Cottage owners share the pros and cons of ownership and the Home of the Week: Canadian real estate news for May 25

Cottage owners share the pros and cons of ownership and the Home of the Week: Canadian real estate news for May 25
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Home of the Week, 145059 16th Side Road, Meaford, Ont.elevatedphotos.ca

Here are The Globe and Mail’s top housing and real estate stories this week and one home worth a look.

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Owning a cottage isn’t what it used to be: Canadians share the financial pros and cons of ownership

The state of Canadian cottage ownership is changing. For people already financially stretched on their primary properties, buying or maintaining a cottage is further out of reach than ever before, write Irene Galea and Salmaan Farooqui. That pressure has led many to see their cottages in a new light: a potential source of revenue, a liability or even a full-time home. Today, cottagers and the communities they inhabit are still reeling from the aftermath of years of change, from the pandemic to increasing housing prices. But there have

The Horse Realtor: Wyoming Real Estate Agent Focuses On Properties For Horse Owners

The Horse Realtor: Wyoming Real Estate Agent Focuses On Properties For Horse Owners

When it comes to horseshoeing, America is considered king. And that’s how Sheridan, Wyoming, native Clay Schafer met a Slovenian farrier and ended up spending three months helping him shoe horses in Austria.

“I just got a big contract to shoe a bunch of eventing horses in Austria,” his friend told him one day during a phone call. “So why don’t you come on over?”

Schafer did just that, living with his friend on a little dairy farm called the Pearl of the Alps.

“We’d milk cows in the morning, shoe horses all day, then milk cows again and try to find some time to play,” Schafer recalled. “It was really great.”

Schafer has since shod horses all over the world and has contacts from Austria to Arizona and from China to Wyoming, and lots of interesting points in between.

But now he’s bringing home all of his horse skills

Sale of B.C. home without owner’s consent leads to $300K in penalties for real estate professionals

Sale of B.C. home without owner’s consent leads to $300K in penalties for real estate professionals

A fraudulent scheme that saw an unoccupied home in Richmond, B.C., sold without the owner’s consent has led to more than $300,000 in discipline penalties and costs for the real estate agents and brokers involved.

According to a notice from the B.C. Financial Services Authority (BCFSA), the Pacific Evergreen Realty agents and managing brokers involved in the 2019 sale were not complicit in the scam, but “they failed to take reasonable measures at multiple points in the transaction.”

The BCFSA says at least two men were involved in the fraud. One posed as the owner of the house and used a fake driver’s licence to get a notarized power of attorney, while the second posed as the attorney to conduct the sale.

The case has also led to both a civil lawsuit and criminal charges, and court documents suggest the Chinese businesswoman who owned the property is still fighting to

Miami Beach condo owners face big costs imposed by investors

Miami Beach condo owners face big costs imposed by investors

Daniel Fiorda moved out of his 800-square-foot condo in Miami Beach last month, more than two decades after he bought it.

He didn’t want to leave his canal-front slice of paradise. But after a real estate firm purchased six of his building’s 10 units, took control of the board and increased maintenance fees by more than four times — a jump for Fiorda from about $550 to $2,280 a month — he and his wife, Laura Ines Cobos, were in a bind.

Fiorda, an artist and musician from Argentina, began taking odd jobs to try to keep up. But ultimately, the couple moved into a rental in Biscayne Park and found a tenant to live in their Miami Beach home. The tenant is now paying $2,100 a month — still less than the cost of their condo fees, which are on top of mortgage payments.

“They want us to be

Condo renovations: Board penalized over owner’s requests

Condo renovations: Board penalized over owner’s requests

A Superior Court ruling in November cost a Mississauga condominium corporation more than $50,000, plus its own legal bills, for failing to act reasonably in considering an owner’s renovation requests.

Stephen Moran owns a condominium unit in a 341-unit building on Hillcrest Ave. Its governing declaration says that no owner can make any structural change or alteration to a unit without the prior written consent of the board of directors.

In November, 2021, Moran applied to the board for permission to carry out renovations in the unit. He proposed to install new tile in the kitchen and washrooms, replace the kitchen counter and cabinets, and supply new bathroom vanities.

The board approved the work only if it started on Dec. 6 and would be completed within four days. The service elevator could only be used twice for a maximum of 20 minutes to bring in and remove materials and equipment.