BC HOME GROUP | SHIRIN PUREWAL | VICTORIA REAL ESTATE | info@bchomegroup.ca1-778-401-9545

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.

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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


Shirin 

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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. 


For more information on 439 Cook St click on the following LINK.

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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.

CLICK ON LINK

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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.



If you any questions on this Pre-sale project or if you like to see other pre-sale projects. Click on the following link to contact me.

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Latest Market Reports

Victoria Real Estate Market Continues to Stabilize ...

A total of 533 properties sold in the Victoria Real Estate Board region this September, 16.7 per cent fewer than the 640 properties sold in September of last year, and a 10.3 per cent decrease from August 2018. Sales of condominiums were down 30.4 per cent from last year in September with 149 units sold. Sales of single family homes were down 9.2 per cent from 2017 with 285 sold this September.

"This year's housing market has continued to behave as we've expected, moderating after the record setting pace of 2016 and adjusting to various government measures such as tightening mortgage qualification rules that were intended to cool the market," says Victoria Real Estate Board President Kyle Kerr. "We continue to see a reduction in sales when we compare to recent years and prices stabilizing across the market, with some variation in value in niche, higher end homes."...Read More

Want to know what your home is worth? Contact Me for a market evaluation!

THANK YOU TO ALL MY CLIENTS FOR A RECORD BREAKING SUMMER - Shirin Purewal

Featured Listings

Homes

Click to see the latest of homes for Sale in Victoria.

Condo

Click to see the latest list of Condos for sale in Victoria.

Townhouses

Click to see the latest list of townhouses in Victoria for sale.

Luxury & Waterfront Properties

Click to see the latest list of luxury real estate for sale in Victoria.

For more information on my listings,
Contact Me Today!

 

House Hunting

Thinking of selling? Here's what my clients are currently looking for!

- Fixer upper in Victoria, Langford, or Saanich - Under $650,000
- 2 Bedroom 2 Bath Condo in Saanich & surrounding areas under $450,000
- Homes in Saanich with a rental suite up to $750,000
- 2 Bedroom Condo Westshore up to $420,000
- Condo in Bear Mountain up to $425,00
- Home in Bear Mountain up to $850,000
 

Let's find your perfect place to live, love and laugh, let’s make your dream a reality. Click Here to Begin!

 

Market News

40% Sold ! Pre-sale Condo Project exceeds expectations

...Read More

 
 

Victoria Garden Suite Approval yields 22 approvals among 7000 eligible properties

...Read More

Home & Garden Tips

8 Budget Ideas for Decorating Your Blank Walls

Postcards, tile and sentimental clothing can bring beauty to your walls, often for less than the cost of original art

...Read More

Testimonials

"Shirin was wonderful to work with. She listened to our expectations for selling, helped formulate a plan and sold our house in record time! We found her very professional!"

- Lisa Sykes

"I've had AWESOME experience working with Shirin as my Realtor. We left our home in Toronto in Dec 2016 and took a bold step in buying a house in Victoria in April 2017 but knew no one here. She communicated with my whole family about differing needs staying in constant contact with important information - both basic and complex stuff. She listened in terms of adapting to our needs from understanding our time frame to giving references/contacts to sharing local knowledge honestly. She is hardworking, technology savy, detailed oriented, tenacious!."

- Anjan Chhetry

Please click here to see more testimonials!

"When it comes to buying, insuring you make the right decision is my priority and I have your long term, best interest at heart. If something is not right for you, I will tell you, straight. When it comes to selling, I take marketing to an entirely new level. Call me to find out how!"
- Shirin Purewal


Copyright © 2017 Shirin Purewal BC HOME GROUP Jonesco Real Estate Inc., All rights reserved.

Our mailing address is:
201-641 Herald St., VICTORIA BC

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Victoria Real Estate Market Continues to Stabilize 

A total of 533 properties sold in the Victoria Real Estate Board region this September, 16.7 per cent fewer than the 640 properties sold in September of last year, and a 10.3 per cent decrease from August 2018. Sales of condominiums were down 30.4 per cent from last year in September with 149 units sold. Sales of single family homes were down 9.2 per cent from 2017 with 285 sold this September. 

