Proposed new rules address problems in real estate industry

David Carrigg
The Vancouver Sun

B.C. real estate agents will be generally banned from acting as dual agents for both buyers and sellers under tough new rules drafted by the Office of the Superintendent of Real Estate and obtained by Postmedia News. 

The draft rules were based on recommendations from the report of an independent advisory group released in June 2016 to address problems in B.C.’s real estate industry. Those problems included some realtors putting their own interests ahead of clients, some not abiding by rules around reporting requirements to prevent money laundering, realtors failing to disclose assignment of contracts (known as shadow flipping).

The draft rules will be provided to realtors and the public, with superintendent Michael Noseworthy open to feedback over the next month. 

Changes to rules, under the Real Estate Services Act, would be effective on Jan. 15, 2018. 

The key rule change has to do with dual agency — where a realtor acts for both the buyer and seller of a property, or for several potential buyers.

The proposed rule states “a brokerage must not engage in dual agency.”

An exception to the rule would be if the deal occurs in a remote area with limited access to realtors. 

The other key change is around disclosure of commission sharing. Currently, a realtor must disclose how much commission they will earn on a sale. 

But under the new rules, the realtor must also say how, if at all, that commission will be shared with another realtor. 

That seller could then use that information to renegotiate the contract with their realtor before signing the deal. 

B.C.’s real estate industry, which has had unprecedented growth over the past decade, is governed by the Office of the Superintendent of Real Estate and the Real Estate Council of B.C.  

The realtors’ trade organization is the B.C. Real Estate Association. 

© 2017 Postmedia Network Inc.

Proposed new rules address problems in real estate industry

David Carrigg
The Vancouver Sun

B.C. real estate agents will be generally banned from acting as dual agents for both buyers and sellers under tough new rules drafted by the Office of the Superintendent of Real Estate and obtained by Postmedia News. 

The draft rules were based on recommendations from the report of an independent advisory group released in June 2016 to address problems in B.C.’s real estate industry. Those problems included some realtors putting their own interests ahead of clients, some not abiding by rules around reporting requirements to prevent money laundering, realtors failing to disclose assignment of contracts (known as shadow flipping).

The draft rules will be provided to realtors and the public, with superintendent Michael Noseworthy open to feedback over the next month. 

Changes to rules, under the Real Estate Services Act, would be effective on Jan. 15, 2018. 

The key rule change has to do with dual agency — where a realtor acts for both the buyer and seller of a property, or for several potential buyers.

The proposed rule states “a brokerage must not engage in dual agency.”

An exception to the rule would be if the deal occurs in a remote area with limited access to realtors. 

The other key change is around disclosure of commission sharing. Currently, a realtor must disclose how much commission they will earn on a sale. 

But under the new rules, the realtor must also say how, if at all, that commission will be shared with another realtor. 

That seller could then use that information to renegotiate the contract with their realtor before signing the deal. 

B.C.’s real estate industry, which has had unprecedented growth over the past decade, is governed by the Office of the Superintendent of Real Estate and the Real Estate Council of B.C.  

The realtors’ trade organization is the B.C. Real Estate Association. 

© 2017 Postmedia Network Inc.

Proposed new rules address problems in real estate industry

David Carrigg
The Vancouver Sun

B.C. real estate agents will be generally banned from acting as dual agents for both buyers and sellers under tough new rules drafted by the Office of the Superintendent of Real Estate and obtained by Postmedia News. 

The draft rules were based on recommendations from the report of an independent advisory group released in June 2016 to address problems in B.C.’s real estate industry. Those problems included some realtors putting their own interests ahead of clients, some not abiding by rules around reporting requirements to prevent money laundering, realtors failing to disclose assignment of contracts (known as shadow flipping).

The draft rules will be provided to realtors and the public, with superintendent Michael Noseworthy open to feedback over the next month. 

Changes to rules, under the Real Estate Services Act, would be effective on Jan. 15, 2018. 

The key rule change has to do with dual agency — where a realtor acts for both the buyer and seller of a property, or for several potential buyers.

The proposed rule states “a brokerage must not engage in dual agency.”

An exception to the rule would be if the deal occurs in a remote area with limited access to realtors. 

The other key change is around disclosure of commission sharing. Currently, a realtor must disclose how much commission they will earn on a sale. 

But under the new rules, the realtor must also say how, if at all, that commission will be shared with another realtor. 

That seller could then use that information to renegotiate the contract with their realtor before signing the deal. 

B.C.’s real estate industry, which has had unprecedented growth over the past decade, is governed by the Office of the Superintendent of Real Estate and the Real Estate Council of B.C.  

The realtors’ trade organization is the B.C. Real Estate Association. 

© 2017 Postmedia Network Inc.

Proposed new rules address problems in real estate industry

David Carrigg
The Vancouver Sun

B.C. real estate agents will be generally banned from acting as dual agents for both buyers and sellers under tough new rules drafted by the Office of the Superintendent of Real Estate and obtained by Postmedia News. 

