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Fraser Valley real estate sales surges in June after COVID-19 slump –



Property sales in the Fraser Valley bounced back in June as buyers and sellers adapted to COVID-19 measures, according to the region’s real estate board.

The Fraser Valley Real Estate Board says it had 1,718 sales in June, more than double the number of sales in May.

Over the last few months, the pandemic nearly brought the real estate market in the Fraser Valley to a standstill.

“It’s never happened in the board’s history that we’ve had an increase of that much from one month to another, from one May to one June,” said Chris Shields, president of the Fraser Valley Real Estate Board.

Daniel Planko is finally ready to sell his mother’s large Cloverdale home now that some COVID-19 restrictions have been lifted for weeks. (Mike Zimmer/CBC)

According to Shields, there are three factors at play: historically low interest rates, pent up demand, and buyers and sellers who are feeling a bit more comfortable operating in a post COVID-19 market.

“During the lockdown period with COVID-19, there were a lot of people who were planning on buying or selling and put their plans on hold,” Shields said.

“Because we’re deemed an essential service, only the people who had to buy and sell were coming out during those months.”

The president of the Fraser Valley Real Estate Board Chris Shields is cautiously optimistic that the market is stabilizing under the new normal of COVID-19. (Mike Zimmer/CBC)

Daniel Planko is one of those people who put plans on hold when the pandemic began, but he’s finally ready to sell his mother’s house.

“When we were ready it was the middle of the lockdown,” he said. “Stay at home was the messaging we were getting, so we just stayed at home.”

Surrey Realtor Lucky Gill agrees the real estate market has completely turned around since the beginning of the pandemic.

“It’s definitely a seller’s market right now. We’re seeing a lot of demand on the buyers end so we have a lot of organic, multiple offers happening.”

However, Gill is still urging some caution.

“Any buyer that’s entering into the market needs to do all their homework and make sure that the financial stability, job security, everything’s there. They need to do their due diligence before entering. It’s a calculated risk.”

Surrey Realtor Lucky Gill is warning buyers to make sure their finances are in order before venturing into the real estate market. (Mike Zimmer/CBC)

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Huron-Perth real estate market sets more records in August – The Beacon Herald



The local real estate market set more records in August, with total home sales increasing nearly 40 per cent from the same time in 2019.

There were 260 homes sold last month, shattering the previous record of 210 set in August 2017. It was also the first time more than 250 homes were sold in a month in the Huron-Perth region.

“One difference in this local market compared to many others in Ontario is that the massive rebound in sales has been accompanied by a sustained increase in new listings,” Huron Perth Association of Realtors president Sherrie Roulston said. “The market remains historically tight, and prices are moving up to record levels as a result.”

The average price of residential properties sold in August 2020 was a record $477,756, up 19.8 per cent from August 2019. The cumulative dollar value of all home sales in August 2020 was $124.2 million, a large increase of 65.7 per cent from the same month in 2019. This was also a new record, not only for August, but for any month in the local real estate association’s history.

“You’re in the heat of it through the month and things are going crazy, and when you see the percentages, it’s (surprising),” Roulston said.

August is traditionally a slower month for the housing market as homeowners and prospective buyers are busy taking holidays and preparing for school’s return, but COVID-19 has shifted the market in 2020.

“There are a lot (of buyers) coming from out of town, whether it be Kitchener, Guelph, the (Greater Toronto Area) for sure,” Roulston said. “It’s driving our market up.”

On a year-to-date basis, home sales have totalled 1,410 units over the first eight months of the year – now up four per cent from the same period in 2019.

There were 244 new residential listings in August 2020, which was three more than a year ago and the largest number of new listings added in the month of August in more than five years.

Overall supply continues to run at record low levels, though. Active residential listings numbered 284 units at the end of August, which was a significant decline of 39.4 per cent from the end of August 2019.

Residential months of inventory numbered 1.1 at the end of August 2020, down from the 2.5 months recorded at the end of August 2019 and below the long-run average of 4.7 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The year-to-date average price of homes sold is $434,401, rising 13.7 per cent from the first eight months of 2019.

