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Coastal BC community's real estate predicament might be turning it into a ghost town – Prince Rupert Northern View

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When schoolteacher Joshua Ogden decided to buy property in the remote B.C. town of Kyuquot, he faced an inconvenient dilemma.

Ogden learned banks were skeptical about providing mortgages to buy property in the tiny community on Vancouver Island’s northwest coast. Banks in Campbell River told him a regular mortgage was impossible. Private lenders, meanwhile, would require a 35 per cent down-payment with a minimum seven per cent interest rate.

Independent mortgage brokers pointed out that no bank or financial institution will lend to a place with limited accessibility. Kyuquot is accessible only by boat or float-plane.

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Matt Bruining, manager of Royal Bank of Canada’s Campbell River branch confirmed Ogden’s story.

He said that while the lending policy for the bank is standard throughout the country, there are external factors to be considered if the property is not in a “service area.” Properties that lack easy access to fire-safety services, are examples of what the bank considers a “non-service” area. Insurance, and the cost of maintaining the property are also other criteria that weigh in on the lending decision.

So when a person with a good credit score can’t get a mortgage for a property in such areas, Bruining said the bank is “not declining people, but it is declining the property.”

Ed Handja, is a realtor with BC Oceanfront Properties. In his 25-year career, he has sold six properties in Kyuquot and considers it a “limited market,” meaning properties there can typically take anywhere from two months to two years to sell. Most banks consider that a financial risk not worth taking.

“Banks aren’t really comfortable because they do know enough that if they end up taking a property in foreclosure situation, it could take couple of months or years for them to sell it and they don’t want to get themselves into that situation,” said Handja.

Kyuquot is a vibrant community for four months of the year. However, at other times, outside of the Kyuquot Checleseht First Nation treaty land, it is almost a ghost town. On Walters Island where Ogden lives, most homes are owned by summer residents who use it as a holiday home.

Despite that, Ogden said renting was not easy either.

“Of the properties outside Kyuquot Checleseht First Nation treaty land, majority sit vacant for much of the year – unavailable to rent or purchase,” said Ogden.

Home owners are not comfortable giving out their properties for rent. Donna Holmes Vernon, a home owner on Walters Island who rented her place three times in the past said, landlords who don’t live in Kyuquot face “serious limitations” when it came to maintenance.

First of all, there was always damage done, said Vernon. Secondly, insurance prices and hydro rates on Kyuquot are exorbitantly high.

A lot of “outsiders” have bought property in Kyuquot because they had the money to pay up front said Eric Gorbman, who resides and runs a restaurant on Walters Island. Twenty years ago when Gorbman, an American, bought his property, locals were horrified, he said.

But the trend continued for a while when Kyuquot’s real estate was in demand by the “million-dollar club” of Americans, Vancouver-based tycoons, and out-of-province buyers who “gobbled” up property when it became available.

However, after the 2008 financial crisis in U.S., demand decreased. The owner of one of the last houses sold on Walters Island had to lower his price to the point where he literally had to give it away, said Gorbman.

The dilemma is always going to be a “circular issue,” said Gorbman and added that since locals cannot afford to buy houses, outsiders will continue to buy houses, most of which will be left vacant when they’re not around. He said this is something the provincial government needs to figure out.

“What Kyuquot needs to survive are young families, who can be assets to the community. But if they can’t find places to live, it’s a different thing altogether.”

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Botched home sale costs Winnipeg man his right to sell real estate in Manitoba – CBC.ca

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A Winnipeg man’s registration as a real estate salesman has been cancelled after a family vacated their home on a tight deadline for a sale that never went through, then changed brokerages and, months later, got $60,000 less for their house than what they expected when they moved out.

A Manitoba Securities Commission panel found Reginald Wayne Kehler engaged in professional misconduct and conduct unbecoming a registrant when he signed a document on behalf of sellers without their knowledge, reduced the listing price of a home without their approval, and didn’t tell them for nearly a month that a potential buyer hadn’t paid a promised $100,000 deposit.

The sellers, identified as D.R. and P.R. in the panel decision released Wednesday, were awarded $10,394 from the real estate reimbursement fund. Kehler was ordered to pay $12,075 to cover costs of the investigation and hearing.

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The sellers were a military family who had to move in 2020 after the husband was posted to Ottawa.

They chose Kehler as their listing agent, because he had helped them find the home when they moved to Winnipeg in 2018, and they had a good relationship with him, the panel’s decision says.

They  listed their house in May and on June 15, 2020, accepted an offer of $570,000 with possession on July 15. A deposit of $100,000 was to be paid within 72 hours of acceptance of the offer.

