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Posted in Crescent Bch Ocean Pk., South Surrey White Rock Real Estate
New property listed in Crescent Bch Ocean Pk., South Surrey White Rock

I have listed a new property at 308 13959 16 AVE in Surrey. See details here

WELCOME TO WHITE ROCK VILLAGE | 2 BED 2 BATH CORNER UNIT PENTHOUSE Near Ocean Park. Enjoy your coffee in the morning sun on the large balcony overlooking the tranquil courtyard. Large windows provide plenty of natural sunlight in this bright & spacious condo. Open layout w/ gas F/P make this a great living space. Kingsize Master BDRM w/ 4 piece ensuite & his/hers mirrored closets. 3 piece main bath has room to accommodate a wheelchair. Laundry room w/ extra storage & countertop folding area. Amenities include beautiful courtyard gardens, clubhouse, library, workshop, exercise room, sauna & 2 South facing Resort size rooftop patios w/ partial ocean view. Extremely quiet well managed & friendly complex. New windows, new doors, new balconies, new railings, new Hardi-Board siding & newer roof. 55+ No smoking No Pets. Wheelchair accessible. Includes 1 storage locker & 1 secure garage parking. Awesome location 5 mins to White Rock Beach, 10 mins to Crescent Beach. Quick access to US Border & Hwy 99. View today!

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Posted in Sunnyside Park Surrey, South Surrey White Rock Real Estate
New property listed in Sunnyside Park Surrey, South Surrey White Rock

I have listed a new property at 308 13959 16 AVE in South Surrey. See details here

WELCOME TO WHITE ROCK VILLAGE | 2 BED 2 BATH CORNER UNIT PENTHOUSE Near Ocean Park. Enjoy your coffee in the morning sun on the large balcony overlooking the tranquil courtyard. Large windows provide plenty of natural sunlight making this bright & spacious condo . Open layout with gas F/P make this a great living space. Kingsize Master BDRM with 4 piece ensuite and his/hers mirrored closets. 3 piece main bath has room to accommodate a wheelchair. Laundry room with extra storage and countertop folding area. Amenities include beautiful courtyard gardens, clubhouse, library, workshop, exercise room, sauna and 2 South facing Resort size rooftop patios with partial ocean view. Extremely quiet well managed and friendly complex. New windows, new doors, new balconies, new railings, new Hardi-Board siding and newer roof. 55+ No smoking No Pets. Wheelchair accessible. Includes 1 storage locker and 1 secure garage parking. Awesome location 5 minutes to White Rock Beach, 10 minutes to Crescent Beach. Transit on street out front. Quick access to US Border and Hwy 99. Arrange to view today!

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THE BC GOVERNMENT CONTINUES TO MEDDLE IN THE REAL ESTATE MARKET

The proposed BC home flipping tax applies to income from the sale of a property, including presale contracts, in British Columbia if the property was owned for less than 730 days. The tax takes effect starting January 1, 2025, subject to approval by the legislature.

Property purchased before the tax’s effective date may be subject to the tax if sold on or after January 1, 2025 and owned for less than 730 days unless an exemption applies.

The BC home flipping tax is separate and distinct from the federal property flipping rules and is not harmonized or administered with the federal or B.C. income tax. It is intended to discourage short-term holding of property for profit as part of the Homes for People Plan

Who is subject to the tax?

If you sell your property on or after January 1, 2025, income earned from the sale of your property may be subject to the new tax if the property was purchased less than 730 days before the sale. 

  • Example: If you purchased a property on May 1, 2023 and sold the property on January 31, 2025, income you earn from the sale of the property would be taxable. If you decide not to sell the property until June 1, 2025, then income you earn from the sale would not be subject to the tax

Note: The seller of the property may be a B.C. resident or a resident anywhere else in the world.


ON THE HORIZON

WHERE ARE INTEREST RATES HEADED

The Bank of Canada today held its target for the overnight rate at 5% for the fifth consecutive meeting.

With the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.

We’ve come a long way in our fight against high inflation. Monetary policy is working—inflation is coming down. But it’s too early to loosen the restrictive policy that has gotten us this far. Low, stable inflation is a cornerstone of shared prosperity, and we remain resolute in our commitment to restore price stability.


QUESTION: 

To plan for when I can’t make decisions on my own, do I need a power of attorney and a representation agreement?

I’d like to get help with both financial matters and health care decisions (including end of life decisions). It sounds like the only way to do this is to prepare an enduring power of attorney and an enhanced (section 9) representation agreement?

ANSWER: A power of attorney gives someone you trust the power to look after your financial and legal affairs. An enhanced representation agreement gives someone you trust the power to look after your health care and personal care. So, yes, these two documents do very different things. You’d need both to cover all of those types of decisions.

There are also standard representation agreements, which apply to financial and health decisions, but they are more limited in the types of decisions they cover. For example (on the financial side), they can’t empower a representative to buy or sell your home or take out a loan on your behalf. And (on the health side) they can’t empower a representative to make decisions about things like life-saving treatments or physical restraint.

If you’re in a crisis, standard representation agreements are designed to help right away, even if you’re already incapacitated in some way. 

But if you’re planning for the future, a combination of a power of attorney and an enhanced representation agreement will provide you with certainty as to how financial and health affairs (both big and small) will be handled. 

Courtesy: Peoples Law School

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