IN THE NEWS | BC Govt Makes Some Changes
ON THE HORIZON | Bank Of Canada Announcement
ESTATE PLAN | POA Or Representation Agreement
MARKET UPDATE | Stats From March 2024
SNAPSTATS 11 YEAR HISTORICAL REPORT | Download Your Report
NEWSREAL | APRIL 2024
IN THE NEWS
| 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.
Note: The seller of the property may be a B.C. resident or a resident anywhere else in the world. |
ON THE HORIZON
CURRENT MARKET TRENDS
| WHERE ARE INTEREST RATES HEADED | |
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AHEAD
PLANNING
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?
Courtesy: Peoples Law School
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.
FRASER VALLEY STATS | MARCH 2024
CONDOS | Year Over Year Price - Up 7.2%
LISTINGS
SALES
% OF LISTINGS SOLD
AVG DAYS TO SELL
TOWNHOMES | Year Over Year Price - Up 6.7%
LISTINGS
SALES
% OF LISTINGS SOLD
AVG DAYS TO SELL
HOUSES | Year Over Year Price - Up 8.4%
LISTINGS
SALES
% OF LISTINGS SOLD
AVG DAYS TO SELL35
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.