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

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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Are you looking for Real Estate in the Rockland area of Victoria BC well... look no further. Please click on this LINK for the latest list of of real estate for sale in the Rockland Area.


Do you have any questions about this neighbourhood or you would like to know more about this area, ask Shirin. My clients love that I am on the ball and I am honest with them. I would love to help you make the right choice in buying the perfect real estate in the Rockland area.


Let talk soon :-) 

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Hi there !


I keep getting questions about what is the best way to find the perfect home or investment property in Victoria. Well !!! I have the answer and it is very very easy. If you have a cell phone ...download my real estate app. It is fantastic and it makes it very easy to search for real estate in Victoria.


How do you download my app? Go to www.mlsapp.ca and enter the code C0A66B5F and you will instantly gain access to all the latest listing of homes on MLS in Victoria. The best part of this Real Estate APP, once you save your property search, you just click your saved search button and every day it will give you your up to date list of all homes for sale meeting your search criteria.


Now if you do not want to download my app, an even eaier approach to your property search is to contact me LINK and tell me what you are looking for, I will then setup an automated email notifcation that will inform you as soon as a home hits mls ( again provided the home meets your property search criteria).


You will love working me because I do not like to complicate things, I like to simplify and make your property search nice and easy.


Let's talk soon !


Shirin 





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Are you looking to buy real estate in Victoria British Columbia. Well look no further, we have one of the best rated apps, that my buyers use for searching for real estate in Victoria. I promise you will love it.



How do you download my app? It is easy... contact me and I will send you a step by step instructions and I promise you will thank me for this app. It makes finding a home in Victoria so much easier.  I can not tell you how many of my home buyers, thank me and they wish I had told them about my application sooner. It is completely free to download and no strings attached.


Contact me and let me help you find your next home in Victoria. LINK

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The real estate boom gripping B.C., and the city of Victoria in particular, has been historic on nearly all fronts. The frenzy to snatch up Victoria Real Estate soil kicked off after the 2013 boom in real estate in Vancouver. Bidding wars for detached homes spread like wildfire, pushing sales to a record in 2017, along with dollar volumes, which hit high prices driving the average home price up in Victoria

In response to public angst about runaway housing costs, policymakers at all levels dog-piled onto the real estate market, announcing a foreign buyers tax, mortgage stress tests and a hike in the property transfer tax. Meanwhile, the Chinese government took swift action to curb capital outflows, requiring citizens to pledge that they wouldn’t use cash leaving the country to buy property. Outflows from China plunged, however rumour has it that rich investors are still finding ways of laundering their money out of China to invest in Real Estate in Canada.

Increased taxation has pushed foreign bids aside, as a watch and hold approach is now being taken. With a $3-million purchase now requiring those buyers to cough up over half a million in levies upon closing. Local purchasers have been stymied by rising mortgage costs and tougher qualifying rules. A typical Victria household with an average mortgage would have to increase their salary two fold to be able to keep up with this ever increasing housing market.


We are optimistic that over the next few years there will be an increase in supply of housing, bringing the market into equilibrium and making housing more affordable for the average Canadian.

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In the past few years a lot of Waterfront Properties have sold in Victoria, see a few sold homes below. I specialise in waterfront properties and if you are looking to buy your next waterfront property, look no further and let the expert help ! 


For the latest list of waterfront properties Contact me.


7050 Brentwood Dr V8Z 3E9

Sold Price:  $2,125,000

This executive oceanfront residence offers not only beauty, space & light; but a fabulous deep water moorage dock complete with foreshore lease! Enjoy an ultimate west coast lifestyle with generous indoor/outdoor living spaces, decks &private garden. The upper floor provides master suite with 2nd Bd & office. Inlet and valley views are afforded from every room in the home. In the summer enjoy the Butchart Garden fireworks. The lower level is ideal for at home office, media, fitness or guests. A rare find!



10895 Fernie Wynd Rd V8L 5H8

Sold Price:  $3,300,000



Spectacular 2018 Built Oceanfront home located on Curteis Point in North Saanich, BC. Enjoy beautiful ocean views from all principal rooms and outdoor spaces. The main level living features an open concept, floor to ceiling windows and a top of the line chef's kitchen. Enjoy Luxury Oceanfront living at its best.

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Capital Park Inner Harbour

Dear Reader,

Just steps to the Inner Harbour, Capital Park is a vibrant yet intimate community with a distinct sense of place. Nestled within this beautiful, expansively-landscaped master-plan is Capital Park Residences, a boutique offering of condominium homes in four and five-storey concrete buildings, along with a limited collection of concrete-built townhomes.

Capital Park Aerial

The impressive central plaza, inviting courtyards, calming water features and interconnected walkways create an idyllic setting. As part of this remarkable community, these amenities and convenience to exceptional retailers – Red Barn Market and Good Earth Café – elevate your everyday life.

