#Kelowna Houses for Sale

[tonyjonesnews]

B.C. government seeks to seize properties allegedly linked to $165-million stock fraud

B.C. Civil Forfeiture Office alleges a $1.6-million house on Mission Ridge Road in Kelowna and a $524,000 condo at nearby Big White ski resort are the proceeds of crime

The B.C. government is suing to seize properties in the B.C. Interior that it alleges were linked to a $200-million-plus international stock fraud.

In a lawsuit filed in B.C. Supreme Court this month, the B.C. Civil Forfeiture Office alleges a $1.6-million house on Mission Ridge Road in Kelowna and a $524,000 condo at nearby Big White ski resort are proceeds of crime and should be forfeited.

The properties are owned by Cuatro Cienagas Inversiones Ltd., incorporated in Hong Kong in January 2017 and registered in B.C. three months later as an extraprovincial company.

Named in the suit are Benjamin Thomas Kirk; Kayley Tyne Johnson, the current or former spouse of Kirk; and Carlos Gomez Brana. Kirk and Johnson’s last known address was at the Mission Ridge home and Brana is believed to live in Mexico.

None of the defendants has responded to the civil lawsuit. It contains allegations that have not been proven in court.

Among the allegations of unlawful activity against the trio are breaches of the U.S. Securities Act and the B.C. Securities Act, possession of proceeds of crime, fraud, manipulating stock prices, laundering money and tax evasion, according to court documents.

The forfeiture office alleges that Cuatro Cienagas Inversiones is owned and operated by one or more of Kirk, Johnson and Brana and was set up in B.C. to receive and distribute money from a stock fraud investigated by the U.S. Securities and Exchange Commission.

In the fall of 2018, the SEC said it halted the penny stock fraud scheme by freezing assets of two individuals, including a British citizen, Roger Knox, and their companies.

The SEC said the scheme generated more than US$165 million in illegal sales of shares of at least 50 micro-cap companies, those with a value of $50 million to $300 million. Knox, and his Swiss-firm Wintercap SA, formerly Silverton SA, concealed stock ownership, allowing stocks to be pumped up in price and dumped for a profit, according to the SEC.

Knox faces criminal charges in the United States for the scheme.

The SEC’s complaint alleges Michael T. Gastauer aided the fraud by establishing several U.S. companies, including virtual financial firms, and allowing Knox to use the bank accounts to disburse the proceeds of his illegal stock sales.

According to the forfeiture office’s court filings, proceeds from the scheme were transferred to or on behalf of one or more of Cuatro Cienagas Inversiones, Kirk, Johnson and Brana.

Cuatro Cienagas then used that money to buy the properties in the Interior, according to the civil forfeiture office’s claim.

On March 22, 2017, Cuatro Cienagas used accounts set up by Gastauer to transfer $101,000 to Norwich Real Estate Services Inc. in Kelowna. On May 10 and 11, another $1.529 million was transferred in three instalments to an unnamed Kelowna law firm.

On May 18, Cuatro Cienagas bought the Mission Ridge home for $1.6 million in cash.

From May 30 to Oct. 23, 2017, Cuatro Cienagas transferred in three instalments $250,500 to a Bank of Montreal account. In December, Cuatro Cienagas also directed the Swiss firm, formerly known as Silverton, to transfer in three instalments $548,000 from another Bank of Montreal account to the unnamed Kelowna law firm.

On Jan. 10, 2018, Cuatro Cienagas bought the condo at Big White ski hill.

The unnamed law firm acted as Cuatro’s lawyer in the property purchases, according to the court filings.

According to the civil claim, Kirk was charged in 2013 of violations of the U.S. Securities Act. In 2015, Kirk admitted to breaches of the Alberta Securities Act and agreed to pay a fine of $100,000.

[kelownaestateliquidations]

Your introduction to the idea of Estate Auctions

Kelowna Estate Auctions are a fascinating and dynamic aspect of the world of buying and selling. It offers a unique way to acquire various items, from antiques and collectables to furniture and artwork. 