Kehler was the salesperson for both the buyer and the sellers — but the sellers say he never told them that.

A form that indicated the sellers knew he was also representing the buyer, dated June 15, 2020, was filed.

While it appeared to be signed with the sellers’ names, they said they didn’t see it until March 2021. One of the two wasn’t even in Winnipeg on June 15.

“Kehler, in his interview with commission staff, acknowledges that the sellers never signed this document — we note that the purported signatures on the form look nothing like the actual signatures of the sellers on other documents,” the decision says.

Kehler told commission staff he’d been authorized to sign on the sellers’ behalf, which they denied. The panel found them more believable.

Once the deal was made, the sellers, believing they had just a month before the buyer would take possession of their home, quickly packed up and prepared to move with their two young children.

Buyer never made deposit

Meanwhile, the buyer hadn’t made the $100,000 deposit before the deadline — but Kehler didn’t tell the sellers.

Kehler told commission staff that was because he thought the deposit was still coming, and he didn’t want to cause more stress for the sellers.

On July 10, just five days before the buyer was to take possession and the day before the family was leaving Winnipeg, the sellers spoke to Kehler — but he still didn’t tell them the deposit hadn’t been paid.

Kehler “said everything was fine,” according to the decision.

It wasn’t until the evening of July 13, when the family arrived in Toronto on their way to Ottawa and just 36 hours before the scheduled closing, that Kehler told them he’d never received the deposit.

Eventually, they received $4,000 of the deposit, but the sale of the house never closed. The sellers scrambled to extend the insurance on their old home and make sure they continued to pay the utility bills, the decision says.

Home relisted

Kehler then recommended they relist the home, and it went back on the market at $574,900.

On Aug. 10, 2020, Kehler recommended the price be reduced to $569,900. Instead, the seller said he should reduce the price to $567,900.

But when the seller looked at the online listing on Aug. 22, it was listed at $564,900.

The sellers also asked Kehler about maintaining the property, since they were no longer in Winnipeg. He agreed he would, but friends ended up going and mowing the lawn, the decision says.

The sellers asked Kehler and his brokerage about what could be done to “make things right,” the decision says, but they never received any responses.

On Sept. 5, they hired a new brokerage to sell the home. Under the new real estate salesman, they accepted an offer on Dec. 13, and closed the deal Jan. 2, 2021, receiving $507,500 for the home.

Kehler’s actions were “contrary to the best interests of the public” and undermined “public confidence in the real estate industry,” the decision says.

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Dr. Phil left speechless after real estate agent claims that squatting is justified by colonization – New York Post

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Dr. Phil spoke with property owners about how squatters are using legal loopholes to occupy properties, but one real estate agent argued it can be justified because of a history of “colonization.”

Wednesday’s episode of “Dr. Phil Primetime” featured one guest named Kristine, a real estate agent who “doesn’t think adverse possession is immoral,” but believes that “people with no housing dying from the elements is immoral.” According to the Legal Information Institute, adverse possession is where a “person in possession of land owned by someone else may acquire valid title to it, so long as certain requirements are met, and the adverse possessor is in possession for a sufficient period of time.” The requirements and period of time vary by state and city.

In her introduction on the show, Kristine argued that there are “multi-million dollar projects, and they’re just abandoned.” She added that she believes the land of those abandoned projects can be reclaimed.

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She also noted she is working with a client who is “trying to occupy a property” that’s around 300 or 500 acres.

“It’s something that’s so large that you wouldn’t even notice what 2 acres is compared to how many acres are on there,” she said. “Adverse possession is a law that’s left over from both Spanish and English colonization, it is how they took the land from the native people, and it’s a process we can use to take that land back.”


Dr. Phil
Dr. Phil’s guest explained that adverse possession is a law that’s left over from colonization. Youtube/Merit Street Media

“You said that if I’ve got 100 acres or 1,000 acres and somebody goes and gets in a corner of it and adversely possesses 5 acres of it, I’m not gonna miss it, I’ve got 1,000 acres anyway?” Dr. Phil asked Kristine.

“Well, yeah,” she responded. “Can you tell me, if you’re looking at 1,000 acres, could you tell me what 5 acres was?”

Dr. Phil’s jaw dropped, and he said, “Hell yes.”


Real estate agent Kristine
The real estate agent asked Dr. Phil he could pick 5 acres out of 1000. Youtube/Merit Street Media

A landlord named Tony argued with Kristine about how she believes the manner in which people inherit property should be taken into account when it comes to adverse possession.

“We’re not in 1776, we’re in 2024,” Tony said, sparking a wave of applause from the audience.

