Archive for May, 2019

How smart will smartphones get? A look at the exciting , and worrisome, possibilities

Friday, May 17th, 2019

Ian Bailey
The Globe and Mail

Let’s say it’s 2029, and your new smartphone has detected a pattern in the use of your Starbucks app. Every time you have a meeting with your boss, you immediately stress-drink a Venti extra sweet, double-shot caramel macchiato with whipped cream. The phone might just start preordering that drink for you (and paying for it with your credit card) after every meeting with your boss in your calendar.

Some might find this prospect thrilling, and others might find it kind of creepy: a smartphone powered by advances in technology that make it capable not only of storing and presenting information, but using it intuitively to make decisions on behalf of its owner.

Experts agree it’s tough to predict exactly what the smartphone of 2029 will be like. The market will decide the fate of innovations such as folding screens. However, predictions from people who work in the tech sector, academics and industry observers’ coalesce around advances in artificial intelligence.

“The way to think of the smartphone in the next 10 years is as a personal assistant in your pocket, but it will also be, say, a doctor in your pocket, a banker in your pocket, a butler in your pocket,” says Neil Mawston, executive director of the consulting firm Strategy Analytics.

This could lead to more convenience, but at the cost of independence and privacy. What kind of future will come from such anticipatory ability?

“I don’t think there is one future,” said Genevieve Bell, a cultural anthropologist, technologist and futurist at the Australian National University. “I think there will be many.”

For R. David Edelman – a former special assistant to U.S. president Barack Obama who now works for the Massachusetts Institute of Technology – a smartphone with enhanced AI could have dystopian state-control possibilities. He worries that phones already allow pervasive surveillance. In the future, they could be used to impose pariah status on individuals by being required to tattle if their sensors detect users associating with people the state says they should avoid.

“All of the groundwork is there for that to become a reality,” he said.

China is already monitoring its citizens’ behaviour – including online activity – to devise what it calls a “social credit score,” in which people gain or lose points for such conduct as impaired driving, paying fines late or posting fake news on social media. People with reduced scores, reports say, could be blocked from buying plane or train tickets, or public transit.

Edelman says future smartphones might enable a variation: Individuals might have social scores and lose points if they interact with unpopular or dissident individuals. It would isolate the dissidents without imprisoning them. The idea is not far-fetched, he says. “All of the groundwork is there for that to become a reality. The question is whether populations are docile enough to permit that form of political enslavement.”

In a less pessimistic view, smartphones with enhanced sensors, bigger memories and quicker processing abilities could use data that their users input to relieve them of mundane decisions.

For example, cellphones now use mapping apps and the information in the calendars to ask whether the owners need directions to destinations. What if Siri was smart enough in 2019 to see “get milk” on a task list and use the internet, transit and map apps to suggest the quickest, cheapest way to pick up milk on the way home.

“They will keep suggesting things to you, and persuading you of things, and anticipating things,” says Jim Balsillie, the former co-chief-executive at Research in Motion, maker of the Blackberry. “[The phone] says, ‘I know where you are. I know your schedule and where you are going, and, by the way, here’s a couple of things on the way that I think you’ll like.’“

In a sense, the smartphones will reflect their owners, acting on their desires, calculating their present needs based on past conduct.

It’s easy to see how this could enable bad behaviour, such as consuming an expensive, high-calorie coffee at stressful moments without having to decide to do it.

Or, on the other end, a smarter smartphone could nag you about your eating because it has deduced from your food logging, calorie counting and smartwatch data that you’re on a diet. Or you might be with friends at a bar and it will chime in right after you’ve told a witty joke that this is the best possible moment to get your clothes from the robotic dry cleaner.

But Mike Kuniavsky, a principal scientist at the Palo Alto Research Center on information technology, says AI in phones could be used in a more productive, task-oriented way.

Multiple sensors and software could indicate the owner’s child is drawing a dinosaur on the screen. The smartphone, he said, might offer advice: “Let me guide you through some methods to draw a dinosaur. You draw some circles where the joints are.”

For those who fear this goes too far, Kathryn Hume, vice-president at integrate.ai, a Toronto artificial-intelligence startup, offers some solace. While she doubts AI technology will advance enough in a decade to be truly anticipatory, she is confident people will remain in charge.

