from the new renters, Dolecki kept the money for himself.
Nine days after the tenants paid $5,000 for February’s rent to Dolecki, the tenants discovered a “10 Day Notice to End Tenancy for Unpaid Rent of Utilities” form taped to the front door of the property. The eviction notice stated that Dolecki was in arrears of rent payments in the amount of $29,250 and was required to vacate the premises by Feb. 10, 2017.
The tenants contact Dolecki about the notice, and he told them to “not worry and that he would sort it out.”
The tenants then contacted the issuer of the eviction noticed and at that point learned that Dolecki was the registered tenant, not owner, of the property.
The tenants moved out of the property by Feb. 10, 2017 and the house was put up for sale and subsequently sold. Dolecki paid the tenants $2,500 for the security deposit, and an additional $2,500 representing partial reimbursement for the February rent.
Dolecki told the council that when he initially rented the 162 Street home, he had an agreement with the property owner that he would be reimbursed by way of either direct payment or rent reduction for repairs and maintenance he undertook on the property. Dolecki told council he was owed for repairs and maintenance to the property for an amount that was close to or substantially equivalent to the $29,250 in which he owed for rent.
The landlord has not currently pursued Dolecki for the alleged arrears owing.
The consent order found Dolecki committed conduct “unbecoming” of a licensee when he leased the property without obtaining permission from the property owner; prepared a residential tenancy agreement in which he identified himself as the landlord; received payments from the tenants, in the form of security deposit and rent, and did not deliver those payments to the owner of the property.
Dolecki had his licence suspended for two months and was prohibited from acting as an unlicensed assistant during the suspension; he was ordered to pay a discipline penalty to the council of $25,000; and, at his own expense, register for and complete the Trading Services Remedial Education Course provided by the Saunder School of Business at UBC.
Dolecki was also order to pay enforcement expenses to the council of $1,500.
BentallGreenOak Raises $1 Billion for Real-Estate Lending Fund – BNN
(Bloomberg) — BentallGreenOak has raised 869 million euros ($1 billion) for its latest European real estate debt fund as the private equity firm muscles in on property lending amid a retreat by banks.
The fund, which started raising cash before the onset of the pandemic, exceeded its initial target of 800 million euros, according to a statement Thursday. It issues loans secured against offices, warehouses and homes in Germany, the Netherlands, the Nordics and Ireland.
“Post-Covid we have faced a lot less bank competition on the lending side,” said Jim Blakemore, a London-based managing partner and global head of debt. “This is a good market to be a lender in today.”
The outbreak prompted banks to make hefty provisions for soured loans as widespread lockdowns threatened borrowers’ rent collections and their ability to repay loans. That’s diminished their appetite for new real estate lending, particularly to malls, stores and hotels that have seen their income wiped out. Non-bank lenders have spied an opportunity to step in and back investors seeking to reinvent those impaired properties.
GreenOak Europe Secured Lending Fund II has so far lent 382 million euros, the statement said. The eight loans agreed to date have been for properties in the Netherlands and Ireland.
“This crisis may be for assets that are no longer fit for purpose,” like shopping malls leased to fashion stores that have seen consumers move online, Blakemore added. “When you talk about sectors having to be reinvented, that kind of real estate transformation doesn’t fit well with bank lending, that’s the place where private credit can fill the gap.”
©2021 Bloomberg L.P.
Canada's million dollar real estate club grows | Watch News Videos Online – Globalnews.ca
Move over Vancouver there’s a new member of the million dollar real estate club. A day after Vancouver reported a 73 percent jump in sales for February , Toronto numbers jumped over 50 percent with the average price of a home topping the million dollar mark. Financial analyst Michael Campbell has the details.
Ottawa real estate market sets record in February – CTV Edmonton
Ottawa’s real estate market remained red hot during a cold and snowy February, setting a record for properties sold during the month.
“Resale properties are virtually flying off the shelves,” Ottawa Real Estate Board president Debra Wright said in a news release.
The board reports 1,390 residential properties were sold in February, up from 1,134 in February 2020.
The sales volume for residential properties and condos in Ottawa was $885,592,105 in February, 54 per cent higher than the same month last year.
“Even though our inventory is significantly lower than 2020 – a combined 46 per cent decrease in housing stock for residential and condos – we witnessed a record number of sales in February 2021,” said Wright.
“How is that possible? Simply put, properties that come onto the market are selling very quickly.”
February’s sales included 1,028 in the residential-property class, and 362 condominium-properties.
The Ottawa Real Estate Board says the average number of days on the market for a property declined from 30 days in February 2020 to 14 days last month.
The average sale price for a residential-class property was $717,914, an increase of 27 per cent from a year ago. Condominiums sold for an average of $407,671, an increase of 17 per cent from February 2020.
“There is no denying that scarcity is leading to a more rapid price acceleration,” said Wright about the sales volume for residential and condo properties.
“This scarcity combined with buyer’s willingness to pay and compete in this market will continue to drive up the sales prices.”
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