Open houses of homes for sale or rent in B.C. are coming to an end.
This comes after a group of agencies overseeing real estate professionals in B.C. called for all open houses, across the province to come to a standstill.
This recommendation was made today (Nov. 5), by the Real Estate Council of BC (RECBC), the BC Real Estate Association (BCREA) and the Office of the Superintendent of Real Estate (OSRE), in response to the COVID-19 pandemic.
In the announcement, they referenced the recent surge of COVID-19 cases in B.C.
“RECBC, BCREA, and OSRE share the position that open houses should not be held at this time,” said CEO of RECBC, Erin Seeley.
This recommendation follows an order last week by B.C.’s Public Health Office to limit the number of people at an event in a private residence to six.
The board explained that real estate professionals must continue to follow this guidance when conducting any in-person showings and to recommend their clients instead use virtual tools to show and view properties.
In July, the RECBC released a set of recommendations that B.C. realtors have been using ever since, to stay safe and keep others safe while showing homes.
From the outset of the pandemic, the real estate board has been asking realtors to cease hosting open houses in the interest of public health and safety. However, it’s not until today that they insisted it should stop.
This comes at a time when, in some parts of the province, the real estate market is booming. In the Okanagan-Shuswap region, 70 per cent more homes sold in October of this year, compared to 2019. This is just slightly down compared to September, where 78 per cent more homes sold in September 2020, compared to 2019.
Additionally, the time it takes for homes to fly off the shelves is decreasing.
In the Fraser Valley, October was a record-breaking month for sales.
A total of 2,370 sales were recorded by the Fraser Valley Real Estate Board, a 48.9 per cent increase since last year.
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Artis Real Estate Investment Trust Announces Settlement Agreement with Sandpiper Group and Retirement of CEO And CFO – Canada NewsWire
WINNIPEG, MB, Nov. 30, 2020 /CNW/ – Artis Real Estate Investment Trust (“Artis” or the “REIT”) (TSX: AX.UN) announced today that it has reached an agreement with Sandpiper Group (“Sandpiper”) to withdraw its unitholder meeting request and pending litigation. Under the terms of the agreement, four existing trustees, Armin Martens, Edward Warkentin, Wayne Townsend and Bruce Jack, have tendered their resignations from the Board of Artis effective immediately. Sandpiper’s five nominated trustees: Heather-Anne Irwin, Samir Manji, Mike Shaikh, Aida Tammer and Lis Wigmore will be added to the Board. Armin Martens, President & CEO, will be retiring effective December 31, 2020 and Jim Green, CFO, will be retiring effective at the conclusion of the 2021 annual meeting of the unitholders.
Edward Warkentin, Chairman of the Board, said, “We are pleased to have come to an agreement with Sandpiper that Artis believes is in the best interests of the REIT and all of its unitholders. The reconstituted Board will provide continuity as well as adding new Trustees with a broad range of experience and expertise. The Board and management remain committed to ensuring that this transition be effected in an orderly and responsible manner for the benefit of all of Artis’ stakeholders. On behalf of the Board, we would like to thank Armin for his leadership and contributions to Artis over the years. Armin was instrumental in building Artis into the successful REIT that it is today and we sincerely thank him for those efforts and wish him the best on all his future endeavours. We are also pleased that continuity in CEO and CFO positions will be thoughtfully managed by Senior Executives at Artis in collaboration with the Board. On a personal level, I am grateful for the opportunity of having served as the Chair of Artis since its inception. Throughout my tenure, I have had the privilege of serving alongside an exceptional group of talented, professional, insightful and dedicated Trustees and I would like to thank each and every one of them for their contributions over the years.”
Armin Martens, President & CEO, said, “I am pleased that Artis was able to reach an agreement with Sandpiper that Artis believes is in the best interests of the REIT and all of its unitholders. Having served as Artis’ founding Chief Executive Officer for 16 years, I feel this is an appropriate time for leadership renewal and succession. It has been my honour and privilege to serve this great company. I am proud of the people of Artis and the excellent business we have built and wish the new leadership team and all Artis unitholders continued success in the years ahead.”
“We are pleased to reach an agreement with the Board of Artis that we believe will benefit all unitholders,” said Samir Manji, Chief Executive Officer of Sandpiper. “On behalf of all fellow unitholders, I would like to thank Armin, Ed, Wayne, Bruce, and Jim for their many years of service to the REIT and their commitment to a smooth transition moving forward. I look forward, alongside the continuing and newly added trustees, to contributing to the future growth and success of Artis.”
Artis is a diversified Canadian real estate investment trust investing primarily in industrial and office properties in select markets in Canada and the United States. Since 2004, Artis has executed an aggressive but disciplined growth strategy, building a portfolio of commercial properties, comprising approximately 23.8 million square feet of leasable area. Artis is focused on growing its industrial portfolio through strategic development projects in its target markets.
