Located by the Selkirk Waterway and located within the Victoria Inner Harbour. This popular project is selling out fast. The Railyards consists of 1 and 2 bedroom homes with high end finishings, within walking distance of Victoria's inner harbour. These homes are located Downtown Victoria and they will impress you. This project is currently pre-selling. The two bedroom townhouses are approximately 1200 sqft and have a modern look and feel to them. If you are interested in getting more information on this project. Please do not hesitate to contact me. LINK
The Developer of this project is LeFreve & Company and this is a trusted developer and the project is located in a very central and fantastic location of Victoria BC. Let's go and see this project.
Excited to Share this Project with YOU!
This newly approved condo project in Victoria West consists of 183-unit project on 210 Kitma Rd. The Developers are Mariash Group & Focus Equities. At 25 storeys tall it will have some of Victoria's best views.
Stay tuned for more information on this condo-presale project in Victoria. If you would like an invite to the launch of the Roundhouse Rise as soon as it happens, please contact me and I will make sure you have an appointment for a showing. LINK
If you would like know more about another condo pre-sale project in Victoria that is one of Victoria's tallest buildings at 25 storeys high, learn more about the HUDSON ONE.
To find homes in this price range click on the following LINK.
When I think about affordable home prices for the average income in Victoria BC. I think of homes that are for sale under $ 600 000. It is not easy if you think about it, to have a mortgage on a home that is priced over half a million. You do not want to stretch yourself too thin as a home owner. You want to get into an affordable price range while enjoying a normal life. You do want to live pay cheque to pay cheque all while trying to pay off that mortgage.
Now even though, my clients may want to buy a home in Victoria for under 600 000 I always encourage to sign to see homes over 600 000 a well, becaue you never know which of those homes can negotiate their price to being under 600 000. You do not want to miss out on those opportunities as well.
A newer home in the price range of 600 000 will be further out from the Victoria Downtown core, almost taking you to Happy Valley in Langford or as fas as the Sooke. If you are ok, with driving over the Malahat, even more affordable homes would be found in Shawnigan Lake and Mill Bay.
If you do not mind being in an older home or a fixer upper, than of course you may be able to find a home closer to downtown, in Esquimalt, Mayfair area, or even View Royal neighbourhoods.
But before I keep going on in this blog post ha ha , what type of a home are you looking for? A condo, townhouse, duplex or a detached home....Remember a home can mean many things :-) . Lets talk soon.
You Friendly Fun realtor Friend
Have you been dreaming of walking out your door and strolling into Cook St. Village, Beacon Hill Park and Downtown without having to use your car? Now is your chance to own a spacious condo within walking distance of Cook Street Village, Beacon Hill Park, Moss St. 439 Cook St is a fantastic building. Close to market and the beach! This home is located on the quiet, rear side of the building and features two large bedrooms, an ample sized kitchen and a quiet balcony to soak in the sun. The building features a sun drenched shared outdoor patio for BBQ's and entertaining. Pride of ownership is evident throughout the building building and the balconies have been newly completed within the last year. You will certainly appreciate the secure underground parking and generous storage that come with the unit. This condo will allow you to enjoy an active lifestyle in one of Victoria's most vibrant communities. Car charging stations are being installed.
Many upgrades have been done in the building and you will enjoy the fantastic location. Call now to see what is available for sale in the building.
Are you looking to sell your home ? and you want to save money?
Google "Victoria Top Realtor " click on the Yelp link and on the Rate my agent link ... You will see that out of thousands of agents in Victoria I am ranking top on google ( not my doing but by google ) as a top realtor.
Why is this important ... because I achieve three key points for my sellers
- I sell their home
- I get great value for their home
- I save them money (yes correct I save you money)
It's just property guys ...but ...not to me . It is your investment and I want you to get you the best return. I make sure that for your property, I market it in top prints and publication and I give it the maximum internet exposure I can get...BEST PART is..I offer you a deal while exceeding your expectations.
Have any other questions about your property? I can pull your title and review it with you for free. Further I can discuss all your options. Great value and great service.
If you would like to arrange a meetup, please click on the following link Looking forward to hearing fro you soon.
