Baby Boomers, Retire In Victoria, Bc

Victoria, BC, is the ideal place to retire for the baby boomer generation. According to, Thousands of people just like you are trying to decide where to retire in British Columbia. Our capital city, Victoria, is not just the seat of government. It is the retirement capital of BC — actually of Canada. In Warren R. Bland’s book Retire in Style, he ranks Victoria, BC, as the #1 retirement destination of the sixty cities he investigated throughout the US and Canada. Additionally, Conde Nast Traveler magazine readers voted Victoria the best over-all city in Canada for its environment and ambiance. Macleans magazine also selected Victoria as the number one city in Canada to relocate a family business to.

What’s so special about retiring in Victoria, BC? Well, baby boomers; there is something for everyone here. To begin, Victoria is the capital of British Columbia. Vancouver, host of the 2010 Winter Olympics, is just around the bend. Seattle is also just around the bend (both Vancouver and Seattle are 62 miles from Victoria). Victoria is a waterfront community located on the US/Canada border that was, of course, named after Queen Victoria.

Victoria is Western Canada’s oldest city. You’ll find that it is full of Edwardian architecture, which greatly contributes to its unique charm and character. These Edwardian buildings were constructed during a real estate boom after World War I…fitting for any baby boomer, right? This is evidenced by the fact that Victoria is home to 78,000 people, largely dominated by its retiree population. 6% of the population is over 80 years. 17.8% of Victoria is over 65 years.

Baby boomers are always concerned with the climate when selecting a retirement destination. Victoria is coastal and temperate and has seasons unlike many retirement destinations. Winters are mild and damp. Likewise, summers are mild and mostly dry. If you are concerned about Victoria’s proximity to rainy Seattle, don’t be. Victoria gets 1/3 less rain than the Emerald City. Additionally, the rain shadow effect provides Victoria with more sunshine than surrounding areas. It’s not uncommon to see either palm trees or evergreens in beautiful, lush Victoria.

What will a baby boomer like yourself do with Victoria, BC, real estate? Perhaps you’ll see the Victoria Symphony or a performance by the Royal Theatre. You might take a class or watch a sporting event at the University of Victoria. You might check out one of the numerous local farmers markets, Ballet Victoria, the Victoria Philharmonic Choir, Filberg Art Show, or Pacific Opera Victoria. Golf is year-round in Victoria as well. Victoria also has a bustling antiques and collectibles market. Additionally, you can visit Beacon Hill Park, the Olympic mountain range, the Victoria Bug Zoo (fun for when your grandkids visit), the Art Gallery of Greater Victoria, or the Royal London Wax Museum.

Now is an interesting time to buy real estate in Victoria, BC, because it’s neither a buyer’s or a seller’s market and prices are stable (according to Whether you are looking for a single-family residence, condominium, manufactured home, or townhouse, all are available in virtually all price ranges.

Baby boomers, if you would like more information on retiring in Victoria, BC, contact real estate agent Mark Imhoff at

The Bank Of Montreal Is Claiming Mortgage Fraud

The Bank of Montreal estimates it may lose as much as $30 million on a mortgage scheme that involved some of its own employees. The bank is suing a few hundred people including four of its own employees, along with mortgage brokers and, so far, seventeen lawyers in what they allege is one of the largest cases of mortgage fraud in Canadian history.

The Bank of Montreal says its securities department first noticed irregularities in several of their Western Canada mortgages back in 2006. This prompted the bank to hire a forensic accounting firm who spent the next year digging through the details to uncover what was really going on.

The forensic accounting firm realized a rather sophisticated scheme where scammers would chose the worst house in a preferred, established neighbourhood. They would then convince the bank the house was worth much more than it really was due to it’s location, and being as banks rely on software programs to determine house values, the banks would concur. The scammers would then purchase the house and pocket the difference.

To qualify for the mortgages, these scammers were paying unsuspecting people, generally new immigrants $2,000 to $8,000 for the use of their name on the mortgage. Lawyers would then step in and draw up fake documents of earnings, often showing inflated wages and high net incomes to ensure the immigrants would qualify for the mortgages. The legal documents filed by the bank shows the fraud scheme was operated by 14 inter-connected groups that generated approximately $140 million of which $70 million was in fake mortgages.

The Bank of Montreal’s documents also showed that millions of the fraudulent money was sent to countries such as India, United Arab Emirates, Lebanon Pakistan and Saudi Arabia. They also noted that in one instance alone, a home in Calgary that was bought for $900,000 was sold three years later for $2.3 million, netting the scammers a whopping $1.4 million.

A Calgary based management company had documents unravelled by the Bank of Montreal investigators showing 150 suspected counts of mortgage fraud within 16 different financial institutions. The investigators felt this was a clear sign of how inefficient the controls are in the banking system. If you have been the victim of fraud and have had your finances affected because of it, you might want to consider a consolidation loan. If your credit rating has been affected, you still have options to repair your credit and consolidate debts. A car title loan may help get your credit and your finances back on track.