28 Sep

Sales of $1 million condos up 85% in one Canadian market


Posted by: Kimberly Walker

Demand for luxury property remains strong in many of Canada’s cities but for million-dollar condos one market has seen a huge surge.

Sales of homes priced $1 million or more increased in the first seven months in Victoria, and Calgary but it was the GTA where sales were up 85% year-over-year according to data from RE/MAX Ontario-Atlantic Canada.

The gain for GTA luxury homes was largely down to two effects of an overall increase in prices in the market. The gains pushed some condos over the $1m+ threshold, while Baby Boomers used equity in their homes to move into the luxury condo market.

The GTA also saw strong demand for luxury single-family detached homes with a 25% rise year-over-year in the first seven months of 2017 although there may be more readjustment following the introduction of the Fair Housing Plan.
Single-family homes priced over $3 million increased sales by 55%.

In the Toronto suburb of Oakville, the $2.5-3 million sector saw sales surge 112%.

Meanwhile Vancouver’s single-family home sales in the $1-2 million price range declined 32% year-over-year.

“The foreign buyer tax introduced last year—combined with a good selection of luxury single-family detached homes—reduced buyers’ sense of urgency in this segment of Vancouver’s market,” said Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada.

Vancouver’s luxury condo market saw increased demand, rising 11% year-over-year and outpacing supply.

“As a result we are seeing more developers turn their attention to condo projects and are anticipating more luxury units to enter the market in the coming years,” added Ash.

Victoria’s $1m+ market gained 10% in the first seven months of the year relative to the same period of 2017, while Calgary saw a 21% gain as consumer confidence increased following the slump for the oil industry.

28 Sep

Getting Pre-Approved For A Mortgage


Posted by: Kimberly Walker

You’ve been squirreling away your bonus cheques, savings and reducing the amount of times you visit Starbucks so you can finally get into your own home to build solid equity for your future. Now that you know what you want and what you can afford, it’s time to visit your local Dominion Lending Centres mortgage specialist to get yourself pre-approved for a mortgage.

Note, we did not say go to your bank to get pre-approved!

A mortgage broker works with banks (including yours), credit unions and other lending institutions to help find you the best rate on your mortgage. Since they work with so many different lending institutions across the country, they are in the best position to approach banks and ask for the best rates – sometimes better than what the same bank would have been able to offer you had you gone in on your own. Best of all, you do not pay a dime for their services – the lending institution does!

To work with a broker for your pre-approved mortgage, you will need the same documentation you would have to provide your bank so be sure to have your documents in order. You will need the following documents:

For a Salaried Employee

  • an employment letter/verification of employment
  • current/most recent pay stub

For an Hourly Employee

  • current/most recent pay stub
  • an employment letter/verification of employment
  • Two (2) years of your T4 tax slips

For Someone Who is Self Employed

  • last two (2) income tax returns
  • proof of self-employment

Once you have submitted these details, you are on your way to getting pre-approved for your mortgage and providing yourself with a clear budget on the home you would like to buy!

27 Sep

Bank of Canada Rate Change – Should I lock in?


Posted by: Kimberly Walker

This month, the Bank of Canada increased their lending rate for the 2nd time in as many months. The changes in the Prime Lender Rates means that those with a variable mortgage rates will have seen that their mortgages rates adjusted alongside the changes to Prime Rate. For those of you with variable rates, the first thing that probably crossed your mind was “should I lock in?”

Even though your interest rate may have increased, it does not mean that you should immediately lock into a fixed rate mortgage. An associate from B.C, Dustan Woodhouse had this to share about the increase:

“If your discount from Prime (now 3.20%) is 0.50% or deeper – then the variable rate product remains a really great place to be.

If your discount from Prime is 0.25% or less, then depending on which lender you are with you may consider converting to a fixed rate, BUT…

Keep in mind the penalty to prepay (i.e. refinance or sale of property) a variable early is ~0.50% of the mortgage balance, whereas if in a (4yr/5yr or longer) fixed rate mortgage the penalty can be closer to 4.5% of the mortgage balance ***depending upon which specific lender you are with and how long of a term you lock in for.

It is usually to the lenders greater benefit that you lock into a fixed rate, rarely is it to your own benefit.”

I could not have summarized it any better myself, so I won’t try.

