Jamie Taleb Notary Public

03/01/2018

BC Notaries Association

Make a WILL if you don’t have one!

Do you have a Will? During the upcoming annual Make a Will Week we encourage British Columbians to take action by writing your will or bringing an existing will up to date. Making a Will is one of the most important steps you can take to protect your loved ones - and we can help.

01/21/2016

The BCREA Economics Department forecasts that the number of homes changing hands on the Multiple Listing Service® will exceed 100,000 in 2015. That's the third strongest unit sales figure on record and marks the first time since 2007 that BC home sales will exceed the ten-year average.

While sales are expected to decrease somewhat in 2016, the forecast is still strong with an expectation of 93,700 homes. BCREA expects the average MLS® price to reach $626,100 in 2015 and $639,700 in 2016.

All of this bodes well for provincial government coffers. In his Second Quarterly Report in late November, Minister of Finance Mike de Jong reported that revenues from the Property Transfer Tax are expected to be nearly $1.3 billion in the current fiscal year—$350 million higher than the original budget figure in February.

BCREA has been following Minister de Jong's remarks about the PTT with interest, and looks forward to the 2016 provincial budget, which just might include good news for many homebuyers. The Association's concerns with the tax have been on record since 1987, and BCREA recently made the following recommendations:

Increase the 1% PTT threshold from $200,000 to $525,000, with 2% applying to the remainder of the fair market value.
Index the 1% PTT threshold of $525,000 using the MLS® Home Price Index, and make adjustments annually.

01/21/2016

Housing demand remains strong despite diminishing supply

Home sales reached near record levels in November even as home listings began the traditional year-end decline.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,524 on the Multiple Listing Service® (MLS®) in November 2015. This represents a 40.1 per cent increase compared to the 2,516 sales recorded in November 2014, and a 3.3 per cent decrease compared to the 3,646 sales in October 2015.

Last month’s sales were 46.2 per cent above the 10-year sales average for the month and rank as the second highest November on record for residential property sales.

“November is typically one of the quietest months of the year in our housing market, but not this year,” Darcy McLeod, REBGV president said. “The ratio of sales to home’s available for sale reached 44 per cent in November, which is the highest it’s been in our market in nine years.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,392 in November. This represents a 12.5 per cent increase compared to the 3,016 new listings reported in November 2014.

The total number of properties listed for sale on the real estate board’s MLS® is 8,096, a 35 per cent decline compared to November 2014 and a 15.4 per cent decline compared to October 2015.

“Demand remains strong and there are housing options at different price points throughout the region,” McLeod said. “It’s important to work with your REALTOR® to understand your options before you embark on your home buying journey.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $752,500. This represents a 17.8 per cent increase compared to November 2014.

The sales-to-active-listings ratio in November was 43.5 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 per cent mark, while home prices often experience upward pressure when it reaches 20 per cent, or higher, in a particular community for a sustained period of time.

Sales of detached properties in November 2015 reached 1,335, an increase of 31.9 per cent from the 1,012 detached sales recorded in November 2014, and a 44.2 per cent increase from the 926 units sold in November 2013. The benchmark price for a detached property in Metro Vancouver increased 22.6 per cent from November 2014 to $1,226,300.

Sales of apartment properties reached 1,553 in November 2015, an increase of 47.6 per cent compared to the 1,052 sales in November 2014, and an increase of 60.3 per cent compared to the 969 sales in November 2013. The benchmark price of an apartment property increased 14 per cent from November 2014 to $435,000.

Attached property sales in November 2015 totalled 636, an increase of 40.7 per cent compared to the 452 sales in November 2014, and a 49.3 per cent increase from the 426 attached properties sold in November 2013. The benchmark price of an attached unit increased 11.3 per cent between November 2014 and 2015 to $536,600

01/21/2016

Canadian and US Employment - December 4, 2015

Employment in Canada declined by 36,000 jobs in November, largely as the result of losses in part-time work. The national unemployment rate edged 0.1 points higher to 7.1 per cent. Total hours worked, which is strongly correlated with economic growth, is up 1.1 per cent over the past 12 months while total employment is up 0.7 per cent over that time period.

In BC, employment fell by 1,400 jobs following strong gains in October. The provincial unemployment rate declined 0.1 points to 6.2 per cent . Year-to-date, employment in BC is up 1.2 per cent but has risen at a rate of 2.5 per cent over the past three months.

In the US, payrolls expanded by a robust 211,000 jobs while estimates of job growth in previous months were revised higher by 35,000 jobs. The US unemployment rate was unchanged at 5 per cent.

01/21/2016

Canadian Housing Starts - December 8, 2015

Canadian housing starts increased 7.2 per cent in November to 211,916 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing starts of 208,401 units SAAR has risen for several months and is currently above the rate of household formations in Canada, a sign that new home construction could slow next year.

