Author: David Hennessey

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Residential Title Insurance Coverage Calculation

Have you considered title insurance?

Are you trying to figure out the cost?

One example of a title insurance company is Stewart Title. Stewart Title offers title insurance products for home purchasers and existing owners that protect the ownership interest in their property. I am not recommending this company simply offering you an example of a title insurance company in BC, Canada. Vist Stewart Title website

Stewart Title has a title insurance calculator on their site here for you to use to find out the cost

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If you would like to learn more about how I serve my clients in buying and selling real estate in the Maple Ridge Pitt Meadows area please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

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Calculate BC First Time Home Buyers PTT Exemption

Calculate BC First Time Home Buyers PTT Exemption
This is from details on the Spagnuolo Law firm website.

Note: there is a first time home buyer exemption or partial exemption from PTT and there is a different PTT exemption or partial exemption based on the fact that the property is NEWLY built. More details here and as always check with your real estate lawyer to confirm the rules and regulations have not been changed before you start home shopping.

FTHB PTT exemption and partial exemption

Reminder: First time home buyer (FTHB) means the Buyer

Source of information

  • Has never have owned an interest in a principal residence anywhere in the world at any time;
  • Is a citizen of or a permanent resident of Canada;
  • Resided in B.C. for 12 consecutive months immediately before the date they become the registered owner, or the Purchaser has filed two income tax returns as a British Columbia resident within the prior 6 years of becoming the owner;
  • Moves into the property within ninety-two days after registration of the purchase of the property and reside in the property for at least one year;
  • If the fair market value of the property is:

– a full PTT exemption on properties with a Fair Market Value (FMV) of $500,000 or less;
– a partial exemption of $8,000 for properties with a FMV over $500,000 and under $835,000;
– a sliding scale exemption for properties with a FMV over $835,000 and under $860,000; and
– no exemption for properties with a FMV over $860,000.

Read full details and calculate here

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If you would like to learn more about how I serve my clients in buying and selling real estate in the Maple Ridge Pitt Meadows area please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

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Can you calculate PTT for me?

At open houses I often meet home buyers who want to know how to calculate PTT.

PTT is the Property Transfer Tax, a tax payable to the BC Provincial Government by purchasers of real estate. The tax applies to all types of real estate, whether residential, commercial or industrial.

How is PPT calculated?
This is not a calculation I can do in my head. I will share how it is currently calculated and then offer you a link to an online calculator to make it really easy for you to calculate in the future.

At this time (May 22, 2025) the amount of the Property Transfer Tax is 1% on the first $200,000.00 of the property’s fair market value, 2% on the amount between $200,000 and $2,000,000, and 3% on the amount between $2,000,000 and $3,000,000, and 5% of the remaining fair market value. (source: BC real estate lawyers)

Go here for the calculator and test it out.

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If you would like to learn more about how I serve my clients in buying and selling real estate in the Maple Ridge Pitt Meadows area please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

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What is Strata Property Ownership in British Columbia?

Strata titles are a sub-type of fee simple property grant where there is both the strata property belonging to the owner and the common property that is shared with the other owners of the strata corporation.

While some basic aspects of the strata lots can be verified with a title and BC Assessment search, the strata plan should also be obtained from the Land Title Office to verify the strata lot is in three-dimensional space, and a Form B Information Certificate package should be obtained from the strata property manager (bylaws, budget, rules, and depreciation report).

Note: Whether a property is a bare land strata, non-bare land strata, or fee simple (non-stratified) property cannot be assessed by simply touring the property. Only through careful review of the land title and subdivision or strata plan will the nature of this interest be clear. Bare land strata designations are generally indicated in the title of the registered strata plan.

Lots of complexities exist, for example,  in smaller strata properties (i.e., duplex and fourplex units), it is incorrect to think that there are “no bylaws,” as the Standard Bylaws under the Strata Property Act apply even if the strata has not developed its own set of bylaws.

Note: This is only a general introduction to the complexity of strata properties.

Source: BCREA

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If you would like to learn more about how I serve my clients in buying and selling real estate in the Maple Ridge Pitt Meadows area please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

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What is Freehold Fee Simple Ownership?

Freehold Fee Simple Ownership is one of the most common types of Ownership in British Columbia.

Freehold fee simple grants the owner property rights over the land and any affixed structures upon it, subject only to the limitation of the Crown Grant. Fee simple property rights (and use of the lands) are also subject to any registered charges, liens, or interest on title under the Torrens land title system of BC (i.e., a registered lease or a restrictive covenant).

REALTORS® can inquire into the fee simple title by doing a land title search on the parcel, wherein the owners’ names are disclosed. The land title search can be further verified by a BC Assessment search, which allows the civic address and legal address to be compared against the title results.

Note: This is only a general introduction to the complexity of Freehold Fee Simple Ownership.

Source: BCREA

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If you would like to learn more about how I serve my clients in buying and selling real estate in the Maple Ridge Pitt Meadows area please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

Posted on

The Real Estate Conveyancing Process

The Real Estate Conveyancing Process

When you are buying or selling a property did you ever wonder what happens once the deal goes firm, in general when all subjects are removed and the deposit is in place and you contact a conveyancing lawyer or notary?

In British Columbia, to complete a real estate transaction the conveyancing process is required. Your REALTOR® should know this process so they can act proactively to address any potential challenges and keep the process moving smoothly towards completion of the sale with the goal of your REALTOR® protecting you, their clients interests.

The standard conveyancing process involves the following:

1. Engagement
Once subjects are removed it is wise to immediately engage the services of a lawyer or notary. Early engagement of a lawyer or notary is very important to avoid delays and allow time to address any issues that may arise during the conveyancing process. In general, once a buyer or seller has confirmed they want to proceed with the services of the lawyer or notary, a client file will be opened.

