The Editor:
I am writing about a recent experience I went through with my elderly parents. My parents lived in the Oakdale community that is part of the Burquitlam area of Coquitlam.
This area has been undergoing significant changes in the past year with the numerous land assemblies occurring. My parents built their home in 1966 and had occupied it since that time. Most of the homes in this area were built in the 1960s, similar to many parts of west and central Coquitlam. With Coquitlam's new Community Plan, this single-family-home neighbourhood was rezoned for multi-family housing. This rezoning has affected many single-family neighbourhoods in the area surrounding Burquitlam Plaza where the new Skytrain station is located.
From 2020 onward my parents were receiving many calls, brochures, and flyers from Realtors and real estate companies trying to persuade them to sign and have them be represented for any potential offers from developers.
Coquitlam City Hall often proclaims the local policy of no orphan houses, meaning no homeowner would ever be forced to sell, but in reality when you have neighbours who want to "cash in '' on the redevelopment you certainly feel pressured into accommodating the wishes of many longtime neighbours in your area. In my parents’ particular case, there were six homes, three on their street and three neighbouring properties which bordered the backyards (all properties formed one parcel). The owners of all six properties were approached by a Realtor who had a developer interested in building a multi-family development on this site. Five of the six homeowners were in regular communication with the Realtor through zoom meetings and e mails. One of the homeowners rarely participated but was receiving the emails and communication with the Realtor.
We, as a group of five, had agreed and stated emphatically to the Realtor that we were only interested in proceeding with a potential sale of our homes as long as every one of the six homeowners received the same offer ($ per square foot for their property size). When contracts were signed with the Realtor we discovered that the five had indeed signed the same offer, but the sixth homeowner signed for a much higher amount per square foot.
First lesson: The Realtor's default position is that each individual homeowner signs an individual contract in a land assembly.
We had a follow-up Zoom meeting with our Realtor to express our discontent. When our group of owners went up the food chain to the firm's managing director we were faced with a similar song and dance about everyone signs an individual contract.
I and the other four homeowners feel we were duped in the process. But there are no do-overs in this process -- once you sign you are bound.
Second lesson: Have a professional represent you and negotiate on your group's behalf, it will be worth the cost in the long run.
Third lesson: Try to sign your contracts in a group setting where all of the homeowners are present.
Fourth lesson: In a volatile real estate market like we have experienced these past two years, ensure you have a shorter period from when you sign to when you receive your money. The longest I would recommend is a closing date of max. six months from signing.
Also, try and get at least six months of free rent following the closing date, this would read as the possession date in your contract, which is the date when you have to hand over the keys to the new owner.
The closing date for our sale was in early February of this year. My father passed away in October 2021, thankfully at home peacefully, in the house he had built and lived in for 55 years. We have since moved my 91-year-old mother to the North Shore into a condo to be closer to us.
Burquitlam, specifically the Oakdale community, was a wonderful neighbourhood for raising a family. Change is inevitable. These neighbourhoods are getting carved up, yet most of the houses are still in great condition. But there will be more revenue for City Hall -- along with more traffic and more crime. Progress?
- Fabio Battisti, District of North Vancouver