Housing starts in BC fell 24 per cent following a similar size increase the previous month, registering 25,507 units SAAR. On a year-over-year basis, housing starts were down 10 per cent with both single detached and multiple starts posting declines compared to last year. Year-to-date, total housing starts in BC are up 11 per cent compared to 2014.

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were down 9 per cent year-over-year in November following a large increase in new home construction in October. Single detached units were down 5 per cent while multiple units were off 10 per cent year-over-year. In the Victoria CMA, new home construction was 55 per cent lower compared to November 2014. Multiple starts accounted for all of the decline while single units starts were 2 per cent higher. Total housing starts in the Kelowna CMA fell 28 per cent year-over-year with both single and multiple unit starts posting weaker November new home construction than in 2014. Housing starts in the Abbotsford-Mission CMA were the lone CMA to post a gain in November with housing starts more than quadrupling to 111 total units compared to just 25 units in November 2014.

01/21/2016

November Home Sales Second Strongest on Record

Vancouver, BC – December 14, 2015. The British Columbia Real Estate Association (BCREA) reports that a total of 8,032 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, up 34.5 per cent from the same month last year. Total sales dollar volume was $5.38 billion, up 56.4 per cent compared to the previous year. The average MLS® residential price in the province rose to $668,317, up 16.3 per cent from November 2014.

http://www.bcrea.bc.ca/sf-images/economics/2015-11chart.gif?sfvrsn=2“Housing demand last month was the second strongest ever recorded for the month of November,” said Cameron Muir, BCREA Chief Economist. “You’d need to look all the way back to the frenetic market of 1989 to find more homes trading hands in November.“

The largest increase in consumer demand occurred in the Fraser Valley, where home sales climbed over 60 per cent from November 2014. Vancouver and Chilliwack experienced an increase of over 40 per cent, while Kamloops home sales were up 30 per cent.

The year-to-date, BC residential sales dollar volume increased 35.4 per cent to $60.7 billion, when compared with the same period in 2014. Residential unit sales climbed by 21.5 per cent to 95,927 units, while the average MLS® residential price was up 11.4 per cent to $632,209.

01/21/2016

Consumer Price Index - December 2015

The Consumer Price Index (CPI) rose 1.4 per cent in November compared to the same month last year. While the transportation component, which contains gasoline prices, edged lower, prices were up in seven of the eight major index components. The largest increase came from food prices, which rose 3.4 per cent. The Core CPI, which excludes the volatile components like food and gasoline, was right on the Bank of Canada's target of 2 per cent.

Wholesale trade in Canada declined for the fourth consecutive month in October, down by 0.6 per cent. Wholesales sales in BC were down 1.2 per cent in October and it was the second consecutive month of decline in BC. The inventory-to-sales ratio in Canada during October was 1.34 per cent, reaching its highest level since June of 2009.

These tepid indicators suggest the Bank of Canada will continue its sideline stance and will likely not change its trend-setting target overnight interest rate at its next announcement.

Best Regards.

Nouri Realestate Team
Sara Nouri 604-537-9764
Kam Nouri 604-537-4463
[email protected]
Royalty Group Realty
112 – 3721 Delbrook Av,
North Vancouver, BC
V7N 3Z4
2014 Medallion Award - Top 10% of Agents in the Lower Mainland

01/21/2016

Canadian Housing Starts - January 11, 2016

Canadian housing starts closed the year down close to 20 per cent, falling from 212,028 units at a seasonally adjusted annual rate (SAAR) in November to 172,965 units SAAR in December. The six-month trend in Canadian housing starts of 203,500 units SAAR was also down. For the year 2015, total Canadian housing starts were up 6 per cent over 2014. Large declines in oil-producing provinces such as Alberta, Saskatchewan and Newfoundland were largely offset by strong new home construction in BC and Ontario.

Housing starts in BC rebounded in December, rising 26 per cent to 33,346 units SAAR. On a year-over-year basis, housing starts were up 15 per cent, led by a 22 per cent increase in multiple unit starts which offset a 3 per cent decline in single detached starts. For the year 2015, total housing starts in BC increased 12 per cent compared to 2014.

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 20 per cent year-over-year in December due to a 27 per cent jump in multiple starts. For all of 2015, Vancouver CMA new home construction rose 9 per cent, finishing the year at 20,863 total starts. In the Victoria CMA, housing starts more than doubled compared to December 2014, with strong gains in both single and multiple starts. For all of 2015, Victoria CMA starts increased 53 per cent to 2,008 total starts. Home construction in the Kelowna CMA closed the year down, falling 44 per cent year-over-year. For all of 2015, total housing starts dipped slightly, falling 2 per cent to 1,280 total starts. Housing starts in the Abbotsford-Mission CMA were up 21 per cent to finish the year and were 62 per cent higher for all of 2015 at 806 total starts.