So what should you do?
The first thing that you should be doing is avoiding the immediate draw or feeling of “I need to lock in”. There are several different aspects of your mortgage and personal financial situation that should be considered prior to locking in. There are many questions to ask yourself prior to locking in and most of which the lenders are unlikely to ask you. Your lender is re-active, not pro-active – you need to be pro-active. And sometimes being pro-active results in no action being taken at all.

Simply because the Bank of Canada increased interest rates twice, this does not immediately mean that they will do it again. There are many economic factors outside of their control that will impact their decisions regarding future potential increases.

Presently, the key is not to react quickly. If you have questions about your specific situation and how the increase may impact you, feel free to give Dominion Lending Centres mortgage specialist a call to chat about things in more detail. Allow us the opportunity to ask the questions that need to be asked prior to making a quick switch.

Food for thought…
Back in 2010 rates increased 0.25% three times, and that sat stagnant for nearly five full years before two 0.25% decreases back downward.

In other words the last time Prime was pushed as high as it stands today, it sat there for five full years. And was then cut.

The next Bank of Canada meeting is October 25, 2017.

25 Sep

Bridge Financing – How Does It Work?


Posted by: Kimberly Walker

Rarely in life do things go as planned, especially in real estate.
In a perfect world, when buying a new home, most people want to take possession of their new house before having to move out of the old one. This makes moving a lot easier and allows you time for painting or renovations prior to moving into your new home.

Where it gets complicated; most people need the money from the sale of their existing house to come up with the down payment for the new house!!
This is where bridge financing comes in.

Bridge financing allows you to bridge the financial gap between the firm sale of your current home, and the firm commitment to purchase your new home.

Bridge financing allows you to access some of the equity in your existing property, which you can use towards the down payment on the new property you are buying.
Where many people get confused is that in order to secure bridge financing, you must have a firm sale on your existing house. That means all subjects have been removed!!
If you haven’t sold your home, you won’t get the bridge financing, because there is no concrete way for a lender to calculate how much equity you have available and if you can afford your new home.

For most people, unless you can qualify and pay for two mortgages, you should always sell your existing home before purchasing a new one. Why?
• With today’s property values constantly changing, you won’t know how much money you have until you sell your home. Your home is only worth what someone is willing to pay for it NOW! Past sales and future guesses don’t count!
• You need the proceeds from your existing home to help pay for your new home’s down payment, renovations, moving costs and (if required) how much mortgage you qualify for.

If you have sold your existing home but your closing date is after the closing date of the new property you just purchased, then bridge financing is your best option:
• Your new lender must allow for bridge financing (not all banks allow bridge financing as an option). Your mortgage broker can work with you to find a lender who offers bridge financing.
• Bridge financing costs more than your traditional mortgage (i.e. Prime + 2-4% plus an administration fee).
• Typically bridge loans are restricted to 90 days.
What happens if I don’t sell my home?
Banks will not provide you with a bridge loan if you don’t have a firm sale agreement for your home since the loan can’t be open-ended. If you don’t have a firm selling date you may need to consider a private lender for the bridge loan.

Private Financing

If you have purchased your home and it is closing and your existing home has not sold, then you may have to take out a private loan:
• This option is expensive and is based on you having enough equity in your current property to qualify.
• Typically, private financing comes with a high interest rate 7-15% plus an upfront lender fee + broker fee. These amounts will vary based on your specific situation, such as time required for loan, loan amount, loan to value, credit bureau, property location, etc.
• Private financing is expensive, but it could be cheaper than lowering the purchase price of your existing home by tens of thousands of dollars to sell your existing home quickly.

Your bank doesn’t do this type of financing. You must use a specialized mortgage broker who has access to individuals that lend money out privately.
Bridge financing & private financing are solutions when your buy and sell days don’t work.

22 Sep

Mortgage changes are coming—are you prepared?


Posted by: Kimberly Walker

We know – more changes?! How can that be! With this ever-changing landscape, mortgages continue to get more complicated. This next round of changes is predicted to take affect this coming October 2017 (date not yet available). These new rules contain three possible changes, the most prominent being the implementation of a stress test for all uninsured mortgages (those with a down payment of more than 20%). Under current banking rules, only insured mortgages, variable rates and fixed mortgages less than five years must be qualified at a higher rate. That rate, of course, is the Bank of Canada’s posted rate (currently 4.84%, higher than typical contract rates). Going forward, it will be replaced by a 200-basis-point buffer above the borrower’s contract rate. (source)

The other proposed changes include:
• Requiring that loan-to-value measurements remain dynamic and adjust for local conditions when used to qualify borrowers; and
• Prohibiting bundled mortgages that are meant to circumvent regulatory requirements. The practice of bundling a second mortgage with a regulated lender’s first mortgage is often used to get around the 80%+ loan-to-value limit on uninsured mortgages.
These two proposed changes are minor, and would only affect less than 1% of all mortgages in Canada. The main one, the stress testing, will have a far greater impact.

