Changes to FINTRAC Legislation

As you may be aware, there has been recent changes to legislation related to FINTRAC and money laundering. There are some changes that we MUST make to conform with the legislation.

Please take come time to read the information. Everything you need to know is on the web at Realtorlink. http://www.realtorlink.ca/content/fintrac/

In a nutshell, we must follow the following rules:

1. We must report suspicious transactions. If you feel that your client may be breaking the law, it is incumbent upon you to report it.
2. We must report any cash deposits over $ 10,000. (Please be advised that our brokerage does not accept cash deposits over $ 10,000. If your client wishes to do so, you must inform the client that it is our policy that they must get a bank draft, money order, or certified cheque to replace the cash.
3. IMPORTANT CHANGE! We must see photo ID of our client and it must be kept on file. Common acceptable forms are birth certificate, passport, drivers licence, and SIN card. Ontario Health Cards are unacceptable. If attaining a photocopy of this document is not convenient, then you must view the document and fill out the attached form. This must be done for all parties to the transaction (IE each spouse must fill one out)
Please note that the admin staff will be “reminding” you if you do not submit the photocopy or applicable form.

These changes become effective on June 23rd, so you should be starting this practice immediately.

Please take the time to read the issues online. If you have any questions, please contact Goran or myself.

We will be making some changes to the company policy manual to reflect these changes.

May 2008 MLS Statistics

We're back on track! Here are the May 2008 MLS monthly statistics from our two real estate boards:

	K-W This Month	K-W Last Year	Cambridge This Month	Cambridge Last Year
Avg. Sale Price	$ 270,069	$245,138	$256,852	$238,891
Percentage Change	+10.2%		+8.4%
Properties Sold	625	780	259	344
New Listings/Sales Ratio	60.8%	73.8%	45.4%	59.8%
Properties For Sale Now	2010	2154	N/A	N/A

Better Late Than Never March & April Stats

I have set a new record that I am ashamed of. Six weeks without a post. Inexcusable! But I DO have an excuse.... The Cambridge Board changed to the Filogix MLS system and it has taken them this long to release the statistics under the new software. So, I apologize, but the problem is now resolved. Here are the statistics for March and April. I expect to have May stats up by the end of the week.
March 2008:

	K-W This Month	K-W Last Year	Cambridge This Month	Cambridge Last Year
Avg. Sale Price	$ 253,815	$247,417	$253,094	$244,465
Percentage Change	+2.6%		+3.5%
Properties Sold	606	616	236	293
New Listings/Sales Ratio	77.0%	65.1%	54.9%	60.5%
Properties For Sale Now	1733	2081	N/A	N/A

April 2008 Statistics

	K-W This Month	K-W Last Year	Cambridge This Month	Cambridge Last Year
Avg. Sale Price	$ 261,865	$247,083	$266,358	$236,331
Percentage Change	+6.0%		+12.7%
Properties Sold	691	712	254	307
New Listings/Sales Ratio	66.1%	67.3%	48.6%	61.2%
Properties For Sale Now	1850	2176	N/A	N/A