Real eState

B.C. real estate firm fined $30K for using trust money to pay realtors – iNFOnews

Published

2 years ago

June 19, 2022

A B.C. real estate agency has been fined $30,000 for moving money from a trust account to pay its realtors.

The Victoria-based firm, Burr Properties Ltd, transferred almost $500,000 from its real estate trust account to an account used to pay realtors their commission, according to a June 6 B.C. Financial Services Authority decision.

“The payment of the Commissions caused a shortage in the brokerage’s pooled rental trust account in the amount of $495,303.85 from July 31, 2020, to December 23, 2020,” the decision read.

The account was finally brought up to date in February 2021.

The decision said the missing money was discovered when Burr Properties submitted its accountant’s report filings.

Shortly afterwards the B.C. Financial Services Authority conducted an audit of the brokerage.

According to the decision, Burr Properties said it had lost its long-term bookkeeper who had been there for over twenty years and some realtors had complained of unpaid commissions.

The managing broker said the new bookkeeper was unable to locate the commissions but was confident there were adequate funds.

Following the audit, the Financial Services Authority put conditions on the managing broker and transferred the signing authority of trust and other accounts to two other staffers.

Burr Properties signed a consent order admitting to professional misconduct and that the trust account showed a negative balance for more than six months.

“The negative balance was not immediately eliminated and reported to B.C. Financial Service Authority contrary… to the rules,” the decision read.

The Financial Service Authority fined the brokerage $30,000 plus $1,500 in enforcement expenses.

Burr Properties now has three months to pay the fine.

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Real eState

Homelessness: Tiny home village to open next week in Halifax suburb

Published

2 weeks ago

October 24, 2024

Anne Joseph

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.

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Real eState

Here are some facts about British Columbia’s housing market

Published

3 weeks ago

October 17, 2024

Anne Joseph

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.

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Real eState

B.C. voters face atmospheric river with heavy rain, high winds on election day

Published

3 weeks ago

October 17, 2024

Anne Joseph

VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.

Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.

The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.

Wednesday was the last day for advance voting, which started on Oct. 10.

More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.

Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.

An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.

This report by The Canadian Press was first published Oct. 17, 2024.

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