Jukebox Victoria now over almost sold out ! Another exciting condo project brought to you by Mosaic Properties Inc., a 9 storey concrete & steel residence that’s designed to let you experience the “WOW” factor from the second you step into the lobby. Numerous floor plans to choose from including studio & one bedroom +. Obsessive attention to detail throughout with average 10 ft. ceilings, gleaming hardwood floors, quartz countertops, GE Loft Series appliances in kitchen plus in-suite laundry. The Pre sale condos are a must see ! Relax in the meditation garden or sweat it out in the fitness centre. Located in Harris Green neighbourhood, right next to Victoria's vibrant downtown core & within walking distance to shops, restaurants and the Inner Harbour. Scheduled Completion early 2019. Stay tuned for the Jukebox Victoria.
A few questions that people are asking about this project are?
How much are the strata fees? Well for 603 sqft strata fees are $231 approximately.
Can I get access to floor plans and the bylaws the Jukebox building?
Absolutely you can! Contact me and I can see you information on what floor plans are available along with bylaws and disclosure on 1029 View St. Note there are other pre-sale projects in downtown Victoria. Let's meet to discuss further.
The speculation tax applies to residential property in British Columbia’s largest urban centers facing the housing affordability crisis. The tax applies in the Metro Vancouver Regional District (excluding Bowen Island and Electoral Area A, except the part of the electoral area that is the UBC and University Endowment Lands), the Capital Regional District (excluding the Gulf Islands Juan de Fuca), Kelowna-West Kelowna, Nanaimo-Lantzville (excluding Protection Island), Abbotsford, Chilliwack, and Mission. Most islands are excluded.
British Columbians who are Canadian citizens or permanent residents, and not part of a satellite family, will be eligible for a tax credit that is immediately applied against the speculation tax. This credit will offset a total of $2,000 in speculation tax payable. For homeowners with multiple properties, the tax credit will only apply to one property.
This tax credit will ensure that British Columbians do not pay tax on a second home valued up to $400,000. For more expensive vacant properties, the credit ensures that tax only applies to the value of the property above $400,000.
Who doesn’t pay the tax
Who pays the tax
AllCanadian home borrowers are required to qualify for 2% more than their contracted mortgage rate when applying for a new mortgage.
New residential property/home
5% GST is payable on the purchase price of newly constructedor substantially renovated residential homes. Substantially renovated is defined in the legislation as the removal or replacement of most of the house construction components except for the foundation, external walls, interior supporting walls, floor, roof and staircase. This includes assignment of contracts.
“Used” residential property/home
GST is not applied to used housing, as the first owner of the property would have already paid it (unless substantially renovated – see above).
GST New Home Rebates
Assume the purchase price of a new home is $350,000 excluding GST. The gross GST. is $17,500 (5% of $350,000). The GST New Housing Rebate is 36% of $17,500, which is $6,300. Thus, the applicable GST. is $17,500 less $6,300, which equals $11,200.
The rebate is gradually reduced and is calculated by using the following formula:
$6,300 x [$450,000 – the purchase price] / $100,000
For example, assume the purchase price of a new home is $400,000 excluding GST The GST New Housing Rebate is:
$6,300 x [$450,000 – $400,000.00] / $100,000
Which equals $3,150. The gross GST would be 5% of $400,000.00, which equals $20,000.00, less the partial GST New Housing Rebate of $3,150.00, for a net tax of $16,850.00.
* Please note that the Developer may agree in the Contract to credit the Purchaser on completion for the rebate, but not all Developers allow this. If they do not, the Purchaser will have to pay the full 5% GST on completion and will then have to apply directly to C.R.A. for the GST New Housing Rebate after closing. This means the Purchaser will have to ensure that they have additional funds to cover the 5% GST on completion. Note the GST New Housing Rebate is not available to a corporation or a partnership. If the developer pays the GST, the buyer will be required to sign over the rebate to the developer when it is received.
If a Purchaser is planning to rent out the new home, they may be eligible for a GST New Residential Rental Rebate. The full GST NRR Rebate is only available on new homes priced up to $350,000. A partial GST NRR Rebate is available for homes priced between $350,000 and $450,000. To be eligible the purchaser must meet certain conditions which include:
* Please note that the Developer is not allowed to credit the Purchaser on completion with the GST NRR Rebate. This means the Purchaser will have to pay the full 5% GST on completion and then claim the GST NRR Rebate afterwards directly from C.R.A. The Purchaser will have to ensure that they have the necessary funds to cover the 5% GST on completion.
