Tagged : Vancouver Real Estate

Found 18 blog entries tagged as "Vancouver Real Estate".

VANCOUVER— On June 4, owners of multimillion-dollar Vancouver homes gave David Eby, their MLA, an earful — again — about a property tax increase they will have to pay. It’s one of several new taxes the NDP introduced in an effort to rein in British Columbia’s overheated real estate market.

But despite intense opposition to the tax increase on Vancouver’s Westside, a new poll suggests that a majority of British Columbians continue to support the new measures, especially policies targeted towards foreign buyers.

B.C. poll shows high support for new real estate taxes despite protests from owners of expensive homes

Mario Canseco, president of Research Co., has seen support for real estate speculation taxes remain high through polls conducted in February, April and now May. He wanted to see if recent protests against the school tax increase had

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Metro Vancouver price drops unlikely to help housing affordability, real estate experts say

While there may be more signs of cooling in Metro Vancouver's housing market, experts say significant relief is unlikely for shoppers at the market's lower end.

Sales are well below the 10-year average, according to figures released this morning by the Real Estate Board of Greater Vancouver, and the price of a detached home actually dropped marginally last month in half of the areas tracked.

Some of the biggest price drops have been in the most expensive neighbourhoods, including the West Side of Vancouver and West Vancouver, which have shown four per cent decreases in prices over the past six months.

Metro Vancouver price drops unlikely to help housing affordability, real estate experts say

That's not surprising to Cameron Muir, chief economist for the B.C. Real Estate Association, who says the top of the market is always

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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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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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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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A booming provincial economy has helped the B.C. banking sector’s biggest employer enjoy mortgage and commercial-loan growth that is substantially ahead of last year’s numbers and the bank’s growth projections, says the Royal Bank of Canada’s (RBC) new regional president for B.C.

RBC Royal Bank business booms along with B.C. economy

“Looking at the real estate side [for mortgage loans], it’s the best start we’ve had in 15 years in terms of growth,” Martin Thibodeau told Business in Vancouver in an exclusive interview.

Countrywide, he said, the bank has about $400 million more in mortgage loans than the bank’s target for the year’s first four months. Of that unexpected mortgage growth, $363 million has come from B.C.

The bank’s commercial banking business is also booming.

Outstanding balances

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rate mortgages

Variable rate mortgages haven’t looked this attractive in years.

That’s not to say they’re the right choice for people buying a home or renewing a mortgage. If you have some financial stress in your life already, a fixed-rate mortgage is a better choice. But if you want to lock down a very low rate today and are OK with the idea that it could rise in the months and years ahead, then consider the variable rate.

I wrote a column talking about the benefits of variable-rate mortgages in late March. One of my arguments was that the penalties for breaking them are typically much less than for fixed-rate mortgages, while the other was that they’re cheaper than the fixed option. Since then, fixed-rate mortgages have become an even better deal. According

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