Real eState

Toronto Real Estate Brokerage Placed Under Receivership After Fraud Allegations

Published

12 months ago

November 8, 2023

Two years after fraud allegations first hit, a court is finally taking control of a brokerage’s assets. An Ontario judge has placed Wynn Realty Corp under receivership as of October 25th. Realtor Courtney “Lynn” Simpson and her broker/husband Kenneth Simpson are alleged to have defrauded dozens of clients. This isn’t the Realtor’s first rodeo either—she previously served time for mortgage fraud.

Ontario Court Places Wynn Realty Corp Assets Under Receivership

Wynn’s assets are finally under Receivership, two years after regulators became aware of the issue. An Ontario court appointed Grant Thornton as the Receiver on Oct 25, 2023. One of the accounts transferred had around $775k in cash, which is quite a bit of money—but not nearly enough to cover even the fraud victims.

Brokerage Is Facing Fraud Allegations Adding Up To Millions In Loses

The latest update comes after the allegations of fraud against the brokerage. Courtney Simpson is accused of defrauding 18 victims out of an estimated $1.9 million in deposits. Police have said some victims were “wiped out” after the losses.

RECO, Ontario’s real estate regulator, suspended the brokerage’s license after becoming aware of the allegations in 2021. They also issued a Notice of Proposal to Revoke the brokerage as well as Kenneth’s licenses, due to failing to return deposits upon request.

Courtney currently faces 80 charges of fraud, uttering forged documents, and breach of trust. Her partner/broker faces an additional 30 charges in relation to carrying out the transactions.

Toronto’s “Most Charming Fraudster” Has A History of Fraud

Courtney Simpson is no stranger to fraud—she previously served time for it. In 2007, she was convicted of a mortgage fraud scheme that saw investors lose between $300k and $1.5 million. There were an estimated 60 victims that lost a combined $15 million, and less than $7 million was recovered. She served 5 years in jail for the crime.

The ordeal earned her the title of “the most charming fraudster” in Canadian real estate.

That begs the question—how does someone convicted of mortgage fraud exit jail and become a Realtor? Considering real estate is the largest source of wealth for many Canadians, it’s shocking the country allows the industry to be largely self-regulated with passive enforcement.

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Real eState

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

Published

1 day ago

October 24, 2024

Anne Joseph

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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Real eState

Here are some facts about British Columbia’s housing market

Published

1 week ago

October 17, 2024

Anne Joseph

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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Real eState

B.C. voters face atmospheric river with heavy rain, high winds on election day

Published

1 week ago

October 17, 2024

Anne Joseph

VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.

Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.

The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.

Wednesday was the last day for advance voting, which started on Oct. 10.

More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.

Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.

An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.

This report by The Canadian Press was first published Oct. 17, 2024.

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