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Canadian Real Estate: Hottest Recreational Markets | RE/MAX Canada – RE/MAX News



For years, the Canadian real estate market has been dominated by a handful of cities, such as Toronto, Vancouver and Montreal. Everyone wanted to live in these red-hot markets – and for a good reason. These urban centres have everything you would want, from arts and entertainment to a diverse range of amenities. Then, of course, the coronavirus pandemic happened, and it turned everything upside down, including the dominant trends within the Canadian real estate market.

Who would have predicted at the start of 2020 that big city dwellers would be fleeing these metropolises to live in rural areas? This is one of the trends unfolding in the fallout of the COVID-19 public health crisis. With more Canadian businesses embracing work-from-home policies, many people are taking advantage of the opportunity to relocate to cottage country. As such, small cottage country towns are becoming attractive destinations for homebuyers.

Whether you are ready to pack up and leave your city-living days behind, or you’re looking for your next big investment opportunity, here’s what you need to know about some of the hottest markets in Canadian cottage country.

Canadian Real Estate: The Hottest Markets Across Cottage Country

#1 Kawartha Lakes, Ontario

The Kawartha Lakes has long been a getaway target for Torontonians since it is roughly a 90-minute drive from the heart of the city. The region is mostly known for its cottage vacations, but it offers a diverse array of activities and sights, including horseback riding, boating, hiking trails, golf, and so much more. Plus, you can access the Trans Canada Trail and Ferris Provincial Park. Now that the pandemic has altered buying trends, Kawartha is turning into an all-season home for many city dwellers.

According to the Kawartha Lakes Real Estate Association (KLREA), residential home sales surged 39.5 per cent in July. Home prices rose 3.8 per cent to a record high of $480,164. Since Kawartha is becoming a top destination for homeowners in the Greater Toronto Area (GTA), there has been a surge in demand, but supply has been unable to keep up, which has turned the municipality into a seller’s market.

#2 Muskoka Lakes, Ontario

Like the Kawarthas, Muskoka is at the top of the list of most popular cottage country destinations. And, like the Kawarthas, Muskoka provides so much more than an idyllic getaway. From Gravenhurst to Bracebridge, you can relish in great seasonal festivals, hiking, wineries, and art galleries, all year long.

The Lakelands Association of REALTORS® reported a 29.8-per-cent jump in non-waterfront residential sales and a 64.2-per-cent spike in waterfront sales in July. Prices within Muskoka have also popped: 15.5 per cent for non-waterfront properties ($385,250) and 21.5 per cent for waterfront housing ($675,000). The housing supply in Muskoka remains low, but the demand continues to rise, resulting in a seller’s market.

#3 Gulf Islands, British Columbia

If you desire to be on the west coast, consider the Gulf Islands in British Columbia. This has long been a much-desired cottage destination, mainly for its five major islands (Pender, Galiano, Mayne, Salt Spring and Saturna). Although the Gulf Islands are appealing due to the fact that you can choose to disconnect, or you can still stay connected to the outside world with frequent B.C. Ferries, water taxis and private boats.

The Gulf Islands have been steadily rising for several years now, and real estate agents in British Columbia say that the region could attract even more interest in the months to come. Over the last year, prices have risen as much as 41.61 per cent. Since 2015, prices have gone up as much as 132.7 per cent!

#4 Eastern Townships, Quebec

For years, people have rented cottages for their chalet-style getaways in Eastern Townships. The Quebec region has 89 municipalities, including Magog, Sherbrooke and Coaticook. In addition to being surrounded by nature, the southeastern Quebec region has plenty of gourmet wine facilities, spas, golf courses, and winter sports, as well as more than a dozen national and regional parks that can be enjoyed year-round.

Data from the Quebec Professional Association of Real Estate Brokers suggest transactions climbed as much as 20 per cent in this region. Prices above the $500,000 level are also the new norm, and experts forecast that prices will continue to go up amid more Montrealers fleeing to the suburbs.