“Our goals, I presume, will be to use this technology to live the richest life possible,” she said.

But today, the devices have been criticized for tilting the work-life balance, diminishing people’s memory and distracting parents from their children.

“I would imagine that if smartphones became smarter, they might become even more addictive,” says Jean Twenge, a San Diego State University psychological professor who has written about the impact of smartphones on young people who grew up with them.

“They might tell you to walk faster or not to eat salty food, but I bet they’re not going to tell you to put them down, which might be the best advice,” she said.

© Copyright 2019 The Globe and Mail Inc.

President can’t have total control at meeting

Thursday, May 16th, 2019

Avoid confusion, challenges to meeting procedures

Tony Gioventu
The Province

Dear Tony:

Our strata corporation held their annual meeting last week and we were bogged down in simple meeting procedures with the meeting being terminated by the chair and no business conducted.

Unfortunately, our strata president is a control freak and insisted he was in control of the meeting and refused to permit the owners to vote on the approval of the agenda, the minutes of our last meeting or the scrutineers to count ballots during elections.

Everyone suspected he rigged the scrutineers to ensure he would somehow be re-elected to council, as he also controlled the registration and did not permit anyone to see the proxies presented for voting cards. 

What can the owners do to prevent this from happening at our next meeting? Every time we give notice of a new meeting it costs our community $2,500, and we must approve a budget and elect a new council. 

Louise C.  Surrey

Dear Louise: 

The basic principle of general meetings is found in the Strata Property Act. Section 50 of the Act. At an annual or special general meeting, matters are decided by majority vote unless a different voting threshold is required or permitted by the Act or the regulations.  Where the Act or your bylaws requires a procedural decision, those decisions are generally a majority vote. Whenever a person is acting as the registrar of the meeting, and issuing voting cards to themselves, and taking minutes of the meeting, and acting as the chairperson, there is the potential for conflict and manipulation of the meeting outcome and record. 

The owners in person or by proxy at the meeting determine matters by majority vote once the meeting has been called to order. There are often informal decisions where the owners approve items, such as the agenda, previous minutes, or appointment of scrutineers by unanimous consent. The minutes may show the scrutineers were introduced and the owners approved their appointment by unanimous consent with no objections; however, if any person does object and requests a vote on the matter, the chairperson of the meeting must call for a majority vote on.

By routine practice, to avoid any confusion or challenges to the meeting procedures, and to ensure the strata is complying with the Act, I always seek the approval of the eligible voters by majority vote on procedural items in addition to the resolutions. This ensures eligible voters are aware of what decision is being made, they have the opportunity to raise questions to the matter, and there is a clear decision being recorded in the minutes.

With the ease of access to challenge a meeting under the Civil Resolution Tribunal, it ensures your meetings procedures are bullet proof.  If you have a person other than the president or vice-president of council chairing the meeting, it also requires a majority vote to elect that person to chair the meeting, if they are eligible under your bylaws.

There are agenda items that may arise where the chairperson is required to make some decisions, such as certification of proxies and determining whether an amendment or correction to a three-quarter vote, 80 per cent vote or unanimous vote is permitted. Even under these circumstances it is still possible for the eligible voters to challenge the chair and override the chairperson’s decision; however, the owners risk the liability of such a decision.

Compliance with the Act will give you the best chance of fairness and accuracy. Always confirm your strata corporation has a complete copy of your current bylaws at your general meetings for reference. 

© 2019 Postmedia Network Inc.

Latimer Heights 8207 202B Street Langley approximately 2000 homes of different types by Vesta Properties

Thursday, May 16th, 2019

Vesta Properties? Latimer Heights to comprise a grand-scale community

Simon Briault
The Province

No doubt the most striking thing about Latimer Heights, a master-planned development in Langley by Vesta Properties, is the sheer scale of the project. This is community building on a grand scale, involving generous amounts of green space, office space, retail outlets and nearly 2,000 homes.

When fully built, Latimer Heights will cover an area of 74 acres and include single-family residences, duplexes, row homes, rooftop patio townhomes and traditional townhomes. The development will also include two highrise condo buildings of 26 and 34 storeys.

“We do everything from the land acquisition, the development and the construction to the design of the homes and the sales and marketing,” said Christine Turner, marketing manager at Vesta Properties. “We handle absolutely every piece of the development process in-house.”

