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You're in luck – we've developed a video and a guide to each of the new disclosure forms and the new agreement. The videos are being used in the Applied Practice Course to help new licensees understand how to use the forms – and they'll help you too.

You can also send them to your clients, if they want more information about the rules. New videos for consumers and licensees that address specific situations are in development – look for them this fall.

  • Agreement Regarding Conflict of Interest Between Clients: FormGuideVideo
  • Disclosure of Representation in Trading Services: FormGuideVideo
  • Disclosure of Risks Associated with Dual Agency: FormGuideVideo
  • Disclosure of Risks to Unrepresented Parties: FormGuideVideo
  • Disclosure to Sellers of Expected Remuneration: FormGuideVideo
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Real Estate Foundation of BC Annual Report
refbc real eastate foundation
From REFBC:
  • The Real Estate Foundation of BC has released its 2017-18 Annual Report and Audited Financial Statements. Download the report to learn about REFBC's grants, projects, and operations.
  • In this reporting period, the Foundation granted more than $6.6 million to support land use and real estate related research, education, and policy analysis. 
  • REFBC also released five public reports, hosted several working groups and collaboratives, and began making impact investments.
  • The Real Estate Foundation of BC receives income from the interest earned on pooled brokerage trust accounts. That money is returned to BC communities through REFBC's grants program. Since 1988, the Foundation has approved more than $80 million in grants.
  • Realtors can sign up for REFBC's e-newsletter to keep up-to-date on the Foundation's work.
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New to this? Learn how REFBC works! 
 
Check out recent grants REFBC has disbursed - your Board has received funding
to help create a half-day course, to educate Members on secondary suite types, bylaws and permits in the Capital Region District (work in progress). Your Board has also received part-funding for a partnership with HeroWork to create an inventory structure and evaluation of Victoria non-profits with infrastructure renewal challenges (also in progress).  
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Even though the House is in recess until the fall, your Board and other community stakeholders continue to work on the Speculation Tax situation - and encouraging our local representatives to "Scrap It!".
 
Request:
Do you have first-hand information on a development being altered  / delayed or lost housing due to the Speculation Tax that you've not already sent us? Please connect, we are collecting stories to help the government understand the repercussions of this tax. Thank you. 
 
Update on ongoing activities:
Your President, Kyle Kerr, President Elect Cheryl Woolley and EO Dave Corey are preparing to meet with Housing Minister Selina Robinson this week. Their discussion will focus on increasing housing supply in the Victoria area.  

 
Please continue to share the Scrap the Speculation Tax website - the site makes it easy to write to your local representatives to encourage them to consider the broader economic impacts of the Spec Tax. More than 20,000 letters to government have been facilitated by the website.  
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You asked... and at Polo Village they have listened. 

During their first four weeks on the market, they have learned that people love the fully detached suites that their Craftsman Coach series of homes offer, but at the same time most people asked them to find a way to offer similar utility & value at a lower price.  

Today, they are announcing price reductions of $150,000 on two of our Craftsman Coach series of homes with suites!  They have redesigned the fixtures & finishings to bring the price down, while still offering a top quality home, in an unbeatable location, with a fantastic detached suite.
Lot 13 - was $999,900 - Now Only $849,900
Lot 14 - was $999,900 - Now Only $849,900
 
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WEST SHORE’S BEST-SELLING DEVELOPMENT - BELMONT RESIDENCES

30+ HOMES SOLD & COUNTING!

Happy Summer! If you haven't heard the news, Belmont Residences has sold over 30 homes so far, (and counting) and Sales has been abuzz as empty-nesters and younger buyers have been scooping up our initial release of homes and registering for future announcements.

Most of the buyers to-date are people who already reside in the region. And, of course, everyone is excited about the prospect of Belmont Market being fully completed prior to move-in so they can take full advantage of their new community from day one.

We're excited to introduce our Feature floorplan:

This spacious plan suits the first time buyer who wants to have a roommate, the young couple/family or a downsizer. 

Starting from $404,900*

Learn more and see their fully-furnished display home.

If getting the best price is important to you, don't miss out! 