Why is this happening?

You may recall that the stress test requirements were announced by OSFI in October of 2016. This rule followed a long string of new rules that occurred in 2016. At the time, they primarily affected First Time Home Buyers and those who had less than 20% down to put towards a home. Now, those who are coming up to their renewal date or wishing to refinance may find that this will have an impact on them. They may not qualify to borrow as much as they once would have due to the stress testing implication. For example:

A dual-income family with a combined annual income of $85,000.00. The current value of their home is $610,000.00.

Take off the existing mortgage amount owing and you are left with $145,000.00 that is available in the equity of the home provided you qualify to borrow it.

Current Lending Requirements

Qualifying at a rate of 2.94% with a 25-year amortization and with a combined annual income of 85K you would be able to borrow $490,000.00. Reduce your existing mortgage amount of 343K and this means that you could qualify to access the full 145K available in the equity in your home.

Proposed Lending Requirements

Qualify at a rate of 4.94% with a 25-year amortization and with a combined annual income of 85K you would be able to borrow $400,000.00. Reduce your existing mortgage amount of 343K and this means that of the 145K available in the equity in your home you would only qualify to access 57K of it. This is a reduced borrowing amount of 88K.

They have a mortgage balance of $343,000.00. Lenders will refinance to a maximum of 80% LTV (loan to value). The maximum amount available here is $488,000.00

As you can see, the amount this couple would qualify for is significantly impacted by these new changes. Their borrowing power was reduced by $88,000-a large sum of money!

With the dates of these changes coming into effect not yet known, we are advising that clients who are considering a renewal this fall do so sooner rather than later. Qualifying under the current requirements can potentially increase the amount you qualify for—and who wouldn’t want that?

For more information on how these changes affect you specifically, or to refinance your mortgage, get in touch with your local Dominion Lending Centres Mortgage Professional-they are well-versed in these changes and are ready to help you navigate through the complexities!

21 Sep

Avoiding “Sticker Shock” When It Comes to Mortgage Renewal


Posted by: Kimberly Walker

Imagine that, a few years from now, the time has come to renew your mortgage.

Several years back, you got a $350,000 at the then great rate of 2.24%. Your mortgage payments are $1522 per month.

Because we are now in what the financial brainboxes call “ an escalating rate environment “ – normal people just say rates are going up – when you open your renewal notice you might encounter the same feeling you get when you look at the price of a car you like.

When you actually do look at the renewal notice, you see that the remaining balance on your mortgage is now $294,662, the new ( very competitive rate ) is 3.25% and that the new payment is $1668, actually $150 dollars a month MORE than you were paying previously. You think “WHAT THE….???”

This type of sticker shock is a new sensation to an entire generation of Canadians. Brokers are fond of talking about the fact that rates had not moved in 7 years but we rarely talk about the fact that rates have been trending down for more than twenty years and chances are, if you’ve had a mortgage for any time during that period, the payment at renewal has always been lower than when you started out.

‘Well, what’s to be done’, you ask? ‘How do I avoid “sticker shock”?

The key to avoiding that sinking feeling is to increase your payment slightly every year. You can find out how much to increase it during your Annual Mortgage Review. By increasing your monthly payment by even 2% a month, you can potentially avoid that sinking feeling – and pay off your mortgage even faster!

But wait; “Annual Mortgage Review? Qu’est-ce que c’est”, you ask.

An annual mortgage review, done with either your mortgage provider’s representative or your own mortgage representative ( i.e. your friendly Mortgage Professional) is just a quick check up to discuss what the current balance is, how things are going and do a quick review of your early payment privileges, increased payment privileges and potential prepayment privileges.

Its best to have these annually because , well, the average human needs to be shown the same information seven times to learn it – save time and start today. If you have any questions, please contact your local Dominion Lending Centres mortgage specialist.

15 Sep

How to Invest in Canadian Real Estate-From abroad


Posted by: Kimberly Walker

Just because you are a Canadian citizen living abroad doesn’t mean that you are exempt from the rules for foreigners buying real estate in Canada.
Foreign ownership applies if:
• You don’t reside in Canada for more than 6 months a year (even if you are Canadian)
• You don’t report your working income to CRA
So how does one go about gaining purchasing property in Canada when you are a foreign buyer?