Property Transfer Tax and Foreign Buyers’ Tax
Property Transfer Tax
Property Transfer Tax on residential properties is 5% on the portion of the fair market value greater than $3,000,000 effective February 21, 2018.
As of 2018, the applicable rates are as follows:
BCREA Tax Calculator: http://www.bcrea.bc.ca/taxapp/
Foreign Buyers Tax
Foreign Buyers’ Tax is 20% as of February 21, 2018. It has also been extended outside of the Greater Vancouver Regional District to include the Capital Regional District, Fraser Valley, Central Okanagan and Nanaimo Regional District. Foreign entities in these taxable regions are subject to this tax (persons who are not a Canadian citizen, Permanent Resident or registered under the Provincial Nominee Program).
If the property transfer is registered on or before February 20, 2018 and is within the Greater Vancouver Regional District, the tax amount is 15% of the fair market value of your proportionate share.
If the fair market value of a home is $3,000,000 and the purchaser is a foreign buyer, the total PTT bill would be $668,000. (i.e.: $600,000 as the amount of the foreign buyers’ tax plus $68,000 as the amount of the basic PTT)
Non-Resident (Foreign) Sellers
The Income Tax Act of Canada provides that whenever a non-resident disposes of property, the non-resident is required to pay the appropriate amount of taxes on any gain. In order to satisfy the Buyer that the appropriate amount of taxes are paid, the Seller must provide to the purchaser, on or before closing, a clearance certificate from Revenue Canada. This certificate is issued by the federal government and certifies that a certain amount of money is payable for the taxes. The amount owing is deducted from the sale proceeds and sent directly to the federal government by the Seller’s lawyer.
The clearance certificate is issued pursuant to section 116 of the Income Tax Act and is usually required on the closing date. The application for the certificate may be made prior to closing by the Seller, but not until there has been a subject free contract of purchase and sale. The wait for the clearance certificate is usually around 3 months, so in a perfect world, there would be a 3-month lead-time between subject removal and the completion date.
Complications can arise if the certificate is not obtained prior to the closing date. In such a case, the Buyer is required to hold back from the sale proceeds a percentage of the selling price. This percentage is between 25% and 50%, depending on whether the property is non-depreciable property (a residence of the Seller), depreciable property (the property has been rented), or inventory (Seller is a builder). The transaction closes with the money remaining in a lawyer’s trust account until the certificate is obtained. Once the certificate is obtained, the taxes are paid from the holdback and the Seller receives any amount left over.
Note that the holdback is based on the selling price, not the equity in the property. If there is financing on the property, the Seller may need to pay this financing from other sources.
UBC Sauder School of Business Real Estate Trading Services Licensing Course Bulletins
Home Owner Grants
Home Owner Grants are a type of tax relief from property taxes for an owner of an eligible property, if he or she occupies it as a principal residence.
To be entitled to a basic grant:
As of 2018, the grant is $570. (this is deducted from the Property Tax payable by the particular owner)
Grant is available in full for homes having an assessed value of up to $1,650,000, but is phased out entirely for homes having an assessed value of $1,764,000 or more.
Owners must generally pay at least $350 in Property Taxes before obtaining the benefit of the grant.
Homeowner Grant Threshold
As of 2018: $1,650,000
Homeowner Grant Threshold is the maximum value of an assessed or partitioned property where home owners are eligible to claim the home owner grant.
You may be able to claim the full grant amount if your property has an assessed or partitioned value of $1,650,000 or less.
If you meet all requirements but your property’s assessed or partitioned value is over $1,650,000, you may qualify for the grant at a reduced amount.
The grant is reduced by $5 for each $1,000 of assessed value over $1,650,000. This means the grant isn’t available for properties assessed over $1,819,000 ($1,859,000 in a northern and rural area).
If your property has an assessed value of more than $1,819,000 ($1,859,000 in a northern and rural area), then you aren’t eligible for a home owner grant. You may still qualify for a low income grant supplement, even though you aren’t receiving the home owner grant, and can apply for the supplement on its own.
