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Oakridge by Westbank

We invite you to discover one of the most transformative events in the history of our city. The Westbank developers have made something extraordinary with the once in a lifetime opportunity that is Oakridge, and are reimagining every aspect of city building:

  • Oakridge will be the home for 6,000 residents and the workplace of 3,000 creative economy workers who will enjoy a market with over 100,000 square feet of curated culinary space and one of Vancouver’s largest community centres (completion 2025).
  • The project promises to offer the largest public art program in the city’s history.
  • Oakridge Centre is the first major redevelopment project in the region to undergo a re-think about its parking needs in relation to the future of mobility. Not self-parking, it’s valet parking, all outfitted with electric vehicle chargers – are for residents, workers, and visitors

Come to discover  – SUNDAY NOV 18  (10 am to 4 pm)

 

Email Us just your Full Name, and we will put into VIP list to receive personal invitations to this marvelous event!

click here to read more

B.C. announces new steps to crack down on tax evasion in real estate market

The province of British Columbia is increasing disclosure when real estate purchases are made through a corporation or trust, with an eye to reducing tax evasion.

British Columbia, and in particular Vancouver, has some of the highest real estate prices in the country, and the current provincial government has made it a priority to increase affordability in the market, such as implementing a foreign buyers’ tax. And Finance Minister Carole James said these new changes will give authorities “another tool to make sure people are paying the taxes they owe.”

“Our government has been clear that the days of skirting tax laws and hiding property ownership behind numbered companies and trusts are over,” she said. “Not only is tax evasion in real estate fundamentally unfair, but it’s driving up the cost of housing for people who live and work in our communities.”

Starting Sept. 17, the new property transfer tax return will require people to report additional information when a transaction is structured through a corporation or trust. This will allow government to identify people with a significant interest in the property and ensure the correct amount of tax is paid. The updated return will require the individual’s name, date of birth, citizenship information, contact details and tax identification numbers such as a social insurance number.

The new reporting requirements will apply to all property types, including residential and commercial. There will be exemptions for certain trusts, such as charitable trusts, and certain corporations, such as hospitals, schools and libraries.

 But Jonathan Reilly, managing partner at Vancouver’s English Bay Law Corporation, said so far the government has only provided solutions that require spending tax dollars rather than considering approaches that would result in more housing at an affordable price that requires less intervention by the government in the market.

“The government’s solutions [on affordability] have not done anything to stabilize the market,” he said. “Instead, they have pitted one group of buyers against another and have driven demand out of the housing market.”

Reilly noted prices for homes on the tony west side of Vancouver have come down about 25 per cent but prices in the condo market, where he says most people in the province are buying homes, haven’t changed.

“If you own a $5 million home, it’s now worth $1 million less. But people aren’t buying $5 million homes, most people are buying in the $750,000 to $1.5 million range, and that’s the condo market,” he said. “A drop in the $5 million housing market, that really doesn’t help your average person — the only people that is going to help is developers.”

Reilly said there are other things the province could be doing, such as reducing the amount of time it takes to get development approval to build new stock.

“Most development, if not all, is financed, and one of the largest costs in the development is the interest to the lenders on the acquisition and construction costs,” he said. “So if [the government] was more efficient in giving its approvals, then we could have more stock, and I think the real problem [in the housing market] is the shortage of stock.”

Click here to view the article.
Article by thelawyersdaily.ca

Tiny Vancouver West End apartment listed at $2,100 a month

An ad has appeared on Craigslist for a studio apartment in Vancouver’s West End that is currently listed at $2,100 a month. Residents in the area are shocked at the price.

It’s a fresh reminder that the cost of living in Vancouver remains sky-high.

As first reported in URBAN YVR, an ad has appeared on Craigslist showcasing the newly-renovated Normandie Building the city’s West End.

The character home on Haro Street is offering studio and one and two bedroom apartments, with the 259-square-foot studios starting at $2,100 a month.

The apartment does welcome pets and has free internet, heating and hot water.

PHOTOS: A look at the studio apartment at 1425 Haro Street. Photos from Plan A Real Estate Services Ltd.

However, the studio apartment is about the size of a one-car garage.