Whether you're a seasoned collector or simply curious about the process, they provide an exciting avenue for buyers and sellers to engage in a vibrant marketplace.

At their core, Estate Auctions in Kelowna involve the sale of personal belongings. It is often from a deceased individual's estate or downsizing efforts. These auctions can take place in physical auction houses, where participants bid on items in person. Or in virtual spaces, allowing bidders to participate from the comfort of their own homes through online platforms.

The concept of Kelowna Estate Auctions adds an air of anticipation and competitive spirit to the art of buying and selling. Participants compete to place the highest bid on an item they desire, creating a thrilling and strategic environment. As items go up for bid, the process unfolds in real-time, with each bid driving up the price until the highest bidder emerges victorious.

They offer numerous benefits. It provides sellers with an efficient way to liquidate belongings, often generating higher returns than other methods. For buyers, these auctions present an opportunity to discover unique and valuable items that might not be available through traditional retail avenues.

To sign off

Whether you're a curious observer or a potential participant, the world of Estate Auctions in Kelowna invites you to explore a diverse array of items, each with its history and story to tell.  From the thrill of bidding to the satisfaction of winning, they provide an engaging and dynamic way to interact with items of cultural and personal significance.

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[bokauffmann]

Canadian Luxury Homes Market Report

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Thursday, April 6th, 2023…

Today is National Burrito Day, New Beers Eve and Nat. Employee Benefits Day

Growing demand for homes has made its way up to the higher end of the Canadian real estate market. In most of the country's major markets, luxury sales went up in the first quarter of 2023 compared to the fourth quarter of 2022.

  RE/MAX Canada looked at luxury market patterns in 15 locations across the country, from coast to coast. They discovered that the significant loss of home stock is pushing up prices at lower price points and increasing demand. 

10 of the 15 markets that were looked at are on par with or ahead of Q4 2022. As sales and temperatures rise, this pattern is likely to keep going until the second quarter of 2023.  Calgary and Hamilton saw the largest jumps at 34% and 39% respectively.

  A lot of the activity is thought to be due to demand that has been building up since the middle of 2022. Buyers are taking advantage of the chance they have right now to buy a property. Listings, on the other hand, are hard to come by in most parts of the country, making it hard to find the ideal home.

In summary, the report identified 3 trends: 

1)    Overall national demand for luxury homes has increased

2)    Sidelined buyers are back, and

3)    The activity is expected on continue and rise.

Once again, Winnipeg is one of 5 cities bucking the trend, although just barely.

Luxury home sales were down in St. Johns NFLD by 68%, Edmonton AB by 30%, Kelowna BC by 17% and London ONT by 9%.  Winnipeg saw the smallest drop at only 3.8%.

  Looking for a luxury home in Winnipeg?  I am a Certified Luxury Home Marketing Specialist and can help you buy or sell any luxury property, house or condo in Winnipeg and surrounding areas.  Call me anytime at 204-333-2202

Add us to your Daily Routine on Alexa.  Go here to add to Alexa in the Canadian Skill Store.

Are you interested in more in-depth real estate information?  Check out our podcast, available on most podcast platforms.

Do you have an Android Phone?  Add our Free Podcast App Here.

Do you have an I-Phone?  Here is our iOS version of the podcast app.

Check out this episode!

[businesslawgroup]

We want to interact a Kelowna Corporate Lawyer

A legal professional is a state-licensed attorney who has long gone through years of mentoring, continuing prison training and expert level. They aid in determining the uniqueness of the will and bringing the nominee to his claim.

Buying a home can be a frightening undertaking at times since it necessitates a plethora of office work and felony equivalences. It can take numerous paperwork, and paper is required at the peak for the purchase of assets. Even renting a house entails a number of processes and legal movements that should be finished. Some properties can be challenged; do you've got any difficulties that a prospective buyer won't be privy to?