1. Understand Your Employment Status

For your employment status, there are two categories you may fall into: Business for Self or not Business for Self (employed by someone else).

If you are Business for Self, you must meet the following requirements:
• Be in business for a minimum of 2 years
• Verify 2 years of business for self through something equivalent or similar to yearly financials.
• Verify current year’s financial history (personal & company if applicable)

On the other hand, if you are employed by someone else, you only need to show a letter of employment and your latest paystub.

2. Understanding Down Payment Requirements

Down payments for foreign investment in property have a few requirements as well. The down-payment typically will need to be 35% down. The exemption to this and when 25% down would be accepted, would be if you are a Canadian citizen living abroad or if you are a US citizen.

Another requirement, the money for a down payment and closing costs must be on Canadian soil 30 days prior to the completion date (with exception of 15 days depending on the lender and circumstances). Lenders may also require a deposit of 12 months’ principle and interest payments in a Canadian account.

The other and final requirement for a foreign real Estate investment is to have a Canadian bank account registered in your name.

3. Understanding Your Financial Profile

Your unique financial profile may need to feature a number of different things. This may include:
• International credit bureau to view your credit history
• A bank reference letter
• All current debts you have outstanding

Once we have compiled that information and any other that is required, it is on to the next set of requirements: Property requirements!

Property and Loan Requirements

For foreign real estate, there are a few conditions the property and the loan will have to meet. First is the type of property. The property can be owner occupied, a second home, or an investment property. Next, in terms of the loan, there are two things that need to be considered. These are the rates and the length of the loan. The rates will be the best discounted rates your mortgage broker can get at the time of purchase. As for the length of the loan, the term of the contract can be up to 10 years long, with an amortization of the loan of 25 years and up to 30 years on exception.

Final Take-Away

Purchasing foreign real estate does not need to be difficult. The best advice is to stay transparent, open and follow the requirements. As an extra piece of advice, here is a checklist to follow to make it go even easier:

• Proof of “out of Canada” permanent resident address
• Contact and use a Canadian solicitor/lawyer who is familiar with foreign investors
• Contact and use a Realtor familiar with foreign investment purchase.
• Be prepared to have to make a physical appearance in Canada to complete the purchase transaction
• Ensure you have the ability to transfer monies from your Canadian bank account to the TRUST account set up by your Canadian Solicitor/Lawyer’s firm.
• Be prepared for the purchasing process to take 30 days or longer

One last consideration. As of August 2, 2016, the Ministry of Finance of British Columbia has applied an additional 15% property transfer tax to certain BC residential property purchases to anyone who is a foreigner (or foreign entity such as a corporation).
a. This is applied only to the Greater Vancouver Regional District – please contact GLM Mortgage Group for an exhaustive list of the areas affected.
b. This affects anyone who are foreign nationals including foreign corporations or taxable trustees.
* Please note that the corporation can be incorporated in Canada. However, if the corporation is controlled in whole or in part by a foreign national or other foreign corporation the tax applies.
c. The additional tax applies in addition to the general property transfer tax.
d. The additional tax does not apply to non-resident property (commercial properties).
e. The additional tax will be paid with at the statement of adjustments when signing at the lawyer’s office.
f. There are heavy fines associated with avoidance of this tax (ie purchasing a property through a Canadian relative who holds the property in trust) and can even result to up to two years in prison.)

The only way that this foreign buyers tax is exempt for a nonresident when purchasing in the Greater Vancouver Regional District are borrowers that have a current work permit/visa and will maintain the property as their primary residence and reporting and paying taxes in Canada

In closing, if you follow the basic steps laid out in this article and work with a skilled broker you can get into your Canadian property faster, easier, and with minimal stress! If you have any questions, please contact your local Dominion Lending Centres mortgage specialist.

14 Sep

Saving for a down payment


Posted by: Kimberly Walker

What prevents many potential homeowners from buying a home is the lack of a down payment.
Many first-time home buyers are receiving down payment gifts from family.

Unfortunately, many are not in this position and need to plan to save their own down payment.
When you can visualize the benefits of owning your own home and it becomes your number one desire, most of us can save that down payment.
Every time you feel like spending money that is not a need and takes away from you down payment, consider what you could be giving up, your home.

