Upcoming Real Estate Seminar - Saturday March 27th

Given the economic upheaval of the past year or so affecting market conditions combined with issues such as changes in lending rules, the HST and other matters, many consumers are confused or at least uncertain regarding the current real estate market. Well, help is on the way!

If real estate buying or selling is in your future plans, please plan to attend my FREE real estate seminar on Saturday March 27th. I have teamed up with Michael Stahr of the legal firm Baulke, Augaitis Stahr and the Bank of Montreal (BMO) wherein we are holding a 2 hour information session to address such issues as the following:

• Overall market conditions in the Georgian Triangle


• Legal issues, the HST, title insurance


• New lending rules, mortgage products available

This session will serve to address a number of issues and concerns facing consumers with their real estate buying and seller activities. Bring us your questions and we'll provide answers or we will endeavour to do so if further research is involved. Details of the event are as follows:

Date: Saturday March 27th

Time: 3:00pm to 5:00pm

Place: Collingwood Leisure Time Club,

100 Minnesota Street, Collingwood

Free Parking, Refreshments & Door Prizes, Bring a friend!

For further information please feel free to contact me, rickcrouch@propertycollingwood,com or 705-443-1037. In the meantime I look forward to seeing you on the 27th.

Commercial Vehicles One Step Closer to Invading Your Neighbourhood!

Collingwood Council last night voted to move forward based on planning department recommendations to allow commercial vehicles to be parked in residential areas.
The recommendation that was approved would permit commercial vehicles 6.2 metres (20') in length and 2.2 metres (7') in height to be parked in residential areas but only in the driveway itself. Further and this is the kicker, larger commercial vehicles up of 7.5 metres (24') in length and 3.2 metres (10.5') will be allowed in residential areas but must be parked in rear yards and can be done so within 1 metre (3') of a property line.
This approval is a great disappointment for many residents who have been following and opposing this matter vigorously. Although not officially adopted as a by-law, passing of this recommendation makes the parking of commercial vehicles in residential areas an integral part of Collingwood's new Official Plan which will no doubt come into effect later this year.
Councillors Foley, McNabb and Mayor Carrier were absent from last night's meeting hence did not cast a vote. Other members of Council in favour of the recommendation allegedly feel that allowing commercial vehicles to park in residential areas is necessary for "economic development."
In terms of planning it would appear we have some inconsistencies with respect to the future look of our Town. We have an increased emphasis being placed on heritage preservation and some urban design standards are being contemplated both of which are aimed at enhancing the overall image and appeal of our Town and it's various neighbourhoods. At the same time, commercial vehicles now seem destined to grace residential neighbourhoods detracting from the aesthetic appeal of both individual properties as well as residential streetscapes in general. Further, Collingwood has some of the most onerous sign bylaws to be found anywhere which have even impacted REALTORS® and our use of Open House signs. What's more offensive, a real estate Open House sign that is temporarily in place for 2 or 3 hours, or a 7.5 metre (24') truck covered in signage parked nightly in your neighbour's back yard?
In addition to spending, increased taxes and other issues, the pending change allowing commercial vehicles to be parked in residential areas is surely going to spark some colourful debate during this year's municipal election campaign.

Real Estate and Money Laundering

Real Estate transactions have long been identified as a primary area where money from illicit sources has been laundered. How is this done?
Example: A would be Buyer enters into an Agreement of Purchase and Sale for which they submit a $10,000 "cash" deposit. The money is deposited into the listing real estate brokerage's trust account. The offer is conditional upon financing, a home inspection or some undertaking which eventually is not fulfilled and the Agreement becomes null and void. Both the buyer and seller sign a Mutual Release, the deal is aborted and the listing brokerage issues a cheque to the seller refunding their $10,000 deposit. Presto, the $10 grand has just been laundered.
FINTRAC, the Federal government's anti-terrorism/money laundering body charged with cracking down on and tracking the flow of illegally gotten cash, requires that REALTORS® obtain the personal identification from each and every client that we deal with. Most consumers understand this while the odd one takes some offence to this requirement, citing the "Privacy Act" as the reason they do not have to comply with providing their personal information. The Federal government's anti-money laundering terrorism legislation supersedes the Privacy Act. REALTORS® are required by law to record the personal identification of clients. This information does not go anywhere but real estate brokerages are require to maintain this information on file should a FINTRAC inspector arrive for an audit.
Do these audits happen? The answer is yes and failing to satisfy the government's requirements in this regard carries a stiff penalty. A Hamilton area real estate brokerage was fined $27,000 this past January for failing to comply with the FINTRAC requirements.
Call it Big Brother or whatever you want but the fact remains that federal law is not something to be taken lightly and completing the required FINTRAC form for each client is just one more document that needs to be completed for every real estate transaction undertaken.