We are professionals and we advise our other real estate colleagues to please remember that counseling a party to avoid taxes is participation in tax avoidance under the Act! Your marketing, social media and other communications all "count". 

From the Property Transfer Tax Office:

Please view the details from the Ministry of Finance regarding the Speculation Tax that was recently announced with the 2018 Provincial budget. CLICK ON LINK.

If you have any question on this tax please contact us.

930 Yates - Downtown Victoria - The Manhattan 

Welcome to a fantastic, bright, 2 bedroom, 1 bath condo in the heart of downtown in The Manhattan. If you are looking for a great revenue option or are a first-time buyer looking to get into the market, The Manhattan is perfect. This steel and concrete building is centrally located across the road the Market on Yates, London Drugs, Starbucks and the Atrium is just down the street. Low strata fees, no rental restrictions, pets allowed and the in-suite laundry make this a versatile offer. Great layout with no wasted space and well-appointed kitchen that overlooks the living area that opens to a south facing deck with great views of the city, water and mountains and an abundance of natural light. Call now as this home has been priced for quick sale!

Strata Includes: 

Bldg Insurance, Bldg Maintenance, Caretaker, Garbage p/u, Hot Water, Management

This Condo will go fast,  contact the BC HOME GROUP for details on what is currently listed in the building.

Listed by : Re/Max Alliance 

2 for 1 - That's right, two homes for the price of one! Listen to this! Newly remodeled one level Rancher plus new detached carriage house in outstanding location nestled in the Glen Lake area, steps to West hills, Eagle Ridge arena, Westshore center and all amenities. The main home offers 1100 sq ft and 3 bedrooms, open concept living with updated windows, flooring, painted inside and out, landscaping & driveway and much more. You will appreciate the separate residence boasting your newly finished 1 bedroom carriage house with modern kitchen and bath, laundry making for an ideal mortgage helper. Plenty of parking for boat or RV. Minutes from downtown Langford, schools, parks & amenities. Short stroll to Glen Lake for summer swimming. Great offering with future potential to subdivide into two lots if desired!

Price $738,800

Listed RE/MAX Camosun

For more details on this listing please contact us or go to our home page and type the above address in the search bar.

BC Budget 2018

The British Columbia government made several announcements regarding housing as part of the NDP 2018 Budget. Among those announcements are the following:

Additional Property Transfer Tax (Foreign Buyer Tax):

1. Increase of the Additional Property Transfer Tax on Foreign Entities from 15% to 20%.
2. Expanded regions of the Province where the Additional Property Transfer will apply, to include the Capital Regional District, the Fraser Valley, the Central Okanagan and the Nanaimo Regional District.
   1.                                                     i.     Grandfathering provisions will exempt transactions from the Additional Property Transfer Tax in the above areas if registration occurs before or on May 18, 2018and the property transfer is subject to a written agreement dated on or before February 20, 2018 (a definition of written agreement has not been provided).
   2. Further information on the Additional Property Transfer Tax and other exemptions to the Additional Property Transfer Tax can be found in the following link: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/additional-property-transfer-tax

Property Transfer Tax:

1. The Property Transfer Tax has been increased for residential properties on the portion of the Fair Market Value of the property in excess of $3,000,000.
2. The Property Transfer Tax rate now is:
   1.                                                     i.     1% on the first $200,000,
   2.                                                    ii.     2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000,
   3.                                                   iii.     3% on the portion of the fair market value greater than $2,000,000, and
   4.                                                  iv.     if the property is residential, 5% on the portion of the fair market value greater than $3,000,000.
   5. This is effective February 21, 2018 and there is no exemption for contracts of purchase and sale entered into prior to February 21, 2018 closing on or after February 21, 2018.
   6. Further information on the Property Transfer Tax can be found in the following link:https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand#FairMarket

Speculation Tax:

1. Beginning fall 2018, the Province has announced that it will introduce a new speculation tax on residential property targeting foreign and domestic owners who own real estate in BC but do not pay taxes in BC. 
2. While full details of this tax have not been released, the Province has announced:
   1.                                                     i.     The new tax will apply to the Metro Vancouver, Fraser Valley, Capital Regional District, Nanaimo Regional District and the municipalities of Kelowna and West Kelowna.
   2.                                                    ii.     Exemptions will be available for most principal residences, qualifying long term rental properties and special cases.
   3.                                                   iii.     The tax rate will be 0.5% of the taxable assessed value of the property for 2018 and 2% for 2019.
   4. Further information on this proposed speculation tax can be found on page 10 in the following link: http://bcbudget.gov.bc.ca/2018/homesbc/2018_Homes_For_BC.pdf.

