Here’s an Interesting Twist in Home Selling

Alla Wagner is a 58-year-old with limited mobility after a fall. She could no longer live comfortably in her 5,000-square-foot home in the foothills of the Canadian Rockies, so she put it up for sale last year in order to downsize to a smaller bungalow. The market was slow and prices low in Alberta, so she decided to "think outside of the box.” Late last year, she came up with a contest called "Write a Letter, Win a House." Entrants were instructed to explain how owning the home could change their lives. She set the entry fee at $25 with the goal of receiving 65,000 entries to cover her investment in the house.

Wagner will pick the top 500 essays by July 5 and a panel of independent judges will choose a winner. If she doesn't reach her monetary goal by then, she plans to return all entry fees.

Photo: The Canadian Press / Jeff McIntos

Source: https://www.ctvnews.ca/canada/win-a-house-alberta-homeowners-trying-to-sell-properties-with-essay-contest-1.4419002

Will Horse Drawn Carriages Disappear into Victoria’s Past?

Victoria Councillor Ben Isitt holds the position that the city should develop regulations next year to phase out commercial horse-drawn carriage operations by 2023. His motion went to councillors this week. “It’s just signaling that the era of horse-drawn carriages on the streets may be coming to a close. There’s many other opportunities that we can look to in the 21st century,” he said.

This question arose last year when the SPCA called for a ban on using horses to draw carriages, which they have since revoked, in a reaction to an online video showing horses downed and struggling after their carriage was clipped by a bus. SPCA’s recommendations to the city council were adopted and Councillor Charlayne Thornton-Joe has been working with the SPCA and carriage operators to ensure the horses are well taken care of. Local operators have been careful to adhere to the guidelines set out by the city.

“This motion misses the whole premise of a horse-drawn carriage experience. Our services are about providing the public an opportunity to interact with and learn about our amazing horses, slow down and experience life at an easy pace, and remember our historical roots,” said Donna Friedlander, owner and operator of Tally-Ho Carriage Tours.

The polar positions held by Isitt and Thornton-Joe will certainly cause debate. The horse drawn carriages congest traffic, but many feel they are iconic part of Victoria’s charm.

Victoria has the Lowest Unemployment Rate in the Country

Victoria now has the lowest unemployment rate in the country, according to the latest release by Statistics Canada. The national agency’s monthly labour force survey pegged Victoria’s unemployment rate at 3.1 per cent in April from 4.2 percent a year ago.

Any job losses were offset by gains in the transportation and warehousing sector, which added 4,000 positions over the last year, the accommodation and food-services sector added 2,100 jobs and the public administration sector added 1,800 positions.

Victoria is a great place to work and live!

Source: https://www.timescolonist.com/business/victoria-has-canada-s-lowest-unemployment-rate-1.23819723

Land Owner Transparency Act

Bill 23, the Land Owner Transparency Act will soon become law. The law’s intention is to remove the masks of anonymity some individuals use to disguise their holdings through faceless corporations.

Finance Minister Carole James describes it as a commitment to end hidden ownership through shell companies, trusts and partnerships. Bill 23 was passed after watchdog group Transparency International Canada reported almost one third of the 100 most expensive homes in Vancouver were owned by shell companies.

Just as individuals must register land title ownership and transfers, corporations will now need to do the same. The new law requires them to list names, home addresses, citizenship and social insurance numbers of individuals behind the corporate entities holding title — the beneficial ownership.
Basic details will be available to the public. More sensitive information will be available to law enforcement, tax officials and some regulators, to help address tax fraud and money laundering.

Source: https://www.leg.bc.ca/parliamentary-business/legislation-debates-proceedings/41st-parliament/4th-session/bills/first-reading/gov23-1

Mayan Culture Alive and Well at Royal BC Museum

Did you know there are more than six million people in Guatemala who continue to practise Maya traditions and speak Maya languages? The Mayan culture is alive and well, and guest curator Nikolai Grube will open a Mayan exhibit on Friday, May 17 at the Royal B.C. Museum to feature the largest collection of Maya artifacts outside of Guatemala. 

The immersive experience will include jungle sounds, videos featuring the 30 Mayan languages still spoken today, and many jade stone and textile artifacts that have never been displayed before. Enjoy the world premier of “MAYA - The Great Jaguar Rises” on from May 17th – December 31st, 2019.

More info: https://royalbcmuseum.bc.ca/visit/exhibitions/maya

Canadian Real Estate Sales Rise Over 4 Per Cent in April

Canadian real estate sales climbed out of its multi-year low hit last year.  CREA reported 48,461 sales in April, up 21 per cent from the month before. This represents an increase of 4.2 per cent when compared to the same month last year. For context, it’s a 9.96 per cent decline compared to April 2017. Most of the increase was a partial offset from the huge drop made last year. Over the past 5 years, April 2018 was the only month with fewer sales.

B.C. real estate markets have not followed the national trend. Vancouver real estate had the biggest declines in Canada with 1,850 sales in April, down 29.7% from last year. Vancouver had also seen sales decline 48.9% last year, when compared to the year before. Fraser Valley had the second largest drop with 1,308 sales in April, down 18.9% from last year. Last year the Valley had also seen sales decline 38.8% from the year before. In Victoria, April 2019 sales were at 665, a 10.1 per cent drop from April 2018 which saw 740 sales, and a 21.5 per cent drop from the year before which saw 847 sales.

Source: https://creastats.crea.ca/natl/index.html

Buying Investment Real Estate? Four Things to Know

Positive cash flow property is a safer investment

A positive cash flow property makes money in two ways: appreciation and rental income. On average, through the ups and downs, real estate has appreciated at around 5 per cent per year. Rental income that leaves you with a positive cash flow after expenses is important. Properties that do not rent out for enough to cover your costs, also called a “negative gearing” will eventually make money when they are sold for a lump sum but are more difficult to manage. Building real estate wealth is often a long-term plan (unless you’re renovating and flipping). You don’t want to be in a position where you’re forced to sell due to financial hardship. Cashflow really is king.

Passive income can’t be beat

While real estate isn’t quite passive income (defined as making money even when you are not working), it is certainly an excellent way to leverage wealth over time. To be profitable in real estate investing, rental income should exceed total expenses and generate excess cash returns.  This will give you a financial cushion you can count on for operational costs, your major repairs fund and management expenses if you choose to hire that out instead of doing it yourself. There’s no better feeling than making a few extra dollars to pay for a better lifestyle or to put towards more investments.

Raise that rent!

Some real estate investors do not raise the rent on a yearly basis, though they should. That’s because the costs of maintenance, repairs, and the cost of living all increase. If you keep your rental property in good shape, it will be worth the value and your renters will usually be happy living there. Your major expenses such as the mortgage payments, will stay relatively the same, so higher rental income means more cash flow returns earned per month. Build towards financial freedom.

Build wealth over time.

Real estate investing will always be in demand, and it will never go out of style. It’s an excellent asset to own and a good way to build wealth and long-term financial security. You build your equity through time and eventually gain full ownership of the rental property. If you choose, you can use this equity against buying more real estate to build your real estate business and diversify your portfolio. Make sure you consult your financial adviser and lawyer. And take the time to contact Jane Logan to learn how to find the right rental property before you make a purchase.