“Vesta Properties creates only master-planned communities,” Turner added. “When you walk through our developments, you can really see how everything has been carefully thought out in terms of the streetscapes and the landscaping and the colours of the homes.”

Turner said it’s hoped that Latimer Heights will be a multi-generational community. “We’re expecting first-time homebuyers all the way up to retirees. Everybody will be living together. A lot of times, you see communities that are very much focused on one generation, but we hope this will be a great mix of everyone.”

There will be 17 acres of green space built into the community at Latimer Heights, as well as an elementary school. The community will also incorporate Latimer Village, a European-inspired shopping district with stores, cafes, restaurants and services.

“We’re very close to the Carvolth Exchange Park and Ride, so getting to the SkyTrain will be super easy and there’s also great access to the Trans-Canada Highway,” Turner said. “It’s definitely a transit-oriented development. You can walk, cycle and bus everywhere and if you do need to take your car, it’s very accessible.”

Homes will feature open floor plans, nine-foot ceilings and oversized windows. Buyers will be able to choose from three different colour palettes and optional upgrades include fully finished basements and Fisher & Paykel appliance packages. Entries, kitchens, dining rooms and living spaces feature laminate hardwood-style floors and stairways and upper floors are finished with plush carpeting.

Kitchens include french door fridges with external ice and water dispensers and Shaker-style cabinets and drawers. There are quartz countertops, tile backsplashes, kitchen islands and pendant lighting, as well as double-basin stainless-steel sinks.

Main floors have powder rooms with pedestal sinks, Shaker-style cabinets with quartz countertops and backsplashes. Main bathrooms have soaker tubs or showers with floor-to-ceiling tile surrounds and chrome faucets. Master ensuite bathrooms have walk-in showers. All homes have built-in smoke and carbon monoxide detectors, energy-efficient Low-E double glazed windows, high-efficiency gas furnaces and roughed-in central vacuum systems. Homes are pre-wired for security systems.

Latimer Heights

What: Approximately 2,000 homes of different types

Where: 8207 202B Street, Langley

Prices: Single-family lane homes start at $929,000, duplexes at $809,000, row homes at $749,000 and rooftop patio townhomes at $559,000

Developer: Vesta Properties

Sales centre: 8207 202B Street

Sales centre hours: noon — 5 p.m., Sat — Thurs

Sales phone: 604-371-0698

© 2019 Postmedia Network Inc.

Vancouver launches new online tools to help speed up building

Thursday, May 16th, 2019

The Regulation Redesign project is an effort to streamline various rules and guidelines that govern developments

Steve Randall
Canadian Real Estate Wealth

The City of Vancouver has updated its suite of tools relating to building permit regulations with the aim of speeding up the process.

The project to improve clarity and simplify the regulations was launched in 2018 and is the first effort to review and reform over 60 years of policy-making in zoning and land use.

“These improvements are part of the dedicated effort to speed up the permitting process and deliver much needed housing faster,” said Mayor Kennedy Stewart. “This also better serves small- and medium-sized businesses by making it easier to work with the City.”

The City garnered feedback from over 350 businesses and members of the public and has included a new video explaining zoning and how to find and use by-law information; and a new library to make finding land-use documents easier.

Watch the video

“The Regulation Redesign project is a concerted effort to streamline and make user-friendly the various rules and guidelines that govern development on private property. We aim to eliminate redundant, conflicting, and confusing provisions in our laws and enable faster and more efficient processing of applications,” said Gil Kelley, General Manager of Planning, Urban Design and Sustainability.

The project is ongoing and will lead to further improvements to the available information.

Copyright © 2019 Key Media Pty Ltd

Things to consider when helping children buy a home

Thursday, May 16th, 2019

A gift or a loan from bank of mom and dad

Neil Sharma
Canadian Real Estate Wealth

As the bank of mom and dad’s popularity shows nary a sign of abating, there are crucial things for parents helping their children become homeowners to consider.

Chief among them, says Jason Davenport, branch manager of Meridian Credit Union Greektown location in Toronto, is the legal obligation—specifically whether or not parents are gifting or loaning their child money.

“If it’s a gift, most financial institutions require a gift letter,” he said. “That’s important if things break down before the house gets sold. If it’s a loan, the money can be secured against the house often in second position, if mom and dad are worried about that.

