| May I see some ID please? New legislation taking effect June 23
The Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, collects, analyzes and discloses financial information and intelligence on suspected money laundering and terrorist financing activities. It was created as part of a Canadian government initiative to fight money laundering and terrorist financing. Businesses and industries who must report to FINTRAC are required to “know their clients” and asking for ID is one way to do that.
Legislation handed down from the Proceeds of Crime (Money Laundering) and Terrorist Financing Act lists certain reporting requirements as an initiative to fight money laundering and terrorist activity both domestically and internationally. As of June 23, 2008, all real estate professionals are required to take identification information from all clients and customers.
We are already governed by legislation requiring the reporting of suspicious transactions. Now, in addition, we are further required to collect identification; name, current address, date of birth and the nature of principal business or occupation.
Valid identification is a birth certificate, current passport or driver’s license. This will be required even if we know you already. If a corporation, we must obtain director’s names and documents confirming the identity of the corporation.
You can get more information about FINTRAC, visit their website: www.fintrac.gc.ca or call 1-866-346-8722
As of May 31, 2008, data provided by the Niagara Association of Realtors (NAR). Our association area covers districts;
1.Niagara-on-the-Lake, 2.Niagara Falls, 3.Fort Erie, 4.St. Catharines, 5.Thorold, 6.Welland, 7. Fonthill/Pelham, 8.Port Colborne, 9.Lincoln/West Lincoln.
-On May 31, 2008, there were 4540 active listings on the NAR MLS system.
-Average sale price is $210,603 for this year to date ($202,727 last y-t-d). Neighbourhoods vary: Average price in Fort Erie is $189,818; Thorold is $191,670 and Fonthill/Pelham is $167,463.
-Number of sales dropped 10% over last year to date, but dollar volume is down 8%.
--The greatest activity by price range is the $260,000-349,999 range, followed closely by the $140,000-159,999 range.
-Overall year to date, 48% of the number of listings taken have sold (last year to date 56%). Individual districts vary; for example, the list/sale ratio in Niagara Falls stands at 48% for the year, while St. Catharines is 51% and Welland is at 40%; Pelham ranks highest at 57% year to date.
Did You Know?
· That on average, a house in the Niagara Association of Realtors area sells for 97% of the asking (list) price.*
· That the average time on the market for residential properties in our Board area that sold is 63 days (only 45 days if listed by Coldwell Banker Momentum Realty)*
*information provided by Niagara Association of Realtors MLS data Jan-May 2008
If you would like information more specific to your property and real estate needs, please consult with your Coldwell Banker Momentum Realty brokerage salesperson.
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