"This year's housing market has continued to behave as we've expected, moderating after the record setting pace of 2016 and adjusting to various government measures such as tightening mortgage qualification rules that were intended to cool the market," says Victoria Real Estate Board President Kyle Kerr. "We continue to see a reduction in sales when we compare to recent years and prices stabilizing across the market, with some variation in value in niche, higher end homes." 

There were a total of 2,646 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2018, an increase of 5 per cent compared to the month of August and 33.9 per cent more than the 1,976 active listings for sale at the end of September 2017. 

"If you are considering buying or selling a home, you need to understand your local market, particularly in the context of your property type and price point," adds President Kerr. "Micro markets in our area behave very differently as they are influenced by different pressures. The under $800,000 housing market in some areas is under tremendous pressure as many buyers compete for these homes. The multimillion-dollar market in other areas is currently experiencing less pressure and we can see price flexibility coming into play in the 1.5 million dollar plus market. And although we saw a bump in inventory at the start the year, those inventory levels have stabilized as well. So buyers still face a market with much less inventory available than the historical average. Your local REALTOR® can help you understand the best way forward for your selling or buying plans based on current and granular data and market insights." 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2017 was $832,000, while the benchmark value for the same home in September 2018 increased by 6.2 per cent to $883,700, slightly lower than August's value of $888,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2017 was $457,700, while the benchmark value for the same condominium in September 2018 increased by 9.9 per cent to $503,000, exactly the same as August's value.

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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.


Exemptions

  • Primary residences of British Columbians are exempt from the tax.
  • Properties that are used as qualifying long-term rentals are exempt from the tax. Homes will need to be rented out for at least three months to qualify for an exemption in 2018. Starting in 2019, homes will need to be rented out for at least six months, in increments of 30 days or more, to qualify for an exemption
  • Over 99% of British Columbians will be exempt, because the vast majority of homes owned by British Columbians in the province’s urban centers will either be owner-occupied or will be rented long-term.


Rate design

  • In 2018, the tax rate for all properties subject to the tax is 0.5% on the property value.
  • In 2019 and subsequent years, the tax rates will be as follows
    • 2% for foreign investors and satellite families
    • 1% for Canadian citizens and permanent residents who do not live in British Columbia
    • 0.5% for British Columbians who are Canadian citizens or permanent residents (and not members of a satellite family)


Credit design

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

  • The vast majority of British Columbians
  • People whose homes and cottages are outside the designated urban centers
  • Homeowners with properties in designated urban centers, but who rent them out long-term
  • Those eligible for special exemptions, including
    • The owner or tenant is undergoing medical care or residing in a hospital, long-term care or a supportive-care facility
    • The owner or tenant is temporarily absent for work purposes
    • The registered owner is deceased and the estate is in the process of being administered


Who pays the tax

  • Foreign speculators and satellite families
  • Domestic speculators
  • Those with multiple properties in B.C.’s designated cities that are vacant most of the year


Stress Test

AllCanadian home borrowers are required to qualify for 2% more than their contracted mortgage rate when applying for a new mortgage.

GST

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

  • If the purchase price is $350,000 or less, new home buyers can apply for a rebate of the 5% GST. The rebate is up to 36% of the 5% GST to a maximum rebate of $6,300.


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.


  • If the purchase price is between $350,000 and $450,000, there is a proportional GST rebate.


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.


  • If the purchase price is over $450,000,there is no GST New Housing Rebate.


* 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.

 

Rental Rebates

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:


  1. The Purchaser must not be entitled to claim input tax credits in respect of any part of the tax payable on the acquisition of the rental unit.
  2. The rental unit must be a “qualifying residential unit” which means the person applying for the rebate must be the owner of the unit and the unit must be a self-contained residence as defined in the Excise Tax Act
  3. The unit must be held by the owner for the purpose of making exempt supplies (for example, a residential tenancy)
  4. The unit must be used as a primary place of residence by the tenants and must be so used for at least one year and the Purchaser will have to provide a copy of the tenancy agreement showing a term of at least one year.

 

* 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:


  • 1% on the first $200,000
  • 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000
  • 3% on the portion of the fair market value greater than $2,000,000
  • If the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000

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.


Example:

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.