Capital Park represents an historic collaboration between two of Victoria’s most respected developers, Concert and Jawl Properties. Both have demonstrated a long-term commitment to the City and built a sterling reputation for excellence through the high-quality developments that benefit the community.

We will continue to share further information in the coming weeks and look forward to presenting these impressive homes this September.

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Tax alert
Protecting yourself from CRA telephone scams
July 26, 2018

One of the most common ways that Canadians are being defrauded every year is through scams whereby individuals impersonate agents of the Canada Revenue Agency (CRA) to falsely obtain confidential information for identity theft purposes or to misappropriate funds.

To protect yourself against such scams, we have developed a list of important information to keep in mind.

Read the full alert and learn how to protect yourself from someone claiming to represent the CRA. 

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I have sold a property at 1720 Leighton RD in VICTORIA.
Open House Saturday 1-3pm. Wonderful opportunity for first time buyers or families in vibrant Jubilee area close to the conveniences of Oak Bay and Downtown! This 1735 sqft 2 bed 2 bath townhome plus separate bachelor suite currently renting for $800/month is the ideal investment! South facing windows allow you to enjoy bright 2nd floor living in your open concept kitchen, dining and living rooms featuring wood burning fireplace and newer laminate floors. Enjoy the privacy and separation of two spacious bedrooms upstairs on the 3rd level with new carpet and updated 4 piece bath. Lovely private and fenced backyard with storage shed plus a balcony on the 2nd floor off your kitchen; perfect for entertaining and barbecuing. Large laundry room with plenty of storage on main level and one covered parking stall steps from your front door. This unit has minimal shared walls in a boutique complex allowing pets, children, rentals and BBQs! A well kept home - all you need to do is move in!
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Victoria Housing Market Still Finding Its Balance
 
A total of 651 properties sold in the Victoria Real Estate Board region this July, 17.6 per cent fewer than the 790 properties sold in July of last year, and an 8.1 per cent decrease from June 2018. Sales of condominiums were down 22.6 per cent from last year in July with 188 units sold. Sales of single family homes were down 16.5 per cent from 2017 with 340 sold this July.
 
"We are in a different market now than what we have seen for the past two years," says Victoria Real Estate Board President Kyle Kerr. "And while we see inventory creeping up after the drought in 2017, especially in the multi-million-dollar range, across our region there are 30 per cent fewer homes listed for sale under $750,000 than this time last year. This means that if you are shopping in the $750,000-or-less bracket, you are in a fast-moving market with low inventory. For example, of the 176 single family detached properties sold in our Core and Malahat regions during the month of July, only 59 (34%) were listed for $750,000 or less. And of those, 28 (47%) sold at or over list price. This illustrates the high demand for homes at or below this price point, and the pressure that is still pushing that segment of our market. If you are looking for a home priced at $1.5 million or above, there is more selection than last year and those homes are sitting on the market longer. For the first seven months of 2017 there were 481 single family detached properties for sale listed at $1.5 million or above. For the same time period in 2018, there were 664 properties for sale in this range, an increase of 27.6 per cent."
 
There were a total of 2,607 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2018, an increase of 0.5 per cent compared to the month of June and 35.7 per ce
nt more than the 1,921 active listings for sale at the end of July 2017.  
 
"Each year we tend to see a plateau in inventory over the summer months," adds President Kerr.
"It is possible that we will see more inventory come into the market through the fall when there is often a burst of activity in our market, but it's hard to predict how that inventory might be priced. Ideally, we will see more inventory come in at under the $750,000 level to help push our housing market into more balanced territory across all segments."  
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2017 was $834,200, while the benchmark value for the same home in July 2018 increased by 5.5 per cent to $880,000, slightly lower than June's value of $889,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2017 was $442,100, while the benchmark value for the same condominium in July 2018 increased by 12.1 per cent to $495,700, slightly higher than June's value of $496,500.
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You're in luck – we've developed a video and a guide to each of the new disclosure forms and the new agreement. The videos are being used in the Applied Practice Course to help new licensees understand how to use the forms – and they'll help you too.

You can also send them to your clients, if they want more information about the rules. New videos for consumers and licensees that address specific situations are in development – look for them this fall.

