Irene Wong & Mike Mulligan, Vancouver real estate: Blog

Leaky Condo Loan Program Discontinued

August 4th, 2009

The provincial government is discontinuing its Reconstruction Loan Program for owners of leaky condominiums built before July 1, 1999. The last day applications for loans were accepted was July 31, 2009. Building permits for eligible repair projects will have to be obtained by January 31, 2010. Administered through the Homeowner Protection Office (HPO), the program was originally designed ...

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Property Tax 101

June 17th, 2009

What is property tax? An annual local government tax levied on real property based on BC Assessment’s estimated market value. Local governments calculate the tax by dividing the annual budget by total assessed property values. In rural areas, the province assigns the tax rate. Rates vary among property classes: residential, business, light and heavy industry, farm, recreation, utility and ...

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Spring lawn care tips

April 16th, 2009

Tip #1 Raking/Dethatching - a thatch build up of more than 1/2" is considered excessive Tip #2 Aeration - a remedy for compaction, allows water, air & nutrients to reach roots Tip #3 Liming - grass requires a nuetral ph, winter rains can leach soils, test soil first Tip #4 Overseeding - fall is the preferred time, but can be used in spring to reclaim bare/worn patches Tip #5 Fertilizing - ...

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Canada's Banks Best in World

February 16th, 2009

Canada's banks best in the world - Newsweek - Feb 16, 2009 The legendary editor of The New Republic, Michael Kinsley, once held a "Boring Headline Contest" and decided that the winner was "Worthwhile Canadian Initiative." Twenty-two years later, the magazine was rescued from its economic troubles by a Canadian media company, which should have taught us Americans to be a bit more humble. Now ...

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Home owners can choose assessed value

November 10th, 2008

In January 2009, when home owners receive their Property Assessment Notice, they will be able to select one of two values as the basis for their 2009 property assessment. The two options are: • the value as of July 1, 2007; or • the value as of July 1, 2008 Premier Gordon Campbell had originally announced on November 1, 2008 that he would freeze property assessment values for all properties at ...

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Canadian mortgage market considerably different from USA

October 15th, 2008

Recent media reports have expressed some concerns about potential risks for the Canadian housing and mortgage markets. One of the concerns being expressed is that Canadian consumers have been “over-extending” themselves through mortgage borrowing. And, it has recently been suggested that the Canadian housing and mortgage markets might fall into a downward spiral like the one currently underwa ...

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Natural Gas rates: Terasen Gas or Independent Marketers

June 18th, 2008

BC homeowners now have a choice regarding how much they pay for natural gas. In 2007 the BC Utilities Commission extended the ability of BC residents to choose gas suppliers. In a nutshell, Terasen owns the infrastructure or delivery pipelines & is now in competition with independent suppliers of the gas. Independent gas marketers are selling door to door hoping to entice you to sign a na ...

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Fintrac: What you need to know

April 16th, 2008

Changes to the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act are coming soon. As of June 23, 2008, the federal government requires all brokers and sales representatives to document proof of a client’s identity at the time the transaction completes (photo identification like drivers licence or passport, written agreement from buyer authorizing a 3rd party to act as ...

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Financing the Property Transfer Tax (PTT). Is it possible? It depends

July 11th, 2007

Is there federal government legislation or policy that prohibits financing the PTT? No. There is no federal government legislation or policy that prohibits the financing of the PTT, including the Bank Act, which does not restrict financing the PTT. However, the Bank Act, section 418 (1) governs the loan-to-value ratio for mortgage insurance. It requires borrowers of any mortgage with a loan- ...

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How to pay property taxes

June 18th, 2007

Property taxes are due the first week of July. The exact date may vary depending on the municipality. Check the due date on the tax notice. Make sure to complete the Home Owner Grant application on the reverse side of the tax statement. Municipalities may permit home owners to electronically file their Home Owner Grant application. Check your local municipal web site or the insert that came ...

Posted in General

Irene Wong & Mike Mulligan

Vancouver, Burnaby, New Westminster

Blog by Irene Wong & Mike Mulligan

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Leaky Condo Loan Program Discontinued

Property Tax 101

Spring lawn care tips

Canada's Banks Best in World

Home owners can choose assessed value

Canadian mortgage market considerably different from USA

Natural Gas rates: Terasen Gas or Independent Marketers

Fintrac: What you need to know

Financing the Property Transfer Tax (PTT). Is it possible? It depends

How to pay property taxes

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