Having been a licensed realtor for the past 20 years I get asked a lot of tough questions. Sometimes I know the answers and sometimes I need to defer to the local lawyers for their expertise. One such question was asked today. In a strata building where there are no rentals allowed can a buyer purchase a unit in the company name and rent the unit to a family member? In this situation the buyer was the only person on the board of the numbered company and they want to rent to their son.
My first thought was that of course they should be able to rent the Abbotsford condo to their son as they are the only party to the numbered company. However, once I discussed with a few lawyers in town, it was determined that because the bylaws clearly state the it has to be the son, daughter, husband, wife etc. of the owner on title and the numbered company does not have any relations so the unit could not be rented to the family of the owner of the numbered company.
There are a few ways to work around this. The buyer could put the family member on title for 1/1000 of a share or they could put themselves on title for the same amount. The benefit to this is it allows the owner to reduce their property tax because of the home owners grant. Thanks to Mike Burke of Rosborough and Company and Wayne Neufeld of Valley Law Group for their assistance in this matter.
I just listed 7532 Walters St in Abbotsford BC. Here are the details: Very rare and nearly 20 acre parcel (19.11) fronting the Fraser River. 3 separate parcels means you could build 3 residences. 2 homes currently. Build your DREAM HOME with NO NEIGHBOURS. Great fishing nearby. Land is flat and fertile. Property is on Saindpoint water system. Beautiful views of the surrounding mountains. Properties to the East and West are owned by the GVRD and farmed with no houses. Perfect for cattle and horses. Private and peaceful. Bring your ideas
Home ownership isn’t just a Canadian fad, it’s important to families around the globe.
No matter who says what about the economy, home ownership is about lifestyle plus investment. You can’t live in a stock portfolio, and rent payments don’t offer a return on investment.
Home Ownership by Province
Newfoundland and Labrador…..77.5%
Prince Edward Island……73.4%
*source Statistics Canada, census of population 2011. excluding territories. (Sorry Territories)
Home insurance doesn’t cover everything. Riders are added to a home insurance policy for additional protection. They’re usually used to cover personal items which include jewelry, expensive technology, cameras, and portable computers.
Some natural disasters such as a flood or tornado, may also need a special rider depending on the area where you live.
A general rule of thumb is that your personal property insurance should be around 30% of your dwelling or home owner’s insurance.
If you have expensive items, do a full inventory and make a list of everything you own including boats or recreational vehicles that aren’t covered by any type of insurance. Properly documenting the value of the items and how much money it would take you to replace them also helps you make sure you will not be underinsured when trying to find the right insurance amount for your valuables.
Starting June 1st, buyers with less than 10 percent down will see the high-ratio mortgage insurance premiums jump 15 percent, or about $6 a month on a $300,000 mortgage.
What’s it mean to you?
Thinking of selling? The mortgage insurance premium increase will likely add more demand to the spring housing market, as buyers rush to get signed mortgage applications submitted before June 1, 2015. This added buyer “pressure” to purchase “sooner” could set the market up for an unintentional “summer pause”.
I think we will see a nice steady summer but this CMHC adjustment may just cause chaos until June.