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"The President of the Canadian Real Estate Association, Georges Pahud, today welcomed the decision of delegates . . . to approve CREA's consent agreement with (Canada's) Commissioner of Competition regarding the case before the Competition Tribunal."

Oct. 24 media release

Affirming the commitment of the Canadian Real Estate Association "to a competitive real estate services market," the agreement followed protracted negotiations with the Competition Bureau of Canada which claimed CREA's Multiple Listing Service was a restrictive monopoly.

To outsiders like me, it is unclear why the competition bureau took this position with CREA -- a 100,000-member trade association -- when it seems to have no problem with, for example, the Canadian Bar Association; or when a variety of other services, notably the competitive For Sale By Owner group, have run their own online listing sites for many years.

Whether formally online, or arranged by citizens themselves, competitive opportunities to advertise properties for sale appear to be plentiful enough. Would-be sellers are not forced to use the MLS as the only game in town.

Whatever the competition bureau's reasoning, it seems CREA decided discretion was preferable to years of expensive legal battles it might not win.

Reading between the lines of the speech by CREA president and Vancouver associate broker, Georges Pahud, the agreement will allow property owners to pay a fee to a licensed Realtor to have their listings uploaded to the MLS site, and thence to sell the property themselves.

The idea will be attractive to those who have the knowledge and marketing talent to go it alone; they stand to save significant dollars on the sale of their homes.

For vendors without those skills, however, this route is fraught with risks.

District of North Vancouver Coun. Alan Nixon -- himself a 16-year licensed Realtor and managing real estate broker -- confirmed this to me in an email interview following the CREA announcement.

"[I believe] we have taken a dangerous step backward in time, to the days when homeowners and home buyers were left vulnerable to unscrupulous real estate investors and practitioners," was his opening salvo.

I might not have gone that far, but I do know that the thousands of dollars saved by taking a Realtor's commission out of the mix can end up looking like chump change when held up against a court-ordered liability award for non-disclosure of material problems with the property -- even when that non-disclosure was an innocent one.

Anyone who doubts the seriousness of those concerns needs only remember two events in the District of North Vancouver: the years of costly legal negotiations that followed the fatal landslide of a recently-purchased home on the ridge line of Berkley-Riverside, and an earlier slide in Lynn Valley which, even today, is causing problems in this season's rains.

"Most critically though, when receiving or negotiating the contract of purchase and sale, the unrepresented seller is vulnerable to entering into unenforceable contracts," Nixon continued.

 

Know the lingo when you're buying a new house

Anna Vozza, Postmedia News

Published: Friday, August 27, 2010

Buying your first home can be very exciting, but also a little intimidating and confusing. Here are some common terms you're likely to encounter:

Amortization: The number of years it takes to repay the entire amount of a mortgage.

Appraisal: An estimate of a property's market value, used by lenders in determining the amount of the mortgage.

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Assessment: The value of a property, set by the local municipality, for the purposes of calculating property tax.

Assumable mortgage: A mortgage held on a property by the seller that can be taken over by the buyer, who then accepts responsibility for making the payments.

Blended mortgage: A combination of two mortgages, one with a higher interest rate than the other, to create a new mortgage with an interest rate somewhere between the two original rates.

Blended mortgage payments: Equal or regular mortgage payments, consisting of both a principal and an interest component. With each successive payment, the amount applied to interest decreases and the amount applied to the principal increases, although the total payment doesn't change. (Exception: see variable rate mortgages.)

Buy-down: When the seller reduces the interest rate on a mortgage by paying the difference between the reduced rate and market rate directly to the lender or to the purchaser, in one lump sum or monthly instalments.

Closing: The real estate transaction's completion, when the parties involved agree that all legal and financial obligations have been met, and the deed to the property is transferred from the seller to the buyer.

Conventional mortgage: A first mortgage issued for up to 75% of the property's appraised value or purchase price, whichever is lower.

Counter-offer: One party's written response to the other party's offer during purchase negotiations between buyer and seller.

Debt service ratio: The percentage of a borrower's gross income that can be used for housing costs, including mortgage payment and taxes (and condominium fees, when applicable).

