Shannon Bashir

I recently had the pleasure of partaking in a presentation with Dr. Aaron Goodarzi discussing Radon in our homes. It was exceptionally well done and thoroughly informative. I learned a great deal about it and thought to pass it on here.

Radon is a radioactive gas that naturally occurs in our environment. It has no colour, odor or taste and can easily access our homes through any opening where the house is in contact with the ground; cracks in the foundation and floor slabs, construction joints, and even well water. Radon can affect our health by targeting our DNA and is a substantial cause of lung cancer in non-smokers.

The cause is currently unknown, but there has been a significant increase of radon levels in newer homes, approximately 1 in 6 tested have dangerously high levels. Radon levels increase in poorly ventilated spaces, like basements and crawlspaces. The Kootenays and the Okanagan area known to have high radon levels, however researchers do not have enough data for the Greater Vancouver area.

Dr. Goodarzi is encouraging everyone to join the “Evict Radon Research Project”. The data collected will help researchers understand radon exposures across Canada and provide ways to mitigate exposure to keep us healthy.

Babies and young children are most at risk, as they breathe 2-3 times faster than older children and adults do. Lung cancer from radon is preventable and shouldn’t be occurring. By joining the study you will be helping our future generation from suffering the effects of radon as well as gaining peace of mind regarding the levels of radon in your own home.

If you are interested in having your home tested for radon, while also contributing valuable data to this research, please click on the link below. The link provides some eye opening information as well as an opportunity to purchase the 90 day Radon Test Kit (supplied at their cost to you).

Click Link below

Evict Radon Research Program

Dr. Goodarzi is the Canada Research Chair for Radiation Exposure Disease and is both the Education Lead and Microscopy Lead for the University of Calgary’s Charbonneau Cancer Institute. Dr. Goodarzi is also the founder and leader of Evict Radon (excerpt from his biography)

Do you own property registered under a corporation, trust or partnership? If so, you’ll want to read about the new Land Owner Transparency Act.

The Province of British Columbia initiated the Land Owner Transparency Act on Nov 30, 2020. This registry was put in place to end “hidden ownership” (e.g. registering a property under a Numbered Company, where the owner isn’t identified).

What does this new transparency act mean?

As of Nov 30, 2020 a transparency declaration must be filed with the Land Title and Survey Authority of British Columbia (LTSA), for every change in title to a property in British Columbia.

All properties owned by a company, or properties held in trust for another party under a trust or partnership, must file a transparency declaration to confirm who the interest holders of the corporation, the trust, or the partnership are.

What about properties registered prior to Nov 30, 2020?

If your property was registered under a company name, partnership or trust prior to Nov 30, 2020 you must still file a transparency report by Nov 30, 2021, disclosing who the interest holders of the property are. 

Failure to file, or providing false or misleading information, could result in fines up to $100K or 15% of the assessed value of the property.

You may want to reach out to your legal professional to assist with filing the report.

Click below to read more about the Land Owner Transparency Registry

More Information

Well, it's that time of year again and a touchy subject for many, but a necessary evil that we have to deal with if we own property in Vancouver.

As you probably already know the City of Vancouver administered a tax on under-utilized or empty properties, this tax is called the Empty Home Tax or Vacancy Tax.

Whether you personally live in your home or not, you must make a declaration prior to the deadline to determine whether your property is subject to the tax. Only one declaration per property is required.

You should have received your 2021 Advance Tax Notice in the mail, this notice contains the Folio Number and Access Code which are required to complete your declaration online.

The declaration is very easy to complete and should take less than 5 minutes.

• If you don’t make your declaration by the deadline, your property will be deemed vacant and subject to 1.25% of the property’s assessed 2020 taxable value
• False declarations will result in fines up to $10,000 per day
• If necessary, you may authorize someone else to complete your declaration on your behalf
• Please note: The Empty Home Tax does not apply to your personal residence or properties that are rented for at least 6 months per year, however, you are still required to submit your declaration
• The deadline to file for 2020 is February 2, 2021

Click below to complete your declaration today, this will take you to a login screen, make sure you have your Folio Number and Access Code ready

Declaration

It’s an exciting time … you’ve made the decision to purchase a home!

Now is the time to speak with your mortgage broker or bank and obtain written mortgage approval, in essence, your approved buying power.

Knowing your approval amount will help guide you towards homes that fit your budget. Having your financing in place will allow you to make an offer with confidence.

Having your financing in place is great, but how is your mortgage approval amount determined?

• Your lender will use Debt Service Ratio (DSR) calculations to determine whether you have the capacity to make your mortgage payments.
• In order to calculate your DSR, they will look at your monthly debt divided by your gross monthly income (before taxes).

The two calculations used to determine your DSR are: Gross Debt Servicing (GDS) and Total Debt Servicing (TDS)

    Gross Debt Servicing (GDS)

• GDS is the maximum costs you can afford each month for shelter
• GDS = (Total Shelter cost* x 100) / Gross Income
• This is used to determine if too much of your income is being spent on household expenses
• Typically, this should not exceed 30% of your income

    Total Debt Servicing (TDS)

• TDS = (Total Shelter cost* + debt payments** x 100) / Gross Income
• This is to determine if too much is spent on house expenses and debt payments
• Typically, this should not exceed 40% of your income

Your mortgage approval (buying power) is an excellent starting point for your home search. Take a few minutes to contact your bank or broker and obtain your written mortgage approval. When you find that perfect property, your written approval will make your offer stronger and some brokers will guarantee their interest rate.

Please reach out to me if you’d like names of mortgage brokers that have successfully helped my clients with their home purchase. Getting the paperwork out of the way will allow you to enjoy the process of house hunting and to be ready to act when that perfect place comes along.

  *Shelter Costs: Mortgage or Rent Payments, Property Taxes, Utilities, 50% of condo fees

**Debt Payments: Loan Payments, Credit Card payments (3% of outstanding balance), Line of credit payments (interest charges)