I recently did a mortgage for a couple buying their first home. During the process, they told me that 25 years ago they moved into a brand new rental home and they just finished paying off the landlords mortgage. The house had gone up about $800,000 in value over the 25 years. If the couple would have had their down payment and bought the home they would have a home worth over $1,000,000 paid for.

Here are some tips 
Avoid borrowing money for a depreciating asset like a car or furniture. Did you know that most people who buy furniture interest free for a year do not pay it off and end up paying about 29% interest on that loan?

Open a Tax Free Savings Account (TFSA) and start contributing monthly. Try and maximize what you can put in the TFSA. Turn it into a game and see how fast you can make it grow. Remember the end game is your own home.
The Business Insider reports that 62% of your expenditure is spent on three areas: Housing, transportation and food. Focus on cutting down expenses in these areas and put the extra money in your TFSA. It may be tight living in a smaller place for a few years or even staying at home for a few years to save up that down payment, but if you could look down the road 25 years and have a choice of buying your first home or owning a million-dollar home with no mortgage, what would you choose? You need to keep that vision of owning you own home if front of you to make the sacrifices worth it. The longer you rent the more you are paying off someone else’s home.

I read a stat that 43% of the annual food cost are eating out. Then there are prepared meals that involve no cooking that when included add up to 60% of your food budget. I recently had a friend that stopped eating out and is now putting about an extra $350 a month in his investment account.
Create a budget, control your spending, and buy groceries on sale. Use the Flipp app and find the lowest price on main items and price match. You can save $100’s of dollars doing this.
All these savings can go into your TFSA. Ask friend for their money saving ideas. Stay focused and before you know it you will have your down payment.

13 Sep

Gather Your Mortgage’s Down Payment


Posted by: Kimberly Walker

For many people, saving enough for a down payment on a house is not an easy task. (You can’t rely on finding One-Eyed Willy’s treasure like they did in the Goonies movie, either!) Once you have an idea as to how much you can afford on your home, relative to your salary and monthly costs, it’s time to get that down payment! For a starter home, a 5% down payment is often enough.

Your down payment can come from several sources, including your Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP) or a gift from immediate family, such as parents or grandparents.


The TFSA lets you save your extra cash for just about anything — including a new house— without paying any tax on the growth within the account or on withdrawals. Since the TFSA was introduced in 2009, it’s estimated that only around half of Canadians have opened one, so be sure to start yours today. Should you use your TFSA for your down payment, you pay no taxes on the withdrawal.

There are many clever ways to make the TFSA and RRSP work together to improve your wealth. Generally, RRSPs are a good choice for longer-term goals such as retirement, while TFSAs work better for more immediate objectives, such as a house down payment.


With the federal government’s Home Buyers’ Plan (HBP), you can use up to $25,000 of your RRSP savings ($50,000 for a couple) to help finance your down payment on a home. To qualify, the RRSP funds you’re using must be on deposit for at least 90 days. For first-time home buyers, taxes are not paid on withdrawals of your RRSP and the repayment period starts the second year after the year you withdrew funds.

Gifted Down Payment

A Gifted Down Payment is very common for first time buyers. Often this is done because their son or daughter doesn’t quite have enough funds saved up for the full 5% down payment. Or, because they want to make sure their child has enough money to make up 20% for a down payment to avoid Canada Mortgage and Housing Corporation (CMHC) premiums.

If you put down 20% or more on your down payment, it can all be from a gift. If you put down less than 20%, part of the money can be a gift, but part must come from your own funds. This minimum contribution varies by loan type. You can only use gift money on primary residences and second homes.

All that is required for documentation is a signed Gift Letter from the parents, which states that the money does not have to be repaid, and a snapshot of the son or daughter’s bank account showing that the gifted funds have actually been transferred.

A gifted down payment is viewed as an acceptable form of down payment by almost all lenders. Talk to a Dominion Lending Centres mortgage specialist to make sure that your lender accepts “gifts” as an acceptable down payment.

13 Sep

Vancouver real estate developer faces lawsuits, extradition to U.S.


Posted by: Kimberly Walker

Mark John Chandler claimed “to be one of the biggest real estate developers in Canada” when he reached out to a New York money lender in 2011, according to court filings.

Now, the Vancouver developer faces the prospect of being shipped to the U.S. to face charges in an alleged “fraudulent scheme” involving Los Angeles real estate. The FBI alleges in court documents that Chandler may have used investors’ funds to “support his lifestyle.”