#5 Frontenac County, Ontario

Frontenac County is a three-hour drive from Toronto, sandwiched between Kingston and Ottawa. It would be easy to surmise that Frontenac is attracting mostly Torontonians, but the urban flight trend is bringing people from large cities across Ontario. The main problem is that affordable all-season cottages do not stay on the market long, especially those priced below $500,000.

In July, Kingston and its surrounding areas witnessed a new sales record, rising 35.8 per cent from the same period last year, says Kingston and Area Real Estate Association (KAREA). The average price of homes sold was an astounding $458,026, which was up 15.2 per cent from July 2019.

Earlier this spring, many cottage country mayors discouraged urbanites from leaving their big cities to come to these small towns for fear of spreading the highly infectious respiratory illness. But these warnings might not have been enough for city dwellers searching for vacation homes or all-season cottages. As people from the nation’s largest cities seek less densely populated communities, cottage country destinations nationwide can anticipate a massive boom – and this could last all year long for many of these rural regions. For realtors within these small communities, perhaps the fiercely competitive bidding wars commonplace in Toronto and Vancouver’s real estate transactions, will become the new norm in 2021.  Stranger things – like for example, a global pandemic and killer hornets – have happened.

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LOTR – The Land Owner Transparency Registry – Real Estate and Construction – Canada – Mondaq News Alerts




LOTR – The Land Owner Transparency Registry

To print this article, all you need is to be registered or login on

In an effort to increase disclosure of the ownership of real
estate in B.C., the Land Owner Transparency Act (“LOTA”)
received royal asset and will be in force as soon as regulations
are prescribed. The Land
Title and Survey Authority of B.C.
is advising that the Land
Owner Transparency Registry (“LOTR”) will be launched
soon – as early as this Fall. Once launched,
transferees will be required to file a “transparency
declaration” which will be stored in LOTR, a searchable public
with information about indirect ownership interests in

But what does that disclosure look like?

Who must disclose?

  1. “Reporting bodies,”
    generally including:

    • Trusts
    • Partnerships
    • Corporations
  1. “Individual interest
    holders,” generally including

    • Trust beneficiaries
    • Partners in a partnership
    • Corporate interest holder of at least
      10% of outstanding shares or voting rights. (Confusingly, this is
      different than the requirements under Property Transfer Tax Returns
      and under the new
      Business Corporations Amendment Act

When to disclose?

  • Upon registering a legal interest in
    land in the Land Title Office;
  • If there is a change in interest
  • A reporting body discovers an
    inaccurate filling;
  • A reporting body is a pre-existing
    owner when LOTA comes into force; and
  • A registered owner ceases to be a
    relevant reporting body.

It’s also recommended that you obtain additional

in these scenarios

What to disclose?

  • A transparency
    indicating if you are a reporting body and
    what type.
  • Reporting Bodies must also file a
    transparency report disclosing the following

    • Corporations: name, registered
      address and head office address, jurisdiction of incorporation or
      continuation, incorporation number and business number
    • Trusts: information regarding
      the trustee and settlor corresponding to certain information
      required for individual interest holders
    • Partnerships:
      partnership’s business name, type of partnership, registered
      address or head office address, address of principal business
      premises, jurisdiction of organization, and identification number
      and business number
  • Individual interest holders of
    the relevant reporting body must disclose:
  • Full name, date of birth, SIN, tax
    number, principal residence and last known address;
  • Residency and citizenship status;
  • Date on which one became or ceased to
    be an interest holder and the nature of the individual’s
    interest in the reporting body.

As noted above, these disclosure requirements are confusingly
similar to, but different from:

  • The B.C. private companies
    Transparency Register (FAQs
  • Property Transfer Tax Requirements
    (PTT Return Guide
    ; additional info
  • B.C. Law Society Client
    Identification and Verification Requirements (Details

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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Your Second Home – Principal Residence Exemption

Minden Gross LLP

From what I have read, the demand for cottage properties has soared during COVID. City folk are eager to get out of the city for a change of scenery, especially since many people are still working from home.

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