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I have sold a property at 3540 Tillicum RD in VICTORIA
I have sold a property at 3540 Tillicum RD in VICTORIA.
"Parkside Place": an affordable family development conveniently located across from Tillicum Mall with shops, restaurants, Silvercity Theatre and Pearkes Arena plus walking distance to schools and the Galloping Goose Trail. This well kept top floor home has been renovated including new custom kitchen, updated bathroom and modern decor. Abundant storage in suite with custom cabinetry and the benefit of insuite laundry. Thermopane windows, gleaming hardwood floors and spacious deck- bbqs permitted. Common amenities include swimming pool and playground. Great central location with easy access to all points in town.
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515 Chatham St Victoria BC - Le Fevre & Company

Chapter One – 515 Chatham offers Studio and 1 Bedroom condominiums in the heart of Victoria's historic Old Town district featuring courtyards and architecture with unique urban character.


515 Chatham

Ironworks will consist of five architecturally unique buildings on two blocks of Victoria's historic Old Town district.

The start of this iconic new development begins with our cornerstone building, Chapter One – 515 Chatham.

Developed by Le Fevre & Company – built by Campbell Construction.


Chatham & Store Street – Old Town's North West District

The site of the Ironworks development has a rich history in Victoria's industrial age that includes the Albion Iron Works Company, which was located on the Chatham Street block between Government & Store Streets.

515 Chatham is designed with respect for the past and destined to become part of a whole new iconic streetscape for the modern era.


For floorplans and pricing details please contact us

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Breathtaking views from this New Rockwood Heights 3 bedroom, 3 bathroom West coast style custom home. Southern exposure provides endless sunsets, soaring views over Mt. Benson all of Departure bay, Nanaimo golf course, right down to Cameron Island! Every detail and feature has been included in this luxury build; oak hardwood flooring, quartz countertops, built in speakers throughout, seamless glass railings, sliding barn doors, media room with projector capability, concealed home theatre system, heat pump, HRV system, hot water on demand, heated tile floors, led stair and cabinet lighting, built in bar, freestanding tub with ceiling filler, massive walk in closet, soaring high ceilings and custom height windows, top this will full landscaping and private back yard fire pit area. Please inquire for designs of 4 new comparable detached homes being built on Manzanita Place. 

This freehold home located at 128 Amphion Terrace, Nanaimo is currently for sale. This property is listed at $849,000 with an estimated mortgage of $2,985* per month. It has 3 beds, 3 bathrooms, and is 2,079 square feet. The property was built in 2017. 128 Amphion Terrace, Nanaimo is in the Z4 Departure Bay neighborhood Nanaimo.


Contact Me for more information.


128 Amphion Terrace

Nanaimo, Z4 Departure Bay
849,000 
For Sale
3 Bed
3 Bath
 
 128 Amphion Terrace 
 
Size
2079 sqft
Listed By
460 Realty Inc.
 
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Fifteen 88 - Abstract Development Victoria BC

I am excited to share with you the latest project by Abstract Development located at 1588 North Dairy Road, featuring 62 Homes in the Cedar Hill Area.


They are launching these homes in the Fall of 2018 and we are excited to share more information with our buyers once the re-sale launch takes place.


If you would like to register for these units, please contact me.


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Great Article, as a realtor I value information like this (especially on Misrepresentation)

Puffery or misrepresentation?

By Oana Hyatt, Staff Lawyer

How far can a licensee go in describing the features of a property when marketing it for sale? Do phrases such as “well-designed,” “ready to build,” “state-of-the-art,” “great water supply,” “spectacular,” “well-built,” “newer,” “updated,” “gorgeous,” “high-quality” or “in perfect condition” constitute mere puffery, or do they amount to actionable representations? If the latter, will the inclusion of the general disclaimer commonly found at the bottom of MLS listings relieve licensees from liability?

It depends, but caution is advisable. Section 4-7 of the Real Estate Council Rules requires a licensee not to publish any advertising which the licensee knows to contain a false statement or misrepresentation concerning the property. No disclaimer will relieve a licensee from liability if that licensee knows the statement they are making about the property is false.

The phrases quoted above form a spectrum ranging from:

  • statements or opinions as to quality which are mere puffery (such as “gorgeous,” “spectacular”) to;
  • statements as to quality intertwined with statements of fact, or statements including quantitative details (such as “ready to build,” “great water supply,” “in perfect condition”), which may be found to be representations.