To view the article click here.
Article by Globalnews.ca

NEW TAX REGULATIONS: DECLARE IF YOU SOLD YOUR HOUSE

On October 3, 2016, the Government announced an administrative change to Canada Revenue Agency’s reporting requirements for the sale of a principal residence.

When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and you do not have to pay tax on any gain from the sale. This is the case if you are eligible for the full income tax exemption (principal residence exemption) because the property was your principal residence for every year you owned it. Continue reading

Don’t panic if your property assessment shoots up…

Although some homeowners in Metro Vancouver just saw their assessed property values rise by hundreds of thousands of dollars this year, the provincial government says people shouldn’t panic.

In BC Assessment’s newly released 2017 property assessments, some single-family homeowners saw the assessed value of their home shoot up by 30 to 50 per cent.

Vancouver, Squamish, Burnaby, Tri-Cities, Richmond, Surrey and the North Shore were among the areas with the highest increases. Continue reading

Vancouver unveils new housing strategy for the next decade

By Justin McElroy

The City of Vancouver has unveiled its full 10-year strategy for housing, with an emphasis on building and preserving rental units.

The strategy, comes after a year of studies and consultation — during which time Vancouver continued to be ranked as one of the most unaffordable cities in the world, and vacancy rates for rental units continued to be under one per cent.

The new plan calls for 72,000 new units of housing in the next decade, two-thirds of which would be rental.

“It’s what we feel is needed to correct that bias in the market … so we remain a diverse city. That’s the philosophy … make sure Vancouver remains a place for all people, all incomes. That’s why we’ve set this ambitious target,” said Gil Kelley, Vancouver’s chief planner.

“There’s some big moves that haven’t been done before.”

Key planks of the city’s strategy includes:

  • The creation of 20,000 new purpose-built rentals in the city and business models to support 12,000 new units of “social and supportive housing.”
  • New rental programs along the Broadway corridor and rapid transit stations at the Nanaimo, 29th Avenue and Olympic Village stations
  • Creating a dedicated renters protection manager to help renters explore their rights when landlords want to renovate or redevelop properties
  • A Moderate Income Rental Housing Pilot Program to create dedicated rental housing through density bonuses
  • Creating new policies to allow townhouses and low-rise apartments in areas currently zoned for single-family homes, in areas “near parks, schools, public amenities and main streets.”
  • Working with the provincial government to allow rental-only zones
Read more at http://www.cbc.ca/news/canada/british-columbia/vancouver-housing-strategy-reset-report-1.4416669 

Vancouver home sales forecast to slip this year, rebound in 2018: BCREA

By Emma Crawford Hampel

The average home sale price is expected to drop across B.C. this year because of an increasing demand for less expensive home types, such as condos

Both the number of homes sold and the average price are expected to drop overall this year in Greater Vancouver, according to a British Columbia Real Estate Association forecast published June 19, but 2018 will see both of these measures bounce back.

This year, according to the association’s forecast, approximately 36,500 homes are expected to change hands in the region; this is an almost 11% drop compared with 2016. In 2018, 38,400 homes are forecast to be sold – an increase of more than 5% compared with this year’s forecast. The average selling price is anticipated to fall below the $1,000,000 mark, dropping 3.6% from $1,017,228 last year to around $980,790 in 2017. In 2018, the average selling price is expected to rise more than 4% to around $1,022,000.

Across B.C. as a whole, the number of homes sold is expected to drop 10% to 101,030 units, from last year’s record 112,209 units. The number is expected to slip another 0.5% in 2018.

This year, the average B.C. home sale price is expected to drop because of an increasing demand for less expensive home types, such as condos. As well, a larger share of home sales is taking place outsider of the Greater Vancouver area, pushing average prices down further. The BCREA forecasts the average selling price will slip 1.1% this year, reaching $683,500 from $691,100 last year. In 2018, prices are expected to increase more than 5% to around $719,000.

“The province is in its fourth year of above-trend economic growth,” said BCREA chief economist Cameron Muir. “Strong employment growth, consumer confidence and an influx of inter-provincial migrants are important drivers of the housing market this year.”

Muir said as more young British Columbians enter their “household-forming years,” demand for condos is increasing, placing pressure on the supply of this home type.

Taken from https://www.biv.com/article/2017/6/vancouver-home-sales-forecast-slip-year-rebound-20/