“If it’s a matrimonial home and the excited parents give them a gift, but the marriage breaks down, then the gift becomes part of the home’s equity and there’s no way to recover it. You’re going to lose half of those funds to the other party. But if you want to guard against that, you could create a loan and put a lean against the house. If the marriage breaks down and the house is sold, after the bank takes its share from the remaining equity, you can recoup those funds. But, without anything like that, for all intents and purposes, that money is gone for the parents.”

Mom and dad also have to be cognizant of not overextending themselves and compromising their retirement. Davenport warns that spending such a big chunk of their money could jeopardize investment goals and even much-needed renovations in their own home. In the B-20 mortgage qualification era, that’s a real possibility.

“If you’re helping your kids buy a new home, getting another individual on the title—like mom or dad—as a guarantor or co-signer is an option, but there are different responsibilities,” explained Davenport. “A co-signer on the property’s title is 100% responsible for other people should anything happen, and if they refuse or can’t pay, the co-signer is 100% responsible for the property. They’re on the hook.”

A guarantor doesn’t go on title, but there’s no recourse should anything happen to the home. There’s still another catch, though.

“They’re still 100% responsible for payments, again, should anything happen to the home. It’s most likely we’d go to them if payments are required.”

Foresight is the name of the game, says Davenport. In the event of tragedy or a dissolved marriage, planning ahead prevents a lot of headaches, and even heartache, later. Davenport says that more important than money is the relationship between parents and their children.

“Make sure you run the numbers before making any decisions,” he said. “Individuals with greater assets should think about an inheritance later versus a gift now. If they’re thinking about what their estate will look like, taxation is part of the equation because you pay a big chunk. If you want to get around it, you can confront the tax liability now, meaning you can incur the liability now for whatever it will be on the inheritance later and the end result is you’d more than likely be net ahead for the estate. Sometimes giving money to your kids before you get to that point can have a positive result on what you want for your estate.”

Copyright © 2019 Key Media Pty Ltd

CoStar Group takes commercial sector by storm

Thursday, May 16th, 2019

CoStar the go-to source for commercial real estate

Neil Sharma
REP

The commercial real estate sector sometimes gets short-shrifted when it comes to accessing data—unlike the residential sector which enjoys copious quantities from all corners—but one technology and analytics company is changing that.

CoStar Group,  founded in the United States over three decades ago, has grown into a multinational company with several Canadian branches, including in Toronto, Vancouver, Calgary, Edmonton, Ottawa and, soon, Montreal.

“You could look at it from two different sides,” said Roelof Van Djk, CoStar’s market economist for Canada. “We’re a data analytics company, and with our data we’re trying to be the go-to source for data in the commercial real estate industry. When you look at where the industry has gotten data in the past, it’s usually been one source, but we want to answer all the different questions our pertinent clients have—whether they’re brokerages, landlords, investors, even tenants and vendors. It’s not just data on the ground floor but the analytics behind that, and that’s what my team brings to the table: analytics forecasting.”

Co-Star entered the Canadian market via Toronto in 2014, but not without years of due diligence so that it could hit the ground running with myriad offerings for its clients, which also include some of the REITs in the world.

“First and foremost, you have to look at where CoStar was in the U.S,” continued Van Djk. “Most Canadian pension funds and life insurance companies—big institutional investors in commercial real estate—are CoStar clients and they nagged CoStar for years to launch in Canada. ‘We need something like this in Canada,’ was the message they’d give directly to our CEO every time they met him. As a result, it prompted the company to look into Canada, and Toronto being the epicentre of commercial real estate in country, this is where we started.”

One of the CoStar’s most impressive features is how quickly its data is updated. It has a large team of researchers who speak to individual players throughout the eco system, and their data updates are in the range of 12,000 daily.

“The data is constantly being updated and it’s reflected in the analytics, which are near instant, and it also modifies the forecast data, depending on what information is being updated,” said Van Djk.

The data analytics and forecasting provided by CoStar allows users to measure their portfolios in certain markets versus other markets, and accordingly determine how effectively their funds can be allocated elsewhere in relation to their returns.

Toronto and Vancouver are two of North America’s hottest commercial markets, but Montreal is enjoying its most auspicious period in over 40 years, and given the slew of investment in the city, CoStar’s launch in the Quebecois metropolis will yield precise data that will doubtless help investors capitalize on the city’s renaissance.