Liability for negligent or even fraudulent misrepresentation may well result if the court finds there were red flags such that the licensee had reason to doubt the statement made, and to make further inquiries, but he or she did not do so.

In a 1998 case, a judge of the Supreme Court of BC found that the sellers fraudulently misrepresented the condition of the property by saying in the MLS listing that it was in “perfect condition,” and that this description was not mere puffery. The sellers’ failure to disclose known issues with water/sewage ingress and rot in the basement walls, which constituted a material latent defect, resulted in a finding of liability against the sellers. Interestingly, the judge did not find the listing agent liable as the agent did not have a duty to inspect nor any reason to disbelieve the sellers.

Statements as to quality can also be made by buyers’ agents and can also result in liability. In a more recent Small Claims Court case, the buyers’ agent’s statements to the buyers were found to be more than mere puffery, constituting representations upon which the buyers relied, to their detriment. 

The buyers alleged that they had been misled as to the safety of the septic system (which diverted the grey water discharge away from the septic tank/field and into the garden) based on their discovery, some two years later, that the Regional District considered such method of grey water discharge a health hazard which could not continue.

The judge found that the buyers’ agent had told the buyers that grey water discharge into the garden was common in the area and was nothing to worry about, despite there being visible spaghetti noodles on the ground; and that the septic inspection company they had hired was notorious for inspecting and quickly failing septic systems. The judge accepted that the licensee was being honest in making representations and found that the buyers ultimately relied on septic experts.

However, the judge did note that she was troubled by the licensee’s “easy representation” in the circumstances but dismissed the claim against him on the basis that the buyers had not established that the licensee had fallen below the standard of care applicable in the circumstances.

While marketing language often includes superlative terms about the quality or features of a property, licensees must be careful not to make statements of fact without a reasonable basis to believe such statements are true and not misleading.

 

Case references:

Betker v. Williams (1991), 63 B.C.L.R. (2d) 14 (C.A.)
Edwards v. Crocker, 1998 CanLII 6309 (B.C.S.C.)
Pacific Playground Holdings Ltd. v. Endeavour Developments Ltd., 2002 BCSC 126
Wagner v. Maloney, 2018 BCPC 107

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Victoria MLS Real Estate Statistics - June 2018
A total of 708 properties sold in the Victoria Real Estate Board region this June, 29.8 per cent fewer than the 1,008 properties sold in June of last year, and a 6.2 per cent decrease from May 2018. The sales of condominiums were down 25.1 per cent from last year in June with 230 units sold. Sales of single family homes were down 34.7 per cent from 2017 with 357 sold this June.
 
"June typically signals the conclusion of the busy spring market, and activity lightens into the summer," says Victoria Real Estate Board President Kyle Kerr. "However, because of decelerating growth due to aggressive government implementation of policies to reduce demand, Victoria's real estate market has been hobbled since the start of the year when federal restrictions around mortgage qualifications were rolled out. Even demand side measures that are not yet live, like the Vancouver/Kelowna/Nanaimo/Victoria-specific Speculation Tax, are dragging the market down as many consumers stand aside to watch what happens."
 
There were a total of 2,595 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2018, an increase of 8.4 per cent compared to the month of May and 35.5 per cent more than the 1,915 active listings for sale at the end of June 2017.  
 
"The good news is that inventory is slowly being added to the market, though we are still very far off from our ten year average inventory level of 4,100 listings" adds President Kerr. "The slower pace of the market has created more time for buyers who may have been hesitant to jump in during the high pressure market conditions of recent years
. Homes are spending a bit longer on the market and there are fewer multiple offer situations than in the past, and if we see more listings over the next few months we may be heading back into a more balanced market situation. Every type and location of property is a separate segment of our market, and there are varying pressures and demands, so if you are buying or selling it is wise to take advantage of the services of your local REALTOR® to help navigate this changing market."  

<MLS® Home Price Index reporting is currently unavailable. This document will be updated when the June numbers are released.>

Stats will be posted on the VREB website this afternoon.
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Hi everyone, if you are looking for homes for sale by owner, what I will do for you is even better than that!!

