What are the New Mortgage Stress Test Rules?

The New Mortgage Stress Test Rules As of June 1, 2021, Canadian homebuyers are facing tougher mortgage stress test rules. These new rules will decrease the buying power of most borrowers. Who is affected by the new rules? The new mortgage stress tests will affect Canadian “uninsured buyers” applying for [...]

What is Lender Title Insurance and why do I need it?

What is Lender Title Insurance? If you are purchasing residential real estate, your Lender will require your lawyer or notary to order Lender Title Insurance for your new mortgage. Lender Title Insurance insures the Lender’s interest in the property that you are purchasing for as long as the insured mortgage [...]

What are the new Land Transparency Rules?

Posted July 9, 2021 On May 16, 2019, the Land Owner Transparency Act (LOTA) came into effect, and on November 30, 2020, the BC Government implemented the Land Owner Transparency Registry (LOTR). The purpose of LOTR is to “end hidden ownership”, thereby creating a larger pool of affordable housing. Implication [...]

What’s happening in the Real Estate market?

Updated July 1, 2021 Demand stays strong while supply is dwindling After peaking in March, the provincial housing market is starting to calm, according to the BC Real Estate Association. Residential listings are down 17 percent year-on-year in May and flattening out across housing types. In the Lower Mainland, listings [...]

We’re Open for Business!

Throughout the COVID-19 pandemic, Silver Law has remained open for your legal needs. Health and Safety first In our office, we are making safety around the virus a top priority. Here are some things we are doing daily to stop the spread of COVID-19 and make Silver Law a safe [...]

What is a Representation Agreement?

What is a Representation Agreement (RA)? A Representation Agreement is an important part of your estate documents. It allows you to appoint someone (known as a representative) to act on your behalf with respect to medical decisions should you be alive but unable to do so. What does it include? [...]

Are you a First Time Home Buyer?

Are you buying your first home? Good news! You may be exempt from paying Property Transfer Tax (PTT) on your purchase. The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may [...]

Five Things You Need to Know About Wills

1. When do I need a will? Our top question! If you are an adult who owns assets, has a spouse, or has children you should have a will. Though it is unpleasant to think about what should happen if you die, having a will safeguards you and ensures that [...]

What is a Power of Attorney?

A Power of What? A Power of Attorney is a valuable part of an estate plan. By using a Power of Attorney, you can control who will make decisions about financial and legal matters for you in case you lose capacity. A Power of Attorney is a legal document used [...]

Why use a Lawyer instead of a Notary Public?

Do you need something notarized? Are you looking for someone to notarize a contract, agreement, or other legal document? Documents can be notarized by either a lawyer or a notary public. A notary public is an individual who has trained to serve as an official witness to the execution (signing) of [...]

What do I need to know about Property Transfer Tax?

What is Property Transfer Tax? The Property Transfer Tax (PTT) is a land registration tax charged by the B.C. government on all transfers of real estate in the province that are registered at the Land Title and Survey Authority (LTSA). The amount of tax you are required to pay is [...]

How Does the New “Stress Test” for Mortgages affect me?

What is the "stress test"? At the beginning of the month, Ottawa released the news that they would be introducing some new measures to make it harder for Canadians to take on a mortgage they can’t afford. On October 17th, 2016, the federal government’s new rules for first-time homebuyers take [...]

The New Wills Estates and Succession Act (WESA)

The New Wills Estates and Succession Act (WESA) What is it? The Wills, Estates and Succession Act (WESA) came into force on March 31, 2014. The act provides greater certainty for individuals who put their last wishes into writing and simplifies the process for those responsible for distributing an estate. [...]

How does Property Transfer Tax affect you?

How does Property Transfer Tax affect you? Very generally, Property Transfer Tax (PTT) is paid by anyone who has land transferred into their name, unless they qualify for an exemption. Property Transfer Tax is 1% on the first $200,000.00 of the property's fair market value and 2% on the remaining [...]