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Michele Has Real Estate News!
November 29, 2022 | Posted by: Michele Cummins
Warning ! This is an automated transcript so there will be spelling mistakes throughout, including the spelling of Michele's name :)
Curtis Pope:
Once again, it's over Saturday morning. That means it's time for the commercial real estate group show with Rockstar realtor Michelle Cummings and myself Curtis Pope. Good morning, Michelle. Good
Michele Cummins - PREC:
morning, Curtis. Hello.
Curtis Pope:
Hello. We're back. Rowdy, we're back. And we're, we're here because the snow hasn't started yet that they're threatening for us early this week. Well, it
Michele Cummins - PREC:
usually snows by now, doesn't it?
Curtis Pope:
Sometimes. I mean, it's hard to say sometimes we get a little snow in November. Usually it's like January though. We get the big dump.
Michele Cummins - PREC:
Did we have November? I don't remember November or Movember or anything happening in November do we already go through November?
Curtis Pope:
It's just about done no way. Yeah. Wow. Yeah, no, I mean, it's December is coming up fast. Oh, Lee might start wanting to think about Christmas shopping. I'm just saying
Michele Cummins - PREC:
no Christmas shopping this year. Well, I'm gonna veto that Richard
Curtis Pope:
a guitar and
Michele Cummins - PREC:
look at a guitar just I don't
Curtis Pope:
know get him a guitar. Oh, it's hard to see have right now.
Michele Cummins - PREC:
Not one that the other one. Oh my gosh, too many to count.
Curtis Pope:
I mean, it was eight or nine at least because I mean, but you need them for different tones, different sounds.
Michele Cummins - PREC:
That is a musician's excuse. No, actually I know. I know. I know. It's true. It's like different sticks for your drum. Exactly. Different skins for your drums. Different sounds of
Curtis Pope:
drumsticks are a lot cheaper than guitars. So I follow you, but yeah, I mean, yeah, because you get lighter ones, heavier ones, whatever for the sound you're going for. But yeah, I usually use the light ones and break them like crazy. That's what I do. Oh, no, you hit them too hard. Well, because I'm using lighter sticks. I have to hit them harder.
Michele Cummins - PREC:
But earlier you had mentioned before we started recording the show about Steve GADS.
Curtis Pope:
I used to love Steve Gadd sticks it was one of my favorites. i i Now like the I have the Ringo sticks that are have purple on the bottom and Oh, yeah. And just went on the top. I like those ones a lot. But I use a lighter like almost like a jazz too, because I started in jazz band in high school, middle school and stuff. So I'm used to using those sticks problems. You're playing rock music with the later sticks. You tend to break them because they're like baseball bat to hit them the wrong way.
Michele Cummins - PREC:
And they shatter. That's because you're so strong.
Curtis Pope:
Oh yeah, that's what it is. hits a
Michele Cummins - PREC:
little sticks every time. So Thanksgiving was last week. US of course. Well, yeah,
Curtis Pope:
you and your double Thanksgiving.
Michele Cummins - PREC:
It was so fun. I didn't actually usually I get two turkeys. But this year knew I was working pretty late into the night and you know, I didn't get my turkey dinner. But my feed my sisters called me on the face book chat or
Curtis Pope:
FaceTime or whatever. Yeah. So
Michele Cummins - PREC:
we're all in little squares. And actually my sister's birthday is on Thanksgiving this year and the day before is my youngest sister's birthday. And then my nephew's birthday was this week. I guess it was a week of birthdays. Oh, yeah.
Curtis Pope:
But a lot of birthdays this week, too. It was my mom's birthday this week when you know, she passed away. 20 years ago. It was her birthday. My best friend's birthday is this week. My nieces was like last week. Am I brother in laws was last week. So there's something about November? Yeah. November, November, November Movember.
Michele Cummins - PREC:
But you didn't grow a mustache? This Movember. Oh,
Curtis Pope:
no, my hockey team I coach desperately tried me to, to get me to do it. And I'm like, you don't know because I'm coaching 8019 20 year olds that have mustaches. Okay, so I'm like, You don't understand it'll stop growing after a few days and I just have stubble it's not gonna work.
Michele Cummins - PREC:
You could just add some you know, like, ladies add eyelashes.