The draft rules were based on recommendations from the report of an independent advisory group released in June 2016 to address problems in B.C.’s real estate industry. Those problems included some realtors putting their own interests ahead of clients, some not abiding by rules around reporting requirements to prevent money laundering, realtors failing to disclose assignment of contracts (known as shadow flipping).

The draft rules will be provided to realtors and the public, with superintendent Michael Noseworthy open to feedback over the next month. 

Changes to rules, under the Real Estate Services Act, would be effective on Jan. 15, 2018. 

The key rule change has to do with dual agency — where a realtor acts for both the buyer and seller of a property, or for several potential buyers.

The proposed rule states “a brokerage must not engage in dual agency.”

An exception to the rule would be if the deal occurs in a remote area with limited access to realtors. 

The other key change is around disclosure of commission sharing. Currently, a realtor must disclose how much commission they will earn on a sale. 

But under the new rules, the realtor must also say how, if at all, that commission will be shared with another realtor. 

That seller could then use that information to renegotiate the contract with their realtor before signing the deal. 

B.C.’s real estate industry, which has had unprecedented growth over the past decade, is governed by the Office of the Superintendent of Real Estate and the Real Estate Council of B.C.  

The realtors’ trade organization is the B.C. Real Estate Association. 

© 2017 Postmedia Network Inc.

Nature-inspired design showcased at The Parker

Mary Frances Hill
The Province

At the centre of the contemporary design at The Parker new-home project lies a deep knowledge of craftsmanship and history of woodworking esthetics and design.

As visitors take in the fine detail of the wood in a bedroom headboard, the wood grain of the kitchen cabinetry and wine storage millwork, they see a contemporary take on an art rooted in tradition, says Cristina Oberti, the designer behind The Parker, Townline’s condo community off the Cambie corridor.

 

 “The headboard is definitely the heart of the master bedroom,” says Oberti, principal of Cristina Oberti Design. “Together, the intersecting wood grains create a delicate decorative pattern that draws the eye to the focal point, and the most important piece in the room: the bed.”

The effect was crafted through marquetry, a design technique that can be found in artifacts across China, India, Iran and Japan. In marquetry, the craftsman applies overlapping sheets of veneer to a surface to form an intricate pattern or picture, Oberti explains.

“In this case, we opted for a subtle geometric motif … we were able to take a flat surface, the headboard, and transform it into a multi-dimensional centrepiece.

“Techniques and tools have since evolved and improved,” Oberti says. “However, the ideology behind this practice remains the same: that the best design always comes from nature.”

A storage room showcases a similar dedication to the esthetics of woodwork. Its wine cellar millwork with slanted ledges gives it “a playful dynamic and really highlights the geometric marquetry motif throughout,” she adds.

Oberti introduced abundant lighting to the show space kitchen; pendant and ceiling lights do double duty by creating a sophisticated mood, while bringing the visitor’s attention to the wood grain in the cabinetry.

“In this case, we combined a mixture of down lights and soft accent lighting to really bring out the natural texture of the wood grains. When it comes to highlighting materials such as wood, it’s important to allow some space for natural light to do its work.”

Oberti was able to fashion The Parker display space in a contemporary mode by embracing a paradox: in introducing traditional craftwork, such as marquetry, she builds upon the decor’s sophisticated, modern appeal.

“When you design something — whether it’s an object, interior, or development project — you’re giving form to a particular moment in time. Design is by definition is dependent on the people who use it, and as such, needs to embody/reflect the values of its time,” she says.

“These seemingly contradictory characteristics come together to form a contemporary design language that speaks to our current values and that resonates with what I believe homeowners are looking for today.”

The Parker

Where: 305 West 41st Ave., 5693 Elizabeth St., Vancouver

What: 47 homes in a low-rise building

Residence sizes and prices:  one-bedrooms to three-bedroom + den; 1,008 546 — 1,334 square feet. Two-bedrooms and den starting in the upper $1,000,000s; three-bedrooms and den from the mid upper $1,600,000s.

Developer and builder: Townline

Sales centre: 5844 Cambie St.

Hours: By appointment only

© 2017 Postmedia Network Inc.

Michael Mata
Canadian Real Estate Wealth

British Columbia’s new NDP government has pledged to reduce fares on the Lower Mainland-Sunshine Coast BC Ferries routes, dropping all fares by 15% and bringing back the free passenger service for senior citizens three times a week.

The reduced fares are expected to help invigorate one of the sleeper recreational real estate markets of British Columbia, though recent price hikes may have already alerted some buyers.

“It will make a difference,” said Teresa Sladey, agent at Royal LePage Sussex. She noted that the majority of buyers of recreational property in the Pender Harbour area of the Coast are from the Metro Vancouver region.

Housing prices on the Sunshine Coast increased by 20.8% in July from a year earlier, compared with a 1.9% annual increase in Metro Vancouver. Yet the typical detached house on the Sunshine Coast sells for around $564,000, which is less than a third of the price in the Metro mainland.

The house price gap between the ferry dock on the Sunshine Coast and the one in West Vancouver is now $3.1m, making the 35-minute ride worth an estimated $90,000 a minute.

While waterfront prices in Gibsons and Sechelt on the Sunshine Coast easily exceed $1m, a 40-minute drive to Pender Harbour opens prospective buyers to more affordable recreational properties.