Sandpiper is a Vancouver-based private equity firm focused on investing in real estate through direct property investments and public securities. For more information about Sandpiper, visit www.sandpipergroup.ca.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE Artis Real Estate Investment Trust
For further information: Artis Contact: Heather Nikkel, Vice-President, Investor Relations, Phone: (204) 947-1250, Email: [email protected]; Sandpiper Contact: Alyssa Barry, Vice President, Capital Markets and Communications, Phone: (604) 558-4885, Email: [email protected], www.sandpipergroup.ca
Vancouver real estate: leaky East Broadway condo for sale, price reduced, $339900, cash only – The Georgia Straight
About two weeks ago, the Straight reported the sale of a unit at a leaky Vancouver condo complex.
It was a $285,000 cash-only, no-financing deal.
Now there’s another unit for sale in the same leaky condo development, Gardenia Villa.
It’s also cash-only, and no mortgage is available.
The price for 603-2468 East Broadway has been reduced to $339,900 from its original listing tag.
Gardenia Villa is known as a leaky condo development.
On September 16, 2006, Vancouver Sun reporters Fiona Anderson and Glen Bohn wrote that owners may have to pay up to $40 million to keep the complex from rotting.
“The project, designed by architect James Cheng and developed by Hong Kong-based Maple Resources Investment Co. Ltd., is a colourful eleven building complex with three gated courtyard gardens and a pool on five acres of land,” Anderson and Bohn reported.
Owners first noticed water issues at the 250-unit Gardenia Villa located at East Broadway and Nanaimo Street, “shortly after it was built in 1994”, the Sun noted in a report about 10 years later on October 2, 2016.
Reporter Keith Fraser wrote in the 2016 report that a judge ordered the strata council to impose on the owners a $16.8 million special levy to repair the complex.
RE/MAX City Realty listed 603-2468 East Broadway on November 25, 2019 for $349,000.
The listing was terminated on January 20, 2020 at a price of $344,000.
On the same day, a new listing came up for $339,000. It expired on June 26. On the same day, a new listing was released for the same price of $339,000.
Now the seller wants a little bit more.
The current listing increased the price by $900 for the sum of $339,900.
Compared to its November 25, 2019 listing tag, the present listing price represents a $9,100 reduction.
The listing history of the property was tracked by Zealty.ca, a real-estate information site owned and operated by Holywell Properties.
RE/MAX Crest Realty describes the property as a “large” unit on the sixth floor of a “concrete leaky condo”.
“Potentially building will be Rain-screened or sold to Developer. No Mortgage available for this complex. Must buy all cash,” the listing states.
The two-bedroom, two-bath, plus den unit “faces towards the center courtyard which is very quiet”.
The other condo unit that the Straight reported about on November 17 is on the fifth floor of the same 2468 East Broadway leaky condo building. That was Unit 502, which the listing described as one that faces a “beautiful courtyard”.
Fort McMurray real estate agent pushes shop local campaign for Christmas
A Fort McMurray real estate agent is encouraging people shop local by creating a video series called 30 businesses in 30 days.
This month, Melanie Galea started posting videos showcasing small businesses in Fort McMurray. From pet stores, to coffee roasters and spas, Galea has been trying to remind locals about what businesses they could be shopping from.
“It just seemed like it was needed more than ever,” said Galea.
“These business owners are ready for Christmas.”
She said there are concerns that businesses are going to be shut down and several businesses have already closed during the pandemic and flood.
“People are staying home, they’re maybe not spending quite as much money. Some businesses are doing well, but I’ve seen businesses shut down because of what’s happening right now.”
Galea did a similar promotion in 2015, making videos to showcase 30 businesses. Thirteen of those stores have since closed.
Galea put a call out for businesses to contact her about making a video, and she was even surprised to find out about companies she had never heard of before.
“It’s great to see there are new businesses,” said Galea.
“The reaction has been fantastic.”
Galea said her videos have even inspired former McMurrayites. She said a former Fort McMurray resident, now living in Edmonton, reached out to Galea to ask about buying gift cards from Fort McMurray shops.
The entire series took about 100 hours to create. She charged $50 per business to do the video, but it’s costing her more than $250 per episode.
“This is my give to the community,” said Galea. She started filming the series in the beginning of October.
Carley Johnson, owner of Firebag Coffee Company, started selling coffee and coffee accessories in February. She roasts coffee at her home in Fort McMurray and sells it online and at local markets.
Since her video went live, she’s had people reach out to her saying they didn’t know her business existed and says her sales have increased.
The company does free delivery in town, and she says they do about 25-30 orders a day.
“Since the video’s run I’ve probably had at least 5 to 10 new people contact me every day.”
“It’s wonderful,” said Johnson.
Michael Langille’s video hasn’t gone public yet — it’s slated for Dec. 9. He’s the owner of The Little Pet Company, which is in the midst of expanding.
“Some people think that we’re still shut down since the flood,” said Langille. “It’s about broadcasting that we’re here.”
He said many people thought the flood destroyed the shop, which it didn’t.
The store was “busier than ever” for the first few months of the pandemic, but recently noticed a “sgnificant change” in the number of customers coming in.
Langille said he doubled his store’s inventory with the expansion, but “we’re not seeing double the sales by any means.”
“We might’ve seen a ten per cent increase, which is not what you want to see when you’re expanding your business.”
He’s hoping the video gets people coming into the store, and spending their dollars in town, rather than online.
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