Guinness World Records recognized real estate agent as the current holder of title Most annual home sales

Steve Randall
Canadian Real Estate Wealth

When real estate agent Ben Caballero achieved verified home sales of 3,556 it earned him a place in the record books.

But last year, Caballero did what many thought impossible by beating his own record by 67%, selling an eyewatering 5,801 homes through the MLS in just one year.

The total number of homes sold by the HomesUSA.com broker/owner from Dallas, TX, in 2018 meant that he has been reconfirmed by Guinness World Records as the current holder of title ‘Most annual home sales transactions through MLS by an individual sell side real estate agent – current.’

As a former builder, Caballero specializes in selling new homes via his platform for more than 60 builders in Dallas-Fort Worth, Houston, Austin, and San Antonio.

“Being honored by Guinness World Records for a second time is twice as nice,” said Ben Caballero. “Achieving the first Guinness World Records title was the honor of a lifetime. Breaking my own record is, well, indescribable.”

His total annual home sales exceed $1 billion for the first time in 2015, a feat he repeated until last year, when he became the first real estate agent to exceed $2 billion in total home sales.

Copyright © 2019 Key Media Pty Ltd

All private BC businesses to keep transparency records

Steve Randall
Canadian Real Estate Wealth

The government of British Columbia says it is taking the next step in its fight against money laundering and tax evasion.

The province will now require all private BC businesses to keep transparency records of beneficial owners, a move that aims to crush the ability of those who use anonymous shell companies to hide their assets.

“Hidden ownership is distorting our economy and driving up our real estate market,” said Carole James, Minister of Finance. “Right now, businesses operating in our province can hide their ownership behind numbered companies and offshore and domestic trusts. This is hurting communities throughout our province that are dealing with the consequences of criminal activity and high home prices, and it needs to stop.”

B.C.’s Expert Panel on Money Laundering in Real Estate report identified disclosure of beneficial ownership as the “single most important measure that can be taken to combat money laundering,” with an estimated $5 billion laundered through the real estate industry in 2018.

The new requirement will come into effect on May 1, 2020, through amendments to the Business Corporations Act.

Who’s in control? Business records will need to show details of individuals who have direct or indirect control of the company or its shares. Information collected includes full legal name, date of birth, citizenship and last known address.

The province says this will end hidden ownership by requiring companies to maintain accurate information on who owns and/or controls the business; the information can be shared with law enforcement and other agencies.

“The previous government let criminals shelter the illegal proceeds of crime, but we are listening to British Columbians, experts and municipalities to end hidden ownership,” James said. “Requiring businesses to maintain transparency registries means that criminals cannot hide what they own and that people are paying their fair share.” 

Copyright © 2019 Key Media Pty Ltd

A campground in the Upper Squamish Valley is now also the site of commercial garlic production

Keili Bartlett
other

The Abolfathi’s Squamish Valley Campground application was previously before the board in May, when the Squamish-Lillooet Regional District asked the proponent to put forward a plan for agricultural use on the land. The application was the result of the owners moving the 50-unit campground on the property from being near the road to being closer to the Squamish River, where an RV campground already exists. The spring application also requests permission to build non-permanent cabins on the site. In 2017, the Agricultural Land Commission (ALC) told the owners to reapply for a non-farm use permit for the new campground location.

At the Oct. 23 meeting, SLRD staff said a new report shows “they have, in fact, put the land into pretty significant agricultural production. They’ve got 10,000 garlic plants there; they’re proposing 30,000 in 2020. They’ve also got tomatoes and other vegetables, so they are definitely farming the land.”

The SLRD board moved to support the application and to forward it to ALC.

@ Copyright 2019 Squamish Chief

Wren + Raven key to a new gateway to Mission

Kathleen Freimond
The Vancouver Sun

The first market condo project in Mission in many years, Elevate Development Corp.’s mid-rise Wren + Raven is part of the transformation of a 12-acre site that is slated to be a new gateway to the town.

The site, bounded by Lougheed Highway to the south, Wren Street to the east and Raven Street to the north, will comprise 130 homes in two six-storey buildings and Outlook Village, a mixed-use complex that will front Lougheed with retail and office space and will be the future home of a Gateway Casino.

The site is part of a larger 33-acre property owned by Elevate Development, says company president Gordon MacPherson. Seventeen acres of forested land will be protected as dedicated green space and the company may develop the remainder of the space in the future. The green space is immediately to the west of Wren + Raven and will enable residents standing on their patios to enjoy the view of the forest.

Construction of Outlook Village is scheduled for later this year, while the residential component could start in late 2020, MacPherson says.

