Your #1 Agent in all of RE/MAX in the Fraser Valley & Chilliwack *2016-2020 RE/MAX
TOP 1% of REALTORS® Canada wide *2016-2020 REP

Buying and Selling Real Estate Blog

Selling Unique BC Properties

Real Estate and The Upcoming Election

Posted by Brad Fry on September 14, 2021
Bookmark and Share

Warning! ;) This is a digitally automated transcript of the show so there will be mistakes throughout - including the spelling of Michele's name!

 

Curtis Pope: 

Saturday morning and that means we have to chat with the one and only Michele Cummins, after all, is the Cummins Real Estate Group show? How are you doing, Michelle?

Michele Cummins - PREC: 

Great, Chris, how are you, Mr. Pope?

Curtis Pope: 

I am doing excellent. I'm looking forward to talking today because I know we have an election coming up in not that far of a distant future. And I know that we're gonna be talking a little bit about the politics with real estate here in the second half. And I know we have lots to talk about in the first half do.

Michele Cummins - PREC: 

Yes. And this weekend is early voting. So I have a few clients and people I know and myself, you're going to get out and vote early. And yeah, I thought, what a better better, there's no better time to talk about the hot real estate topics. And the real estate industry is questions of their biggest concerns when it comes down to real estate, to regarding the federal elections, and each party's stand on it. So the second segment of the show, I think, will speak and talk about some quotes and some of the the things that the Conservative Party and the Liberal Party are going to are moving forward with like their stance on certain real estate issues, of course. And then next week, we'll chat and get quotes from the NDP, the Green Party and the People's Party. So cover all of them and make sure that we we know some of the biggest issues in in for real estate is really affordability and we will talk more about that later. But first, I wanted to say today is a great day to go to the races. Have you ever been to the mission racetrack

Curtis Pope: 

I have been in the mission Raceway a few times I've even got to do a couple exhibition kind of goofy races they're on a in a side by side and a quad for promotions.

Michele Cummins - PREC: 

Oh, that is

Curtis Pope: 

so cool. And I will let you know that the two times we've done that I have won all the races.

Michele Cummins - PREC: 

Okay, you have to let me know when you do that again. Is that on the radar anytime soon,

Curtis Pope: 

but we haven't done it for a while. The first time we did it. We did a we did a quad against a smart car. No, sorry. First time we did a quad against the side by side. Second time we did was a side by side against a smart car. That's how we did it. Yeah.

Michele Cummins - PREC: 

I want to side by side I found fun, they move pretty

Curtis Pope: 

good. But the problem was is that you know, my co workers and and my old boss, they were not aware that I you know, I like to go fast. And so I get on the quad and I realized that this thing can do 60 miles per hour that I'm gonna hit 60 miles per hour on that quarter mile. Of course. My boss didn't like that.

Michele Cummins - PREC: 

Look at you and I knew you were fast.

Curtis Pope: 

I had a leather jacket. I had a helmet. What more do I need?

Michele Cummins - PREC: 

all last night going to the agassi. You know, the oval track. I'm telling you they have so many great races there but and the mission has so many like just not the quarter mile but they've got all the other stuff too. They've got so much going on in the motorcycle races and just so much fun stuff. But I actually are I've been able to sponsor our local race team and mission. And I've had the pleasure of supporting them and my retired unfortunately retired for me, vehicle salesman has named Blair's Raul and he is amazing. He I've purchased all like so many vehicles from him. But he was racer, professional one. And his son is a professional racer today, you know, travels everywhere and does it so I've got a client who was also a racer in Michigan, and she is racing today and tomorrow at the track and actually, they opened up the gates when we started our show at 8am this morning so just a few minutes ago and it goes till 5pm it's nine to five races, but the gates open at eight and again tomorrow. So I'm gonna actually go out there and support her and I'm so excited but yeah, I love going to the races whenever I can.

Curtis Pope: 

Yeah, well I grew up in a racing family My dad used to work in pit crews and occasionally raised didn't tell my mom that but he occasionally raised my brother raised quarter midgets as a kid I did very briefly before I decided want to play baseball and you know whenever there's a chance to get behind the wheel at like Viagra fair, you know demolition derby race and stuff like that. I'm always the first one with my hand up.