Curtis Pope:
Maybe that's maybe next year? I will. I'll do that. But yeah, I'm like, No, you guys just carry on do your thing. I support the cause, but I can't really do much. I'm follically challenged.
Michele Cummins - PREC:
Did you or Kelly do any shopping yesterday? Black Friday? No, I
Curtis Pope:
because I worked retail for so many years and things like that. I always find that. It's just there's very few times where the discount is worth the hassle for me to go out and get in the lines and fight with the people and I'll just have my mental health and pay the full price.
Michele Cummins - PREC:
Have you ever Okay, so I'm assuming you have never stayed up all night went out in your pajamas and the other night started shopping all night long, like the night before?
Curtis Pope:
Back before we Yeah, you know, Black Friday has been a big thing in the US forever. Right? Much like we have Boxing Day here and we didn't really have Black Friday here. It's like what the last 10 years Yeah, exactly. When I was a teenager there was a few times where we were really around for a&b sound a&b sound nice yeah, they're big Boxing Day things and there was a couple times where I was like an a&b sound at 5am I'm going to go in and pick up some music or maybe I need a new car stereo or something.
Michele Cummins - PREC:
Oh, that's good deals. There's some really good deals, but yeah, there's only one or two or three or four of them. So you have to be there like brighten earlier asleep there the night before. My sisters are diehards.
Curtis Pope:
I think I got my first deep CD player A and B sound. Like 30 odd years ago. Oh, gosh, that's memorable. Yeah, it was something like you know, on for like, 59 bucks or something. And they had a they did a lot of it actually was like their door crash where there's like, just a stack of them at the front door. Oh, that's
Michele Cummins - PREC:
cool. Got it. Yeah, never forget it. Yeah, special occasion.
Curtis Pope:
I might even still have that kicking around in my dad's house. I don't know.
Michele Cummins - PREC:
Okay, so today we're going to talk about some real estate news.
Curtis Pope:
That's usually what we do. Yeah, we usually talk real estate. And
Michele Cummins - PREC:
the first little tidbit of information is that BC housing is planning. It's immediately going to extend speculation, taxes. And so this report came out in the or through the Western investor, which I truly enjoy. It's a really good magazine, for commercial and for different information. So I'm going to read you from RE to you and our listeners from Western investor. So banning condo rentals will expose about 300,000 owners to vacant home taxes. A proposed housing supply act in BC released November 21, by Premier David Abbey would outlaw rental restrictions in strata so that's condo or townhouses projects in BC. It would also expose all owners of strata housing units in major urban markets to the provincial speculation tax or the empty home tax, which currently exempt those units and strata buildings that don't allow rentals and is similar tax in the city of Vancouver. So yes, it dissolves the exemption category. The speculation tax is applied for homes in BC that are left vacant but the current law allows an exemption when a covenant or a strata bylaw prevents the property from being rented out. Lifting the exemption would mean that an owner would be subject to the tax which is 0.5% of the home's value for BC residents and 2% for foreign buyers or owners I should say. When the average condo apartment and Metro Vancouver are valued at approximately 727,000 and a strata townhouse at just over 1 million the BC resident tax would range from about 3500 to 5000. Strata owners in the city Vancouver would also suddenly be subject to the Vancouver vacant home tax which was recently increased to 3% and which currently exempts units that are subject to a stratas rental restriction. The average condo apartment in Vancouver sold in October for approximately 800,000, meaning a $24,000 tax if it is not rented out for at least six months of the year. If passed BCWS proposed housing supply act will come into effect through regulations in mid 2023. While proposal amendments to the strata Property Act would come into effect immediately. Strata studies have shown that the highest vacancy rates are in buildings with no rental restrictions at the same time properties with rental bylaws average vacancy rate of 0% to 4% is what the study found. So the expectation that the removal of rental bylaws will result in a solution for rental housing has no correlation to the statistics, as stated in November 21 letter to provincial MLAs. The potential effect of terminating rental bylaws will be an increase in condo purchases for the purpose of speculation and investment. Landlords rarely participate in strata operations and rarely support increased strata fees or special levies for repairs. So this isn't a concern of theirs. The province estimates there are about 300,000 strata units that may be subject to rental bans. However, the new housing supply Act would still allow Stratus to have bylaws banning short term rentals such as Airbnb VRBO is the new Act would also require the fastest growing communities in urgent need of housing stock. And there's eight to 10 communities that are estimated by the province to fall into this category to establish housing targets in consultation with the province. So the target setting is intended to be a collaboration approach. Municipalities will figure out where and how that housing is built, according to premier Abby's statement, so a question that a colleague of mine passed in one of our Facebook group pages was okay this is interesting. Here is this is what he says here is An interesting hypothetical situation, a strata listing and a currently 45 Plus complex. NDP is going to pass legislation to allow rentals, complex calls in meeting and raises the age limit to 55. Plus, but needs three weeks notice to do so. And then time to register the new bylaw. In the meantime, an investor buys the unit, but completes after the laws and bylaws are changed. At what point? Do the new laws and bylaws go into effect? So there's that's one question was so many others regarding what they're wanting to put forward? So that's interesting news I wanted to share.