Closer to home, Chandler’s 92-unit latest Metro Vancouver condo development sits empty more than a year past its anticipated move-in date, mired in a complex tangle of legal disputes, including homebuyers alleging breach of trust, private lenders launching foreclosure actions, and a municipality seeking to recover more than three years’ worth of unpaid taxes.

Corporate records show Chandler is the director of the Newmark Group and several other companies named in a series of lawsuits and foreclosure involving the Newmark condo development in the Township of Langley called Murrayville House.

Though the legal disputes involve tens of millions of dollars (two creditors who have already obtained judgments against Chandler’s companies worth more than $12.5 million, according to legal filings), they may not be the most pressing item on Chandler’s plate this week: he’s to appear Friday in B.C. Supreme Court, where the U.S. seeks his extraditionin the Los Angeles case dating to 2009, according to documents filed in court.

Chandler is alleged to have pitched a highrise condo development on L.A.’s Hill Street to “victim investors,” making false representations to obtain their money, according to court filings. California investors allegedly “put up property as collateral for Mr. Chandler’s Hill Street project and lost the properties in foreclosure proceedings when Mr. Chandler’s promised repayments did not materialize,” according to court filings.

Chandler, reached by phone this week, did not provide his side of the story.

Last month, a lawsuit was filed on behalf of 34 individuals and B.C. companies each claiming to have bought strata lots last year in the Langley development. The notice of claim alleges each buyer entered into agreements of purchase and sale with numbered companies controlled by Mr. Chandler, paying deposits usually between $150,000 and $250,000 each, money that was to be held in trust. The claim alleges that, in breach of the agreements, Chandler’s numbered company “entered into contracts for purchase and sale for each of the strata lots with third parties.”

Last week, responses were filed on behalf of Chandler’s numbered companies, with one claiming “the true nature of the transactions between the plaintiffs and (the numbered company) was as loans. … Notwithstanding the terms of some of the documents signed between the plaintiffs and (the company), it was never intended that the plaintiffs would actually become owners of the units in question.”

The response also says, as of the date of its filing last Thursday, construction of the Langley project has been completed and the “units are becoming ready for sale,” adding “the Murrayville Project has suffered substantial cost overruns.”

B.C.’s Office of the Superintendent of Real Estate does not discuss current investigations nor confirm whether an investigation exists, but, said office spokesman Mykle Ludvigsen, “I can assure you that every complaint made to our office is investigated.”

“That being said, allegations of the type (described in the civil lawsuit) would be of interest to our office,” said Ludvigsen.

Chandler’s past dealings with B.C. regulators include a 2006 order from B.C.’s then-superintendent of real estate, W. Alan Clark, ordering the developer to stop marketing units in several Vancouver condo projects, after Clark found the information before him raised “a serious concern and a likelihood that Chandler, acting on behalf of the developers, has sold one or more development units in the developers’ developments to more than one purchaser.”

Postmedia reached Chandler by phone Tuesday to explain a story was scheduled about the Murrayville foreclosures, the homebuyers’ lawsuit, and the U.S. extradition hearing. Chandler said he was in B.C., but not sure whether he would attend Friday’s hearing. Soon afterwards, he cut off further questions by passing the phone to his associate, who he said would respond to allegations. The associate, identified as James Cronk, then said he could not answer questions about any legal proceedings, but, before hanging up, said he would phone right back with more information.

Chandler and Cronk did not phone back Tuesday nor answer a call on Wednesday.

The Township of Langley claims it is owed almost $300,000 in outstanding taxes on the Murrayville development, according to information provided by the municipality, with each of the 92 units to be individually put up for sale at a public auction later this month unless the taxes are paid. The delinquent taxes must be paid by certified cheque by Thursday at 4 p.m. or they will go to auction.

The following morning at 10 a.m., Chandler’s extradition hearing is scheduled in downtown Vancouver. Chandler is required by law to appear in person at Friday’s hearing where his defence lawyer is expected to argue against his extradition, said John Gibb-Carsley, a lawyer with the federal Justice Department, who is acting on behalf of the U.S. in the case.

Chandler was indicted in Arizona in 2000 on 13 charges of fraud, theft and forgery. He entered into a plea agreement in 2003 and was deported to Canada and ordered to pay $189,500 in restitution, The Vancouver Sun’s David Baines reported in 2006.

As of this week, no one is living in the Murrayville development, according to the Township of Langley.