Michele Cummins - PREC: 

You're too cool for school. I tell you Chris, I remember you telling me all about that your dad is is So cool.

Curtis Pope: 

Yeah, he's young. He loves racing and always has and, and has always been, you know, a big fan of it, you know. And so I kind of, you know, kind of followed me and my brother too.

Michele Cummins - PREC: 

You got cool jeans? I tell ya.

Curtis Pope: 

Well, I don't know about how cool we are. But we do like to get in cars and legally in legal places. Dry Fast, because other places that gets expensive if you drive too fast,

Michele Cummins - PREC: 

it's true. Oh, my goodness. Richard style. So generally, we should do that again. Just on the quarter mile on Fridays and mission. haven't done that a long time. But the Daytona two he's done that are our 2006 one. But I have to get out there. Sometimes

Curtis Pope: 

that's got the Hemi in it, doesn't it? It does. Yeah. So it can go.

Michele Cummins - PREC: 

Yeah, it's got the collaboration systems. So you got to like, undo the battery for a bit, then put it back on and then really drive the heck out of out of it before the show. Right for the race. Otherwise, it's like, yeah, it runs like Grammy if you allow it to.

Curtis Pope: 

Which is good when you're on

Michele Cummins - PREC: 

the highway with jazz to save a lot of gas and you have a Hemi. So I love that about it. Okay, so I wanted to talk right now about some changes in the housing rules for a LR lamb.

Curtis Pope: 

That's important in the valley, because we do have a lot of LR land around here.

Michele Cummins - PREC: 

We do. And it's one of the reasons it's so beautiful and gorgeous. And go on a motorcycle ride and just feel the breeze in your hair and just look at all the farmland. It's gorgeous. I love where we live. But yeah, so really important news regarding agricultural land reserve. So the new rules are coming into the SAS December 31, so the end of this year, and it will bring beneficial changes for property owners in the hlr according to the provincial government. So this is a quote, options for an additional small secondary home has been added to regulations allowing farmers and Al our land owners to have both a principal residence and small secondary residence on their property with a streamlined approval process. Only permissions from local government or First Nations government will be required and there will be no applications to the A l the agricultural land commission. So the additional residents can be used for housing extended family, agri tourism accommodation is allowed as well, housing for farm labor, or a rental property for supplemental income. So this is really good news. There's no longer a requirement that additional residences must be used by the land owner or immediate family members. Because before or what right now up until December 31. That's what it is. And I know that's been a big struggle and a hardship for a lot of hlr land owners. Examples of flexible housing options permitted under the regulation include, but aren't limited to garden suites, guest houses or carriage suite, accommodation above an existing building, manufactured homes and permitted a principal residence to be constructed in addition to a manufactured home that was formerly a principal residence. So there's obviously more information online about this that everyone can go onto and read further details about, but that is really exciting news. So if you're thinking about purchasing ala land, you know, know that these changes are coming into effect, which is really beneficial to you. So yeah, that's the that's the hottest news on the forefront.

Curtis Pope: 

Absolutely. And I know that that is on like it really is top of mind to people out here in the valley, because we do have so much of that land. And it is so important to to what we you know, we do around here with being agricultural being so much of our economy. But yes, there is always some little changes and things that go along with that people need to know about.

Michele Cummins - PREC: 

And we're going to be talking and everyone knows about the affordability of housing is is hard right now. So these changes will also make it better for rent, there'll be rentals now that are allowed, there'll be more housing allowed on all those large a large parcels of land. So it's great.

