Blog by Irene Wong & Mike Mulligan

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Canada For Haiti Benefit

January 22nd, 2010
Canadians dug deep into their wallets for victims of the Haitian earthquake at the Canada for Haiti telethon Friday night. Phone lines were soon jammed at the telethon designed to raise money for a group of Canadian charities working in Haiti, created jointly by CBC, CTV and Global. About 200,000 people are estimated to have died in the 7.0-magnitude quake and about two million Haitians wer ...
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Insurance & Strata Property - Things you Need to Know

December 1st, 2009
Obtaining appropriate property insurance is a very prudent idea, particularly when strata property is involved. As an owner of a strata lot you need to be aware that there will be 2 policies involved. One must be purchased by the Strata Corporation (on behalf of all the owners), which is mandated & regulated by the Strata Property Act & Regulations. The second is the owner's policy for their ...
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Title Insurance - Much Ado About Title Insurance

October 29th, 2009
Title insurance is with us & many of our buyers are asking questions about it. To fully understand if there are actual benefits for your purchase a good understanding of how our BC Land Title system works is helpful. The article below does a good job of this. BC's "Torrens" based title system with it's principle of "Indefeasable Title" has been upheld in the courts against fraudulent title pr ...
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Home Inspectors Require Licensing

October 23rd, 2009
Since April 01, 2009 Home Inspectors performing residential inspections in BC require licensing with Consumer Protection BC. Inspections on commercial properties are exempt. Consumer Protection BC information about home inspectors can be viewed here. Home inspectors must currently meet the qualifications of one of the following three associations:Applied Science Technologists and Technicians ...
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Population Growth & Housing Affordability

September 22nd, 2009
Population Significance: People Power and Affordability It’s been a difficult twelve months for BC’s housing markets. No question. However, while we wait to hear the latest unemployment figures or government stimulus packages it might be fun, or perhaps even refreshing, to take a look at two things that are working in BC’s favour. The first is population growth, without which the housing st ...
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HST Letter Writing Campaign & Info

August 21st, 2009
The British Columbia Real Estate Association (BCREA) has posted a very informative page on their website about the upcoming Harmonized Sales Tax (HST) that comes into effect July 01, 2010.  Included is a letter writing campaign template called Speakout aimed at assisting those that are interested in ensuring that they are heard by the Provincial Government.  You are urged to utilize this cam ...
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Harmonized Sales Tax (HST)

August 13th, 2009
The ABCs of the HST On July 1, 2010, the HST combines the 7% PST and the 5% GST into one harmonized 12% tax. The proposed HST will apply to the same goods and services as the GST, with some limited exceptions. A rule of thumb is if you now pay the 5% GST on goods and services, you will pay the 12% HST on the same goods and services. The PST will be eliminated on July 1, 2010. There wil ...
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Estate Planning for Canadians

August 10th, 2009
Canada is generally viewed as a country with no estate tax. While that's true, what many people don't realize is that a "deemed disposition tax," which is similar to an estate tax, applies when you die. In this article, we'll provide tips on minimizing your estate’s exposure to this tax as well as structuring your estate plan to ensure your beneficiaries get the assets you intend for them.   ...
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Leaky Condo Loan Program Discontinued

August 4th, 2009
The provincial government is discontinuing its Reconstruction Loan Program for owners of leaky condominiums built before July 1, 1999. The last day applications for loans were accepted was July 31, 2009. Building permits for eligible repair projects will have to be obtained by January 31, 2010. Administered through the Homeowner Protection Office (HPO), the program was originally designed ...
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Property Tax 101

June 17th, 2009
What is property tax? An annual local government tax levied on real property based on BC Assessment’s estimated market value. Local governments calculate the tax by dividing the annual budget by total assessed property values. In rural areas, the province assigns the tax rate. Rates vary among property classes: residential, business, light and heavy industry, farm, recreation, utility and ...
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