 

Is there a  particular neighbourhood that you like that you would like to live in? Well ...let me know what that neighbourhood is. I will approach the home owner directly! The home owner may decide to sell or they may decide not to sell but at least this way you are not trying to wait for someone to list his/her home for sale by owner (note homes for sale by owner are hard to negotiate because it becomes a very emotional transaction as both the seller and the buyer are talking directly each together).  Let me assist you in making the transaction nice and smooth.

 

What I do, as I've been doing this for many years,  I strictly think of trying to get the best return for my client. I make sure that I get the market/offer price for the home as accurately as I can, supported  with the latest comparables, and I help my buyer in making their home purchase as smooth as possible.

 

It pays to work with a professional and to be exactly in the neighbourhood or condo building that you would like to be in. Have a look at my Home Page LINK, also feel free to contact me LINK.

 

Talk to you soon and have a wonderful day!

 

Shirin 

 

 

 

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Real Estate Council of BC - Rule Changes Notice

Dear Clients, 

 

As you may have heard, the BC Real Estate Council has amended the agency disclosure requirements that licensed professionals need to make to consumers. This has been done to better inform the public of what Agency representation means and offers, as well as provide more detail on the risks to those that choose to remain unrepresented in a real estate transaction.  

As a BC HOME GROUP client, I want to ensure that you have an opportunity to review and understand these new forms in order to make an informed decision on your rights and options when purchasing a new home.  

As of June 15th, 2018 all real estate agents (licensees) must provide these disclosures prior to discussing or sharing information with consumers on any project or real estate listing to ensure the consumer understands their options. These Council approved forms are available online now for you to review. Disclosure of Risks to Unrepresented Parties in Trading Services and the Disclosure of Risks to Unrepresented Parties provide detailed information on your choices for Agency representation in any real estate transaction.  

As of June 15th, 2018, the British Columbia Real Estate Association’s Working with a REALTOR® brochure is no longer valid. Licensees must use the new “Disclosure of Representation in Trading Services” to disclose the type of representation they can offer a consumer. 

 

Disclosure of Representation
This new mandatory form outlines the difference between being represented and unrepresented, and which of those two options is being offered to you by the licensee who is providing you with the form, disclosing who they represent in the transaction.  

For consumers who choose to conduct a real estate transaction without a real estate professional representing them, our licensees, representing the seller will provide you with the mandatory Council-approved “Disclosure of Risks to Unrepresented Parties” form for this disclosure.

 

Disclosure of Risks to Unrepresented Parties
This form confirms that the licensee providing the form will not represent you in the transaction for a variety of reasons, such as the licensee is already acting on behalf of the seller in the transaction, which means any confidential information shared with the licensee will also be shared with the seller. Unrepresented parties need to be aware of this fact when visiting new home Presentation Centres.

It is ultimately the consumer's decision whether they wish to be represented by a licensee; however, the Real Estate Council of BC recommends all unrepresented parties seek the advice of a professional during any real estate transaction. 

Should you have any questions, I will be happy to review these new forms with you at any time. 

 

Please click on the following LINK to contact me.

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The New Hudson Place One Project - 777 Herald St.

I am soo excited to have already SOLD two units in this fantastic project The Hudson Place One Project located at 777 Herald St!


I can honestly say for what you are getting, this project is fantastic! The ocean view prices are fantastic. They are launching to the public soon. If you would like a special pre-showing with a pre-booking opportunity call me 1-778-678-5626 or you can submit an online form for an appointment  LINK 


Attractive Features: Over 13,000 sq ft of amenities, concierge, guest suite, board rooms , barbecue area, billiards room, yoga room and the list goes on...


To Download the Floorplans and Project Overview click on the following LINK.

For a Price list, please click on the folllowing LINK.  NOTE: these prices will be changing  soon ! So let's arrange an appointment before they do.