Curtis Pope: 

Yeah, cuz now that means that, you know, yeah, they can add a, you know, a small guest house or something like that, and, and, and help pay the mortgage. Maybe because let's face it, farming isn't always the most lucrative professions, but it's needed. Exactly. Very cool. Yeah. All right. Well, I know that we have a big second segment. We're running a little bit early now. But should we maybe take the break now and then come back with our big action packed second segment? All right, we'll take a quick break. So first off, if people want more information about what you do as a realtor, where can they go? I will be back with more right after this. owns Real Estate Group show with local Rockstar realtor Michelle Cummins and myself Curtis pop all right now I know we have a pretty weighty topic to get into now, because we're talking about real estate and the upcoming election and some of the platforms of some of the parties, Michelle. So this, this is probably gonna take some explaining

Michele Cummins - PREC: 

is okay, so one of the biggest issues is affordability. And that's due partly and a lot by low supply and high demand and making it harder for people to purchase such as this dress test that they implemented. One thing is we need to make it a bit easier for builders and developers on the local levels to build more housing. I mean, we ever heard we on this show we've made that's always mentioned, the outlook of what the immigration rolls and how growth is happening just naturally and in all different ways here and that means we need more housing. So the real estate industry responds to federal parties. And so I wanted to read a bit about what that looks like. So the general public understands and knows what the real estate industry is, is trying to implement and trying to help regarding affordability. So this is their response to the federal party. So unsurprisingly, housing has been a hot issue during the federal election campaign and the real estate industry hasn't been shy about timing and with Remax the latest to jump into the fray and proper advice to campaigning parties. And for those of you that may not know I am with Remax and so this this bit I'm gonna is is a quote from Elton ash. He's our executive vice president of REMAX Canada. So he says I don't believe the government should always get involved, unless there's an economic crisis, which is not the case here. So he's also said, and on the campaign website, where where should government involvement lies? in assisting developers build products and removing red tape. We need less government intervention, not more, we need less taxation, not more. A supply side solution needs to be a collaborative effort across all three levels of government. And this has been timed by not only Elton ash of REMAX Canada, but as well, the industry in general and pretty much in whole across Canada. The Liberal Party recently floated the idea of prescribing bind bidding, which through the Ontario real estate associations, and while REMAX is open to transactional transparency, it is against legal prohibition. But turns out Ontario's real estate board and REMAX aren't the only ones as mentioned it's pretty much across the board a statement from the president of the Toronto regional real estate board said it is critical, however, that government actions be carefully considered to ensure that they aid in solving these challenges directly and do not create a host of additional challenges. consumer choice and consumer privacy should be paramount in shaping government policy. Federal Public Policy should recognize the rights that consumers have to privacy and should allow them to consent to the disclosure of personal information instead of penalizing homebuyers and sellers. punishing home buyers and sellers for wanting to keep their financial decisions private for the largest transaction of their lives is a substantial overreach of the government. REMAX acknowledges that Canada has a housing affordability crisis and suggests that the solution could come through a National Housing strategy that would prioritize growing supply. To do that. A coordinated approach between all three levels of government would be required. Moreover, the strategy should involve tax rebates and easing red tape. REMAX noted that in Toronto and Vancouver it can take Up to two years. And that's not the only areas it can take up to two years to get a project approved, as well as incentivizing developers to build homes that families can move into without breaking the bank that are situated near transit hub. But without springing into action quickly, Canada won't just have an issue with portability, it will have a home ownership problem, especially for younger Canadians. First time, home ownership has always been a struggle. there's currently no economic crisis, said elder national, in terms of what we know today, our government has staved off a market crash with responsible lending practices. And by keeping the interest rate low. federal regulators have responded responsibly in that area. The concern is that the health is the Canadian housing market doesn't become just a political platform with up to a four year window. This needs to be a long term strategy. And it's really it's the local it's all three governments, we they all have to make this happen. So I wanted to Now jump into this week. Let's let's see what the British Columbia real estate Board Association and the Fraser Valley real estate Board Association, members of which I am with, along with Korea's Canadian Real Estate Association, is asking each party when it comes to real estate issues. So this week, we're going to talk see what the Liberal Party has to say, and the Conservative Party. And if we can move on the next three, I think it'll be next week. So keep keep watch the NDP Green Party and a People's Party. So

Curtis Pope: 

it's a two part. I don't think we've ever had a sequel to a show before.

Michele Cummins - PREC: 

I don't know if we have either.

Curtis Pope: 

This might be a first for us.

Michele Cummins - PREC: 

It could be I like first this is exciting. Keep it exciting.

Curtis Pope: 

I love it. All right, a two parter. I love it.