Landscaping features like paths and plazas – plus a glass elevator between the two residential buildings – will connect Wren + Raven residents to the commercial areas and shops and services in Outlook Village.

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Easy access to the highway and the West Coast Express commuter rail service that connects Mission with downtown Vancouver enhances the location, but MacPherson says it is the local amenities and lifestyle options that are the strongest draw.

“It’s a beautiful community,” he says. “Being on the Fraser River, there are great hiking paths, there’s mountain biking, a nearby bird sanctuary and it’s close to Sasquatch Mountain.”

The project’s site map at the sales centre at 7291 Wren Street in Mission also shows the proximity of the Mission Golf and Country Club, Mission Arena, SilverCity Cinemas and Mission Raceway Park.

Designed by Atelier Pacific Architecture, Wren + Raven will have amenities that include a gym, outdoor hot tub, workshop, pet washing station, a lounge area and social gathering spaces, as well as children’s playgrounds.

The first phase of 60 units includes one-, two- and three-bedroom condos ranging in size from 433 to 1,113 square feet. MacPherson anticipates the smaller units will appeal to first-time buyers, while the larger units will attract downsizers and empty-nesters.

The interior design is inspired by the Fraser River and the natural textures in the environment around the development, says Christine Bauhaus, senior interior designer at Portico Design Group.

Potential buyers can choose from two colour schemes: Plume (light) and Corvus (dark). The show suite displays the darker palette.

“It is an approachable design that feels comfortable for families and couples of all ages, but incorporates some urban elements to bring something a little special to the table as well,” says Bauhaus, noting the textural wood grains, black Brizo kitchen faucet, pendant lights above the peninsulas, stainless steel double sink with a lowered divider, as well as low-maintenance materials such as laminate flooring and smooth, easy-to-clean tiles in the bathrooms.

In the kitchen, cabinetry in the Corvus scheme – Latin for raven – features a straight grain wood look on the upper cabinets with a medium grey cabinet on the lowers and a light concrete-grey quartz countertop, complemented by the stone-look porcelain tile backsplash. The Corvus palette includes rich graphite coloured wood-look laminate flooring throughout the unit (except the bathrooms). Hidden finger pulls on upper cabinets and chrome pulls on the lower cabinets enhance the clean lines in the kitchen while the black matte light fixture with Edison bulbs above in the dining area introduces a distinctly modern element.

The lighter Plume scheme features white upper cabinets and straight grain wood-look lower cabinets with a white quartz countertop in the kitchen. The glossy texture of the light grey backsplash tile is a contrast to the white cabinets and white counter, Bauhaus says. The laminate flooring in this colour scheme is a soft oak tone.

In the darker Corvus scheme, the ensuite bathroom floor tile has a soft river-washed sand texture in a soft grey that is laid from the floor up and on to the shower walls, Bauhaus says. In the light Plume scheme, the ensuite floor tile, laid in the same design, is an off white. Chrome Hans Grohe faucets and shower fixtures add a little sparkle to the bathrooms where floating-look vanities contribute to a spa-like ambience.

The major kitchen appliances are by Samsung and include a refrigerator with french doors, a 30-inch gas range, dishwasher and full-size front-load washer and dryer.

At the sales centre, look out for Bauhaus’s favourite design feature: the medicine cabinet in the main bathroom that slides out to the side from behind the mirror.

“It’s a bit of a fun hidden feature that allows for lots of storage that is easily accessible, yet tucked away,” she says.

Wren + Raven will be accessed from Raven Street and all units have parking with lock-up storage.

Wren + Raven

Project address: 31896 Raven Avenue, Mission

Developer: Elevate Development Corp.

Architect: Atelier Pacific Architect Inc.

Interior designer: Portico Design Group

Project size: Phase 1: 60 units (total development 130 units)

Bedrooms: 1, 2, 3 bedrooms

Unit size: 433 – 1,113 square feet

Price: From $239,900

Sales centre: 7291 Wren Street, Mission

Sales centre hours: noon to 5 p.m., Sat — Thurs

Phone: 604-287-3000

Website: wrmission.com

© 2019 Postmedia Network Inc.

Sotheby’s Curate augmented reality app is now embracing spatial computing

Steve Randall
REP

Real estate firms that embrace technology have the ability to offer increasingly hi-tech viewings and one of the world’s best known brands is stepping it up.

Sotheby’s International Realty has announced that its Curate augmented reality app is now embracing spatial computing, a next-level immersive experience for clients which helps them picture themselves in a new home.

The app is now available on Magic Leap One, a lightweight, wearable device, that allows users to see and interact with digital content around them.

