May 2018

Found 27 blog entries for May 2018.

Home renovation spending drops to 5

The amount Canadians spent renovating their homes has dropped to a five-year low this year, according to a CIBC report.

The study, released Thursday, found that renovation spending is down five per cent to an average of $11,000 per planned spend in 2018. The study found that 45 per cent of Canadian homeowners planned to renovate this year, down from 48 per cent in 2017.

"Canadians continue to see the value of investing in their homes, but they’re taking a very practical approach by focusing on lower-cost projects this year," CIBC Executive Vice-President, Personal and Small Business Banking Edward Penner said in a release.

British Columbia is seeing the steepest renovation spending drop, with a planned $9,900 expenditure per household. That

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VANCOUVER—In Vancouver and Toronto’s hot real estate markets, property owners “try to trick the Canada Revenue Agency” all the time, but over the past two years Canada’s taxation authority has become more aggressive at rooting out tax evasion, says a tax and estate planner.

“People are in some cases lured by the prospect of making easy, quick money,” said Jamie Golombek, managing director of tax and estate planning at CIBC in Toronto. “The temptation is not to report or to inappropriately report.”

Canada’s taxman becoming more aggressive with real estate tax evasion in hot Vancouver and Toronto markets

The CRA recently reported it had identified nearly $600 million in unpaid taxes from the British Columbia and Ontario real estate sector from audits conducted over the past three years. The agency warned that there continues to be “compliance risks,”

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Our Looming Tower’s Big Sister

The design said to be inspired by the poised form of a “strong female figure” — designed to counter the masculine “broad shoulders” of Vancouver House. …

Together, the two towers will form a gateway to downtown Vancouver, although the Pinnacle tower will be 535 ft. (163m), slightly higher than Vancouver House at 493 ft. (150m). …

In 2016, Pinnacle International acquired the site from the City of Vancouver with a successful bid of $20 million, contingent on the delivery of non-market housing along with any tower proposal. …

The Pinnacle tower was designed by JYOM International of Shanghai, China, co-founded by Vancouver native Kandice Emmie Kwok. GBL Architects is the architect of record

Continue reading Our Looming Tower’s Big Sister on

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Nicely updated 2 bedrooms and 2 full bath condo in New Westminster!

315 1128 Sixth Avenue, New Westminster

Nicely updated 2 bedrooms and 2 full bath condo on the quiet side of the building. Bathrooms updated with new tile, toilets, and faucets. Kitchen has a new tile floor, stainless steel appliances including fridge with water and ice dispenser, new faucet and new hood fan. Gas fireplace has new tile on face and hearth and runs on a thermostat. All new plug and switch covers, all new light fixtures - nothing to do but move right in! Great building with pro-active strata has had the building enveloped completed. Great exposure overlooking inner courtyard offers lots of privacy. First public Open House Saturday and Sunday, June 2nd and 3rd from 2:00 to 4:00 pm. A MUST SEE!

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Government fees and taxes account

Hefty fees and taxes placed on new housing developments are a significant contributor to Vancouver’s sky-high housing prices.

An new, independent study conducted for the Greater Vancouver Board of Trade’s Housing Forum 2018 found that government taxes and fees account for 26.22% or $220,256 of the total $840,000 cost of a typical new apartment.

The research was carried out by appraisal and tax expert Paul Sullivan from Burgess, Cawley, Sullivan and Associates Ltd., a local commercial real estate appraisal and property tax consulting group.

“When expressing their deep concerns over housing affordability, why haven’t governments taken a long hard look in the mirror?” asks Sullivan.

“Governments at all levels are increasingly addicted to real

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Weaker home sales continued through April but the slide in sales showed signs of moderating. B.C. Multiple Listing Service (MLS) sales fell for the fourth straight month in April to 6,590 seasonally adjusted units, down 1.8% from March, compared with a 6% drop the previous month. Since a fourth-quarter peak, sales have fallen 30% largely due to federal mortgage stress tests.

B.C. housing markets easing into balance

Declines were concentrated in the Lower Mainland, Vancouver Island and Okanagan Mainline real estate board regions, which, incidentally, are home to the highest-priced markets in the province. In contrast, sales rebounded in Kamloops, the South Okanagan and northern regions.

Weaker sales are pushing most markets back into a more moderate balanced state. Listings are staying

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Canada & China to Share Tax Information Starting in September

As reported in the Globe and Mail earlier today, China and Canada will begin exchanging tax and financial information for the first time this September. The collaboration will provide Canadian authorities a clearer picture into the activities of some foreign-property owners who evade Canadian taxes in real estate markets such as Vancouver.

The exchange of tax information is part of a move by more than 100 jurisdictions in the world that have committed to implementing the Common Reporting Standard, a global agreement for the automatic exchange of tax and financial-account information. The agreements are aimed at combatting tax avoidance and evasion.

Under the agreement, all participating countries will require financial institutions to identify

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Vancouver has the highest property taxes in Canada. The B.C. property-tax surcharge would further increase this burden and substantially encroach onto the municipal tax base. This regressive provincial tax grab will make life less affordable for everyone, both owners and renters. To understand this requires looking past ideological bias and considering the facts.

BC taxes

In the 1990s, a luxury tax was proposed on properties above $500,000. If that hadn’t been withdrawn by then-Premier Mike Harcourt, it would have eventually applied to all properties across the city and region, including most condos.

The proposed surtax is strategically tied to the $3-million mark to minimize initial impact of this precedent that, if implemented, will eventually be

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In three years, CRA auditors have reviewed more than 30,000 files and identified nearly $600 million in additional taxes, resulting in over $43 million in penalties

If you sell real estate, expect the taxman to take a close look in continued CRA crackdown

Anyone selling real estate during the year has to report such sales on their tax returns, even if any gain is 100-per-cent tax-free due to the principal residence exemption. Yet it appears Canadians still run afoul of the law when it comes to the appropriate tax reporting of those sales.

In a release last week, the Canada Revenue Agency provided an update on its ongoing project to address “non-compliance in real estate transactions.” The CRA said there continues to be “tax compliance risks in the real estate sector, particularly in the Vancouver and Toronto markets. In response to

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Rising property values in Vancouver have resulted in the demolition of an unprecedented number of single-family homes in recent years, many of which were replaced with the same type of structure. Despite the better energy performance of the new homes, this cycle is likely to increase overall greenhouse gas emissions, according to new analysis from researchers at the University of British Columbia and MountainMath Software.

tearing down Vancouver’s homes

“The Zero Emissions Building Plan instituted by the City of Vancouver, which aims to eliminate emissions from the operations of new buildings by 2030, has already improved the energy efficiency of new homes,” said study author Joseph Dahmen, a professor of architecture and landscape architecture at UBC. “This is a significant

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