Richmond Real Estate Market

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Richmond is an island city. It is made up of a number islands in the Fraser River delta. It is just one meter above sea level. It was prone to flooding, especially during high tide. Therefore, major islands are now surrounded by a system of dykes, which serve to protect the town. Also, since it occupies land in a river delta, the city has plenty of rich soil for agriculture. Richmond is a culturally unique community. As of 2021, the city has an estimated population of 209,937 people with 60 percent being immigrants, the highest proportion of immigrants in Canada. Majority of immigrants are Chinese. Richmond has been experiencing growth and change, transforming from a rural, local community to an international city with a balance of urban, suburban family and rural areas. The city is 20 minutes from downtown Vancouver and 25 minutes from US border. It’s the location of Vancouver’s international airport.  The SkyTrain, Canada Line, speeds up transit system and connects Richmond to other
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Property Co-Ownership - Joint Tenancy and Tenancy in Common

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When more than one person buys a property together, there are two types of ownership: Joint Tenancy and Tenancy in Common.

What is Joint Tenancy?  Two or more people own an undivided interest in a property. They are viewed as a single legal owner. When one joint tenant dies, the entire estate automatically vests in the surviving joint tenants. The result is that the surviving joint tenants gets the whole of the estate until there is a sole survivor. Joint tenants can’t leave their interests to anyone in their wills. However, a joint tenant can sell, mortgage or lease his/her own interest freely without requiring the consent or knowledge of the remaining co-owners. Also, a joint tenancy can be terminated

What is Tenancy in Common? In a tenancy in common, each co-owner holds a separate ownership share in the property.  Tenants in common may have different shares in the property. There is no right of survivorship in a tenancy in common. A tenant in common may leave his or her interest by will to whomever he or she wishes without notifying the other tenants.

In modern times, joint tenancy is often used as a tax planning tool for married people or people in a close relationship. If a document transfers property to co-owners without saying how they will hold the property, according to the Property Law Act, co-owners will be presumed to be tenants in common.

If you would like to have more information regarding ownership, please click here or contact me at awang@macrealty.com 

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