The Sotheby’s International Realty® brand is the first real estate company to implement spatial computing for its listings, which merges the real world with virtual home stagings. 

“Taking Curate by Sotheby’s International Realty beyond augmented reality and into the spatial computing platform demonstrates how the Sotheby’s International Realty brand continues to focus on visualization tools that enable real estate professionals to expand their business and serve their clients,” said John Passerini, global vice president of interactive marketing, Sotheby’s International Realty Affiliates LLC. “Through the Magic Leap affiliation, Sotheby’s International Realty arms independent sales associates with innovative technology that both exceeds consumer demand and sets a standard for the industry.”

Users can use the technology to manipulate virtual stagings to best suit home design needs and interact with built-in shop-the-room furnishings, all in the context of the room they are standing in. But that’s just the start.

“We envision the addition of spatial computing will be implemented in various homebuying and selling scenarios, but particularly in helping agents demonstrate to developers how they can leverage technology to help prospective buyers imagine themselves in a new home,” added Passerini.

Copyright © 2019 Key Media Pty Ltd

Common-law relationships say that assets should be divided equally

Nathalie Boutet
REM

With sky-high rents and home ownership out of reach for many young Canadians, more couples are moving into properties with the help of their parents’ money, or even back into their childhood home. But not understanding the legal implications in case of a separation can lead to problems, considering that nearly four in 10 marriages will end in divorce. And while the number of young adults (18-34) who are getting married is on the decline, 58 per cent of Canadians in common-law relationships say that, despite the law being otherwise, assets should be divided equally when the relationship ends, according to a recent Angus Reid poll.

If a married or common-law couple have moved into the parental home but are not on the title, neither has any rights to the property and both can be asked to leave at any time. However, when one of the spouses in a couple already has ownership of a house, the law that applies to that house differs for common-law and married couples in the event of a separation or divorce.

Common-law couples in general have no right to any part of the assets that are in the spouse’s name, even if the common-law spouse who is not on title makes monthly payments that they think is meant to cover the mortgage or house-related expenses. There are exceptions when the non-titled spouse makes significant contributions towards the house, such as significant repairs. In these cases, it is possible, though very difficult and costly, for the non-titled spouse to seek some financial restitution corresponding to the value added by their contribution toward the property. Because these types of claims tend to be costly and hard to prove, it is recommended that common-law couples enter into a cohabitation agreement to clarify their intentions and rights towards properties before the non-titled spouse starts performing any work on the property. In general, making monthly payments to the spouse who is on title is unlikely to yield a right to any portion of the asset in the event of a separation.

As an example, a common-law spouse moved in with a woman who already owned a house. They agreed that, although he was paying her below-market rent, which was a benefit to him, she too was benefitting from the money received from him, which helped her pay the mortgage. In this case, they negotiated a cohabitation agreement where a percentage of his rent payments and any renovations he contributed to would be held in trust and given back in the event of a separation, but he would not be put on the title. Without this agreement, it is unlikely that the monthly payments or the contributions towards renovations would entitle the man to a payment in the event of a separation.

On the other hand, married couples are subject to equal division of all assets that were accumulated during the marriage. The spouses keep the value of any assets prior to the marriage but share the growth in value of these assets, along with new assets accumulated, during the marriage. There is an exception regarding the matrimonial home, though. If a spouse owned the matrimonial home before the marriage and the couple resides in that same home at the time of separation, then the entire value of the home gets divided equally and the spouse who owned it before the marriage cannot claim the pre-marriage value.

If parents wish to provide a gift in the form of property or cash, for married couples, a gift received before the marriage is considered a pre-marital asset and the value of the gift is not shared with the spouse on separation, but the growth in value during the marriage is shared with the separating spouse. The exception is if the pre-marriage gift is the matrimonial home, or money used towards the matrimonial home. If the married couple lives in the same house when they separate, the party who received the pre-marriage gift cannot retain the pre-marriage value and must share the entire value of the gift with the separating spouse on the date of separation.

If a family gift is received during the marriage and is left in a separate bank account, then it does not have to be shared with the other spouse. But if the gift is used to pay down the mortgage of the matrimonial home, then the excluded nature of the gift will be lost.

Parents who want to give money to their child who is getting married or who is married need to understand that if the gift is applied towards a home that the couple will reside in as a family and it’s the same home that the couple lives in when they separate, they end up sharing the gift with their spouse if there’s a separation. If this is not the desired outcome, the parents can ask for their child and their spouse to sign a marriage agreement before the gift is made.

