Real estate prices 101/financial issues/rentals, etc.

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Real estate prices 101/financial issues/rentals, etc.

Postby Mrmarvingardens » Nov 12th, 2020, 11:47 am

Much has been said and written about high real estate prices and recently a flurry of purchases(particularly in the Okanagan area)
Effective November 30, the Landowner Transparency Act comes in to force.It requires anyone buying property or signing a lease to file a report declaring beneficial,partners,corporations,trusts and partnerships, their true identity.
The report, by the C.D. Howe Institute, released by Kevin Comeau, also notes about 5 billion dollars was laundered in B.C. real estate in 2018, increasing prices by approximately 5 percent in that year alone.
Various reports including one noted that nearly one third of the 100 most valuable residential properties in Greater Vancouver were owned by shell companies.
A Globe and Mail report published in 2018 found 17 underground lenders claimed a $47 million stake in more that 40 area properties,which allowed thosed connected to the fentanyl trade to park their gains in the real estate market.
Who knows, maybe some purchasers of real estate are buying before the November 30 deadline.
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Re: Real estate prices 101

Postby ferri » Nov 12th, 2020, 12:22 pm

This thread will stay on topic or the queue is going to get busy. :D
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Re: Real estate prices 101

Postby t76turbo » Nov 12th, 2020, 12:31 pm

So who here thinks there be a real estate slump after November 30th?

Me don’t think so....
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Re: Real estate prices 101

Postby BC Landlord » Nov 12th, 2020, 12:37 pm

The issue I have with the LOTA is that it creates a publicly accessible registry (so-called "transparency report") of all land interest holders (including common landowners) ...

"On May 16, 2019, Bill 23, the Land Owner Transparency Act (the Act) received royal assent. The Act will create a publicly accessible registry of beneficial interests in land."

Further, it lists all required information the "Transparency Report" will include ...

"In each case, for each interest holder:
the individual’s name, date of birth, social insurance number, tax number, location of principal residence and last known address;"


And all this available online to anyone for a $5.00 fee (https://landtransparency.ca/search/). Identity thieves will have a hay day, don't you think?
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Re: Real estate prices 101

Postby mexi cali » Nov 12th, 2020, 3:58 pm

If what you're saying is true, then yes, that is a very real possibility but I have to say that the sensitive information would need to be redacted or you might as well scrap the privacy laws.
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Re: Real estate prices 101

Postby mexi cali » Nov 12th, 2020, 4:00 pm

OK, should have read it first and thank gawd you're mistaken. This from the document.

Some information will not be included in public searches. For example, birthdates and social insurance numbers are not made public. The public will also not be able to search any information about individuals who:

are under 19 years of age,
are deemed incapable of managing their own financial affairs,
submit an application (and supporting records, information and verifications) to omit their information from public access due to a health or safety risk, or
have been registered in the LOTR system for 90 days or less.
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Re: Real estate prices 101

Postby fleshy » Nov 12th, 2020, 4:17 pm

That's good to know. I heard about this regulation on the radio. It's cold comfort to know that the reason I can't afford a home in the area where I was born, raised, and operate a business is because of money laundering.
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Re: Real estate prices 101

Postby Sparki55 » Nov 12th, 2020, 4:21 pm

As long as it doesn't require all regular homeowners to fill out I welcome it with open arms.

Looks like it will only be recording the info (and publishing it) for people who are hidden behind companies and partnerships.
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Re: Real estate prices 101

Postby BC Landlord » Nov 12th, 2020, 7:30 pm

mexi cali wrote:OK, should have read it first and thank gawd you're mistaken. This from the document. ...


I stand corrected. Still, more parties (bureaucrats at that, of questionable ethics and very little accountability) handling your highly sensitive personal information makes me a bit uneasy.

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Re: Real estate prices 101

Postby Boosted632 » Nov 12th, 2020, 9:19 pm

fleshy wrote:That's good to know. I heard about this regulation on the radio. It's cold comfort to know that the reason I can't afford a home in the area where I was born, raised, and operate a business is because of money laundering.

Ya thats not the reason it may be a small and i mean small part of it but certainly not the reason if that was the case there must be money laundering all over the world this isnt the only place prices are up
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Re: Real estate prices 101

Postby Hmmm » Nov 12th, 2020, 11:48 pm

Right now total crap places in Rutland are close to 600k. Thats is unrealistic for sure. I hope they dont sell, otherwise it could really spike prices. Its crazy the increase lately.
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Re: Real estate prices 101

Postby common_sense_guy » Nov 13th, 2020, 10:00 am

I'll say it again, stop non-canadian ownership of Residential Properties and we wouldn't have the prices we have right now I believe. It's too bad there's no real journalists out there worth their weight in salt that would look into and then eventually published how many non-canadians actually on residential property.. that is a percentage number I would love to know
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Re: Real estate prices 101

Postby BC Landlord » Nov 13th, 2020, 10:25 am

A lot of new buyers in the Okanagan are people from Lower Mainland cashing out to avoid high taxes there. That's one of the reasons for this market being so hot. And it's not just Kelowna. It's spilling over all the way south to Penticton, Kaleden and Oliver. Luxury apartments in Summerland pre-selling for $1.5M (and up) like there is no tomorrow. Common townhouses going for $500-600k. Crazy!
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Re: Real estate prices 101

Postby Kelowna_Born » Nov 13th, 2020, 11:14 am

With interest rates staying low low low til 2023, and people fleeing major metropolitan areas to the sunniest place in Canada. Also the lowest Cova-19 numbers in Canada. Single family homes will continue to rocket past 600K. Cova-19 does not affect real estate in the Okanagan it only makes the prices higher.
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Re: Real estate prices 101

Postby Anonymous123 » Nov 13th, 2020, 11:48 am

Kelowna_Born wrote:With interest rates staying low low low til 2023, and people fleeing major metropolitan areas to the sunniest place in Canada. Also the lowest Cova-19 numbers in Canada. Single family homes will continue to rocket past 600K. Cova-19 does not affect real estate in the Okanagan it only makes the prices higher.


So it does affect prices then.
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