Blog › August 2017

New Listing 108 - 918 Roderick Avenue, Coquitlam, BC


R2200208 - 108 - 918 Roderick Avenue, Coquitlam, BC, CANADAView my new listing for sale SOLD at 108 - 918 Roderick Avenue, Coquitlam and currently listed at $360,000.SOLD

INVESTOR ALERT - This is the best priced 2 bedroom condo in Coquitlam. Great investment potential with no rental restrictions. Laminate floors, en-suite laundry & patio off living room. Updates to the interior including tile, updated fixtures and paint. Central location to Vancouver, Surrey, Burnaby & New West with a short 10 minute walk to the Skytrain. Close to schools, shopping, movie theater and Ikea. The parking is gated, rentals, children and pets allowed (2 cats or 1 small dog).

Recently Sold Listing 101 - 918 Roderick Avenue, Coquitlam, BC


R2174272 - 101 - 918 Roderick Avenue, Coquitlam, BC, CANADAI have just recently sold this listing at 101 - 918 Roderick Avenue, Coquitlam.

Home Inventory Rising in Greater Vancouver – But So Are Prices


Majority of homes still selling above list price, despite continued slide in transaction numbers

 

Of the 274 homes sold in the Greater Vancouver board region last week, 155 went for more than their asking price, our weekly #REWCAP market roundup reveals.

 

This is despite sales the same week (July 31-August 6, registered sold as of August 10) slowing considerably on week-by-week and month-by-month basis, as the warm weather kept potential buyers at bay.

rewcap july 31

 

Sellers also continued to sit on the sidelines, with new listings coming on the market in the same week dropping below the 1,000 mark.

 

Despite the lower numbers of newly marketed homes, overall resale inventory is rising because of the even slower sales. As of August 10, there were 9,162 active home listings on the Greater Vancouver Multiple Listing Service® - compared with 8,515 as of the end of June and 8,168 at the end of May.

 

This increased choice for buyers has not dampened prices, with median sale prices in all three home categories this week higher than last week, and a larger proportion of homes (56.6% versus 53%) selling for over asking price.

 

Looking at condos, 62% of the 175 homes to sell last week exchanged hands for more than their sticker price. The median sale price was $595,000.

 

Townhouses (including half-duplexes and row homes) also saw an increased median selling price at more than $800,000.

 

In fact, the most expensive home to sell in the Greater Vancouver region the week of July 31-August 6 was a townhome – a luxurious waterfront Yaletown unit that sold for $3,490,000,

 

The detached home market continued to plod along, with 56 home sales across the entire Greater Vancouver region last week, 25 of which were sold above asking price. The priciest detached house to sell that week, registered as of August 10, was a beautiful heritage-style, 2003-built house in MacKenzie Heights on the West Side, which sold for $3,410,000.

 

All information kindly provided by rew.ca

 



Beware Capital Gains Taxes. Vancouver


The federal government of Canada has begun cracking down on capital gains taxes, which home owners are only exempt from on the sale of their principal residence.

You should know that laneway houses and rental suites on a property are not exempt from capital gains tax upon the sale of the home. The federal government has introduced a new rule that for the first time requires home owners to declare the sale of their principal residence in their annual income tax return, as of the 2017 tax year. As has been the case for many years, income from rental units – including laneway homes and suites on the property – must also be declared.

This new combination of information will allow the Canada Revenue Agency to see where home sellers are selling a principal residence that has been operating rental suites, leaving the portion of the home that was rented out liable for capital gains tax.

People have been playing pretty fast and loose with the principal residence exemption on your home… It’s not just foreign buyers, it’s Canadians themselves who have been doing this for years.

The problem now is that there has been rapid price appreciation in places like Metro Vancouver, and increasingly more homes are being allowed on individual lots [and they are required to be rented out or face Empty Homes taxation.

If you have a single-family home with two rental suites in the basement and a laneway house, all rented out. Only a third of the house could be said to be the principal residence and the rest is income-producing property and subject to capital gains tax.

So now, probably, you need to start thinking, is it worth doing the rentals, because you may lose at the end, if it’s going to be subject to capital gains tax? It could remove these units from the rental pool.”

When asked if this is at odds with the City of Vancouver’s mandate to increase the numbers of basement suites and laneway homes being added to the rental pool.

