A derelict home with a bit of history with the City of Vancouver recently changed hands.
A buyer purchased 3469 Arbutus Street for $2.5 million, which was over the property’s listing price of $2,395,000.
The listing by Sutton Group-West Coast Realty describes the 2,385-square-foot residence as “not livable”.
An online search produced a report to city council by Marina Marzin, collector of taxes with the City of Vancouver.
Marzin’s report recalled that the city auctioned the property as part of its annual tax sale on November 13, 2019.
“The owner of the Property (the “Owner”) inherited the Property in 1985, and it is mortgage free,” Marzin wrote.
The assessed value of the property in 2019 was $2,154,700.
“The Owner has not paid any City taxes on the Property since 2016,” Marzin related. “The Property appears to be abandoned. The Owner does not reside at the Property.”
Moreover, “The City has attempted to deliver various notices and messages to the Owner, both leading up to and after the tax sale in November 2019, but has no confirmation that it has succeeded.”
According to Marzin, the City has had “no confirmed communication with the Owner in 4 years”.
“The Owner is unresponsive to other tax matters as well,” the tax collector related.
The property has been subject to the city’s empty homes tax, and B.C.’s speculation and vacancy tax.
At the 2019 city auction, a “tax sale purchaser bid the minimum upset price, $4,373.74, plus $1,400,000.00”.
Marzin explained that following a tax sale, “there is a one–year period when the owner of a property can redeem the taxes owing and the tax sale purchaser will not obtain title to the property”.
As a result, city council then declares a manifest error, refunds the buyer, and cancels the tax sale.
In circumstances that were not totally clear, Marzin wrote in the October 27, 2020 report that city staff recommend that council makes a declaration of manifest error “because staff has no confirmation that the Owner received any Tax Notices or notices of the tax sale leading up to the tax sale”.
Marzin’s report was included in the November 4, 2020 agenda of council.
Minutes show that the report was subsequently withdrawn by staff.
It was not immediately known if the tax sale was either maintained or cancelled.
The run-down home sits on a 6,250-square-foot lot with a frontage of 50 feet.
The two-storey home with basement was built in 1928.
According to B.C. Assessment, the property’s 2021 value as of July 1, 2020 was $2,013,700.
The lot is valued at $1,980,000, and the run-down house, $33,700.
Sutton Group-West Coast Realty listed the property on January 30, 2021 for $2,395,000.
After 12 days, a buyer came forward and picked up the property for $2.5 million on February 11.
The transaction was tracked by real-estate site fisherly.com.
These are the cheapest real estate listings in Calgary right now | Urbanized – Daily Hive
Good news for YYC house-hunters – you don’t have to break the bank to purchase your own home.
In this month’s roundup of Zoocasa’s cheapest real estate listings in Calgary, affordable properties can be found throughout the city for under $300,000.
A lower budget doesn’t mean you have to compromise your standards, as most of these properties offer updated kitchens and bathrooms, recently replaced flooring, and state-of-the-art appliances.
If you’re in the market for a new home, take a peek at these Calgary real estate listings.
- Three bedrooms
- One bathroom
- 826 sq ft
This Pineridge home is close to schools, playgrounds, and shopping, making it a convenient location for anyone. The property offers a detached garage and a fully-fenced yard.
- Four bedrooms
- Two bathroom
- 1,132 sq ft
Located in Copperfield, this townhome features a fully developed basement, spacious tiled front entryway, and upgraded appliances in the kitchen. This is an end-unit property boasting tons of natural light and electric fireplaces.
- Two bedrooms
- Two bathrooms
- 1,174 sq ft
This bungalow-style condo is located in The Highbury building in Evergreen Estates-Shawnee Slopes. The unit was recently updated and has stainless steel appliances, a spacious master bedroom, a walk-through closet, and luxury vinyl plank flooring throughout. Condo fees include everything except electricity.
- Two bedrooms
- One bathroom
- 441 sq ft
In this Mayland Heights bi-level home, house-hunters will find large windows, a dining area with a cozy built-in bench, and a spacious balcony with downtown and mountain views. The unit has been freshly painted and boasts new laminate floors.
- Three bedrooms
- One bathroom
- 1,099 sq ft
Live in this new Fonda condo, featuring a renovated kitchen with stainless steel appliances, a main floor office, and laminate-engineered hardwood flooring throughout. The upper level is home to a spacious master bedroom and recently renovated four-piece bathroom.
Real estate company says demand for housing in Niagara will continue to grow – NiagaraFallsReview.ca
A Hamilton-based real estate company says Niagara’s economy as well as its real estate market are poised for continued growth.
After placing a renovated 12-unit apartment on Drummond Road on the market, Crescendo Equity secured a total sale of $2.9 million. That translates to $247,000 per unit, compared to a previous benchmark of $176,000 for units in the area.
The company predicts demand for housing in Niagara will continue to grow through 2021.
”Market conditions are being strengthened by interprovincial migration, as home buyers and renters from the Greater Toronto Area, Peel and Halton regions look to Niagara for more space and better affordability,” said Mathew Moxness, Crescendo Equity’s founder.
The Drummond Road property is part of the company’s larger strategy to take older, underperforming stock and reposition properties for maximum occupancy and potential.
“With growing demand for multi-family housing throughout Ontario, repositioning aging and underperforming assets will help to supply the segment and provide housing for those who need it,” Moxness said.
The company, which offers opportunities to private and group investors, purchased a shuttered retirement home in Niagara Falls last year, and plans to convert the property into apartments.
BCREA: BC Government Proposes Changes to Real Estate Services Act Paving Path for Single Regulator – Business Examiner
BRTISH COLUMBIA – On March 2, Bill 8: Finance Statutes Amendment Act, 2021 was introduced in the BC Legislature. With its introduction, the BC Government’s intention to create a single financial services regulator, including real estate, announced in September 2019, was finally made clear.
The bill creates the path for the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) to become part of the BC Financial Services Authority (BCFSA). According to the government’s news release, this is expected to happen “later in 2021.”
We welcome a more cohesive regulatory structure, which is something we asked for early in 2019. Unfortunately, the legislative changes introduced yesterday don’t include the creation of the Professional Standing Committee BCREA proposed more than a year ago.
When the BCFSA becomes the real estate regulator, administration of the Real Estate Services Act (RESA), Real Estate Development Marketing Act and parts of the Strata Property Act will be added to the BCFSA’s current regulatory responsibilities, which include credit unions, mortgage brokers and insurance. BCFSA’s Chief Executive Officer will become the new Superintendent of Real Estate.
As a result of the omission of the Professional Standing Committee, BCREA is concerned that real estate licensees will have fewer opportunities to provide input into rules and policies that impact the practice of real estate. Although the Professional Standing Committee isn’t included in the proposed amendments to RESA, we hope it will be implemented in the practical application of the new regulatory structure. We will continue to work with the BCFSA, OSRE and RECBC to this end. Our goal is to ensure a consistent, meaningful process for practitioner input.
At a high level, the government also proposes the following changes, among others:
- expanding the administrative penalty system, including the option of requiring further education and doubling the maximum penalty (currently $50,000),
- eliminating discipline committees, and
- strengthening the new superintendent’s options for handling urgent circumstances.
BCREA is carefully reviewing the proposed changes to RESA, including seeking legal analysis and meeting with government staff.
This bill – like all bills – will be debated in the legislature and subject to further changes as part of that process. Once it’s passed, it won’t take effect right away. Instead, the government will implement it at a later date by regulation.
As BCREA learns more about the proposed changes to RESA, we’ll provide updates in future blog posts. If you have any concerns, please contact Senior Policy Analyst Norma Miller.
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