LYN HART : Associate Broker | Real Estate Sales : Archived blog posts for : 2008

Identity Check in New Federal Regulations for Realtors

Posted on June 25, 2008 by Lyn Hart

Posted in FINTRAC, real estate market, Vancouver real estate market

The federal government has introduced several new regulations for Realtors that go into effect Monday, June 23rd, to help detect and deter money laundering and the financing of terrorist activities. It is also to facilitate investigations and prosecutions of money laundering and terrorist activity financing offences.

How does this affect you? You will now be asked to produce government issued documentation, such as a drivers license or passport, to verify your identity for most real estate transactions. The information will be recorded and kept on file. All information recorded is held in strict confidence.

Among other things, real estate agents are now required to:

Collect personal information on all parties with a financial connection to a real estate deal;
Verify this information with proof of identity
Maintain these records for seven years

Failure to comply with the record keeping or client identification requirements can lead to criminal charges against Realtors and their brokerages. Conviction of failure to retain records could lead to up to five years imprisonment, to a fine of $500,000, or both. Alternatively, effective December 30, 2008, failure to keep records or identify clients can lead to an administrative monetary penalty.

For more information, visit the federal government's webpage regarding FINTRAC, The Financial Transactions and Reports Analysis Centre of Canada, at http://www.fintrac-canafe.gc.ca/fintrac-canafe/1-eng.asp.

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Do Not Call List Coming Soon

Posted on June 5, 2008 by Lyn Hart

Posted in telemarketing, telephone soliciting

Many Realtors use telephones and door-knocking to find new business. We like to personally talk to people who may be selling or buying a home. After all, building a relationship with you and offering good customer service is how we do business. Being personable saves on the constant stream of impersonal and unaddressed flyers, postcards and form letters, not to mention a tree or two.

If you are like me, I dislike getting telephone calls and faxes that try to sell me something I didnt ask for and dont want. It can be intrusive, especially when its at an inconvenient time or its an aggressive sales pitch and a simple No thank you doesnt do the trick.

When I call or knock to see if youre selling your home, am I trying to sell you something you dont want? Lets face it, if youre not selling your home, thats the end of it. If you are considering selling and need the services of a Realtor, then I can offer that service to you. Its something you do want.

A Canadian DO NOT CALL List (DNC) will be implemented in September, 2008. Bell Canada has been awarded a 5 year contract to establish and maintain the list. Once launched, consumers will be able to register their cellular, fax, and landline numbers to reduce the number of telemarketing calls they receive for a 3 year renewable period.

If you receive a telemarketing call after sign-up, a complaint can be submitted to Bell Canada within 2 weeks. Telemarketers will face potential fines up to $1500 per call for individuals, such as Realtors, and $15,000 for companies, such as long distance sellers. Some groups will be exempt from being banned. Calls from political parties, registered charities, pollsters and newspapers will still be permitted.

The only exemptions for Realtors will be if a personal or existing business relationship is in place. An existing business relationship is defined as being formed by a voluntary two-way communication between the consumer and the Realtor. It exists when:

a) the purchase of services or the purchase, lease or rental of products, has occurred within the previous 18 months;

b) An inquiry or application has been made within the previous 6 months; or

c) A written contract has been entered into within the previous 18 months, (or a letter of permission has been signed).

As yet, its unknown how telemarketers will be able to access the list or what subscription fees will be charged. More information may be available at www.bell.ca/donotcall.

This will have a huge impact on Realtors and how they find new customers. Youll likely see more of us at your door or find more admail in your mailbox. I invite your comments.

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May Statistics

Posted on June 4, 2008 by Lyn Hart

Posted in real estate market, reports, statistics

Growing Supply Helps Stabilize Market Conditions
From the Real Estate Board of Greater Vancouver.

VANCOUVER, B.C. – June 3, 2008

The Greater Vancouver housing market continued its re-balance between sales and listings last month. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 30.7 per cent in May 2008 to 3,002 from the 4,331 sales recorded in May 2007.

New listings for detached, attached and apartment properties increased 20.2 per cent to 7,390 in May 2008 compared to May 2007, when 6,149 new units were listed. New listings for detached, attached and apartment properties increased 20.2 per cent to 7,390 in May 2008 compared to May 2007, when 6,149 new units were listed.

“With more property listings and a decline in the number of sales, prices are not increasing as rapidly, now down to single digits overall, which is good news from an affordability standpoint,” said REBGV president, Dave Watt. “The housing market is at a balanced state, sellers have more competition and buyers have more selection to choose from."

Sales of detached properties in May 2008 declined 33.4 per cent to 1,203 from the 1,805 sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 8.4 per cent from May 2007 to $771,250.

Sales of apartment properties declined 30.5 per cent last month to 1,244, compared to 1,789 sales in May 2007. The benchmark price of an apartment property increased 8.7 per cent from May 2007 to $389,668.

Attached property sales in May 2008 decreased 24.7 per cent to 555, compared with the 737 sales in May 2007. The benchmark price of an attached unit increased 9 per cent between May 2007 and 2008 to $478,931.

Bright spots in Greater Vancouver in May 2008 compared to May 2007:

Attached:

Coquitlam up 45.2 per cent (45 units sold from 31)

Apartments:

New Westminster up 13.6 per cent (100 units sold from 88)

The Real Estate industry is a key economic driver in British Columbia. In 2007, 38,050 homes changed hands in the Board's area generating $1.065 billion in spin-offs. Total dollar volume of residential sales set a new record at $22.25 billion and total dollar volume of all sales set a record at $22.77 billion.

The Real Estate Board of Greater Vancouver is an association representing more than 9,500 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®.

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Associate Broker | Real Estate Sales

Identity Check in New Federal Regulations for Realtors

Do Not Call List Coming Soon

May Statistics

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