Lawyers in Kelowna have years of experience with their mentors and feature encountered a whole lot of instances. Retirement money owed, existence coverage procedures, money and bank debts beliefs, real property properties, motors and cars, household objects, saved pension plans, FDs and RD's are examples of times that fall beneath everyday criminal papers. A will is a document that ensures the nominee's name and offers them assets.

Lawyers Kelowna lets you with any of your own home-related difficulties, such as shopping for and promoting, renting, and evictions. They shape agreements for you concerning the property you desire to shop for or sell so that they don't available in available and prevent time. They provide precious recommendations on real property purchases and sales. Good legal professionals can be remarkable aids at times, advising and recommending superb guidance based on your wishes and requirements. They are nicely versed in the regulation and are well privy to the complete method. 

For more info about Lawyer Kelowna and Lawyers Kelowna so please visit our website.

[findpropertyads]

4 Ways To Invest In Real Estate:

Investing in real estate is sometimes like visiting a candy store, as there are so many options that it becomes difficult to decide which one to “try” first.

Therefore, to help you make the best decision, here we show you some of the most popular ways to invest in real estate and generate substantial income.

Housing to rent:

This is the best known of all. Where you buy a property to be able to rent it. Look at the end of the article as we go into more detail about the benefit of this type of investment.

Small multi-family property:

This is when you buy between 2 to 3 houses, but they are independent units. With this, property management and maintenance can be easier when multiple tenants are next to each other. Besides, the risk of vacancy (time without rent, cash flow that does not arrive) is diluted among the various units.

Contract the sale of the property:

This is a form of real estate investment without actually taking ownership of the property. People search for homes at well below market prices, accurately estimate needed repairs, and hand over the deal (contract) to another investor who buys the property. These make money by sharing part of the profit with the initial owner.

Real estate investment trusts:

This occurs when one or a group of owners give their assets to be managed by other people, institutions, or companies. At the same time, these companies can invite other investors.

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[college-girl199328]

After years of frenzy in Canada’s housing market during the COVID-19 pandemic, 2022 saw a reversal across much of the industry as the Bank of Canada’s interest rate hikes cooled down the residential real estate sector in cities from coast to coast.

Most economists and experts who spoke to Global News say they expect that cooling to continue into 2023. They cite prohibitively high mortgage rates, low inventory on the market, and uncertainty about where the Bank of Canada’s interest rate cycle will finally peak.

But where will price declines in the Canadian housing sector bottom out? And will all markets and property classes be hit equally? Here are the housing trends and markets to keep an eye on in 2023, according to industry experts.

The latest available data from the Canadian Real Estate Association (CREA) shows that, on a seasonally adjusted basis, home prices in Canada fell 19 percent from the peak in February to November, when the average sale price was $636,838.

When will the bottom come? RBC’s assistant chief economist Robert Hogue said in a note on Dec. 19 that he believes, with the slowing pace of decline in both home sales and prices, there are “early signs the correction is approaching its final stage.”

He said prices could eventually hit a low point in “the early part of 2023,” but cautioned that the timing would vary from market to market. Hogue suggested this bottoming out would coincide with the Bank of Canada stabilizing its benchmark interest rate — the central bank signaled in December it could be near the end of its hiking cycle — and that for those looking to break into the market, this might be where affordability is most advantageous in the year for prospective buyers.

While the spring may mark a low point for prices, Canadian brokerages are not expecting significant shifts between 2022 and 2023.

Re/Max Canada said in its housing outlook for 2023 that the aggregate price of a home is expected to drop 3.3 percent in the year. Royal LePage’s annual survey forecasts a price drop of just one percent.

Chris Alexander, president of Re/Max Canada, told Global News in late November that the Bank of Canada’s interest rates is the “big wild card” that will determine when buyers and sellers alike are comfortable jumping back into the market.

Some cities in Ontario are especially vulnerable heading into 2023, Re/Max projects, with steeper prices and drops expected for the Greater Toronto Area (11.8 percent lower), Barrie (15 percent lower), and Durham (10 percent lower).