Nouri Realestate Team
Sara Nouri 604-537-9764
Kam Nouri 604-537-4463
[email protected]
Royalty Group Realty

12/23/2015

Merry Christmas and Happy New Year to all me friends and family around the world.

12/08/2015

Enduring Power of Attorney: Not for Health Care
Written by Joanne on January 3, 2013
Why do people continue to believe that an Enduring Power of Attorney covers decisions about health care?
This question highlights one of the persistent myths about Power of Attorney and Enduring Power of Attorney. These documents can give authority for someone to act on your behalf for financial and legal affairs. Only a Representation Agreement can give authority for someone to act on your behalf for health care and personal care matters.
There are a number of reasons for the misunderstanding that an Enduring Power of Attorney can cover health care. In the past, before the Representation Agreement Act became law, there was no legal way in B.C. to authorize someone to make health care decisions on your behalf. If you were incapable of consent, the doctor usually turned to your next-of-kin. But you might have 3 or 4 adult children and there was uncertainty about who to choose. In this vacuum, some health care providers theorized that if you had made an Enduring Power of Attorney to give someone authority to manage your finances if you became incapable, then you might also trust that person to make health care decisions. There was no legal basis for it, but it became practice.
For the most part, the public accepted this approach and hospitals and other health care institutions added the Enduring Power of Attorney to its intake forms and the practice drifted into the realm of policy. Some legal professionals even started adding health care authority to the Enduring Power of Attorney documents.
Some of the misinformation has persisted because of differences in legislation among the provinces. In Ontario, for example, there are two planning documents: Continuing Power of Attorney for Property (to cover financial and legal affairs) and Power of Attorney for Personal Care (to cover health care and personal care matters). The media and other national institutions will often write about the Ontario law as if it applies to all of Canada.
When the law reform of adult guardianship legislation began in 1989 in British Columbia, community groups started with research about the current legislation and this brought to light the mismatch between the law and the practice of the Enduring Power of Attorney with regard to health care decisions. But even after the Representation Agreement Act became law in 2000, and B.C. had a very strong and specific legal document the public could use for planning for health care and personal care, the belief that this was covered by the Enduring Power of Attorney persisted. In part, this is because hospitals and other care settings did not change their forms. In fact, forms and information produced by most residential care facilities make no mention of Representation Agreements even though their focus is on providing health care and personal care to residents.
Change takes time. It is especially difficult for the public when government, institutions and professionals are among the last to get up-to-speed. Many people, especially seniors, will lose out on the opportunity to plan because they were relying on old, out-of-date information. Fortunately, there are community groups throughout the province helping Nidus to get the word out about Representation Agreements.

12/08/2015

Can an adult still act if they have a Representation Agreement?
From a Health Care Provider
Written by Joanne on April 30, 2013
Dear Joanne,
If a capable adult signs a Representation Agreement appointing one of his or her children as a representative, and there is a disagreement between the adult and the representative, can the family member’s wishes override the wishes of the adult? For example, if an adult’s Occupational Therapist recommends a piece of equipment on discharge from a rehab centre, and the client does not want to purchase this equipment, can the representative then step in, state that it is for the client’s benefit, and sign the form to purchase said equipment regardless of what the client wants?
It would seem to me that if the adult in question is capable, their own wishes should prevail over all other opinions. Would I be correct in this assumption?
Thanks for any information you can provide.

Having a Representation Agreement in place does not prevent the adult from making decisions. Obviously, there could be a situation where an adult’s illness (dementia, mental illness, delirium, etc.) may interfere with their judgment and perception and they are not capable of informed consent. However, that does not seem to be the case here.
Even if the adult cannot give informed consent, and the representative must step up, the first duty of a representative is to check with the adult and their current wishes. People can express their preferences in many ways and the most important role of a representative is to LISTEN – to the adult.
I know my father would sometimes say no to such things because he thought they cost too much. But, my brothers and I did not take the Representation Agreement “out of the drawer” to try and go around him. Rather, we would talk to him about why he did not want to purchase the equipment. If it was because of cost or he thought it was too difficult to manage or whatever, we would problem-solve that issue with him. We might enlist the assistance of the health care team. The best thing is to “put it on the table” with the goal of supporting his wishes, rather than having side conversations.
When trying to convince someone to purchase something for their benefit, it might be helpful to let the adult know that they can change their mind. Perhaps the adult would benefit from a “trial period” with the equipment. Or is it possible to rent it?
I learned that I was often quick to jump at recommendations from the health team – because I wanted the best for my dad – but my dad knew better what would work with his routine and the layout of his apartment. If he didn’t “buy into” a suggestion then it never worked anyway.
I hope this helps. As you can see, I don’t want to make this just a legal question because these are real everyday issues of living.
Joanne