 General Anti-Avoidance Rules

1. The Property Transfer Tax Act is subject to general anti-avoidance rules and applicable penalties.
   1.                                                  i.     Professional advisors (including Realtors) advising someone to avoid, evade or attempt to avoid or evade tax liability under the Property Transfer Tax Act may result in significant penalties including double the tax, tax plus interest, a fine of $200,000 for corporations or $100,000 for individuals and/or up to two years in prison.
   2. Further information on this can be found in the following link: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/file

This is only a brief discussion of some aspects of certain announcements related to housing in the 2018 Budget. The following is a link to further information on the NDP housing announcements: http://bcbudget.gov.bc.ca/2018/homesbc/2018_Homes_For_BC.pdf. If you have any questions on the above or any other real estate related matter, please do not hesitate to contact our office at any time.

481 Nelson St V9A 6P3

Lovely little character home in Saxe Point with water views on a quiet dead-end street. This 2 bedroom/1 bath is a fabulous alternative to condo living or start fresh & build your dream home! You'll enjoy views of the water from your front yard patio & water access at the end of the street!! This property provides a rare opportunity to own in popular Saxe Point in Esquimalt. Minutes away from the water & parks, walking distance to shopping, recreation, CFB Esquimalt & Graving docks. Enjoy the character pieces of this cozy 1915 home, including original hardwood floors, feature fireplace & beautiful original wood trim/molding around the windows & ceiling. The comfortable kitchen includes an eating area & access to the backyard & storage shed. Bonus, 2 more sheds provides plenty of storage! The sizeable lot with established trees provides lots of privacy & is completely fenced. 2nd bedroom doesn't have a closet & is access to bath. Move in & enjoy, rent & hold or build new.

For more details on this listing please contact us.

Royal LePage Coast Capital - Oak Bay

Listed by Royal LePage Coast Capital - Chatterton

6341 Old East Rd V8Y 1R7

Set on a majestic 97 acres overlooking the Martindale Valley in Central Saanich, British Columbia, this exceptional piece of property is being offered for sale for the first time since the original farm moved to this location in 1956. This is truly a one-of-a kind piece of property as it is one of the largest freehold properties on the Saanich Peninsula. From the moment you drive onto the property, you will realize how special this farm is and how many different farming opportunities exist. The annual gross REVENUE is approximately Seven figures. The business and equipment are include in the purchase price. There are 4 separate homes located across the top portion of the property to take advantage of the wonderful views of Martindale Valley.

SOLD ON: 2017/11/22

PRICE: $12,000,000

For more details on this sold listings please contact us.

As of tomorrow - February 21, a 20% Foreign Buyer Tax will be levied on purchases in the Capital Region - according to the BCREA this tax will have an immediate impact on transactions underway, but there are some transitional rules, outlined below. 

Also live tomorrow is an increased Property Transfer Tax for properties over $3 million. The Property Transfer Tax will increase to 5 per cent for properties over $3 million.

You will love our NEW Real Estate APP used by many to find their dream home/ideal investment property. This app will allow you to find the perfect property as soon as it hits the Victoria Real Estate Market. This app can be downloaded at www.mlsapp.ca , please make sure to hit the box that says "INSTALL MY APP".  The best part of this app is it is FREE. If you need help downloading the app , please do not hesitate to contact us and we will help you out 1-778-401-9545.

What are some of our client's favourite features?