Other types of Home Owner Grants
Total grant amount:
1) You receive provincial disability assistance, hardship assistance or a supplement under the Employment and Assistance for Persons with Disabilities Act.
2) You’re disabled or have a disabled spouse or relative living with you in your principal residence and you (a) pay at least $150 per month during the calendar year to help the person with disabilities with daily living activities in your principal residence, (b) have spent at least $2,000 for a qualifying modification to your principal residence, or (c) purchased your principal residence with a qualifying modification completed by a previous owner and the modification cost at least $2,000.
Total grant amount:
If the owner’s death occurred in the current year, you’ll receive the amount they would have been entitled to. If the owner would have qualified for an additional grant, you'll be entitled to the extra grant amount regardless of your status.
If the owner’s death occurred in previous years, you’ll receive the amount you qualify for.
UBC Sauder School of Business Real Estate Trading Services Licensing Course Bulletins
A team of our practitioners has considered each measure for its potential impact and has come up with some practical steps you can take to get your business prepared.
Grant Thornton works with businesses like yours to manage challenges and realize opportunities – to help business owners navigate through these tax measures in this new environment. For more information, or to speak to an advisor, please contact us.
September 12, 2018
As of September 17, 2018, individuals with a significant interest in a corporation or trust that acquires real estate property may need to be identified on the property transfer tax return. In addition, the Province is establishing a public registry administered by the Land Title Survey Authority to record beneficial ownership of land, such as corporations and trusts.
During the transition stage, the Province will require all individuals who own a beneficial interest in property to disclose such interest. The Province will also be enacting legislation that will require corporations in B.C. to hold accurate and up-to-date information on beneficial owners of land in their own records office to be available to governmental authorities.
Although the Province has not announced any tax liability with respect to the foregoing, it may be that corporations and bare trusts may incur tax liabilities in the future. Clients intending to purchase through a corporation or trust are well advised to obtain advice from qualified tax advisors or a lawyer prior to entering into contracts of purchase and sale.
More information can be found at the following link: https://www2.gov.bc.ca/gov/content/taxes/tax-changes/whats-new/property-taxes.
Perfectly positioned in the vibrant Cedar Hill neighbourhood, the sought-after collection of one and two bedroom homes at Fifteen88 will be launching in a few short weeks. Surrounded by lush natural spaces and steps to everything you love about Victoria, this sophisticated collection of homes has been receiving a lot of attention lately, and with great reason. For the first time in several years, we're thrilled to unveil a collection of homes that will be priced starting from below $300K!
One Bedroom Homes - Starting from below $300K to the mid $400K's
Two Bedroom Homes - From below $500K to the mid $700K's
First Look at Fifteen88 | Your Early Preview
Boasting striking architecture and offering a contemporary collection of One and Two Bedroom homes in the vibrant Cedar Hill Neighbourood, with prices starting in the low $400K's, it's no wonder that so many people have decided to call Fifteen88 home. Now 65% sold, we still have a wide variety of sophisticated homes available, with areas ranging from 568 - 1,295 sq. ft.
Fifteen88: Feature Floorplan
2 Bedroom, 2 Bath & Den
Interior 902 sf | Exterior 86 sf | Total 988 sf
Starting from $599,900
This expansive, south-facing Two Bedroom, Two Bathroom and Den Bedroom home offers two spacious bedrooms separated by a bright, open-concept living area with generous kitchen with room for a full-sized dining table. This home includes underground parking, Modo Car Share Membership, storage locker, and access to Fifteen88’s common amenities including owners patio and bike maintenance workshop.
With over 900 sq. ft. of thoughtfully-designed living space and only three of these homes available starting from $599,900.
As with every home at Fifteen88, enjoy contemporary details like overheight ceilings, gourmet kitchen with custom millwork including pull-out pantry and open display built-ins, and three stunning palettes to choose from by award-winning Nygaard Interiors- just to name a few.
On behalf of the entire team at Abstract Developments, we thank you for your ongoing interest in Fifteen88. If you have any questions or are interested in learning more about these homes, please do not hesitate to contact me. LINK