Michele Cummins - PREC: 

And, you know, I used to be on the Government Relations Committee for almost five years, Chris and so I would go to all like, I'd be the one asking the questions. And and, you know, it was it was a lot and I loved it and and all for real estate. Right. So it made a big difference. And I got to see some differences. You know, so So yes, this is really important stuff. So okay, the liberals. So some points that they are that they're moving forward with is they want to build and preserve or repair 1.4 million homes in four years. I'm not sure what that looks like, because build, preserve or repair those words. Also, they want to double the first time homebuyers tax credit from 5000 what it currently is 10,000. They also want to allow Canadians under 40 years old to save up to 40,000 and what is being called a tax free first home savings account and use the money to purchase a first home. Also, they want to introduce a multi generational home renovation tax credit for families who want to add a secondary unit to their home for an immediate or extended family member to live. families will be able to claim a 15% tax credit and up to 50,000 and renovation and construction costs. Then they want to temporarily ban foreign ownerships in Canada, and this is this is one that is a bit of an issue for for Well, it's going to help with affordability in some way. But also when you when you ban foreign ownership, then then that causes a whole bunch of other problems. And that's what's this, you just got it. Sometimes things sound great when it's just given to you. But then you look at the ripple effects and you got to look at all the ripple effects that it may cause. So anyways, they want to temporarily ban foreign ownership in Canadian housing for net for the next two years, unless purchase is confirmed to be for future employment or immigration in the next two years. So that's kind of their stance on it today. And also we want to establish an anti slipping tax on residential properties requiring properties to be held for at least 12 months. also reduce the price charged by the Canadian Mortgage and Housing Corporation on mortgage insurance by 25% for new buyers. And then lastly, what we have that they stand for real estate issues as they want to introduce a rent to own program. The plan calls for 1 billion worth of loans and grants to develop and scale up rent to own projects with private non not for profit and Co Op partners. So pretty interesting. And then a quote we have from Kelly the lowness out of chilliwack for the Liberal Party. Her quote is we have done great work so far yet there is still so much more work to do to make housing affordable for all. She also has called now is not the time to change course it is time to continue with a plan that has shown progress, a real plan that is working and will continue to work. So, the questions that the British Columbia or let's, let's talk about our local board, the Fraser Valley real estate board, the two questions that they want to ask all parties is, number one, they, you know, how will you work towards implementing the report recommendations, such as making new infrastructure investments conditional on official community plans, zoning bylaws and other local policies to allow for increased density and a mix of housing types? Because again, it's verse question. And our second question all has to do with affordability just right down there. Sometimes things are can be simple. And you just need to change a couple things to make a big difference. So that's one of the questions they want to ask. And in tandem, they're going to ask, because the parties and and they're getting our answers, actually, we probably have in next week for you. So we'll have them here on the show, most likely. But right now, we don't have the answers to these questions. But in tandem, the other questions would your government implement a National Housing roundtable with all levels of government builders, real estate professionals and civil society organizations to address the housing challenges facing Canadians? So that's actually in tandem with that first question. And then the official second question, though, is they say for many Canadians, homeownership is out of reach lack of housing supply is the root issue. But there are measures that can help make owning a new home affordable such as increased incentives and the ability to borrow to fund a home purchases. So So the question is, how would you respond to critics who argue housing affordability is a provincial and municipal issue that can only be solved with solutions at the local level and that the federal government has limited levers to help Canadians with their housing issues. And and what is your party planning at a federal level to help Canadians finance their first home purchase and realize their dreams of home? owning a home? So these are questions that I mean us, the Fraser Valley real estate board is there for the general public. realtors are here for for you, for you for home sellers and buyers. So we are all here to actually, you know, help real estate stay stay stay good. And and and any issues that there are we want to help out with as much as we possibly can. So I wanted to let's make sure the general public knew what questions were asking specifically in the short time that we get to ask the questions. And make sure you know the answers from each party so that you can make the best decision when you