• You can save the different types of searches. No need to retype them in everyday, just hit a button and BAM, a list of everything you are looking for
• You can immediately request documents and a showing of the property, no need to wait and find out days after it has already sold
• Save all your favourite properties to a your folder and watch what happens

Stay ahead of most buyers and get this app. Talk soon! BC HOME GROUP :-)

P.S. Please follow us on social media, to see our latest tips for home buyers and investors. Links are HERE . THANK YOU!

Easter Events in Victoria this Month

 If you would like to know more about the BC Home Group's Easter Chocolate give-away gift contact us for some free chocolate ! Contact us 

Also stay tuned for more information on all the Easter Events happening around Victoria in all the different communities.

Looking for really delicious Pizza in Victoria, British Columbia ?

Romeo's Pizza is known to be most of Victoria's Favourite Pizza shop. 

Here is a link to their website

Buying a Condo on Manchester Rd 

Outstanding value in this location. There is a secure underground parking stall along with storage for most condo units on this street. Great location, just minutes from all amenities, bus routes, Downtown Victoria, parks, Selkirk Waterfront and Uptown. It is a must see.

To see what is currently for Sale on this Street please click on the following LINK.

Check out Popular Condo Buildings in Victoria BC.

Q – Our office practice has always been that if there is a tenant in place and vacant possession of a property is intended, we have a buyers' notice filled out to give to the sellers, who then serve official notice to the tenants to end tenancy. 

The seller’s agent seems to be saying that vacant possession is implied, and that we do not need the form. In this case, there was no language in the contract saying that the seller had to give notice and the possession part was left blank with no reference to the tenant in place.

Can you please clarify? We have always gotten the VREB form signed by both parties in such a situation.

A -     If the seller signs the offer with: 

A)   no language in the contract requiring the seller give notice to the tenant; or

B)   the possession clause is blank when it comes to existing tenancies,

Then the seller has contractually agreed to provide vacant possession without further notice or action by the buyer.

Thus it is for the benefit of both parties, that the standard clause with respect to tenancy, stating that the buyer will provide a letter and the seller notice to the tenant after conditions are removed, pursuant to section 49, is in a contract where the property is tenanted and the tenant has not already agreed to move out. 

So if this clause is not in the contract, the seller may have a legal issue as they have legally agreed to provide possession, but the buyer is not required to provide a letter. 

However, it is still in everyone's best interests that the buyer provide that letter, if in fact the buyer is intending to occupy the unit, as otherwise it is not possible to provide legal notice to the tenant. The buyer may want assurances that the seller assumes all responsibility, for any costs arising from providing notice to the tenant.

The Aria is a popular condo building downtown Victoria BC. It has the best location and has the nicest views in Victoria. 

ARIA, located on the fringes of downtown and Victoria's inner harbour, is home to twin twelve story towers, Bravo & Encore. In total there are 174 masterfully designed suites. No other residence willl be as convenient to the pulse of the city center, situated mere steps away from museums, shopping, fine dining, parks & the sea wall. Special attention has been paid to every detail.

To see what is currently listed in the Aria, please click on the following LINK.

The building is located at 737 Humboldt St V8W 4A4.

Q - There seems to be some confusion about how GST applies to residential properties that are bought and resold (flipped).  I believe GST does not apply to used residential property unless it is renovated substantially (90 %+). 

I am not clear if it applies to properties that are purchased, not lived in, undergo superficial renovation (such as kitchen and bathroom make-overs), and then sold for a profit.

Does it make a difference if this is done as a one time venture or done multiple times as a business?

A - As always, one starts with the premise of the legislation.  Namely GST is applicable to all sales of real estate unless exempt.  The principal exemption is personal use property.  This means in general real estate used for residential purposes only and not business purposes.  Flipping property on a regular basis could well be construed by CRA as a "business use" and therefore subject to GST.  Flipping a house once would probably not though if the seller specifically set out with a business plan with that in mind it could. 

To avoid difficult situations we recommend buyers put in a clause stating:

“GST is not applicable and if later deemed to be applicable will be deemed included.”

If this is not done and the seller determines GST to be applicable they can charge the buyer GST on the completion date.

If you have any questions please feel free to contact us directly.