“We’ve done a lot of the preliminary heavy lifting, as far as collecting inventory in Montreal,” said Van Djk. “We’re developing our platform to be bilingual and recruiting bilingual researchers in the Montreal market. From day one, Montreal has been part of CoStar’s investment strategy, and as the second-largest city in Canada we’ve always intended to be there, but we want to launch properly with a bilingual version of the tool.”

Copyright © 2019 Key Media Pty Ltd

Long overdue beneficial ownership registry would curb money laundering

Thursday, May 16th, 2019

Anonymity and invisibility could be reduced by implementing a publicly accessible registry

Neil Sharma
Mortgage Broker News

Canada lacks a publicly accessible ownership registry—a major reason money launderers exploit real estate to conceal ill-gotten gains—but that could change by month’s end in British Columbia.

After extensive consultations, the B.C. NDP introduced a motion to implement a beneficial ownership registry on April 1 that made its way through a second reading at the beginning of this month, and it’s believed it will pass by the conclusion of the legislative session.

According to a C.D. Howe Institute report, Why We Fail to Catch Money Launderers 99.9 Percent of the Time, such a measure would deal an immense blow to criminals looking to clean dirty money through the housing market.

“Anonymity and invisibility could be reduced by implementing a publicly accessible registry of beneficial ownership of companies, trusts and real estate,” Kevin Comeau, the report’s author. “Structured properly, a public registry would offer a two-way flow of information—communication of beneficial ownership information to the world and communication of foreign-based information to Canadian authorities—which would bring more bad guys into the light of day.”

Comeau added that, where real estate is concerned, and among Western liberal democracies, Canada has among the weakest protective measures against money laundering, and he estimates there’s likely $100-130 million laundered through its housing market every year.

Another key to curbing the free flow of dirty money through real estate is introducing hefty legal penalties.

“Obstacles to following the dirty money could be reduced by creating a new criminal offence: A false declaration of beneficial ownership, whether made on a public registry or submitted by a customer to a reporting entity,” said Comeau. “Not only would such an offence bring more integrity to the beneficial-ownership information being disclosed, it would also provide a solid base from which law enforcement agencies could conduct investigations of suspicious transactions.”

Calum Ross, a leverage wealth expert and VERICO broker with Mortgage Management Group—and author of The Real Estate Retirement Plan: An Investment and Lifestyle Solution for Canadians—believes a public registry is long overdue. While he says it won’t completely eradicate money laundering in Canada, an ownership registry is still a necessity.

“It won’t completely prevent money laundering from happening, but it would make it significantly more difficult and, therefore, draw more attention to it,” said Ross. “The key reason money laundering is done through corporations is because if I look up the property, it only comes up with a number rather than a name. The real question I’d ask is what are we gaining by not having this information disclosed?

“When I went to speak at U.S. banking conferences, this came up and they thought we were crazy here in Canada. I was asked, ‘Is money laundering not a problem for you in Canada? Why wouldn’t such information be disclosed?’”

Copyright © 2019 Key Media

New hotel supply, sales to reach 10-year high this year

Wednesday, May 15th, 2019

Investment volume is expected to eclipse 10-year national average of $1.8 billion, while new supply forecasted to increase 2 per cent

Tanya Commisso
Western Investor

National hotel construction and sales volume is expected to exceed historical averages this year, according to a new forecast report. 

New supply is expected to increase by 2 per cent in 2019, the highest single year of growth since the financial crisis of 2008. The increase in hotel starts has been buoyed by strong sales and attractive development land prices in suburban markets, CBRE reports. Investment volume is predicted to surpass last year’s $1.5-billion mark and likely eclipse the 10-year average of $1.8 billion.  

“Canadian hotel operating performance and investment metrics have never been stronger, and all indications point to investment volume matching if not exceeding historical averages in 2019,” said Bill Stone, executive vice president of CBRE Hotels. “New supply is a good challenge to have as it reflects the strength of the market and Canada’s ability to compete on the world stage.”