Sources:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/additional-property-transfer-tax

https://www2.gov.bc.ca/assets/gov/taxes/property-taxes/publications/is-2018-001-speculation-tax.pdf

UBC Sauder School of Business Real Estate Trading Services Licensing Course Bulletins

https://www.bcrealestatelawyers.com/basic-info-for-residential-real-estate/

http://bridgewellgroup.ca/blog/gst-on-real-estate-in-bc/

https://www.bcrealestatelawyers.com/non-resident-buyers-and-sellers-of-real-estate/

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:

  • Must be owner of an eligible residence
  • Must be registered owner of the property
  • Must be ordinarily resident in British Columbia
  • Must be Canadian citizen or permanent resident of Canada
  • Must occupy the property as his or her principal residence


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

Seniors Grant

To qualify:

  • Registered owner of residence
  • Canadian citizen or permanent resident
  • Live in British Columbia
  • Residence is your principal residence
  • Must pay at least $100 in property taxes 
  • Assessed or partitioned value of your property must not exceed the grant threshold
  • Ensure you meet additional requirements if you are buying or selling your property


Total grant amount:

  • $845 ($275 on top of regular grant of $570) in Capital Regional District, Greater Vancouver Regional District and the Fraser Valley
  • $1,045 in all other areas of British Columbia


Other information:

Disability Grant

To qualify:

  • Registered owner of residence
  • Canadian citizen or permanent resident
  • Live in British Columbia
  • Residence is your principal residence
  • Assessed or partitioned value of your property must not exceed the grant threshold
  • Ensure you meet additional requirements if you are buying or selling your property
  • Must pay at least $100 in property taxes 
  • One of the following:

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:

  • $845 ($275 on top of regular grant of $570) in Capital Regional District, Greater Vancouver Regional District and the Fraser Valley
  • $1,045 in all other areas of British Columbia


Other information:

Veterans Grant

  • Most veterans can apply for the homeowner grant as a person under 65 (basic grant), senior, or person with a disability.
  • If you have an adjusted net income of $32,000 or less you may qualify for a: Supplement for veterans under 65, Low income grant supplement for seniors, Low income grant supplement for surviving spouses of veterans who received a War Veterans Allowance
  • If you’re under 65 years of age and the surviving spouse of a veteran who received a War Veterans Allowance, you may qualify for a higher grant amount. You qualify if you: Are the surviving spouse of a veteran who received a War Veterans Allowance, and Meet the same requirements for the home owner grant for seniors, excluding the age limit criteria

Deceased Owner

To qualify:

  • Property is still registered in the name of a deceased owner or in the name of the executor or administrator of their estate
  • You’re the spouse, child, grandchild, parent, brother or sister of the deceased owner
  • The deceased owner would have qualified for the home owner grant
  • You occupied the residence as your principal residence on the date of the owner’s death
  • The property is still your principal residence

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.



Sources:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/reduce/home-owner-grant

UBC Sauder School of Business Real Estate Trading Services Licensing Course Bulletins

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Preparing your business for changes to income splitting, passive income rules
Canadian business owners are facing recent tax changes that may have a significant impact on them: restrictions on income splitting, and the small business deduction grind in relation to passive investment income. These changes mean that income distributed by Canadian businesses, and investments made by them, could be taxed at a higher effective rate.

Despite the complexity of the new provisions and the confusion caused by them, a little preparation now can go a long way towards mitigating the financial headwinds.

 

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.

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I have sold a property at 316 1335 Bear Mountain PKY in VICTORIA.
PHOTOS do not do justice to this unit, YOU MUST SEE! Enjoy Luxury Living in this unit located in the heart of Bear Mountain offering the world-class Westin Golf Course and Spa. This 2 Bedroom Spacious Condo + Office with 2 bathrooms is One of the Best floorplans and Best locations of Bear Mountain. This unit features OVER 1000 sqft of living space, Golf Course and Water Views, with southerly exposure, Slate Entry, Huge Covered Patio, ideal for year round outdoor living, Granite Kitchen Counters, Gas Fireplace, Stainless Steel Appliances, NEW washer and dryer, NEW dishwasher, NEW Carpet, Master Bedroom with ensuite including double sinks, soaker tub with separate shower and his and her closets, 1 underground secure parking spot and storage. Over 1000 sqft that welcomes pets and allows rentals! All of this in the heart of Bear Mtn. Walk to everything Bear Mtn has to offer including restaurants, pubs, rec center, spa and two Nicklaus Co-design golf courses.
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September 12, 2018

Significant interest in a corporation or trust that acquires Real Estate


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.