Curtis Pope:
Yeah, that's definitely an issue. Because you know, that's, again, it's one of those loopholes and that loopholes gonna be gone.
Michele Cummins - PREC:
And you know, how hard it is to? We have to claim every if you're within the municipalities that have the speculation tax, you have to remember to claim every year otherwise, they're going to just automatically charge you anyways. But there are situations where yes, you're renovating or service providers are taking longer than expected, or there's certain things that happen, and maybe it might be you aren't finding a tenant or you can't, over a certain amount of period of time. This is gonna change a lot.
Curtis Pope:
Yeah, that's, that's, it's an intriguing change, that's for sure. Yeah. It's gonna create some interesting situations, I think.
Michele Cummins - PREC:
And it is true what they say in the concerns about landlords don't pay attention to their monthly meetings or their annual general meetings. They really are the ones that I know. And I'm one myself. I don't, yeah, I don't, I don't go to any of the meetings. I don't watch them via zoom. I don't even read the minutes.
Curtis Pope:
That's right. I don't live there. It doesn't affect me directly, right. Hopefully, the tenants are paying attention.
Michele Cummins - PREC:
My tenants are amazing, though. Perfect, and you're good to go. They do pay attention. So we should probably
Curtis Pope:
take a break here. And then come back in just a bit with the second half. But before we go, we should tell people where they can go to find all your listings and everything else.
Michele Cummins - PREC:
And then I'll grab a Christmas coffee. Michelle cummins.ca
Curtis Pope:
Christmas. Oh, it's gonna be a long second segment. We'll be back with more right after this. And we are back with segment number two of the Cummins Real Estate Group show with Michelle Cummins and myself Curtis Pope. So we went through some of the news that's going on what are we talking about here on the second segment?
Michele Cummins - PREC:
Well, I wanted to bring up article of course, the the name of the article is suddenly BC to become tough on crime. So kind of focusing on we're, we're constrained on BC news today. And yeah, suddenly, does that surprise you? That's just so
Curtis Pope:
weird. You know, headline to me, because it's like, I like to think that the police forces are doing their job. Suddenly we're doing our job. Oh, what they're writing here. I got a lot of friends that are police officers. Maybe I'm being a little overly sensitive just sounds odd. We're tough on crime. Okay, we're tougher on crime.
Michele Cummins - PREC:
That way, you know how they are with the article, right? You know, it's got to be you know, grab the attention and
Curtis Pope:
grab your attention.
Michele Cummins - PREC:
So after five years of watching street crimes spiral out of control as Attorney General B C's new Premier, plans to crack down on chronic offenders. So this is from Frank O'Brien. Of course, the Western investor, again, just came out. So the BC government has launched a safer communities action plan that earns to keep repeat offenders off the streets and strengthen communities according to David Ebby, who has been BC, Attorney General for the past five years. The role of the Attorney General if you didn't know is to provide legal advice to the government and the initiation and conduct conduct of all prosecutors. I can talk
Curtis Pope:
I do basically the top lawyer in the province.
Michele Cummins - PREC:
I did have a sip of criminal offenses. Yes, exactly. You said it Curtis,
Curtis Pope:
dumbed it down to top lawyer in the in the in the pro bhavans
Michele Cummins - PREC:
So people might not know that if they're from the State's
Curtis Pope:
Attorney General's down there in the states by state, don't you?
