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RE/MAX Crest Realty
1428 W 7th Ave.
Vancouver, BC V6H 1C1


Need to know about Land Owner Transparency Act


Land Owner Transparency Act

Tony Spagnuolo
other

 

Re: Land Owner Transparency Act

 

Good morning,

 

You are about to hear a lot more about the Land Owner Transparency Act (“LOTA”) and the Land Owner Transparency Register (“LOTR”) between now and Dec. 1, 2020. 

 

LOTR is a registry of interests in land (shareholders, beneficial interest owner of a trust, partners in a partnership), which registry will be a searchable and public database.  Whenever an interest in land is registered or created a transparency declaration must be filed so as to declare whether or not the transferee is a reporting body.  Reporting bodies include corporations, a trustee of a trust or a partner of a relevant partnership.  If the Buyer is a reporting body, it must disclose the following for each interest holder: 

 

• Full name, date of birth, SIN, tax number, location of principal residence and last known address;

 

• Date on which one became or ceased to be an interest holder and the nature of the individuals interest in the reporting body;

 

• Canadian citizen or PR of Canada, or neither. 

 

For most of our clients, who purchase properties in their personal names, this will not be an issue.  For any clients who wish to purchase in the name of a company, trust or partnership, this will add time and cost to their purchase.  If you have any such clients over the first week or two of December make sure they are aware of this. 

 

As of now this will begin on Nov. 30, 2020, so expect a flood of information to your inbox the next few weeks.  We will do our best to keep you informed as well.   Both Dick Chan and I are attending a course on Thursday, and once we receive further relevant information we may do a video or two.

 

That’s it for now, no doubt more to follow shortly. 

 

Tony Spagnuolo, Barrister & Solicitor

Spagnuolo & Company Lawyers

#300-906 Roderick Avenue

Coquitlam, BC V3K 1R1

Direct Phone: 604-777-7406

Fax: 604-527-8976



Need to know about Land Owner Transparency Act


Land Owner Transparency Act

Tony Spagnuolo
other



October marks a mild high side levels according to chief economist


Statistics Canada releases October inflation report; levels held a ?mild high-side surprise?

Ephraim Vecina
Mortgage Broker News



HomeEquity sold 12% (CA$100 million) of reverse mortgages to Concentra Bank


HomeEquity sells $77 million of reverse mortgages

Bloomberg
Western Investor

HomeEquity Bank sold about CA$100 million of reverse mortgages to Concentra Bank in the firm’s second sale of such loans as it works to build a Canadian market for the instruments.

The sale represents about 12% of the roughly CA$850 million in reverse mortgages that HomeEquity Chief Executive Officer Steve Ranson estimates the firm will originate this year. The bank is targeting sales of 10% to 20% of its annual originations a year, with plans to explore similar transactions with other investors, he said. It sold about CA$75 million of reverse mortgages last year in what was touted as the first such sale in Canada.

HomeEquity Bank, owned by Canadian private equity firm Birch Hill Equity Partners Management Inc., is the country’s largest reverse-mortgage provider, with about CA$4 billion of assets. Reverse mortgages are an attractive asset for Canadian banks because their average term is 10 years or longer, while conventional mortgages in the country typically last five years, Ranson said in an interview.

“It’s a chance to have a portfolio with a much longer life and reasonably attractive loss rates,” he said.

Unlike conventional loans, reverse mortgages — typically marketed to seniors who have built up significant equity in their homes — don’t require loan payments, with the balance due when the borrower dies, moves out or sells the property.

 

Copyright Bloomberg News



Horizon 21 located at corner 218 Blue Mountain Street, Coquitlam, BC


Horizon 21 brings vibrant condo residences to sought-after West Coquitlam

Buzzbuzz Staff
Livabl

A new collection of contemporary residences offers more space for more value in an unbeatable location that easily connects residents to the best offerings of West Coquitlam.

Horizon 21 consists of 150 stunning condominiums and townhomes located in the historic district of Maillardville, Coquitlam. Developed by Centred Developments, this 21-storey tower is perched on the hillside, offering stunning views and unrivaled connectedness across Burquitlam and the Tri-Cities. Interest in these spacious units is growing at a feverish rate and they are selling fast.

From now until November 22nd, 2020, buyers can score more space and greater value with Horizon 21’s exclusive promotion on their featured two-bedroom floorplans. With the purchase of a Plan A or K suite you will receive a 3 percent discount, which is equivalent to up to $25,000 off, and a second parking stall for just $1. With working from home becoming more prevalent, these plans offer functional and livable layouts that easily allow you to maintain a work-life balance.

Award-winning DA Architects + Planners harnesses contemporary materials and design elements to create this boutique tower. Located on Blue Mountain Street in a quaint, tree-lined neighbourhood, Horizon 21 caters convenient retail and office space on the ground floor, plus stunning 270-degree views of Fraser Valley, Mount Baker and the Fraser River.

Boasting desirable walkability and a host of outdoor amenities, the sought-after community of West Coquitlam is the perfect locale for Horizon 21. Within minutes, residents can discover a myriad of services, parks and restaurants. Household-name retailers like IKEA, Canadian Tire and Real Canadian Superstore are located a quick drive to the east for handy shopping. Blue Mountain Park, a vibrant community hub less than two kilometres from Horizon 21, features a network of trails, amenities and sports facilities for residents to enjoy. Horizon 21 is due south of the globally-acclaimed Simon Fraser University, in addition to local schools for all ages.

Situated at the corner of Blue Mountain Street and Lougheed Highway, just north of Highway One, Horizon 21 provides convenient transportation to Burnaby, Surrey and beyond. The Braid SkyTrain station is also just a four-minute drive away for easy access to downtown Vancouver.

