Justin MacKinnon

Cell: 778-229-7444 |

 

 

Incredible 1 bedroom plus den plus flex space in one of Coal Harbour's finest bldgs. - The Melville! This home is complimented with granite counters,stainless steel appliances,floor to ceiling windows,gas range, SE facing balcony plus so much more.The Melville offers concierge,rooftop pool,exercise facility,sauna plus party room. Central downtown location steps to Robson St., seawall,Stanley Park,Vancouver Convention Centre and the business district. This home offers a great open layout with endless possibilities and comes with secured parking and a storage locker.Pets and rentals allowed making this a great home or investment.  Listed at $829,000.

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The topic on everyone's minds is not going away.  Government is making moves to nip certain problems in the bud, but is any of it really helping?  Mayor Gregor Robertson has just rolled out a new plan to limit the marketing of new developments locally first and foremost before going...overseas for example.  So, if a new project starts in East Vancouver, for the first 30 days, marketing will be limited to East Vancouver.  Only after 90 days or so will it be allowed to be promoted overseas.  Is this good for Vancouverites?  Yes.  Is this good for affordability?  Not really.  

Same goes for motions made towards condo assignments or "shadow flipping" as the media calls it.  Coming down on sellers and agents who are taking advantage of the system is a good thing, but I feel that all the work local and federal government are doing to regain the trust of the public in regards to real estate is still not fixing the larger issue here.  

 

Empty home tax is a great deterrant for speculators who are not using our housing market for actual housing, but again, it feels to me like these minimal effort moves are just a dog and pony show for upcoming by-elections.  

I do see some moves as being beneficial to the overall problem, such as allowing more rental suites per lot.  Moves such as these will definitely allow home-buyers to attain more mortgage help.  It also opens up more rental inventory.  

I also see a lot more development happening these days, which should be lowering prices.  Yet I dont see prices dropping.  If supply is increasing to meet demand, shouldn't there be market corrections?  The detached single-family housing market is slowing, but the attached market is stronger than ever!  There are future plans for a lot more inventory coming down the pipes, so maybe a massive increase in inventory will eventually solve the problem, but I dont see these bandaid solutions helping any time soon.

 

https://www.straight.com/news/981731/vancouver-council-debate-putting-locals-ahead-foreign-buyers-lines-real-estate-pre-sales

 

https://beta.theglobeandmail.com/news/british-columbia/cra-investigation-seeks-information-to-identify-bc-condo-flippers/article36596875/?ref=http://www.theglobeandmail.com&

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The NDP has decided to remove tolls from the Port Mann and the Golden Ears bridges, effective September 1st, 2017.  Reactions are mixed.  Some are ecstatic with not having to pay any more tolls in their day-to-day lives, others are worried about where this income will have to be supplemented from.  The former of the two would also argue why only they had to pay tolls to cross when there are still 4 other local bridges that get off scott-free.  There was a proposition a few years back suggesting a reduced toll, but for ALL bridges.  North shore folks were up in arms about the thought, so it was quickly shut down.  So this touchy subject has been put to bed, at least for now.  

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The municipal government proposed a plan to build 72,000 homes in the next decade.  48,000 of those will be rentals.  15,000 of those rentals will be targetted for a lower income household and 6,800 will be for those with extremely low income.  Some will also be geared towards social housing programs.


As mentioned in an earlier blog, municipalities in BC are allowing detached, single-family homes to rent out up to 4 suites.  


What does all this mean?  It means there are measures being taken to settle the astronomical rental prices pushing more and more Vancouverites out of the city.  It also means that much needed real estate inventory will be injected into a market starved for just that.  The sellers market that we are currently seeing might become more balanced or even flip to a buyers market as these next 10 years approach.  We'll be seeing less subject-free offers, less "holding offers until next Monday", less multiple offer scenarios with listing agents holding 12 offers at a time.  All this is great for future home buyers...Landlords and home sellers may not think so, but this market is in need of some long awaited corrections.  Lets see how it all unfolds.

 

 

Source: http://dailyhive.com/vancouver/vancouver-affordability-new-homes-july-2017

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Municipalities trying to increase the rental inventory that now or soon will allow from 2-4 rental suites to be contained on a detached housing lot, through rental suites and laneway houses include Vancouver, North Vancouver, Coquitlam and Port Moody.  But what if you sell your house after benefitting from this?  The portion of a principal residence lot, such as detached laneway house, used to generate rental income could be subject to capital gains taxation when the property is eventually sold.  The portion of a house being rented out, such as a basement suite, would not necessarily trigger a capital gains tax, detached laneway houses are not so clearly defined.

When the entire property is eventually sold any gain realized on the laneway house portion will not be eligible for the principal residence exemption, the owner is required to track all costs associated with building the laneway house as well as keep records related to the original cost of the property, capital improvements made, the relative value of the land versus the main residence on the date of the deemed disposition and on the date of sale.

You could potentially lose a hefty portion of the principal residence exemption.  Homeowners should weigh the risk vs reward with laneway house rental income vs tax exemptions.

 

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