  • Agreement Regarding Conflict of Interest Between Clients: FormGuideVideo
  • Disclosure of Representation in Trading Services: FormGuideVideo
  • Disclosure of Risks Associated with Dual Agency: FormGuideVideo
  • Disclosure of Risks to Unrepresented Parties: FormGuideVideo
  • Disclosure to Sellers of Expected Remuneration: FormGuideVideo
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Real Estate Foundation of BC Annual Report
refbc real eastate foundation
From REFBC:
  • The Real Estate Foundation of BC has released its 2017-18 Annual Report and Audited Financial Statements. Download the report to learn about REFBC's grants, projects, and operations.
  • In this reporting period, the Foundation granted more than $6.6 million to support land use and real estate related research, education, and policy analysis. 
  • REFBC also released five public reports, hosted several working groups and collaboratives, and began making impact investments.
  • The Real Estate Foundation of BC receives income from the interest earned on pooled brokerage trust accounts. That money is returned to BC communities through REFBC's grants program. Since 1988, the Foundation has approved more than $80 million in grants.
  • Realtors can sign up for REFBC's e-newsletter to keep up-to-date on the Foundation's work.
----
 
New to this? Learn how REFBC works! 
 
Check out recent grants REFBC has disbursed - your Board has received funding
to help create a half-day course, to educate Members on secondary suite types, bylaws and permits in the Capital Region District (work in progress). Your Board has also received part-funding for a partnership with HeroWork to create an inventory structure and evaluation of Victoria non-profits with infrastructure renewal challenges (also in progress).  
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Even though the House is in recess until the fall, your Board and other community stakeholders continue to work on the Speculation Tax situation - and encouraging our local representatives to "Scrap It!".
 
Request:
Do you have first-hand information on a development being altered  / delayed or lost housing due to the Speculation Tax that you've not already sent us? Please connect, we are collecting stories to help the government understand the repercussions of this tax. Thank you. 
 
Update on ongoing activities:
Your President, Kyle Kerr, President Elect Cheryl Woolley and EO Dave Corey are preparing to meet with Housing Minister Selina Robinson this week. Their discussion will focus on increasing housing supply in the Victoria area.  

 
Please continue to share the Scrap the Speculation Tax website - the site makes it easy to write to your local representatives to encourage them to consider the broader economic impacts of the Spec Tax. More than 20,000 letters to government have been facilitated by the website.  
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You asked... and at Polo Village they have listened. 

During their first four weeks on the market, they have learned that people love the fully detached suites that their Craftsman Coach series of homes offer, but at the same time most people asked them to find a way to offer similar utility & value at a lower price.  

Today, they are announcing price reductions of $150,000 on two of our Craftsman Coach series of homes with suites!  They have redesigned the fixtures & finishings to bring the price down, while still offering a top quality home, in an unbeatable location, with a fantastic detached suite.
Lot 13 - was $999,900 - Now Only $849,900
Lot 14 - was $999,900 - Now Only $849,900
 
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WEST SHORE’S BEST-SELLING DEVELOPMENT - BELMONT RESIDENCES

30+ HOMES SOLD & COUNTING!

Happy Summer! If you haven't heard the news, Belmont Residences has sold over 30 homes so far, (and counting) and Sales has been abuzz as empty-nesters and younger buyers have been scooping up our initial release of homes and registering for future announcements.

Most of the buyers to-date are people who already reside in the region. And, of course, everyone is excited about the prospect of Belmont Market being fully completed prior to move-in so they can take full advantage of their new community from day one.

We're excited to introduce our Feature floorplan:

This spacious plan suits the first time buyer who wants to have a roommate, the young couple/family or a downsizer. 

Starting from $404,900*

Learn more and see their fully-furnished display home.

If getting the best price is important to you, don't miss out! 

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I have sold a property at 3540 Tillicum RD in VICTORIA.
"Parkside Place": an affordable family development conveniently located across from Tillicum Mall with shops, restaurants, Silvercity Theatre and Pearkes Arena plus walking distance to schools and the Galloping Goose Trail. This well kept top floor home has been renovated including new custom kitchen, updated bathroom and modern decor. Abundant storage in suite with custom cabinetry and the benefit of insuite laundry. Thermopane windows, gleaming hardwood floors and spacious deck- bbqs permitted. Common amenities include swimming pool and playground. Great central location with easy access to all points in town.
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Chapter One – 515 Chatham offers Studio and 1 Bedroom condominiums in the heart of Victoria's historic Old Town districtfeaturing courtyards and architecture with unique urban character.


515 Chatham

Ironworks will consist of five architecturally unique buildings on two blocks of Victoria's historic Old Town district.

The start of this iconic new development begins with our cornerstone building, Chapter One – 515 Chatham.

Developed by Le Fevre & Company – built by Campbell Construction.


Chatham & Store Street – Old Town's North West District

The site of the Ironworks development has a rich history in Victoria's industrial age that includes the Albion Iron Works Company, which was located on the Chatham Street block between Government & Store Streets.

515 Chatham is designed with a respect for the past and destined to become part of a whole new iconic street scape for the modern era.