when you go to vote. And so let's then go to the Conservative Party and what their stance is on some real estate concerns and issues. So the conservatives say that they want to build 1 million homes in the next three years. Interesting. They just use the word build. They're just can't not not liberals had mentioned preserve or repair as well. But really, it's you know, we mean, more homes, some homes that, you know, need a little renovation, you know, that's really not our issue. It's we need more homes. So anyways, that that that's the difference in the 1.4 million that the liberals mentioned to the 1 million that the conservatives mentioned. And then as well, they say they never want to tax Canadians the capital gains on the sale of their principal residence because I know some other parties are saying that they do want to tax us on our residential, I mean, our primary residence. So they're against that, then they want to fix the mortgage stress test to stop discriminating against small business owners, contractors and other non permanent employees, including casual workers. And actually Furthermore, I had heard last week that they want to actually take away the stress tests altogether. And then they also say that they want to ban foreign investors not living or moving to Canada from buying homes for two years. So believe me, you know, that's that their sand on that as well. So conservative conservative leader close, so Mark straw from chilliwack. He's quoted, it's time to face the fact we have a housing crisis in Canada. It's true, and then he's got the primary causes that supplies them We isn't keeping up with demand. And she also said we need to treat this like the crisis it is years of study and delay, we'll just leave more and more Canadians and new comers trapped in inadequate or insecure housing. We need shovels in the ground building enough housing not just to keep up with but to get ahead of population growth. So yeah, and and it's so true. So so that is the conservative priorities and the Liberal Party's stance on some real estate issues. And and so next week, we'll get into because I, I wanted to mention before we end here, quickly, a newest thing, and my open houses this weekend, so any questions about that, get ahold of your constituent office and ask your MP, any questions that you may have when it comes to real estate issues or the betterment of your life and your livelihood? Okay, so new listing I have is this 55 plus condo in Abbotsford is on the top floor. It's facing sells, it's got really nice views. The view of Mount Baker as a two bedroom one bathroom is on for only 228 900. It's just under 1000 square feet. It was built in 1981. And there's all brand new flooring in it so it's quite nice. And actually, it remembers top floor that's great. But only one owner there has to be 55 or older so the second person live or whoever else lives there does not have to be of that age. So that's good to note. And then today I'm going to be at an open house on an amazing five acre place. In addition, the address is 9982 Saunders Street and open houses today from two to four. And this is subdividable is adjacent to trails, government land and ATV. Just gloriousness and you can mountain bike this crazy area wonderful area. The property is private, it is so private and it's got a only one year old. So one year new home. It's a three bedroom two bathroom rancher and you can put a carriage house on this property and right now it has a gigantic three day workshop that has 200 amp service which is a separate 200 amp service and they have to the house in their individual metered. There is a drilled well that is deep 250 feet deep, supplying 30 gallons per minute of quality water. And so everything's new, the septic is newer. It's the workshops roughed in for bathroom, which is connected to the main septic system. This place is fantastic. So come out and have a look at it. It is 2,780,000 and then tomorrow I have an open house at 36285 Riverview road brand new listing as well, pretty much it's only been less than a week. And it's on 10 acres. And it's just a few properties from the cascade bowl. So you can walk through the fold in winter, anytime of the year. It's wonderful. Actually, I never thought of going to cascade falls in the winter, but it's gorgeous. Both summer and winter and all you're actually but yeah, four bedroom three bathroom gigantic workshop that's attached to this huge deck which is attached to the house. And it's got barns it's got greenhouses. It's fantastic. And it's got an unauthorized suite. It's almost 2000 square feet built in the 80s as well as the condo that I have. And so yeah, I'm there on Sunday tomorrow from one to three. So those are the newest things. And lastly, Curtis we love the games and I have a quote from Joanna Gaines.

Curtis Pope: 

Excellent. I love it. Let's hear it. It's the world needs who you

Michele Cummins - PREC: 

were made to be

Curtis Pope: 

like that one.

Michele Cummins - PREC: 

employee. We Yeah, the world needs you.

Curtis Pope: 

Very cool. All right. Well, if people want more information about you and he was a real direct questions about the things we talked about here on the air, where can they go and join us 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 weeks episode where Michele talks Fall Buying Tips and Stats, please go back and take a listen - it's well worth it!

 

Click Here to listen to the full Episode & Previous Episodes!