Significant changes will occur later in 2011 with regards to Personal Planning law such as the Wills Act and the Estate Administration Act (informerly known as the Intestacy Act). A new Act called the Wills, Estate and Succession Act (WESA), will come into force and we encourage that you seek out a Will review to familiarize yourself with these changes and determine if such changes will effect the spirit of your Will and its intentions.

If you don’t have a Will, this might be a good time to discuss the benefits of making a Will.

You can read more about the changes from this version of the Scrivener which is the Society of Notaries Public of BC’s quarterly publication.

Changes to the British Columbia Power of Attorney Act that come into effect on September 1, 2011, will clarify the authority of an attorney appointed under an enduring power of attorney to designate beneficiaries for the person for whom the attorney is acting.

If the person who made the enduring power of attorney becomes incapable of making his or her own decisions, the attorney may manage the incapacitated person’s affairs. The attorney may contemplate making or changing a beneficiary of a pension plan, Registered Retirement Savings Plan, Tax Free Savings Account, or insurance policy.Can the attorney do so?

Section 20 of the Power of Attorney Act will provide a limited power for an attorney under a power of attorney to make a beneficiary designation. Section 20 (5) provides:

(5) An attorney may, in an instrument other than a will,

(a) change a beneficiary designation made by the adult, if the court authorizes the change, or

(b) create a new beneficiary designation, if the designation is made in
(i) an instrument that is renewing, replacing or converting a similar instrument made by the adult, while capable, and the newly designated beneficiary is the same beneficiary that was designated in the similar instrument, or
(ii) a new instrument that is not renewing, replacing or converting a similar instrument made by the adult, while capable, and the newly designated beneficiary is the adult’s estate.

Furthermore, the Attorney will be required to keep diligent records of all expenses paid on behalf of the Adult, as well as not incur any new loans or debt without proof of benefit to the adult and a plan to pay off all such new debts from the Adult’s current income sources. An Attorney will also not be able to make loans from the Adult’s resources to any persons even with the consent of all parties.

These are just a few of the changes outlined in this new Act. For more information, you can visit the The Society of Notaries Public of BC’s website and more particularily, their quarterly publication: The Scrivener.

We are closing our Richmond office and relocating to a brand new office space in Vancouver’s Punjabi Market on July 25 next to Frontier Cloth House. Our new office is wheelchair accessible and located conveniently on street level.

Street parking is available on Main St.

Our phone number will remain as 604-569-2911 and fax: 604-630-7065. Our new address will be 6667 Main St, Vancouver, V5X 3H3. Please update your mailing and delivery addresses with this new information.

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As presented at the BC Notaries Spring Conference, HST will affect realtor fees.  Currently, realtor fees are subject to a 5% GST which is paid by the seller.  With the launch of HST, an additional 7% will be applicable.  This will invariably translated into higher resale home prices.

Developers will benefit the most from the implementation of this new tax schema with a refund available to them of the HST during the course of a building development.

Jan 19:  The Bank of Canada released today that its key lending rate will remain at 0.25%.  With this in mind, it is still an optimal time to purchase real estate.  Rates for variable rate mortgages remain at prime or slightly above/below.

 After beginning the year at near record low sales levels, buyers’ confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.

The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008, but a 6.3 per cent decline from the 38,050 residential sales in 2007. 

The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008.

“Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009,” Scott Russell, REBGV president said. “Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of our organization.”

Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008, and an 18.4 per cent decline compared to November 2009 when 3,083 home sales occurred. The residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 16.2 per cent to $562,463 between Decembers 2008 and 2009.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,153 in December 2009. This represents a 38.9 per cent increase compared to the 1,550 new units listed in December 2008 and a 41.1 per cent decline compared to November 2009 when 3,653 properties were listed. 

“The number of homes listed for sale on our MLS® has been in decline in Greater Vancouver for eight of the last nine months, which results in upward pressure on home prices and less selection for buyers to choose from,” Russell said.

Total active listings in Greater Vancouver currently sit at 8,939, a decrease of 41 per cent from December 2008, and a decrease of 19 per cent from November 2009.

Sales of detached properties in December 2009 increased 159.2 per cent to 902, compared to 348 sales in December 2008. The benchmark price for detached properties increased 18.3 per cent to $766,816 compared to December 2008.

Sales of apartment properties in December 2009 increased 176.7 per cent to 1,154, compared to 417 sales in December 2008. The benchmark price of an apartment property increased 14.8 per cent since December 2008 to $382,573. 

Attached property sales in December 2009 increased 188.7 per cent to 459, compared with the 159 sales in December 2008. The benchmark price of an attached unit increased 12.9 per cent between Decembers 2008 and 2009 to $478,093. 

From the Real Estate Board of Greater Vancouver (released December 2, 2009):

Strong demand carries into late fall.
Home values continued to edge upward in November as demand in the Greater Vancouver housing market remains well above seasonal norms.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 12.4 per cent to $557,384 from $495,704 in November 2008. This price, however, remains down 1.9 per cent from the most recent high point in the market in May 2008 when the residential benchmark price sat at $568,411.
“This unseasonably high level of demand can be attributed in large part to low interest rates, but it also speaks to the diverse range of housing options available in Greater Vancouver,” Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. “Prospective homebuyers today have more options at different price levels than ever before.”
The REBGV reports that residential property sales in November were the third highest volume ever recorded in Greater Vancouver for that month. Sales in the region totalled 3,083 in November 2009, an increase of 252.7 per cent compared to November 2008 when 874 sales were recorded and a 16.8 per cent decrease compared to the 3,704 sales recorded in October 2009.
“We are experiencing a brisker than normal market for this time of year, although we have begun to see a reduction in the number of homes listed for sale, which is normal as we head into the holiday season,” Russell said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,653 in November 2009. This represents a 21.3 per cent increase compared to November 2008 when 3,012 new units were listed, and a 26.6 per cent decline compared to October 2009 when 4,977 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.
At 11,039, the total number of property listings on the MLS® decreased 8.6 per cent in November compared to last month and declined 39 per cent from this time last year.  In contrast to this year, note that November 2008 was the lowest selling November in Greater Vancouver in 27 years.
Sales of detached properties increased 261.5 per cent to 1,164 from the 322 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 13.6 per cent from November 2008 to $757,209.
Sales of apartment properties in November 2009 increased 240.5 per cent to 1,396 compared to 410 sales in November 2008. The benchmark price of an apartment property increased 11.6 per cent from November 2008 to $381,945.
Attached property sales in November 2009 are up 268.3 per cent to 523, compared with the 142 sales in November 2008. The benchmark price of an attached unit increased 10.2 per cent between Novembers 2008 and 2009 to $469,686.

Disclaimer: The material you find in this site is for general information only and must not be taken as legal advice. Many situations are unique and may require consultation with our office.  By entering into our site, you fully release Brar Notaries Public and our office of any and all liability that may arise from your use of the information contained therein.  Again, this is not legal advice or notarial advice. 

Kam’s former best man is getting married in the Big Apple so him and Nina will be away from the 25th through the 31st. 

Our office will be closed for the holidays starting at 3pm on December 24 through the 27th, reopens on Dec 28 and then closes at 3pm on December 31 for New Year’s festivities.

December 28th through the 31st, our assistant,  Ruby Bedi, will manning our office.  Our senior Notary, Naib Brar, will also be available to assist you during this time.

Kam and Nina wil reopen the office on January 4, 2010.  

HAPPY HOLIDAYS!

We’ve done our competitive research and we are pleased to offer you quality service, expertise at very affordable rates.  Our legal fees start at $395 for real estate transactions. 

Call us or use the contact us form to obtain your quote for your transaction.