Deed: A legal document that conveys (transfers) ownership of a property to the buyer.

Easement: A legal right to use or cross (right-of-way) another person's land for limited purposes. A common example is a utility company's right to run wires or lay pipe across a property.

Encroachment: An intrusion onto an adjoining property -- such as a neighbour's fence, storage shed or overhanging roof line that partially (or even fully) intrudes onto your property.

Equity: The difference between the price for which a property can be sold and the mortgage(s) on the property. Equity is the owner's "stake" in a property.

Foreclosure: A legal process by which the lender takes possession and ownership of a property when the borrower defaults on the mortgage obligations.

High-ratio mortgage: A mortgage for more than 75% of a property's appraised value or purchase price.

Land transfer tax: Payment to the provincial government for transferring property from the seller to the buyer.

Lien: Any legal claim against a property, filed to ensure payment of a debt.

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May 5, 2010

Kelowna, BC – RE/MAX of Western Canada is a proud recipient of the 2009 Corporate Citizen Award presented by The BC Transplant Society.   For six years RE/MAX^® has promoted organ donor awareness by spreading the word on the need for organ donation with sponsored ad campaigns, direct press releases, an agent education program and website links to the transplant registration websites www.transplant.ca and www.liveon.ca.    

RE/MAX of Western Canada’s latest addition to help promote the cause is the sponsorship of www.LiveOn.ca recently launched as a touch point to facilitate easy access to registration information for each provincial transplant agency.  As a result of ongoing community support and awareness, the BC Transplant Society performed an amazing 211 organ transplants in 2009.

With the critical shortage in registered organ donors in BC, the average person is far more likely to need an organ transplant than to be eligible to donate an organ.  “We are proud to share the recognition of this Corporate Citizen Award with all RE/MAX^® associates in Western Canada,” says Elton Ash, Regional Executive Vice President for RE/MAX of Western Canada.  “As an organization, we have an obligation to raise public awareness and support this life-saving cause in the hopes of encouraging others to register as an organ donor.”  Registering your decision to become an organ donor can save up to eight lives and improve the quality of life for up to 80 others. 

RE/MAX^® is Canada's leading real estate organization with over 17,500 sales associates situated throughout its more than 680 independently-owned and operated offices across the country.  The RE/MAX^® franchise network, now in its 37th year, is a global real estate system operating in more than 70 countries.  Over 6,500 independently-owned offices engage over 115,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management.  For more information, visit: www.remax.ca.

 

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For more information:

Marie Sheppy

RE/MAX of Western Canada                                   

Office: (250) 860-3628

www.remax-western.ca

 

  

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[ Reader’s Digest unveils ‘most trusted brands’ list ]

April 23, 2010   |   By Kristin Laird   |   Comments

Recommend

Air Canada, Becel and Campbell’s are among the country’s most trusted brands, according to Reader’s Digest Canada’s second annual poll.

The magazine commissioned Harris/Decima to conduct 1,500 online surveys among a random sample of its panel members. The survey was conducted between October 2 - 15, 2009.

The survey focused on three areas: which brands survey participants trusted most in each brand category, drivers of brand reputation and the impact of Readers Digest’s Trusted Brand seal.

Consumers picked the brands they trust the most in 28 different categories including allergy relief, credit card, gas retailer and ground coffee, and ultimately selected this year’s winners.

They are:

•           Air Canada (Airline)

•           Claritin (Allergy Relief)

•           RBC Royal Bank AND TD Canada Trust (Bank/Credit Union)

•           Duracell (Batteries)

•           Kellogg’s (Breakfast Cereal)

•           Buckley’s (Cough/Cold Remedies)

•           Visa (Credit Card)

•           Canon (Digital Camera)

•           Secret (Female Deodorant)

•           Robin Hood (Flour)

•           Gas Retailer ESSO

•           Maxwell House (Ground Coffee)

•           Sony (Home Entertainment)

•           Best Western and Holiday Inn (Hotel Chain)

•           Breyers and Chapman’s (Ice Cream)

•           Sun Life (Life Insurance)

•           Old Spice (Male Deodorant)