Hotel occupancy reached a record-high of 66 per cent nationally in 2018. Still, certain areas in Alberta are facing occupancy challenges as markets struggle to keep up with new supply. While the resort market in the province is thriving and Edmonton and Calgary show modest signs of growth, oil patch towns continue to lag far behind the national growth average. Despite diverging trends across the province, Alberta overall hotel market is expected to see demand growth of 1 per cent in 2019. 

Revenue per available room (RevPAR) is expected to increase along with demand, particularly in smaller suburban cities where cost of available development land versus revenue is more balanced. Seventy-two percent of hotel transactions took place in secondary and tertiary markets in 2018, compared with just 59 per cent a year prior.

B.C. led RevPAR growth last year, increasing 10 per cent year-over-year. RevPAR is expected to grow in all Western Canadian provinces and 4.7 per cent across Central Canada. 

“Our hotels are full, and we are in good shape to continue to grow top and bottom lines in 2019,” said David Larone, senior managing director of CBRE Hotels. 

© Copyright 2019 Western Investor

West Vancouver has been hit hardest by the housing market correction

Wednesday, May 15th, 2019

West Vancouver takes biggest hit in real estate

Josh Sherman
other

Metro Vancouver’s housing market is undergoing a correction, and some areas have been hit far harder than others.

A new Zoocasa study of Metro Vancouver shows how 15 neighbourhoods are faring in an environment of depressed demand that has become the new reality in what was once the country’s hottest real estate region.

The Canadian real estate company looks at two key metrics in its study: benchmark prices, which are derived from calculations that remove certain properties known to skew averages (such as luxury homes), and the level of supply in a market, as measured by the months of inventory remaining.

In terms of prices, no market has taken a bigger hit than West Vancouver, where the benchmark of $2,212,900 has fallen 15.5 percent in the past year.

Compare that to North Surrey, which has only seen prices tumble 2.7 percent to a benchmark of $774,000, making it the neighbourhood that has been most resilient in terms of home values.

On the inventory front, no Metro Vancouver submarket has seen listings pile up like the White Rock/South Surrey area.

There was 7.4 months of inventory White Rock/South Surrey as of April, meaning if the current pace of sales persisted and no new listings appeared on the market, that’s how long it would take to sell out.

Just three other markets — North Surrey, North Delta, and, once again, West Vancouver — have inventory in excess of five months.

The tightest market is Port Moody, where there is 2.4 months of supply, up slightly from the 2.1 months recorded a year ago.

© 2019 BuzzBuzzHome Corp.

Re/Max withdraws from referral deal with Redfin

Wednesday, May 15th, 2019

The issue of Redfin Direct service concerned RE/MAX

REM

Re/Max has withdrawn from its strategic referral alliance with Redfin after only two months.

In March, the companies announced the alliance for Redfin offices in Canada (currently in Toronto and Vancouver) and the U.S.  Under the arrangement, in areas where Redfin does not have offices, Redfin referred customers to approved Partner Agents at other brokerages, including participating Re/Max agents. When the customer closed on a home purchase or sale, Redfin received a referral fee.

But in a statement, Redfin says: “At issue between Re/Max and Redfin has been Redfin Direct, the new service we’re piloting in Boston for Redfin’s listing customers to get offers from unrepresented buyers. We had briefed Re/Max on the technology prior to announcing the partnership, but Re/Max became concerned that Redfin Direct would undermine the standing of North American buyers’ agents.

“Redfin understands this concern, as we employ thousands of licensed professionals and believe the vast majority of homebuyers need professional advice and will happily pay for it. But we also have a duty to get as many offers for our customers’ listings as we possibly can, and to give those listing customers the best value. We believe in consumer choices; our mission is to redefine real estate in consumers’ favour.”

Re/Max said in a statement: “Re/Max strongly believes the role of a real estate agent in the homebuying and selling process is more important than ever. Consumers faced with the largest, most complex financial transaction of their lives should have a knowledgeable professional to guide and advise them. We believe real estate agents provide this essential service to a successful buying and selling experience.

“Given Redfin’s recent announcement regarding a program that would encourage buyers not to use agents on listings where the seller is represented by Redfin, we cannot continue with an official, corporate-level relationship at this time. We have begun the process of dissolving our exclusive referral agreement with them beginning today.”

Redfin says it “can now enroll partner agents from other brokerages to serve Redfin.com visitors in the U.S. and Canada.”

© 2019 REM Real Estate Magazine