“Do you think that a corporation that makes over a billion dollars a year is injured by someone taking 5 acres of land?,” Kristine argued.

Another guest quickly interjected with “somebody is.”

Another guest named Patti confronted Kristine by arguing she does not use her car 24-hours-a-day.

“Playing out your scenario, then theoretically anyone on the street should be able to boost your car and drive it, because that car is just sitting around unused,” Patti said, sparking applause from the audience.

“I don’t have a billion-dollar net worth,” Kristine argued, which made Barry ask if having a billion dollars is where Kristine draws the line.

Dr. Phil concluded the episode by commending Kristine for her willingness to defend her beliefs, but said he “100%” disagreed with her.

“It is a lawful thing to do if you do it in the right way, I 100% disagree with your philosophy, but your facts are correct,” he said. “She’s not suggesting people go squat in someone’s home when they go on vacation, she’s talking about something completely different, at another level, and if you’re not a billionaire, she isn’t targeting you.”

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Botched home sale costs Winnipeg man his right to sell real estate in Manitoba – CBC.ca

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A Winnipeg man’s registration as a real estate salesman has been cancelled after a family vacated their home on a tight deadline for a sale that never went through, then changed brokerages and, months later, got $60,000 less for their house than what they expected when they moved out.

A Manitoba Securities Commission panel found Reginald Wayne Kehler engaged in professional misconduct and conduct unbecoming a registrant when he signed a document on behalf of sellers without their knowledge, reduced the listing price of a home without their approval, and didn’t tell them for nearly a month that a potential buyer hadn’t paid a promised $100,000 deposit.

The sellers, identified as D.R. and P.R. in the panel decision released Wednesday, were awarded $10,394 from the real estate reimbursement fund. Kehler was ordered to pay $12,075 to cover costs of the investigation and hearing.

300x250x1

The sellers were a military family who had to move in 2020 after the husband was posted to Ottawa.

They chose Kehler as their listing agent, because he had helped them find the home when they moved to Winnipeg in 2018, and they had a good relationship with him, the panel’s decision says.

They  listed their house in May and on June 15, 2020, accepted an offer of $570,000 with possession on July 15. A deposit of $100,000 was to be paid within 72 hours of acceptance of the offer.

Kehler was the salesperson for both the buyer and the sellers — but the sellers say he never told them that.

A form that indicated the sellers knew he was also representing the buyer, dated June 15, 2020, was filed.

While it appeared to be signed with the sellers’ names, they said they didn’t see it until March 2021. One of the two wasn’t even in Winnipeg on June 15.

“Kehler, in his interview with commission staff, acknowledges that the sellers never signed this document — we note that the purported signatures on the form look nothing like the actual signatures of the sellers on other documents,” the decision says.

Kehler told commission staff he’d been authorized to sign on the sellers’ behalf, which they denied. The panel found them more believable.

Once the deal was made, the sellers, believing they had just a month before the buyer would take possession of their home, quickly packed up and prepared to move with their two young children.

Buyer never made deposit

Meanwhile, the buyer hadn’t made the $100,000 deposit before the deadline — but Kehler didn’t tell the sellers.

Kehler told commission staff that was because he thought the deposit was still coming, and he didn’t want to cause more stress for the sellers.

On July 10, just five days before the buyer was to take possession and the day before the family was leaving Winnipeg, the sellers spoke to Kehler — but he still didn’t tell them the deposit hadn’t been paid.

Kehler “said everything was fine,” according to the decision.

It wasn’t until the evening of July 13, when the family arrived in Toronto on their way to Ottawa and just 36 hours before the scheduled closing, that Kehler told them he’d never received the deposit.

Eventually, they received $4,000 of the deposit, but the sale of the house never closed. The sellers scrambled to extend the insurance on their old home and make sure they continued to pay the utility bills, the decision says.

Home relisted

Kehler then recommended they relist the home, and it went back on the market at $574,900.

On Aug. 10, 2020, Kehler recommended the price be reduced to $569,900. Instead, the seller said he should reduce the price to $567,900.

But when the seller looked at the online listing on Aug. 22, it was listed at $564,900.

The sellers also asked Kehler about maintaining the property, since they were no longer in Winnipeg. He agreed he would, but friends ended up going and mowing the lawn, the decision says.

The sellers asked Kehler and his brokerage about what could be done to “make things right,” the decision says, but they never received any responses.

On Sept. 5, they hired a new brokerage to sell the home. Under the new real estate salesman, they accepted an offer on Dec. 13, and closed the deal Jan. 2, 2021, receiving $507,500 for the home.

Kehler’s actions were “contrary to the best interests of the public” and undermined “public confidence in the real estate industry,” the decision says.

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