RE/MAX North Country Realty Inc. Under Suspension By Real Estate Regulator | Canada News Media
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RE/MAX North Country Realty Inc. Under Suspension By Real Estate Regulator

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*NOTE: It is the company that is under suspension, not the individual agents…

Real Estate Regulator RECO (the Registrar of the Real Estate Council of Ontario) has suspended the registrations at RE/MAX North Country Realty Inc.

This means all trading activities at RE/MAX North Country Realty Inc. and its registered branches must cease immediately.

The following locations are affected:

Huntsville (head office)
Bala
Bracebridge
Burk’s Falls
Gravenhurst
Haliburton
Kilworthy
Minden
Port Loring
Wilberforce

The move was made under the authority of the Real Estate Business Brokers Act.

According to a Public Advisory issued today, RECO discovered a shortfall in RE/MAX North Country Realty Inc.’s statutory real estate trust account, where consumer deposits are to be held.

The advisory states that additional action may be taken and information will be made available through RECO’s website reco.on.ca

Contacted today, RECO’s Senior Communications Officer Jennifer McCrindle told us that the biggest impact is on the real estate agents who have work in progress. She says they should reach out to RECO.

Country 102 has learned that some affected agents have already changed brokerages.

McCrindle says the terminology ‘Suspend the Registrations’ means RE/MAX North Country Realty Inc. is currently under suspension and can’t currently trade in Real Estate.

McCrindle could not confirm whether the OPP are investigating, but said it’s an active investigation on RECO’s part.

Country 102 has also learned that locks at some of the Remax Office locations have had glue inserted into the front door locks.

On January 1st, the Huntsville Doppler published a response from RE/MAX, which included the following statement from Christopher Alexander, Regional Director of RE/MAX INTEGRA, Ontario-Atlantic Canada:

“We pride ourselves on operating with integrity and take all financial matters that affect consumers or our agents very seriously. At this time, we are committed to working with RECO to understand the full depth of the situation in order to take the appropriate action moving forward.”

The Doppler article also stated that RE/MAX took swift action to terminate the brokerage and launch an official investigation with RECO in light of the recent financial matter regarding RE/MAX North Country.

In the article, the company states it is committed to ensuring the consumer is protected. Their focus at this time is to protect the best interests of consumers and their dedicated RE/MAX North Country agents. RE/MAX also relays through the statement printed in the Doppler article, that they’re working tirelessly to rectify all issues within their control.

RECO also provided the following contacts for people who are affected:

Home buyers and sellers with questions about the suspension order, including whether a pending sale or purchase will be completed on time, should contact:

Shaun Chu-A-Kong
Phone: (416) 207-4873
Toll Free: 1-800-245-6910, ext. 4873
Email: [email protected]

Questions about consumer deposit claims, or other insurance-related inquiries, should be directed to RECO’s Insurance Department:

Jeremy Meuris
Phone: (416) 207-4875
Toll Free: 1-800-245-6910, ext. 4875
Email: [email protected]

Cooperating brokerages for trades in which RE/MAX North Country Realty Inc., holds the deposit and/or are owed commissions by RE/MAX North Country Realty Inc., should contact:

Jeremy Meuris
Phone: (416) 207-4875
Toll Free: 1-800-245-6910, ext. 4875
Email: [email protected]

Employees of RE/MAX North Country Realty Inc., with questions about commissions should contact the claims adjuster for RECO’s insurance program:

ClaimsPro LP
Toll Free: 1-877-740-1913
Toll Free Fax: 1-866-735-1033
Email: [email protected]

The insurer requires one Notice of Claim Commission Protection form per trade.  Claim forms are located on the insurer’s website: www.reco-claims.ca

Employees of RE/MAX North Country Realty Inc., with questions about the procedures for transferring a registration to a new brokerage should contact:

Shahin Rehmtulla
Phone: (416) 207-4826
Toll Free: 1-800-245-6910 ext. 4826
Email: [email protected]

(Photo via Country 102)

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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

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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.

The Canadian Press. All rights reserved.

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Here are some facts about British Columbia’s housing market

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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.

The Canadian Press. All rights reserved.

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