Parts of British Columbia are also expected to see declines, such as Greater Vancouver (down five percent), Kelowna (down 10 percent), and Nanaimo (also down 10 percent).

But some pockets of the country are set for growth in 2023, Re/Max forecasts. Re/Max expects prices to rise in cities including Halifax (up eight percent), Calgary (up seven percent), Ottawa, and Kingston, Ont. (up four percent), St. John’s, N.L. (up four percent), and Saskatoon (up three percent).

Corinne Lyall, owner and broker for Royal LePage Benchmark in Calgary says the city is set to do well in 2023 since it didn’t see the dramatic run-up in prices over the pandemic that markets in B.C. and Ontario did.

With Calgary seeing only modest growth during that time, it’s become a more affordable option for people originally living in the more expensive provinces. These people are now able to work from anywhere and can purchase spacious houses for less money, Lyall says.

The benchmark cost of a single detached home in Calgary in November was $630,236, according to the local real estate board, nearly a third of the $1.86-million price tag on the benchmark detached home in Vancouver.

“Our price point is so much lower than in a major city,” Lyall says. “You can buy twice as much house here.” Heading into a period of economic uncertainty, the Alberta market is also buoyed by recent strength in the oil and gas sector, Lyall adds. She believes the backdrop of the traditional energy industry, boosted by Calgary’s efforts to diversify into a tech hub in recent years, sets the city up as an attractive prospect for Canadians looking to relocate.

“I think people are still looking at here as a place of opportunity,” she says. Another part of the Canadian market primed to hold up in 2023 is condos and properties in urban cores, according to experts who spoke to Global News.

John Pasalis, president of Realosophy Realty in Toronto, says that, like Calgary, condos and downtown properties didn’t see major price inflation during the pandemic. Therefore, they will continue to fall as the market cools.

In addition, the return to the office amid a lifting of COVID-19 restrictions is reversing the migration flows from the early days of the pandemic when remote work enabled many to afford larger homes in suburban neighborhoods on the city outskirts and more rural areas.

“People thought this urban exodus during COVID was going to be permanent and no one would want to live downtown,” Pasalis says. “Well, that’s not happening. People are moving back to the city. They want to be located a bit closer to downtown. So I suspect that this market will be a touch busier.”

Nasma Ali, broker and founder of OneGroup in Toronto, says that with borrowing costs at their highest point in years, cheaper condos will be especially “desirable” in otherwise expensive markets.

“For a first-time homebuyer who’s in Toronto, the most affordable asset class is a condo,” she notes. In Calgary, Lyall says the push for condos is already underway. Three years ago, she says the condo market was sitting at eight months’ worth of inventory, but heading into 2023, that’s already down to two months’ worth.

“That is the fastest growing market segment in terms of price right now and in terms of sales, it’s leading the way and we haven’t seen that for a long time.”

The pain of higher interest rates could hit the pre-construction market especially hard in 2023, some experts warn. Ali says that for buyers who put money down on a home in 2020, when interest rates were low, the bar for qualifying for a mortgage is much lower. This is because of the Bank of Canada’s upcoming hikes in 2022. In some cases, these purchasers have locked in their purchase at pandemic prices and have not yet benefited from the recent cooling, she notes. Therefore, they are now forced to pay peak prices at much higher interest rates.

With those homes coming up for completion in the year ahead, these buyers will be forced into difficult positions, Ali says. Some could be forced to come up with extra money to cover a home that wasn’t appraised for the mortgage they needed. In addition, they may not be able to afford the monthly mortgage on the property at today’s higher rates, she explained.

As a result, they may have to assign the sale or sell at a steep loss, Ali said. “If the dominoes fall, usually what this means is that we’re going to have more listings hit the market,” she says.

Pasalis agrees that the pre-construction market is looking vulnerable heading into 2023. Prospective buyers could even find a deal if an investor is desperate to unload their pre-construction condo, he says.

“We’re starting to see some distress among pre-construction condo investors,” he says. “There could be some opportunities as a buyer to get some value because that is the condominium market segment where there’s a little bit more pressure.”