This is an indication of how the different levels of government don’t co-operate together on the housing file, with the federal government doing one thing and the province and municipalities doing something else – and the poor homeowner is just trying to follow the rules. But they’re the ones who get blindsided. It’s a great idea to have low-density rentals to help with the mortgages in the most expensive places in Canada – not so great if the homeowner is going to get nailed with huge capital gains tax. And a lot of these are older homeowners who are going to get nailed.

 

 

REALTOR® in Greater Vancouver, Oleg Tsaryov

1-604-719-4490



Some Creative Ideas for Buying a BC Home on a Budget


1. Look outside Vancouver proper

The attractiveness of the area you buy in contributes to a fair chunk of a home’s asking price. Rather than look at popular areas in the city that are going to come with higher costs, consider your options outside of Vancouver proper. It’s clear that for those who can set up house outside of the city, there are huge savings to be had.

2. Buy in a walkable, up-and-coming location

Consider buying a home in an up-and-coming neighbourhood and avoid excessive listing prices. With projects in walkable neighbourhoods such as Brentwood, Metrotown, Surrey Central and Port Moody, these areas could yield real estate gems. And with so many amenities at your fingertips, you’ll save on things like transit, vehicle costs and more.

3. Give up the parking spot

Another way to keep your costs low is to search out places without designated parking. Houses, townhouses and apartments without parking spots will nearly always have lower listing prices than their counterparts with driveways or underground spaces, which can easily cost an extra $50K. To keep things convenient, look for listings in walkable areas and that are close to transit corridors and handy car-sharing options.

4. Buy smaller

Forgoing a little space can save you a lot. Think carefully about how much room your family really needs before you commit to a larger home with a higher price tag. For instance, while you always imagined yourself in a fully detached home, you may find that a large townhouse fits the bill. And if you’re a first-time buyer entering the market, try a small one-bedroom or even a studio to get your foot on the property ladder. Assess your needs carefully before committing to square footage.

5. Buy larger and share – or become a landlord

On the opposite end of the size spectrum, look for places that would allow you to create additional suites to subsidize your mortgage. Having tenants does come with additional responsibilities, but multiple families living in a home makes it more affordable for all parties. Alternatively, you may want toshare your first purchase with family members or friends. This mortgage offers competitive rates plus the legal and insurance support you need to protect everyone’s best interests.

6. Purchase a fixer-upper

An oldie but a goodie, this nugget of wisdom still holds true. Buying a home with a few more cracks will help you save huge on asking price, whether you plan to renovate through contractors or put in the elbow grease yourself to build up that “sweat equity.”

7. Put gifts towards a down payment

Saving for a down payment is tough. One way to create savings is to put monetary gifts towards your down payment. With that goal in mind, ask friends and relatives for cash gifts if possible. Many couples even ask for cash wedding presents rather than items from a registry, with the intention of putting the proceeds towards a new home.

Ask for more tips Oleg Tsaryov at 1-604-719-4490 Greater Vancouver REALTOR®. Homes and Aparments for Sale.

 

All information kindly provided by rew.ca



New Listing 9200 Dolphin Avenue, Richmond, BC


R2197884 - 9200 Dolphin Avenue, Richmond, BC, CANADAView my new listing for sale SOLD at 9200 Dolphin Avenue, Richmond and currently listed at $2,050,000.SOLD

Custom made unique home with rock-stucco and granite exterior. Beautifully landscaped corner lot with extra large frontage overlooking the park. Open concept living with great room, 10' ceilings & free standing curved staircase adding elegance to the open concept living. Amazing entertaining kitchen with high end SS appliances & quartz countertops. White marble flooring throughout the main floor & Crystal chandeliers in almost every room. 4 bedrooms and 3 bathrooms up with powder room on main. Amazing master suite with free standing tub in the master bath. Backyard includes an outdoor TV and fireplace for resort like outdoor living. Use almost 100 sq feet accessory building as a gym or the office.

Recently Sold Listing 15 - 1219 Burke Mountain Street, Coquitlam, BC


R2184471 - 15 - 1219 Burke Mountain Street, Coquitlam, BC, CANADAI have just recently sold this listing at 15 - 1219 Burke Mountain Street, Coquitlam.