Pender Harbour Landing, an ongoing oceanfront development, has fully serviced half-acre oceanfront building lots starting from $150,000 and one-acre parcels for less than $200,000.

“Sixteen of the 39 lots have [been] sold,” Sladey said. She further noted that a prime 2.5-acre waterfront lot is still available for $1.7m.

Copyright © 1996-2017 Key Media Pty Ltd

Proposed new rules address problems in real estate industry

David Carrigg
The Vancouver Sun

B.C. real estate agents will be generally banned from acting as dual agents for both buyers and sellers under tough new rules drafted by the Office of the Superintendent of Real Estate and obtained by Postmedia News. 

The draft rules were based on recommendations from the report of an independent advisory group released in June 2016 to address problems in B.C.’s real estate industry. Those problems included some realtors putting their own interests ahead of clients, some not abiding by rules around reporting requirements to prevent money laundering, realtors failing to disclose assignment of contracts (known as shadow flipping).

The draft rules will be provided to realtors and the public, with superintendent Michael Noseworthy open to feedback over the next month. 

Changes to rules, under the Real Estate Services Act, would be effective on Jan. 15, 2018. 

The key rule change has to do with dual agency — where a realtor acts for both the buyer and seller of a property, or for several potential buyers.

The proposed rule states “a brokerage must not engage in dual agency.”

An exception to the rule would be if the deal occurs in a remote area with limited access to realtors. 

The other key change is around disclosure of commission sharing. Currently, a realtor must disclose how much commission they will earn on a sale. 

But under the new rules, the realtor must also say how, if at all, that commission will be shared with another realtor. 

That seller could then use that information to renegotiate the contract with their realtor before signing the deal. 

B.C.’s real estate industry, which has had unprecedented growth over the past decade, is governed by the Office of the Superintendent of Real Estate and the Real Estate Council of B.C.  

The realtors’ trade organization is the B.C. Real Estate Association. 

© 2017 Postmedia Network Inc.

Proposed new rules address problems in real estate industry

David Carrigg
The Vancouver Sun

B.C. real estate agents will be generally banned from acting as dual agents for both buyers and sellers under tough new rules drafted by the Office of the Superintendent of Real Estate and obtained by Postmedia News. 

The draft rules were based on recommendations from the report of an independent advisory group released in June 2016 to address problems in B.C.’s real estate industry. Those problems included some realtors putting their own interests ahead of clients, some not abiding by rules around reporting requirements to prevent money laundering, realtors failing to disclose assignment of contracts (known as shadow flipping).

The draft rules will be provided to realtors and the public, with superintendent Michael Noseworthy open to feedback over the next month. 

Changes to rules, under the Real Estate Services Act, would be effective on Jan. 15, 2018. 

The key rule change has to do with dual agency — where a realtor acts for both the buyer and seller of a property, or for several potential buyers.

The proposed rule states “a brokerage must not engage in dual agency.”

An exception to the rule would be if the deal occurs in a remote area with limited access to realtors. 

The other key change is around disclosure of commission sharing. Currently, a realtor must disclose how much commission they will earn on a sale. 

But under the new rules, the realtor must also say how, if at all, that commission will be shared with another realtor. 

That seller could then use that information to renegotiate the contract with their realtor before signing the deal. 

B.C.’s real estate industry, which has had unprecedented growth over the past decade, is governed by the Office of the Superintendent of Real Estate and the Real Estate Council of B.C.  

The realtors’ trade organization is the B.C. Real Estate Association. 

© 2017 Postmedia Network Inc.

Proposed new rules address problems in real estate industry

David Carrigg
The Vancouver Sun

B.C. real estate agents will be generally banned from acting as dual agents for both buyers and sellers under tough new rules drafted by the Office of the Superintendent of Real Estate and obtained by Postmedia News. 

The draft rules were based on recommendations from the report of an independent advisory group released in June 2016 to address problems in B.C.’s real estate industry. Those problems included some realtors putting their own interests ahead of clients, some not abiding by rules around reporting requirements to prevent money laundering, realtors failing to disclose assignment of contracts (known as shadow flipping).

The draft rules will be provided to realtors and the public, with superintendent Michael Noseworthy open to feedback over the next month. 

Changes to rules, under the Real Estate Services Act, would be effective on Jan. 15, 2018. 

The key rule change has to do with dual agency — where a realtor acts for both the buyer and seller of a property, or for several potential buyers.

The proposed rule states “a brokerage must not engage in dual agency.”

An exception to the rule would be if the deal occurs in a remote area with limited access to realtors. 

The other key change is around disclosure of commission sharing. Currently, a realtor must disclose how much commission they will earn on a sale. 

But under the new rules, the realtor must also say how, if at all, that commission will be shared with another realtor. 

That seller could then use that information to renegotiate the contract with their realtor before signing the deal. 

B.C.’s real estate industry, which has had unprecedented growth over the past decade, is governed by the Office of the Superintendent of Real Estate and the Real Estate Council of B.C.  

The realtors’ trade organization is the B.C. Real Estate Association. 

© 2017 Postmedia Network Inc.