Kelowna General Practice Blog

Mega equity corporation moving ahead with real estate plans

On behalf of Porter Ramsay LLP posted in real estate law on Tuesday, December 1, 2020.

One of the main landlords in the nation's west is planning a multi-million-dollar foray into the Sunshine province next year. The founder and CEO of Mainstreet Equity Corp. is planning a move into British Columbia, and his announcement is not only drawing attention in the real estate market but also in the Toronto Stock Exchange. The company's shares are now valued at $65 each -- up from $0.22 each in 2000. The company has 1,400 rental units and $2.1 billion in assets.

The CEO said Mainstreet Equity is all about providing housing that is affordable and is known for buying rental properties that aren't performing well, renovating them and raising the rents. Materials used for renovations are outsourced from China, which he says saves about 30% rather than buying local. He calls his company a cash flow machine.

Real estate prices rise, but demand may be waning

On behalf of Porter Ramsay LLP posted in real estate law on Wednesday, November 18, 2020.

Demand for single-family homes may be waning in the nation's Pacific province. It's true that real estate sales in British Columbia were significantly up this year from 2019 -- up by more than 43%; however, deals this past September came in at 11,368, which is 2.8% lower. British Columbia Real Estate Association's (BCREA) chief economist believes this drop could mean that pent-up demand is beginning to show signs of waning, even though the job market and sales are still showing strength.

The real estate market was incredibly active in British Columbia this past October, with the average price of a home continuing to escalate. The average price for a single-family home in the province now sits at $812,960 -- a 1.2% increase from the same time last year. When compared to the $722,333 average price in October last year, that is a 12.5% increase.

Keeping safe during a British Columbia winter

On behalf of Porter Ramsay LLP on Thursday, November 5, 2020.

It's that time of year again. Colder weather brings snow, ice and other road dangers that you need to remain aware of as you drive British Columbia's roadways.

With everything that has gone on in 2020, it might be a good idea to review some of the steps needed in order to remain safe during a normal part of life here in Canada -- preparing for winter driving.

Is signing up for a pre-existing condo a good real estate move?

On behalf of Porter Ramsay LLP posted in real estate law on Thursday, November 5, 2020.

Property has always been a wise investment. In British Columbia, however, there may be better times to purchase real estate. Some people have gotten on the bandwagon to purchase pre-sale condos, which have gained popularity over the last few years. But in light of the current situation economically, is now a good time to buy a pre-sale condo?

A financial planner with Foundation Wealth says sticking to the pre-existing condo market may be a better move than signing on the dotted line for a pre-sale. He says there are a number of reasons for that rationale -- primarily the premium that is attached to a pre-sale, not to mention the GST on new construction. Pre-sales also come with a number of unpredictable variables, such as delays, design changes and even possible developer bankruptcies.

Wills and estates: Planning can be done bits at a time

On behalf of Porter Ramsay LLP posted in wills and estates on Monday, October 19, 2020.

A financial plan should always include an estate plan, professionals say. Some British Columbia residents, however, put off anything to do with wills and estates for as long as possible and that may be a grave error -- pun intended. No one enmeshed in the realities of living wants to think about death, but writing an estate plan doesn't have to be difficult. As a matter of fact, it doesn't even have to be done all at once.

So that it doesn't seem to be so daunting, estate planning can be broken down into steps, the first step being making a list of all the assets one has. The list should include everything worth $100 or more and include things like bank accounts, life insurance policies and retirement funds. The same should be done with debts, including a mortgage and credit card balances.

Family law: If you divorce, must you leave the family home?

On behalf of Porter Ramsay LLP posted in family law on Thursday, October 8, 2020.

When a couple decides that separation is inevitable, they have many issues to sort out. Family law in British Columbia has definitive rules about assets and property, which includes the family home. Who should move out, if anyone? If the people can at least be civil to each other and finances are an issue, they may decide to both stay in the home, but if that's not an option, they need to answer some pointed questions, such as do they both own the home? Can either person afford to keep the home?

If both spouses own the home, neither will lose their legal right to a share of it even if one person moves out. If the home is in one spouse's name, the other can apply to the court to protect his or her interest in the property. This also applies to couples who have been living together in a common-law relationship for two or more years. However, one spouse may be given exclusive occupancy of the home with an order from the British Columbia Supreme Court as per the Family Law Act.

Real estate market continues to make strides amid uncertainty

On behalf of Porter Ramsay LLP posted in real estate law on Tuesday, September 22, 2020.

Even though the unemployment rate has doubled, the housing market continues to rally. Many homeowners in British Columbia, as well as in the rest of the country, were able to keep their homes even though they may have lost their jobs due to unforeseen circumstances. In tandem with that were lower interest rates that allowed some people a foray into the real estate market and gave some prospective buyers more house for their money.

Several factors will affect the market over the next few months. They include when the borders will reopen and immigration continues, future health concerns in the nation as well as globally and future government policies that will inject further fuel into the economy. Canadians are being vigilant financially and choosing to put their money into long-term assets, and buying a home is such an asset.

Personal injury law and public insurance

On behalf of Porter Ramsay LLP posted in personal injury law on Thursday, September 10, 2020.

The fact is some drivers operate vehicles without having insurance, even though it's the law. In British Columbia, drivers purchase public insurance through the Insurance Corporation of British Columbia (ICBC) which leads many to wonder what happens if they suffer a personal injury driving their vehicles. The short answer is as long as drivers whose vehicles were hit by uninsured drivers have insurance, they're covered.

But the insured driver must have purchased collision coverage through ICBC. In that case, according to an ICBC spokesperson, the claim is handled under that collision coverage, and the deductible would be waived by ICBC. The corporation fund covers injuries and collision damage -- up to $1 million for drivers sustaining injuries in an incident in which the at-fault driver doesn't have insurance.

Real estate continues to sizzle throughout the summer

On behalf of Porter Ramsay LLP posted in real estate law on Monday, August 24, 2020.

Home prices are continuing to sizzle in the country's most western province. The prices of homes in most of British Columbia have risen year-over-year as of July. Real estate continues rally even though some other sectors of the economy have continued to take a hit.

British Columbia had 10,090 residential unit sales in July, according to the British Columbia Real Estate Association (BCREA). That represents an almost 27% increase over the same time last year. Dollar volume pertaining to sales hit nearly $8 billion -- an increase of 43% from July 2019 to July 2020. There are a number of reasons for the increase, one of them being fewer active listings on the market.

Family law: When a child wants to spend more time with one parent

On behalf of Porter Ramsay LLP posted in family law on Thursday, August 13, 2020.

Family situations can get complicated after divorce. When children are a part of the equation, there are many things divorcing parents need to iron out, like child custody. There are guidelines in place in British Columbia under family law; however, when children become old enough, they may begin to assert their desires about which parent they would like to spend more time with, and that might be with the alternate parent -- the one who doesn't have the children most often.

If there is a co-parenting plan in place, parents could choose to modify that plan if the child's desires are in his or her best interests. It might be prudent to have a mediator weigh in on the issue if parents can't come to some mutually agreeable consensus. If these situations are ignored, experts say ill will could continue to fester and create problems. The best outcome is likely to occur when both parents discuss the situation in a spirit of goodwill and remain open to possible change.