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FIFTEEN 88 Discover Contemporary Cedar Hill Living 1588 North Dairy Road


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 f
rom 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

We’re thrilled to share with you the Preview Package for Fifteen88, offering a first look at the unique highlights of these homes, a carefully-curated sample of floorplans, and more. 
Contemporary Cedar Hill Living Coming Fall 2018


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

G2 
__________________________

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


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Development opportunity

FOR SALE:
66-Unit Townhouse Development Site
1201 & 1251 Christie Road 
Ladysmith, BC V9G 1J5

NOW $2,640,000
MLS ® 395422

Just minutes from downtown Ladysmith - MLS® 395422
 

This 4.72 acre, 66* unit townhouse development site is located just minutes from downtown Ladysmith, with forest, mountain and potential water views, existing service connections, and two access points off Christie Rd (Both North & South bound lanes along the Trans Canada Highway. The property is zoned R-3-A (Low Density Residential) and has an approved development permit in place. Engineering and site plans are available. Inquire today! 


Phase 1 is 2.96 acres and consists of 43 townhouse units ranging from 3993 ft2 - 7922 ft2 
*PLUS an additional 2-unit Duplex lot to be subdivided from Phase 1, with a total lot area of 892 m2
— Units range from 2-3 stories (some w. walk-out basements)
— 21.9% lot coverage
— FSR = 0.51 
— 4300 m2 of green space
— 94 parking spaces (24 in garages) + 9 bike spaces


Phase 2 is 1.55 acres and consists of 23 townhouse units ranging from 4456 ft2 - 7922 ft2 
— Units range from 2-3 stories (some w. walk-out basements)
— 23% lot coverage 
— FSR = 0.52 
— 2400m2 of green space
— 50 parking spaces (15 in garages) + 5 bike space

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I have sold a property at 211 3900 Shelbourne ST in VICTORIA.
Very large and very spacious 2 bedroom, 2 bath condo that offers almost 1300 sq. ft. of living space. Caywood Court is conveniently located in the Shelbourne corridor and is close to absolutely everything including all levels of shopping, medical offices, bus routes to town and the University of Victoria. The bright and open floor plan offers it all, including eat-in kitchen, dining area, spacious living room and ideal for anyone thinking of down-sizing, as you'll have ample room for any and all of your furniture. This unit is on the 2nd floor with a south exposure on a nice size patio. Other features include fireplace, in-suite laundry, covered parking, and a full ensuite bath. Caywood Court units are fully rentable except short term.
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A total of 594 properties sold in the Victoria Real Estate Board region this August, 19.3 per cent fewer than the 736 properties sold in August of last year, and an 8.8 per cent decrease from July 2018. Sales of condominiums were down 5.3 per cent from last year in August with 195 units sold. Sales of single family homes were down 22.1 per cent from 2017 with 304 sold this August.
 
"Prices in our market are quite flat right now, with a slow, long-term trend toward a more balanced market," says Victoria Real Estate Board President Kyle Kerr. "Listings have remained relatively static for months after an initial increase last spring. However, this plateau has included more high value inventory and similar to last month, fewer single family homes for sale under $750,000. Thirty per cent fewer homes this year were listed for sale at $750,000 or less than in the year previous, which means there is still pressure on lower priced homes in the Core and other popular areas. We do see a levelling out of prices month-over-month which is one factor helping to slowly return us to a more balanced market."
 
There were a total of 2,519 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2018, a decrease of 3.4 per cent compared to the month of July but 31.4 per cent more than the 1,917 active listings for sale at the end of August 2017.  
 