The units are not listed on traditional multiple listing services, though, so Pasalis says that anyone keen to scoop up a unit as it comes up for completion will have to search a little more carefully or proceed directly to the source in their new year housing hunts.

[mbrealty]

Realtor In Kelowna

Are you looking for a realtor in Kelowna? Well, We can help you find the perfect home for you and your family. Get in touch with us for further discussion.

[realtorskelowna]

Whether you are looking for a home or your next investment property we can help with all aspects of residential real estate including single family homes, new home construction, waterfront properties, strata homes, building lots, acreages and more. We combine personal service with award winning results and will provide you with the very best real estate service available, far surpassing what an individual agent can do for you.

[neufeldjonesblog-blog]

Discovering condos for lease can be an upsetting assignment. In any case, there are a few hints that can reduce the disturbances and make the quest for another spot fun. This article showcases interesting things to keep in mind while buying a house.

[hellodilworthhomes-blog]

5 Factors Which Makes The New Housing Development Projects Favorable

Buying under-construction property is always luring especially when the budget/investment is low as it required lesser payment comparatively to the ready to move in properties in real estate. But one thing we cannot ignore the underlying risk factor in investing the under-construction property. Depending on the personal needs of buyers and choice inclinations, its difficult to find and buy the perfect home, close to your dreams.

So, buyers should consider the below-mentioned tips before buying a property in new development housing projects.

Centrality: When you are searching for properties to buy a home, you need to invest some time to examine the surrounding areas. Like, watch the area of the lots. Analyze the neighborhoods and safety aspects also. Check the communicability with schools, hospitals, and fire departments. Though it is good to be close to these things, be careful not to buy property too close to such services as it tends to be noisy always. A good location also surrounds basic facilities like grocery stores and restaurants without having to drive a long distance. These are the kinds of questions that you can answer that will help conclude the potential quality of life for your potential homes.

Development

Do not consider the present amenities only, but also analyze the future requirements also. Amenities like schools, hospitals, public transportation, and other public infrastructure can dramatically improve the property values of any area. Commercial development can also enhance property values. When you're searching for a home, try to look out whether any new public, commercial, or residential developments are planned and examine how these infrastructure enhancements might affect the appeal factor of the surrounding areas.

Land/Lot Location

Before buying the piece of land for your dream home, consider the location of the lot.

For example, examine about the land you want to buy is on a bustling road or very near a highway, you probably get a good deal for such location, but it will be difficult for you to sell it in the future. The same conditions may hold true for lands that stand next to the commercial property, like a department store or gas station, or houses on streets that get an unusual amount of parking traffic and parked cars, like which are located near large churches or community centers.

Alternatively, a house with a wonderful view or near a water body is likely to be a great investment, for now, and the future also.

The House Itself

Another perspective of house hunting that tends to surprise people. Let's say you've finalized two properties, and both stand side by side in a great neighborhood. But one needs repairs and updates but has a huge lot. The other is in excellent shape but built on a lot half the size of the fixer-upper. The costs of the two homes are almost the same. Which one do you prefer? In most cases, the house in need of repairs is a better investment. The reason: The house is a depreciating asset, whereas the lot, will maintain its value over the period of time. If you bulldozed both properties, the larger lot would sell at a higher price. Therefore, if you can, choose a bigger, better-shaped or better-situated lot as compared to the nicer house. A less attractive house can always be renovated, or replaced altogether, but the lot size can't be changed.

If you are looking for new housing development projects in Kelowna, you are most welcome by Dilworth Homes Inc. As we are also launching our new housing projects in Kelowna surrounded by modern amenities and communities.

[furryavenueunknown]

When making such a big decision as buying or selling a house, Townhomes for sale Kelowna, it's critical to pick the right people to help you. With the assistance of an experienced team with extensive knowledge of Kelowna and the surrounding area, you will be able to make an informed decision about Kelowna houses for sale.

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