 

 

These bachelor to spacious three-bedroom suites range from 401 to 1,380 square feet in size. Your living space is extended into the outdoors with the help of expansive patios, terraces and deep-set balconies — the perfect spot for sunrise yoga sessions or simply relaxing in the sun.

These exquisite residences come to life with two designer-selected colour schemes — Dusk and Dawn — that are paired with nine-foot ceilings, engineered laminate flooring, and large windows for a burst of natural light. Whip up your favourite recipes in the gourmet kitchens, where you’ll find contemporary cabinetry, ambient under-cabinet lighting and designer appliances. Modern chrome plumbing fixtures and matte marble-inspired porcelain tile flooring in the bathrooms create a serene retreat alongside quartz countertops and undermount sinks. 

Future residents won’t have to look far to find convenient amenities thanks to Horizon 21’s on-site facilities. The third-floor outdoor patio spans over 7,000 square feet and showcases south-facing views of the Fraser River. Make use of the multifunctional amenity room complete with a full kitchen, or work up a sweat in the well-equipped fitness centre.

Interested buyers are invited to learn more about this community by contacting the sales team at 604 423 4222 or sending an email to info@horizon21living.com. The presentation centre is located at 218 Blue Mountain Street in Coquitlam, and is open from Saturday to Thursday between noon and 5pm.

For the latest news and updates, register today at horizon21living.com.

 

© 2020 BuzzBuzzHome Corp.



Fraser Valley housing boom up to 55% according to BCREA


Fraser Valley rolls to record real estate numbers

Frank O?Brien
Western Investor

SkyTrain extension, lower real estate prices and super job creation lure homebuyers, investors, workers and developers to the Fraser Valley

 

 B.C. home sales rose nearly 43 per cent in August, year-over-year, according to the British Columbia Real Estate Association (BCREA), but were up 55.9 per cent in the Fraser Valley and soared 63 per cent higher in Chilliwack to lead the entire province.

The Valley housing boom, which continued into the fall, reflects a switch in housing demand that has seen people opting to move from central urban cores to suburban locations as more are working from home and others seek more housing space for less money.

The average home price in the City of Vancouver is now $1.07 million, while it is

$820,000 in the Fraser Valley and in the $585,000 range in Chilliwack and Mission, the BCREA reports.

There is also the attraction of employment as Surrey – the fastest growing city in B.C. – continues to post impressive job gains.

This year, Surrey’s biggest companies recorded the largest one-year increase in their average number of employees since 2017: up 8.6 per cent from 2,653.6 in 2019. This surge was more than double the annual average employment growth experienced over the past two years for Surrey’s largest businesses.

Prospera Credit Union, which recently built a new headquarters in Surrey, had the highest one-year employment growth in the city. It increased 50.9 per cent to 649 employees in 2020. 

The City of Surrey had the highest five-year public-sector growth in job creation. The municipality increased its employee count to 4,000 in 2020.

Other major employers include the Fraser Health Authority, the local school district and Kwantlen Polytechnical University, all of which have seen at least a 15 per cent increase in staff over the past five years.

 

Industrial

Four of B.C.’s five largest industrial land transactions in the first half of 2020 were in the Fraser Valley, according to Avison Young, including the largest, a $10 million sale of 4.8 acres in Langley.

Surrey and Delta are leaders in industrial development, highlighted by the $190 million, 470,000-square-foot World Commodity Trade Centre now under construction in Surrey’s Campbell Heights industrial zone, part of China’s global Belt and Road initiative.

 

Flowing east

A surge in investment has also been fired up by the new $3.1 billion Surrey-Langley SkyTrain extension, recently approved, that has triggered one of the largest land plays in British Columbia.

Projections are that the SkyTrain corridor will spark a population increase of at least 120,000 people over the next two decades. Land prices in the corridor have soared. In September a half-acre Langley site zoned for high density and close to a proposed transit station, sold for $4.5 million. 

Real estate action is also flowing east.

On September 21 the District of Mission passed a bylaw designating nearly 300 acres of Mission riverfront land for comprehensive development under an Official Community Plan. This plan process is expected to take two years, but Martini Group of Vancouver has a conceptual plan for 87 acres in the District Waterfront Revitalization Project, which Martini wants to develop sooner into a large industrial project, including manufacturing sites, which the company claims would generate at least 1,000 new jobs.

Meanwhile, land in Mission is already selling at record high prices.

Earlier this year, two acres of waterfront industrial land in the waterfront district sold for $3.2 million, according to Jag Cheema, a real estate agent with Royal LePage Wheeler Cheam Realty in Mission,

“We are seeing a lot of buyers coming from Greater Vancouver,” Cheema said, and it is not just for industrial property. The veteran Mission agent noted that a 0.89-acre Mission residential site, zoned for single-family housing, sold in September for $1.1 million after receiving multiple inquiries.

Abbotsford and Chilliwack were touted last year as “emerging as destinations for new industrial development and subsequent sales and leasing activity” Avison Young.

Chilliwack, where the new Molson’s-Coors brewery moved into last year after leaving Vancouver, is seeing a surge in residential and commercial investment.

There has been a recent upswing in multi-family rental sales – average per-door prices are in the $150,000 range based on recent transactions reported to Western Investor – and when the 1.9-acre Cascade retail centre was listed this year it sold at the full asking price of $4.5 million.

One of the largest Valley residential projects is Creekside Mills at Cultus Lake near Chilliwack, a 79-acre “agri-hood” development with 129 detached houses, now selling from $700,000 by Frosst Creek Developments Ltd.

 

Copyright © Western Investor