A fraudulent scheme that saw an unoccupied home in Richmond, B.C., sold without the owner’s consent has led to more than $300,000 in discipline penalties and costs for the real estate agents and brokers involved.
According to a notice from the B.C. Financial Services Authority (BCFSA), the Pacific Evergreen Realty agents and managing brokers involved in the 2019 sale were not complicit in the scam, but “they failed to take reasonable measures at multiple points in the transaction.”
The BCFSA says at least two men were involved in the fraud. One posed as the owner of the house and used a fake driver’s licence to get a notarized power of attorney, while the second posed as the attorney to conduct the sale.
The case has also led to both a civil lawsuit and criminal charges, and court documents suggest the Chinese businesswoman who owned the property is still fighting to get it back, four years later.
Consent orders posted by the BCFSA this week show that Pacific Evergreen agents Tracy Xiaomei Li, who represented the phoney seller, and David Chian Wei Yang, who represented the buyer, have both admitted to misconduct for their roles in the sale.
Li has been ordered to pay a $100,000 penalty and $7,000 in enforcement expenses, while Yang will pay a $50,000 penalty and $5,000 in expenses. They will both also be placed under enhanced supervision.
Their supervisors, managing brokers Lok Chi Annie Fong and Lo-Ming Lee must each pay $55,000 in penalties and costs for misconduct, while the brokerage has been ordered to pay $30,000 in penalties and expenses.
“The penalties reflect the severity of the licensees’ failure to meet their core responsibilities, including know-your-client obligations and duties to act honestly and with reasonable care and skill,” Jonathan Vandall, the BCFSA’s vice-president of compliance and enforcement, said in a written statement.
“Licensees must uphold their professional obligations, even if they are under pressure from their clients. Those who neglect their professional responsibilities will face discipline, especially where there is consumer harm.”
According to the BCFSA, Li did not carefully verify the seller’s ID or the power of attorney. She also obscured the timeline of the transaction by backdating disclosure documents and a fee agreement, the regulator says.
Meanwhile, Yang didn’t take the proper steps to investigate the suspicious circumstances of the deal or inform the buyer about all the red flags, according to the BCFSA.
CBC has reached out to Pacific Evergreen for comment.
‘An unlawful plan to harm non-resident owners’
An amended notice of civil claim filed this summer by the home’s original owner Yuan You fills in many of the details about what allegedly happened to her property on Colbeck Road.
Li, Yang and Pacific Evergreen are all named as defendants, although the claim states that they have settled the matter out of court on undisclosed terms since You first filed the lawsuit in 2020.
You’s claim alleges fraud, conspiracy, unjust enrichment and negligence by several people and businesses she says were involved in the sale. She’s asking for a B.C. Supreme Court judge to declare that she is the registered owner of the home, and to strike the title granted to the current owner.
In the claim, You describes herself as a businesswoman who currently lives in China. Property records show she bought the five-bedroom, six-bathroom home for $783,177 in 2004.
The claim alleges that a group of men named as defendants in the lawsuit “devised an unlawful plan to harm non-resident owners of property within British Columbia by fraudulently divesting them of their property.”
The B.C. Financial Services Authority says the real estate agents and brokers involved in a 2019 home sale in Richmond ‘failed to take reasonable measures’ to prevent fraud. (Jonathan Hayward/The Canadian Press)
It goes on to say that the co-conspirators targeted homes that were either empty or only periodically occupied, and had no charges against title that could complicate a sale. You claims the men would break into houses they had targeted to make sure no one was living in them.
You has alleged that Richard Irvin Yeltatzie impersonated her and had a notary sign a power of attorney for Kieran Paul Yeltatzie, who then hired a real estate agent to sell the property. The sale was completed on Nov. 29, 2019 for $1.7 million.
At the time of the sale, You says the home was rented out, but the tenant was also in China.
Both Yeltatzies were criminally charged last year in connection with the sale; however, all charges against Kieran Yeltatize were stayed this week, court records show.
A warrant was issued for Richard Yeltatzie’s arrest in April after he failed to appear in court on charges including fraud, impersonation and using forged documents.
Neither Yeltatzie filed a response to You’s civil claim, and default judgment has been granted against both of them, with damages to be assessed at a future date.
The home was sold again in February 2020 for $2.15 million, property records show. You’s amended claim suggests the current owner should have been suspicious when she was able to buy the property for less than its market value.
The 2023 assessment puts the value of the property at $2.75 million.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
