June 25, 2008
Canadian realtors forced to ‘be cops’
New Canadian laws went into effect Monday forcing Realtors to gather background client information to battle terror-funding and money laundering. Realtors must now ask for the name, address, date of birth and occupation of property buyers and sellers, plus ID such as a driver’s license or passport before proceeding with a sale or purchase.
The information must be retained for seven years and provided to the Financial Transaction and Reports Analysis Center of Canada on request. “We know there is going to be consumer rejection on this and we are just following the law,” said Gerry Weir, president of the Ontario Real Estate Association. He said if a client refuses to disclose the information, the Realtor must abandon the deal or report the person to FINTRAC.
In Toronto, 17-year veteran Realtor Valerie Chrysdale of The Sutton Group-Bayview agency told UPI by telephone she wasn’t happy with the new responsibilities. “The number of forms we have to fill out is just crazy,” she said. “They’re putting us in a position of being cops and we don’t want to be doing that.”
March 12, 2008
Commercial real estate report
Toronto Real Estate Board reports 800,000 square foot plus month
In February, Toronto Real Estate Board Members reported 844,348 square feet of space leased through the TorontoMLS system, Commercial Council Chair Garry Lander announced today. “This figure is up marginally over January’s 842,475 square foot total, and we should see those figures climb even higher as the IC&I Spring market gradually takes off.”
Lease rates remained relatively unchanged from their year-ago levels, with Industrial space trading for $5.84 sfn and commercial space going for $15.23 sfn.
Sales Market Highlights
In February, TREB Members reported 63 sales of IC&I properties. Of these, 38 were Industrial properties of all size categories, which averaged $109.38 per square foot. This compares with a price of $72.57 per square foot derived from non-MLS sources.
See copy of February’s Commercial Realty Watch.
March 12, 2008
Raising the bar for renovations
There’s a new, much-needed, resource that consumers in the Toronto area can use to both find reliable trades people and warn others about those who haven’t measured up. It comes in the form of an on-line directory called HomeStars.ca and is billed as a website aimed at “keeping the trades honest” through reviews posted by consumers. Launched six months ago, this service is to the renovation world what Zagat is to the food and hospitality industry.
It’s definitely a different animal from websites that merely list contractors, trades people and suppliers who have paid a fee to advertise on the site. While those sites are helpful in finding contact information, there’s usually no indication whether the companies listed are recommended, highly or otherwise, by past customers. HomeStars.ca gives us that in an on-line directory where “consumers can read and write real reviews on renovators, retailers and repairmen” in the greater Toronto area.