Kelowna General Practice Blog

Safeguarding real estate porfolios in uncertain times

On behalf of Porter Ramsay LLP posted in real estate law on Tuesday, June 2, 2020.

Investors are always wary of circumstances that could adversely affect their investments. In times of global worry and economic crisis, real estate investors need to be mindful of safeguarding their portfolios to weather the storm. Business is not as usual in British Columbia in these times and even lenders have revisited their lending policies, which is affecting investors -- especially those with high margin investment methods such as student rentals, flipping, short term rentals and construction.

Some investors have actually sold some of their properties, while some who can afford it have decided to lower rents for tenants who are having hard times financially. Experts suggest investors should talk to their mortgage advisors about the issues that could affect their portfolios: opportunity, agility and stability. They want to minimize as much financial distress as possible.

Wills and estates: Sidestepping popular mistakes in estate plans

On behalf of Porter Ramsay LLP posted in wills and estates on Monday, June 1, 2020.

Everyone makes mistakes in life. But there is no room for error when it comes to wills and estates planning. Before sitting down to write an all-encompassing estate plan, British Columbia residents would do well to know how to avoid some common pitfalls -- the first being not have an estate plan at all. Things will get tricky for the loved ones of someone who dies intestate -- meaning without a will.

Another mistake is assuming all an estate plan needs is a will. A will doesn't speak to many important issues like jointly owned properties or businesses, taxes, power or attorney or health care. Those usually need separate documents and leaving everything to a spouse might not be the best path to follow either in case the person remarries. Setting up a trust fund for children and grandchildren might be an option. Choosing the wrong executor and not using a lawyer to help in estate planning could also be errors in judgment.

Real estate prices to drop by double digits, risk agency says

On behalf of Porter Ramsay LLP posted in real estate law on Tuesday, May 19, 2020.

Investors aren't going to like the recent real estate market forecast. When assessing global risk for wealthy investors, British Columbia and the rest of the country was hit hard by yet another global risk agency: that real estate prices will continue to drop by double digits. Numbers are gathered around unemployment rates which will hit 14% -- or the adverse rate -- by the year's end.

Many more mortgages are going into arrears as homeowners struggle to keep their heads above water. In fact, experts suggest they will reach new highs. Arrears are expected to drop to levels seen in the 80s, matching the nation's worst housing crash. Mortgage arrears in British Columbia are expected to increase by nearly 500%.

Whiplash injuries are no joke

On behalf of Porter Ramsay LLP on Friday, May 8, 2020.

One of the most common yet misunderstood injuries an accident victim may suffer is whiplash. In fact, whiplash is the subject of many jokes, and some TV shows cast suspicion on the injury when characters feign neck and back pain to collect insurance or win a lawsuit. If you have recently suffered a whiplash injury in a motor vehicle accident, you know that it is nothing to joke about.

However, whiplash is also difficult to diagnose. Your doctor may ask you a few questions and rule out other injuries, but your own description of the pain may be the crux of the diagnosis. This should not deter you from seeking the compensation you need. You may even seek the advice of a British Columbia legal professional to ensure you are taking advantage of every option for pursuing the financial benefits you deserve after an accident.

Family law: Proving paternity in British Columbia

On behalf of Porter Ramsay LLP posted in family law on Tuesday, May 5, 2020.

When the paternity of a child is in question, it affects many things. Family law in British Columbia is clear-cut when it deals with a child's paternity and the issues that go along with it such as child support and parental rights. It should be noted, too, that even though a man may not be the biological father of a child or children, he may still be financially responsible for them in some cases.

In British Columbia, the law states what a father is. A father was married to the child's mother when the child was born; married to the child's mother, but the marriage was ended by his death or divorce within 300 days before the birth of the child; married the child's mother after the child was born and the mother acknowledges him as the father; his name is on the birth certificate and both the mother and he acknowledge him as the father; he and the mother were living in a marriage-like relationship on the day the child was born or 300 days before the birth; he has signed an agreement under the Child Paternity and Support Act acknowledging that he is the father. If a man denies paternity in these cases, the onus is on him to prove otherwise.

Family law: Keeping British Columbia kids safe from harm

On behalf of Porter Ramsay LLP posted in family law on Tuesday, April 21, 2020.

It is incumbent upon everyone to keep children safe. Family law in British Columbia has laws and rules in place with the best interests of children in mind. With that, there are resources available to residents who believe a child is being abused, neglected or harmed in any way. In fact, the Child, Family and Community Services Act stipulates that anyone who believes a child may need protection for any reason is obliged to report it to a social worker who will look into the situation.

The social worker will ask the person reporting his or her suspicions a number of questions such as if there are any immediate concerns for the child's safety, if any other children might be at risk, and any other pertinent information the person can offer. If it is found that a child is in need of protection, a social worker will take the steps necessary to see to that in the least disruptive way for the child. Children are only removed from their homes when a social worker believes they're in immediate danger.

Real estate developer gears up for condo development

On behalf of Porter Ramsay LLP posted in real estate law on Monday, April 6, 2020.

A developer based in the Okanagan is offering investors the chance to get in on what it says is the best opportunity in the province. British Columbia real estate development company West K Homes, will be breaking ground shortly on 103 resort residences in Vernon. The president of the company says the 313-square-foot condo units are designed for trendy, compact living.

He says investing in this type of real estate in the Okanagan Valley right now makes sense since interest rates are at an all-time low. The City of Vernon gave West K Homes and its business partner the green light for the Vita building with an expected move-in date of March 2021. To sweeten the deal, Vita is offering prospective buyers 1% financing over a five-year term.

Real estate: Open houses stopped in light of health situation

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

No industry is sheltered from a worldwide pandemic. The real estate industry in British Columbia has made the decision to stop all open houses given what is happening with a pandemic that is highly contagious. The British Columbia Real Estate Association (BCREA) is heeding the recommendations it has been given by local real estate boards across the province.

BCREA CEO said the move is one more measure to try to stop the spread of the virus. The provincial real estate regulator and the provincial government are the only bodies with the authority to formally mandate the halting of open houses. BCREA is urging realtors to use online tools to market their listings and to encourage their clients to use those tools as well.

Wills and estates: Important aspects of an inclusive estate plan

On behalf of Porter Ramsay LLP posted in wills and estates on Monday, March 9, 2020.

Putting affairs in order can be a daunting task. British Columbia residents giving pause to wills and estates issues may find estate planning less confusing knowing what a comprehensive plan might look like. Many people think about estate plans later in life, but that's not necessarily the most prudent move especially when children are involved, so planning is not only for those entering their golden years.

Essentially, there are some important elements when thinking about what a well-rounded estate plan should include. The first is the actual meat and bones of the plan -- what the structure entails which are the documents that should be included such as a will, personal care directive and an enduring power of attorney. Other documents could include a life insurance plan and trusts.

Unaffordability continues to wreak havoc on real estate market

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

Much property in British Columbia continues to be unaffordable to many which is fuelling the crisis in the market. High prices are actually forcing some British Columbia residents to look outside the province when it comes to securing real estate and some analysts say this is having a negative effect on market balance overall. Inflated prices make it difficult for some -- like seniors, young families and single individuals -- to purchase real estate in the province.

Many prospective new buyers are virtually being pushed out of homeownership since they simply can't afford a home. And current homeowners are feeling the pinch as well since many can't sell their homes and can't afford to get back into the market. In fact, many people are describing the 2020 market in British Columbia with one word: unaffordable.