•           Becel (Margarine)

•           BlackBerry (Mobile Devices)

•           Apple (Mobile Entertainment)

•           Toyota (Passenger Car manufacturer)

•           Iams (Pet Food)

•           Ford (Cough/Cold Remedies)

•           RE/MAX (Residential Realtor)

•           Campbell’s (Soup)

•           Pepto-Bismol (Stomach Ailment Remedy)

•           Coppertone (Sunscreen Skin Protection)

•           Ford and Toyota (SUV Manufacturer)

Reader’s Digest increased the number of product categories from 18 to 28 this year to include breakfast cereal, coffee, hotel chains and residential realtors. The decision was based upon the success of last year’s poll and to fall in line with the magazine’s Trusted Brands program in Europe, Asia, Australia and South America, said Larry Thomas, Toronto-based vice-president and publisher for Reader’s Digest Canada.

Winners are entitled to use the Reader’s Digest Trusted Brand seal on its packaging and advertising, said Thomas.

According to the survey, 49% of Canadians would trust a product more if it had the Trusted Brand seal, and 44% say they’re more likely to purchase a product if it has the seal.

The results are featured in the May 2010 issues of Reader’s Digest and Sélection du Reader’s Digest as well as on ReadersDigest.ca and Selection.ca.

Originally published in Marketing Magazine,

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[ Reader’s Digest unveils ‘most trusted brands’ list ]

April 23, 2010   |   By Kristin Laird   |   Comments

Recommend

Air Canada, Becel and Campbell’s are among the country’s most trusted brands, according to Reader’s Digest Canada’s second annual poll.

The magazine commissioned Harris/Decima to conduct 1,500 online surveys among a random sample of its panel members. The survey was conducted between October 2 - 15, 2009.

The survey focused on three areas: which brands survey participants trusted most in each brand category, drivers of brand reputation and the impact of Readers Digest’s Trusted Brand seal.

Consumers picked the brands they trust the most in 28 different categories including allergy relief, credit card, gas retailer and ground coffee, and ultimately selected this year’s winners.

They are:

•           Air Canada (Airline)

•           Claritin (Allergy Relief)

•           RBC Royal Bank AND TD Canada Trust (Bank/Credit Union)

•           Duracell (Batteries)

•           Kellogg’s (Breakfast Cereal)

•           Buckley’s (Cough/Cold Remedies)

•           Visa (Credit Card)

•           Canon (Digital Camera)

•           Secret (Female Deodorant)

•           Robin Hood (Flour)

•           Gas Retailer ESSO

•           Maxwell House (Ground Coffee)

•           Sony (Home Entertainment)

•           Best Western and Holiday Inn (Hotel Chain)

•           Breyers and Chapman’s (Ice Cream)

•           Sun Life (Life Insurance)

•           Old Spice (Male Deodorant)

•           Becel (Margarine)

•           BlackBerry (Mobile Devices)

•           Apple (Mobile Entertainment)

•           Toyota (Passenger Car manufacturer)

•           Iams (Pet Food)

•           Ford (Cough/Cold Remedies)

•           RE/MAX (Residential Realtor)

•           Campbell’s (Soup)

•           Pepto-Bismol (Stomach Ailment Remedy)

•           Coppertone (Sunscreen Skin Protection)

•           Ford and Toyota (SUV Manufacturer)

Reader’s Digest increased the number of product categories from 18 to 28 this year to include breakfast cereal, coffee, hotel chains and residential realtors. The decision was based upon the success of last year’s poll and to fall in line with the magazine’s Trusted Brands program in Europe, Asia, Australia and South America, said Larry Thomas, Toronto-based vice-president and publisher for Reader’s Digest Canada.

Winners are entitled to use the Reader’s Digest Trusted Brand seal on its packaging and advertising, said Thomas.

According to the survey, 49% of Canadians would trust a product more if it had the Trusted Brand seal, and 44% say they’re more likely to purchase a product if it has the seal.

The results are featured in the May 2010 issues of Reader’s Digest and Sélection du Reader’s Digest as well as on ReadersDigest.ca and Selection.ca.

Originally published in Marketing Magazine,

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