"Many demand-side measures were introduced this year - including a stress test on mortgages -which altered many buyers' purchasing power," adds President Kerr. "These new policies are having the desired effect of slowing the market, though it is likely that over time the market will normalize these changed conditions. Our strong local economy and high employment rates may bolster demand into the fall as people return to work after their summer vacations. Fall numbers will be an interesting indicator of our year to come as we continue to track low home inventory in a changing marketplace. For an up-to-the-minute understanding of your local market as fall sales unfold, connect with your local REALTOR®."
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2017 was $830,800, while the benchmark value for the same home in August 2018 increased by 6.9 per cent to $888,300, slightly lower than July's value of $888,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2017 was $453,900, while the benchmark value for the same condominium in August 2018 increased by 10.8 per cent to $503,000, slightly lower than July's value of $507,700.
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I have sold a property at 212 1061 Fort ST in VICTORIA.
Funky studio in the Mosaic building on trendy antique row in downtown Victoria! This bright live/work condo has floor to ceiling windows, laminate flooring, deck space with city views and an efficiently designed corner kitchen with fridge, stove and a small dishwasher. Relax and enjoy the convenience of a warm gas fireplace and the use of a raised sleeping area in this cleverly designed unit. There's a four piece bathroom with subway tile as well as in-suite laundry for added convenience. Rentals and pets are permitted, bike room and storage are included. All of this in a stylish seismically upgraded steel and concrete building in a fantastic downtown location next to shops, transit and all that downtown has to offer. Call today!
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Perfectly positioned in the vibrant Cedar Hill neighbourhood, Fifteen88 is surrounded by lush natural spaces and steps to everything you love about Victoria.
 

ONE & TWO BEDROOM HOMES 
STARTING BELOW $300K 

Fifteen88’s sophisticated collection of one and two bedroom homes has been receiving a lot of attention lately from interested homebuyers, and with great reason. For the first time in several years, Abstract Developments is thrilled to announce this collection of homes will start below $300K!

 
Fifteen88 by Abstract
 
Built to Abstract’s unparalleled design standards, Fifteen88 will offer the quality and attention to detail you have come to expect from Victoria’s leading development company.

 
If you haven’t already registered to receive more information, we invite you to opt-in below to receive information and updates as they become available.

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Tax alert
Is the end of bare trustee ownership coming to BC?
August  17, 2018

Bare trusts have traditionally been used as part of overall tax planning and to meet various other business objectives. In fact, they are often used to help reduce the overall tax burden that occurs on the transfer of ownership of real property. However, the usefulness and benefit of bare trusts in real estate transactions has recently been called into question.

Carole James stated in the Finance News Release of July 25, 2018 (News Release), “Our government has been clear that the days of skirting tax laws and hiding property ownership behind numbered companies and trusts are over.”

Effective September 17, 2018, the new property transfer tax return that must be prepared for all property transfers will require people to report additional information when a transaction is structured through a corporation or trust. According to the government, the intent of the change is to identify people with a significant interest in the property.

Review the full reporting requirements that apply to all types of property, including commercial and residential.

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Imagine waking up to a private deck that connects your home to a serene water feature and beautiful landscaping beyond. Or, picture an expansive private roof terrace overlooking an impressive central plaza and the iconic Legislature. Splendid outlooks and the space to enjoy them represent just one feature of inspired living at Capital Park.

Capital Park 530 Michigan

1 to 3 Bedroom + Den Condominium homes from 473 – 1,927 square feet 
2 to 3 Bedroom + Den Townhomes from 1,443 – 1,757 square feet

Nestled within this expansively-landscaped master-plan community lies a boutique offering of condominium homes in four and five-storey concrete buildings, along with a limited collection of distinctive, concrete-built townhomes. A rarity in buildings of this size, and virtually unheard of in townhomes, concrete construction means these homes are built to last.

Your opportunity to discover Capital Park Residences is coming September 2018.

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BC's Speculation Tax - Developers and property owners looking for certainty
 

The proposed introduction of a new tax on certain properties in BC is intended to drive down soaring prices and push more housing stock onto the rental market. However, uncertainty surrounding the details of a plan that could significantly impact a substantial segment of the provincial economy is causing concern among developers and property owners.  

 

The BC Speculation Tax, announced in the province’s 2018 budget, targets the owners of unoccupied residential properties, with a particular emphasis on foreign and out-of-province residents currently paying little or no income tax in the province. According to the information provided to date by the BC government, the tax is intended to curb inflation in the residential real estate market in the province’s largest urban centres by levying additional costs on so-called speculators to “push them out of the market.”

Ultimately, the full impact of the tax won’t be known until legislation is introduced, debated and enacted. To understand the current proposal, read Grant Thornton's full overview


In the meantime, Grant Thornton is following developments in this area closely and can help you understand these risks, quantify what they may mean from your individual financial perspective, and formulate effective strategies to address them.

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