2. Collection of client information.
In general personal information on the client is collected for client verification purposes, copies of all contracts and amendments to the transaction, contact information for the clients REALTOR®. In addition, the lawyer or notary may need to collect information from a lender, insurance advisor. If appropriate details relating to any powers of attorney.

3. Searches and Due Diligence
Next the lawyer or notary conducts searches and due diligence. Depending on who the lawyer or notary is working for (a buyer or a seller) they will do particular types of searches and due diligence. The location of the property, use of the property, and type of property will help dictate the types of searches and due diligence performed.

4. Preparation and Review of Closing Documents
The buyer’s lawyer or notary prepares the buyer’s closing documents that will include any security documents needed for financing. The buyer’s lawyer or notary also prepares the sellers’s closing documents, including the seller’s statement of adjustments, a detailed document showing many items including what portion of the property taxes is paid by who. The seller’s lawyer or notary prepares the seller’s order to pay and the documents needed to clear title, such as the discharges for any mortgages and personal property registrations. The seller’s lawyer or notary will review the seller’s closing documents (that was prepared by the buyer’s lawyer) to ensure they are accurate and reflect the terms of the Contract of Purchase and Sale.

5. Client Signing Appointment
Moving towards the end of the completion process, the lawyer or notary will typically meet with their clients two to five business days prior to the completion date to explain and sign the closing documents. Note this does not happen on the day of completion of the sale. Make sure if you have not heard from your lawyer or notary two weeks before completion to call them to book this important step.

6. Return of Documents
You may have heard your REALTOR® explain an item on the contract of purchase and sale called an Undertaking. What follows is the undertaking: The seller’s lawyer or notary after signing returns the signed vendor’s closing documents to the buyer’s lawyer or notary. These documents are delivered to the buyer’s lawyer on their undertaking not to make use of the documents, unless they have sufficient funds, when combined with any financing, to complete the transaction.

7. Registration and Closing
When the buyer’s lawyer or notary is satisfied that all the mortgage funding conditions being met and the buyer’s lawyer or notary are in possession of the balance to close from the buyer, the buyer’s lawyer or notary will proceed with registering the transfer forms and mortgage documents on the completion date at the appropriate Land Title Office. Following the electronic filing of the transfer forms and mortgage (if applicable) at the Land Title Office, the buyer’s lawyer or notary will make the net sale proceeds available to the seller’s lawyer on their undertaking to discharge any non-permitted encumbrances and clear title. Once this is all completed, the buyer’s lawyer will then report the closing to their client and the brokerages involved.

At this point it will be the time for you to either surrender or receive the keys for the property being conveyed.

If you are selling and buying at the same time, the process is more complex and special attention must be given to make sure sufficient time is allowed to help each conveyance to take place. Ask your your REALTOR® to explain more.

Personally, I explain these details to my clients so they are more aware of the legal process and aware of why the choosing of the completion, possession and adjustment dates in the contract of purchase and sale are very important among the many important parts of this document.

Source of information for expansion and clarification of above details

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If you would like to learn more about how I serve my clients in buying and selling real estate in the Maple Ridge Pitt Meadows area please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

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How to enhance your homes outdoor space when selling

Here are some helpful suggestion to make your home positively memorable to  buyers:

One
Add chairs and a table if the yard is large to give a featured sitting area. You may wish to include a fire pit.

Two
A small waterfall can be relaxing and attactive

Three
Large vases with reeds or easy to maintain plants can be placed by the front and back doors or strategically in the garden to enhance its beauty.

Contact me if you want more ideas.

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If you would like to learn more about how I serve my clients in buying and selling real estate in the Maple Ridge Pitt Meadows area please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

Posted on

BC Secondary Suite Program Cancelled

Due to uncertain financial times, and with the federal government committing to implement a similar program, the BC Province’s pilot secondary-suite incentive program will no longer be accepting applications after March 30, 2025.
Funds allocated from this program will go toward other existing and future BC Housing programs and services aimed at delivering more affordable homes for people, including BC Builds.
Full press release here

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If you would like to learn more about how I serve my clients in buying and selling real estate please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

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Bus Rapid Transit in Maple Ridge and Metro Vancouver

Bus Rapid Transit (BRT) is coming to Metro Vancouver. With dedicated bus lanes and signal priority at intersections. I quote from the site “BRT will provide reliable service, making your commute faster and more convenient. Weather-protected stations with real-time information displays will also make waiting for your next ride more comfortable.”

Additional quote “Metro Vancouver is developing up to nine BRT corridors across the region over the next decade. King George Boulevard, Langley–Haney Place, and Metrotown–North Shore are our three initial corridors, now advancing to detailed planning, community engagement, and implementation.”

Follow this link and scroll down to see the map showing the BRT routes.

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If you would like to learn more about how I serve my clients in buying and selling real estate please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

Posted on

Canadian Federal Residential Property Flipping Rule

According to the Government of Canada website and I quote “For 2023 and subsequent taxation years, Budget 2022 introduced a new deeming rule for residential real estate (including rental property). The new deeming rule is to ensure that profits from the disposition of flipped property are taxed as business income.” Full details here

Canada Revenue Agency (CRA) defines property flipping as property flipping involves purchasing residential property and reselling the property in a short period of time to realize a profit. This also includes reselling the rights to purchase a property before its official sale.

Visit the Government of Canada website here to learn all the details and consult with your professional tax advisor to learn more and consult with CRA to get replies to your question prior to selling your property so can determine if the sale of your property will be impacted by the Federal Property Flipping tax.

Make sure you also get advise about the BC Property Flipping tax that is NOT the same as the Federal Property Flipping tax.

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If you would like to learn more about how I serve my clients in buying and selling real estate please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

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