In another example, a mother purchased a condo for her daughter who was single at the time, but who subsequently married. In an effort to be fair to her spouse while also protecting her condo in the event of a divorce, the couple drafted a marriage agreement that stipulated her husband would commit to pay a monthly amount towards certain family expenses, and a percentage of that would earn him an agreed-upon value of the condo in the event of a separation. If he didn’t pay, that value would be deducted from his entitlement. But he would not be added to the title and not be considered an owner.

These areas of the law are complicated, and it’s advisable to consult a family law lawyer.

© 2019 REM Real Estate Magazine

District 56 first 12 storey wood building

Steve Randall
Canadian Real Estate Wealth

A development which will feature the first tall wood building on Vancouver Island had its groundbreaking ceremony this week.

The 12-storey wood building will be part of the development at District 56, Langford’s newest mixed-use complex which will offer residents an alternative to the downtown Victoria core.

It is being constructed by Design Build Services and will have ground level commercial space and 11 residential levels. The neighbouring building will be a 5-storey commercial building, again using mass timber construction.

“Tall wood buildings are fast becoming the sustainable choice for eco-minded builders around the world,” said Matthew McKay, Founder and Director of Development of for Design Build Services. “There are so many benefits to using mass timber, including a reduction in timeline for construction, meaning less impact on the community. When coupled with sustainable forest management, mass timber represents an altogether environmentally-friendly method of building.”

The first phase of the development is due to be completed in summer 2020 while the tall wood tower completion should be early 2021.

Colliers International is marketing the property.

“Demand for suburban office space has hit record levels in Victoria,” said Tyler Dolan, Managing Director, Vancouver Island of Colliers International on Vancouver Island. “District 56 will offer tenants and residents an alternative to the downtown core with its low vacancies and also provide relief from a growing parking problem. More and more, people want to work closer to where they live: eliminating a long commute saves time, saves money, benefits the environment, and improves health and productivity.”

Copyright © 2019 Key Media Pty Ltd

Mi Property Portal has announced the launch of its online dashboard

Ephraim Vecina
Mortgage Broker News

Mi Property Portal has announced the launch of its online dashboard listing Canadian rental homes, with the aim of automating the whole rental listing process.

In cooperation with AI-powered platform specialists Naborly Inc., Mi Property’s suite is designed to “eliminate the need for using multiple software systems.”

Canadian industry players will also benefit from the online portal’s rental application functions, along with CRM to manage rental leads and tenant screening.

In particular, as opposed to other platforms that charge for any listing changes, Mi Property will allow users to add an unlimited number of rental properties and keep them listed as long as needed.

“This is a great tool which will significantly facilitate rental listing management for Canadian landlords, property managers and management companies,” Mi Property Portal CEO Jahangir Alam said. “They will save a lot of time and money.”

Upon application, the property’s administration will be able to review it right away, and send screening requests to prospective tenants.

“Once the application is submitted by the prospective tenant, it takes about two hours to generate a credit report. Property admin gets notified when the report becomes available on the portal.”

Copyright © 2019 Key Media

CompTIA noted that smaller cities can become more feasible investment options

Ephraim Vecina
Canadian Real Estate Wealth

Would-be investors in Canadian commercial real estate should begin considering markets beyond the usual hotspots of Toronto, Montreal, and Vancouver, if recent trends south of the border are any indication.

The tech industry’s sustained hunger for Canadian offices is gradually depleting available urban office space. The examples set by some U.S. cities might provide a good answer to this quandary, according to the Computing Technology Industry Association (CompTIA).

“Something like a Charlotte, or a Kansas City, or an Austin,” CompTIA senior vice-president of research and market intelligence Tim Herbert told Postmedia in an interview.

“These cities [are] more affordable, [and] in some cases you can make an argument that there is better quality of life.”

In its Cyberprovinces 2019 study, CompTIA noted that smaller cities can become more feasible investment options in the very near future. Last year alone, Canadian tech employment expanded by 61,000 new jobs, amounting to a 3.8% annual increase.

Overall, the tech workforce grew by as much as 249,000 new employees since 2010.

Herbert added that demand for Canada’s office spaces is “not just limited to technology companies, who are starting to take office space or build new headquarters, but a range of different company types are attracting tech talent.”

Data from Avison Young showed that the Canadian office market has seen the positive absorption of 9 million square feet (msf) in the year ending June 30, 2019. This has massively outstripped the nearly 6 msf absorption during the immediately preceding 12-month period.

The sustained popularity of the industry, and the resulting demand upon Canada’s commercial real estate, is impelled by the strength of its long-term employment prospects. In 2018, tech earnings clocked in an average of $78,070 – fully 51% higher than the average reading of $51,794 in the private sector.

Copyright © 2019 Key Media Pty Ltd