www.theasianstar.com VOL 23 - ISSUE 9
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US lawsuit could change Real Estate commissions in Canada B.C. analysts say a legal settlement in the U.S. that upends real estate agent commissions could have ripple effects across the Canadian housing market, potentially making it cheaper to buy or sell a home. The National Association of Realtors, which represents more than a million agent in the U.S., has agreed to settle a lawsuit that accused the industry group of artificially inflating real estate commissions. The trade group agreed to pay US$418 million to compensate home sellers and will change commission rules, doing away with the standard six per cent sales commission. It represents a major shakeup of the U.S. housing market and the impacts could be felt
in this country, where a proposed class-action lawsuit alleges a “conspiracy” that inflates real estate commissions and costs homeowners tens of thousands of dollars. Garth Myers is a partner at Kalloghlian Myers LLP, the Toronto-based law firm that launched the lawsuit against the Canadian Real Estate Association and dozens of
Illegal and Temporary residents rise to 2.7 million as Ottawa tries to curb migration
Canada’s population grew by nearly 1.3 million in 2023, an expansion that was largely driven by the arrival of temporary residents, a group the federal government is now trying to restrict as the country faces a prolonged housing crisis. Last year, the ranks of temporary residents – which include international students, asylum seekers and people here with work permits – grew by just over 800,000, according to figures released Wednesday by Statistics Canada. This was the second year in a row that temporary immigration accounted for most of the population growth. As of January 1, Canada was home to 2.67 million temporary residents, nearly doubling in just two years. This cohort currently represents 6.5 percent of the total population. Read more on Page 6...
brokerages. It alleges the defendants, which represent more than 150,000 brokers and real estate agents in Canada, “conspired, agreed or arranged with each other to fix, maintain, increase or control the price for the supply of buyer brokerage services for residential real estate.” If the class-action lawsuit is successful, Myers said, it would have a “profound effect not just on the real estate industry generally, but for Canadians at large. It would have the effect of reducing transaction costs of buying and selling residential real estate.” The Federal Court has not yet certified the case as a class-action suit and none of the allegations have been proven in court. A spokesperson for the Canadian Real Estate Association said in a statement: “We believe the allegations to be without merit and will continue to defend against these claims.”
Experts advise BC residents to prepare early for wildfire season As wildfire season approaches, experts are advising B.C. homeowners and communities to prepare for a potentially challenging wildfire season. Lori Daniels, Koerner Chair of the Centre for Wildlife Coexistence at the University of British Columbia (UBC), says an ongoing multi-year drought, which contributed to last year’s severe wildfire season, “has primed us for another intense summer.” “Almost a hundred fires from last season are still burning in northeast B.C., with new wildfires breaking out,” said Daniels in a UBC News interview. “Now is the time to start thinking about how to be ‘FireSmart.’” FireSmart B.C., which aims to educate people on how to mitigate wildfire damage, offers a series of guidelines to decrease losses from wildfires and improve fire resiliency in communities. While Daniels says wildfire management is becoming increasingly challenging in B.C. and across the world due to climate change, she and other experts hope spring rains will follow this year’s dry winter to reduce wildfire risks. Read more on Page 4...
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