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Breathtaking views from this New Rockwood Heights 3 bedroom, 3 bathroom West coast style custom home. Southern exposure provides endless sunsets, soaring views over Mt. Benson all of Departure bay, Nanaimo golf course, right down to Cameron Island! Every detail and feature has been included in this luxury build; oak hardwood flooring, quartz countertops, built in speakers throughout, seamless glass railings, sliding barn doors, media room with projector capability, concealed home theatre system, heat pump, HRV system, hot water on demand, heated tile floors, led stair and cabinet lighting, built in bar, freestanding tub with ceiling filler, massive walk in closet, soaring high ceilings and custom height windows, top this will full landscaping and private back yard fire pit area. Please inquire for designs of 4 new comparable detached homes being built on Manzanita Place. 

This freehold home located at 128 Amphion Terrace, Nanaimo is currently for sale. This property is listed at $849,000 with an estimated mortgage of $2,985* per month. It has 3 beds, 3 bathrooms, and is 2,079 square feet. The property was built in 2017. 128 Amphion Terrace, Nanaimo is in the Z4 Departure Bay neighborhood Nanaimo.


Contact Me for more information.


128 Amphion Terrace

Nanaimo, Z4 Departure Bay
849,000 
For Sale
3 Bed
3 Bath
 
 128 Amphion Terrace 
 
Size
2079 sqft
Listed By
460 Realty Inc.
 
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I am excited to share with you the latest project by Abstract Development located at 1588 North Dairy Road, featuring 62 Homes in the Cedar Hill Area.


They are launching these homes in the Fall of 2018 and we are excited to share more information with our buyers once the re-sale launch takes place.


If you would like to register for these units, please contact me.


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Great Article, as a realtor I value information like this (especially on Misrepresentation)

Puffery or misrepresentation?

By Oana Hyatt, Staff Lawyer

How far can a licensee go in describing the features of a property when marketing it for sale? Do phrases such as “well-designed,” “ready to build,” “state-of-the-art,” “great water supply,” “spectacular,” “well-built,” “newer,” “updated,” “gorgeous,” “high-quality” or “in perfect condition” constitute mere puffery, or do they amount to actionable representations? If the latter, will the inclusion of the general disclaimer commonly found at the bottom of MLS listings relieve licensees from liability?

It depends, but caution is advisable. Section 4-7 of the Real Estate Council Rules requires a licensee not to publish any advertising which the licensee knows to contain a false statement or misrepresentation concerning the property. No disclaimer will relieve a licensee from liability if that licensee knows the statement they are making about the property is false.

The phrases quoted above form a spectrum ranging from:

  • statements or opinions as to quality which are mere puffery (such as “gorgeous,” “spectacular”) to;
  • statements as to quality intertwined with statements of fact, or statements including quantitative details (such as “ready to build,” “great water supply,” “in perfect condition”), which may be found to be representations.

Liability for negligent or even fraudulent misrepresentation may well result if the court finds there were red flags such that the licensee had reason to doubt the statement made, and to make further inquiries, but he or she did not do so.

In a 1998 case, a judge of the Supreme Court of BC found that the sellers fraudulently misrepresented the condition of the property by saying in the MLS listing that it was in “perfect condition,” and that this description was not mere puffery. The sellers’ failure to disclose known issues with water/sewage ingress and rot in the basement walls, which constituted a material latent defect, resulted in a finding of liability against the sellers. Interestingly, the judge did not find the listing agent liable as the agent did not have a duty to inspect nor any reason to disbelieve the sellers.

Statements as to quality can also be made by buyers’ agents and can also result in liability. In a more recent Small Claims Court case, the buyers’ agent’s statements to the buyers were found to be more than mere puffery, constituting representations upon which the buyers relied, to their detriment. 

The buyers alleged that they had been misled as to the safety of the septic system (which diverted the grey water discharge away from the septic tank/field and into the garden) based on their discovery, some two years later, that the Regional District considered such method of grey water discharge a health hazard which could not continue.

The judge found that the buyers’ agent had told the buyers that grey water discharge into the garden was common in the area and was nothing to worry about, despite there being visible spaghetti noodles on the ground; and that the septic inspection company they had hired was notorious for inspecting and quickly failing septic systems. The judge accepted that the licensee was being honest in making representations and found that the buyers ultimately relied on septic experts.

However, the judge did note that she was troubled by the licensee’s “easy representation” in the circumstances but dismissed the claim against him on the basis that the buyers had not established that the licensee had fallen below the standard of care applicable in the circumstances.

While marketing language often includes superlative terms about the quality or features of a property, licensees must be careful not to make statements of fact without a reasonable basis to believe such statements are true and not misleading.

 

Case references:

Betker v. Williams (1991), 63 B.C.L.R. (2d) 14 (C.A.)
Edwards v. Crocker, 1998 CanLII 6309 (B.C.S.C.)
Pacific Playground Holdings Ltd. v. Endeavour Developments Ltd., 2002 BCSC 126
Wagner v. Maloney, 2018 BCPC 107

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