Michele Cummins - PREC:
Everything's so different.
Curtis Pope:
Different type of bureaucracy
Michele Cummins - PREC:
jump over, but yes,
Curtis Pope:
plus you have federal and city and everything it can be. Yeah, I can see it'd be a little different.
Michele Cummins - PREC:
A little more convoluted. Yes, more. So Abby stepped down as ag to run unopposed for the premiers chair. So now, Premier David Evie made the safety announcement on November 20, just days after being sworn into office, saying that suddenly public safety is now his key priority. The plan recognizes that there is zero tolerance for violence in BC and concentrates on helping people overcome the process of being in and out of jail, he said, however, as the opposition BC Liberals noted, all of the changes could have been made months ago and many have been demanding by experts for a long time. So in April of this year, for example, mayors representing BCS biggest communities called on the provincial government for more support to stop repeat offenders amid a rise in property crimes and random assaults. Our residents, frontline police officers and our councils are frustrated. We implore the province and for your ministries to move forward quickly. On tangible solutions letter from the BC urban mayors and caucus said since 2017, when EBI took over as attorney general, there has been a 118% increase in the amount of time the province takes to review files it receives from police and a 75% increase in the rate of the BC Prosecution Service choosing to not change suspects based on police cases, according to the letter. The mayor's had flagged cases were super chronic offenders had 50 convictions, oh my goodness, or more, and we're still walking free. I know so many people were very upset about this. That was my little input there.
Curtis Pope:
Well, it is true. I mean, it's frustrating when you see people that have chronically been in and out of jail or wherever else and you see the picture on line or the newspaper that they're you know, been arrested again for whatever crime and you read three weeks later that they're out on bail. Really? Yeah, it's a frustrating
Michele Cummins - PREC:
thing. It is because look at all the harm and the crime they're doing in between every single time like how many times it's like three strikes you're out that's what I always say it's a bit
Curtis Pope:
of a revolving door.
Michele Cummins - PREC:
So more than 900 Innocent people have been violently attacked by strangers in the Vancouver area alone since the BC Liberals first called on David Abbey to issue a directive to crown prosecutions prosecutors, and end this harmful catch and release policy for repeat criminal offenders. Liberal leader Kevin Falcon said in a press release following me safety plan announcement. It's clear that what was announced this morning had been prepared for months and was withheld for David Abby to opportunistically take the credit for David Abby to play politics and public safety is unacceptable, is what she says. So Abby said that one of the first steps in setting up a coordinated response terms to address the issue of violent offenders. These teams are made up of police dedicated prosecutors probation officers, he said their mission is to prevent violent crime before it happens. And when it does happen to make sure that violent offenders wait for trial in custody and not in our community. The plan also calls for increasing response to those in mental health crisis with initiatives like 12 new peer assisted care teams, some of them in Des indigneous. Let these peer assisted teams intervene when people are in mental health crisis in our streets freeing up police to focus on crime instead of Social Services is what Abby said. Abby said Attorney General Mary Rankin, will instruct prosecutors to implement a clear and understandable bail police policy for repeat violent offenders within existing federal guidelines. We're also providing training and surgery services for prosecutors to work with police to make sure that the materials that are put in front of the court in the case of a violent offense are complete. So the court is making a decision on all of the facts and can protect the public. He said the plan will also deal with the high numbers of indigenous people in the justice system. As he said action includes opening 10 new Justice centers across the province to go with three that are already in operation. As he said, people struggling with addictions and mental health need treatment to get better and the plan calls for a new model of care for them that moves seamlessly from crisis response in our emergency rooms and our streets, to detox to treatment and supportive housing. Nanaimo Mayor Leonard Krog praised the plan scope. We've all seen the impacts of criminal behavior in the downtown, he said, that's why I'm pleased to see the provinces coordinated approach of both enforcement and strengthen services, which will help break the cycle of repeat offending help people to receive the support they need and help people feel safe and secure in our community. And I was talking with you earlier, Curtis, about the how we have a great crime map here in Abbotsford. And it's fantastic because it kind of shows you, you know, car was broken in here, you know, all sorts of things. And I would love if more municipalities got on board and did that as well. But that website, if you'd like to go to it is www.of. Course, abi pd.ca. And that's the website there. And it's pretty fantastic. And I know so many clients and friends who actually work for, you know, the public system and for those with mental health issues, and I support a couple of these houses myself. And it is really important and I just I hope they do something like that. It's like when you when you're at an intersection and you know, there's always accidents, always people die all the time. accidents are happening all the time. But they nothing gets done until enough people die. And then they finally do something about it. Again, maybe three, three times should prove it. But things take a lot longer. And government I know
Curtis Pope:
it does. The cold bureaucracy. Yeah.
