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Single regulator for real estate on the way in | Columbia Valley, Cranbrook, East Kootenay, Elk Valley, Kimberley, Ktunaxa Nation – E-Know.ca

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The B.C. government is making legislative amendments to pave the way for BC Financial Services Authority (BCFSA) to become the single regulator for real estate in B.C. later in 2021.

Moving to a single regulator is a significant step to help BCFSA continue to address fraudulent activities and build protections against money laundering, stated a Ministry of Finance media release.

In 2019, the province announced that B.C. would be moving to a single regulator of financial services and real estate by bringing the responsibilities of the Real Estate Council of British Columbia and the Office of the Superintendent of Real Estate under BCFSA. The amendments will help create a single authority responsible for regulating real estate in B.C. to ensure a more co-ordinated approach to all segments of the financial services sector.

Creating a single regulator for real estate was a key recommendation from the Real Estate Regulatory Structure Review in 2018, as well as the Expert Panel on Money Laundering in BC Real Estate in 2019.

“Whether it’s buying a home or remortgaging an existing property, British Columbians should be at ease knowing one of the biggest purchases of their lives is conducted safely and securely,” said Selina Robinson, Minister of Finance. “These changes will help protect consumers and better co-ordinate oversight of B.C.’s financial services sector, including the real estate market.”

BCFSA currently regulates B.C.’s financial services market, including credit unions, trust companies, registered pension plans, insurance companies and mortgage brokers. The amendments introduced to the Real Estate Services Act will give BCFSA authority with respect to:

* education and licensing for real estate professionals;

* establishing rules governing the conduct for real estate professionals; and

* investigation and discipline for licensed and unlicensed individuals.

In addition, amendments to financial institutions legislation were introduced to empower the superintendent of financial institutions with most regulatory decision-making functions. This will enable BCFSA to operate more effectively as it acquires a new major set of responsibilities around real estate, the Ministry of Finance said.

These legislative changes will enable BCFSA to become the fully integrated financial services sector regulator later in the year.

“Bringing the regulation of financial services and real estate under one roof will allow BCFSA to become a modern, efficient and effective regulator for B.C.’s entire financial services sector. By integrating and enhancing its investigative, compliance and enforcement capacity and approach, BCFSA will provide strengthened consumer protection and foster increased public confidence,” said Blair Morrison, CEO, BC Financial Services Authority.

“By centralizing our expertise under BCFSA, we will be building on our strengths and streamlining our work to better protect consumers in British Columbia. As the financial services and real estate markets are rapidly changing, we will focus on innovation and continuous improvement, bringing a single lens to the oversight of financial services and real estate with enhanced information sharing,” added Micheal Noseworthy, head of the Office of the Superintendent of Real Estate.

Erin Seeley, CEO, Real Estate Council of British Columbia noted the changes will help “modernize and strengthen our regulatory system, while keeping the focus on protecting consumers. Public protection continues to be our priority as we move toward a single regulator and beyond.”

Read the Real Estate Regulatory Structure Review.

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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.

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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.

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