Talk soon :-) Shirin Purewal 


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I have sold a property at 119 1375 Bear Mountain PKY in VICTORIA
I have sold a property at 119 1375 Bear Mountain PKY in VICTORIA.
ACCEPTED UNCONDITIONAL OFFER IN PLACE. NO FURTHER SHOWINGS. THANK YOU FOR YOUR INTEREST. Immaculate one bedroom, one bath desirable ground level condominium nestled in private quiet St. Andrews Walk East, on the very top of Bear Mountain. Condo offers wood floors, granite counter tops and higher end KitchenAid stainless appliances. Abundant natural light pours into your living room that features high ceilings and an electric fireplace. Enjoy evening BBQs on your own private covered patio, as well as underground-secured parking, separate storage locker and a dedicated bike storage area. Steps to the Bear Mountain Jack Nicklaus designed Golf Course and Mt. Finlayson. Your pets are welcome here! Whether you are buying to live in, or as a vacation retreat for you to escape the city or an investment, this condo in St. Andrews Walk is a great opportunity while it lasts!
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The Standard Contract of Purchase and Sale, section 11, requires that all registrable documents are to be lodged for registration by 4:00 pm at the appropriate land title office on the Completion Date. This clause has the effect of restricting the actual time of day for completion to occur on the Completion Date.  In a recent Supreme Court of British Columbia case a Buyer was found to have been in breach of their contract by virtue of their Notary not having filed land title documents prior to 4:00 pm on the Completion Date of a transaction.  There are certain circumstances outside of a Buyer’s control (such as receipt of sale proceeds, delay in mortgage financing, or other instances) that may make it impossible to file land title documents prior to 4:00 pm.

 

In this regard, we suggest that you consider deleting the words “by 4 pm” from section 11 of the Standard Contract of Purchase and Sale when acting for a Buyer.

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Victoria Real Estate Board - May Press Release
A total of 755 properties sold in the Victoria Real Estate Board region this May, 25 per cent fewer than the 1,006 properties sold in May of last year, and a 2.5 per cent decrease from April 2018. The sales of condominiums were down 17.4 per cent from last year in May with 237 units sold. Sales of single family homes were down 23 per cent from 2017 with 406 sold this May.
 
"It's no surprise that our current market is very different than it was last year," says Victoria Real Estate Board President Kyle Kerr. "Due to recent changes in mortgage qualification rules, many buyers' purchasing power has been reduced. Unfortunately, in our area we have one third fewer single family homes for sale under $750,000 when compared to last year, so we're seeing pressure from increased competition on a smaller number of homes, which is really pushing the under million dollar market. We have a much larger inventory of higher value homes this year. For listings priced at $1.5 million and above, the number of active listings is almost 50% higher than last year at this time. Arguably, many of these properties may be listed due to new and incoming taxes from the provincial government. The Foreign Buyer Property Transfer Tax, the Speculation Tax, and the increased School Tax are putting pressure on those high value home owners. Unfortunately, these taxes are not resulting in what the government said it intends - to increase the availability of affordable housing."
 
There were a total of 2,394 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2018, an increase of 19.6 per cent compared to the month of April and 26.3 per cent more than the 1,896 active listings for sale at the end of May 2017.  
 
"We're in an interesting time here - we are seeing different levels of price pressure and price relief in micro-climates of our area," adds President Kerr. "You may find more flexibility if you are shopping for a multi-million dollar estate in certain areas. You may be in for a competition if you're shopping for a lower priced home or condominium. If you're thinking of buying or selling, it's a good idea to meet with a local REALTOR® to understand how the current environment will affect you."
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2017 was $820,800, while the benchmark value for the same home in May 2018 increased by 7 per cent to $878,100, higher than April's value of $866,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2017 was $426,900, while the benchmark value for the same condominium in May 2018 increased by 15.7 per cent to $493,900, slightly lower than April's value of $495,100.
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Looking to buy a Waterfront Condo?

 

I am currently working with various developers as well as homes for sale on MLS that are waterfront condos...and you want to know what I think...

 

I can tell you....these homes are in my opinion undervalued compared to what the same condos would sell for in a city like Vancouver or Toronto.

 

In my opinion any condo with an amazing view, most importantly water view and waterfront, in the desirable city of Victoria is a fantastic investment.

 

Lets look at some waterfront invesments or contact me to further discuss your options in this beautiful city.

 

Let's catch up soon.

 

Have a great day!

 

Shirin 

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Houses For sale in Victoria BC under $ 400 000

Are you looking for a home under $400,000 in Victoria BC?


With real estate prices continuously increasing in Victoria. It is hard to find a good deal or to find a home for under $400,000. Make sure you download our app ( download link on home page CLICK HERE ) and also click on the following link to find the latest listing in victoria for under $400,000.


I am here to help you! Make sure you contact me if you have any questions on buying your next home. 


Talk soon :-)


Shirin 

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