Real Estate News Ripped From Headlines This Week
Real Estate News Ripped From This Week’s Headlines
“Perspective gives us the ability to accurately contrast the large with the small, and the important with the less important. Without it we are lost in a world where all ideas, news, and information look the same. We cannot differentiate, we cannot prioritize, and we cannot make good choices. – John Sununu
There have been countless articles about the real estate industry this week, and I thought that you might enjoy a quick overview of some of the stories that made headlines.
Vancouver Real Estate Agent Pens Fake Doctor’s Note for Intern
Earlier this week, a Vancouver agent, Jaideep Puri, was suspended for 120 days (which seems not long enough to me), as a result of falsifying a doctor’s note on behalf of his intern stating that the intern had been dealing with the death of his grandmother and was unable to submit a late real estate assignment. This letter was submitted to the BC Real Estate Association as the intern was in the process of applying for his own real estate license. However, BCREA did a little checking and the forgery was caught. “Upon further investigation and in consultation with the [S] Medical Clinic, it has come to our attention that the letter sent to BCREA on July 5, 2016, from you was not written or signed by Dr. [SS]. We are treating this situation as forgery and may consider further action,” read the email. “You are suspended indefinitely from the Residential/Commercial Trading Services Applied Practice Course. We will contact you once we have further reviewed this situation.” As a result of the misconduct, Puri has been suspended until March 14, 2019. He will have to pay a disciplinary penalty of $5,000 to the BCREA council and he must take an ethics course. I wonder what the grandmothers think of all this…
Canadian Real Estate Sales Drop 3%, Vancouver Over 10x Worse
There have been numerous articles by the media decreeing that the real estate market is dropping quicker than Trump’s approval rating. BCREA reports that Vancouver real estate sales dropped 34% on October. However, things look quite different when you compare the Vancouver Island Real Estate Board stats for Nanaimo and area. Prices have continued to rise, with the average sale price of a single family home hitting a high in October at $559,149, and sales slowing at a pace similar to that of the national average at 5%. Over the past 12 months, sales of both patio homes and condos have actually increased by 57% and 12% respectively when compared to last year. What are the actual difference in sales from October 2018 versus October 2017? When you learn that 121 single family homes sold last month than 128 homes in October 2017, the percentages seem much less sensational when you know that it really is a difference of only 7 homes! What this suggests is that more mature home owners are downsizing into strata lifestyles and first time buyers are also choosing these types of homes due to their lower cost when compared to a single family home. To put things into perspective, 8 more sales of patio homes and condos were reported last month compared to October 2017, so this might even explain the slight drop in single family home sales. At least, you know the rest of the story behind this headline…
Legal Action Filed About Supportive Housing Project in Nanaimo
The BC government recently announced plans to establish 80 supportive housing units at 250 Terminal, which was listed for sale for $1,267,000 and sold for just under $720,000 as reported on November 2, 2018. The property was zoned COR2 and the comments for the listing simply read “City favored COR2 zoning for the assembled lot, leveled and ready to build hotel complex.”. A neighbour has now filed a lawsuit to try to prevent construction of the project which is set to open at the end of the month. “The essence is to clarify whether or not zoning bylaws do or do not apply to the entity that will be operating that is using the site,” said Martin Buhler, of rlr Lawyers. B.C. Housing plans to make this location a permanent supportive housing site and will require a rezoning process, according to Dominic Flanagan, executive director for B.C. Housing. I suspect that this issue of rezoning will continue to be addressed by the new city council as the development continues.
Thoughts Of California As Wildfires Continue
Our entire McCullough Team has spent countless family vacations traveling throughout California, and our thoughts are with all of those impacted by the fires that have destroyed homes, businesses and resulted in the deaths of so many innocent victims. To put these fires into perspective, over 7,700 homes and commercial buildings have been levelled in Paradise, a town with a population of approximately 26,000 people. Although it is difficult to conceive of any good news given the gravity of the situation in California, it is important to acknowledge the stories of everyday heroes who have selflessly provided comfort, safety and support to others. From volunteer chefs providing meals to fire victims, to individuals who foster cats, dogs, and other pets left behind, to boat owners who have used their boats to bring in supplies to beaches that serve as the only access to neighbourhoods – it makes me appreciate that it is truly possible to be human and kind at the same time.
I hope that you have enjoyed this week’s real estate news snippets. If you are considering buying or selling on Vancouver Island, give our McCullough team a call today at 250-751-1223 or send us an email to: firstname.lastname@example.org. Get the experience and expertise you need to navigate successfully in real estate.
Brian & Myles McCullough