Michele Cummins - PREC:
So I wanted to move on then about new listings coming up. Now we are going into a time where it's winter, December's just around the corner. And you know, not much as much happens in the real estate world.
Curtis Pope:
Most people don't buy a home in November, December, oh, wait a minute, that's when you had me buy it?
Michele Cummins - PREC:
Well, so when you're a buyer, it is a fantastic time to buy because you find some great deals. Because if you're seller selling in winter, it means you pretty much have to sell you really want to sell you're motivated to sell and your buyer look at in the winter, it may not be as fun, it may not be as warm, it may not look as pretty, you may have to, you know, go through the snow and rely on pictures from last summer of the property and what it looks like because you can't see under the snow. Or you may have to fight the rain, you know, but a you find some good deals because nobody who wants to go out outside and look at properties in the winter.
Curtis Pope:
And move in January. That was another fun thing. So
Michele Cummins - PREC:
you have less competition as a buyer. And as a seller, you've got motivated buyers as well. So it's good on both parts. Really.
Curtis Pope:
Yeah, maybe not as much inventory, but people are definitely motivated. Exactly.
Michele Cummins - PREC:
So with that new listings, I've got a 1.73 acre that you can build on the house of your dreams. And it's off Belle Street in Michigan,
Curtis Pope:
it's become a Southern belle there you went into your southern accent they happen it's like gone with
Michele Cummins - PREC:
a lot of hard time talking before so you know it's a beautiful piece of property with the drilled well already in place. And it's septic approved, the asking price is 899 999 and that is a Black Friday deal. And then I got a new listing as of yesterday, this is a mobile home into Roche. So just east of mission, it's still considered mission. And it's about maybe 1820 minutes out of mission for $100,000 and it's on a 6000 square foot lots and it's uh huh. And it's got it's at the end of the park so you can actually get out the back way and you know, even have to drive through the park because you can go in and out that way and so that's a fantastic location. It's got a huge carport really high so you can do a boat or an RV but it's got a carport, it's got extra parking, it's great and only 100,000 The house is a two bedroom with a workshop and it does need tender loving care that TLC capital TLC gorgeous for 6000 square foot lot that wow beautiful area too. And then I've got a two bedroom two bathroom condo on the fourth floor in Upper Montrose in downtown Abbotsford and this isn't a building that I own in and I love it the my tenants love it. It is a great location you could walk everywhere I just love downtown, so Abbotsford that is and so that's for 550 and that is ready to go and it's only a year and a half old. So this is this is a really nice one, and then quoted the Week, you know, I was thinking of giving you the quote of the week this week, Curtis, but I didn't give you the heads up. So
Curtis Pope:
it's probably safer then to you just do it then because who knows? I'll dig back into the fall. Who knows, we'll come out. So let's let you do it. Okay.
Michele Cummins - PREC:
Okay, so when I stand before God at the end of my life, I would hope that I would not have a single bit of talent left and could say, I used everything you gave me. I like that one. And that's from Erma. Bombeck.
Curtis Pope:
I'm just gonna go with it ain't over till it's over from Yogi Berra. So.
Michele Cummins - PREC:
You did get come up with a quote. Well, I
Curtis Pope:
did. I seem to always fall back to like Yogi Berra isms or baseball coach things so it happens or a Mickey Mouse or Mickey Mouse? Yes, I can always do that. All right, well, if people want more information about what you do as a realtor, or maybe have a look at those listings, where can they go?
Michele Cummins - PREC:
Michelle cummins.ca. And join us
Curtis Pope:
again next week and we will talk real estate in order to unlock your real estate potential on the show real estate is maximized. Thanks for listening
If you missed last week's episode where Michele talks with Sonia from Cut the Clutter please go take a listen! It's well worth it!