Homes in Vancouver which are unoccupied for 6 full months of the year or more, will be subject to the 1% EMPTY HOMES TAX.

The tax is equal to 1% of the property's taxable assessed value in addition to the existing property tax and will be applied annually.

Who won't be subject to the tax?

Residences being used as a principal residence by the owner, a family member, a friend or any other person occupying with the permission of the owner but is not a tennant or sub tennant, will NOT be charged the tax.

Nor will properties that are rented long term (with a written tennancy agreement) for at least 30 days in a row for a minimum of 6 months in aggregate over the course of a year.

For greater detail and how this particular tax applies to you, it is always important to seek proper advice such as with an accountant or lawyer. More info also available at:

https://vancouver.ca/home-property-development/empty-homes-tax.aspx

Do you have a basement suite or a laneway house and you don't want long term tenants?

As of September 1st 2018, in Vancouver, you are permitted SHORT TERM RENTALS in principal residences only - the home where you live.

Anyone operating a short term rental must have a business licence and include it in all the listings.

The registration period to comply with the regulations ends after August 31st. After this date, you can still apply for a licence but all short term rentals listed without a licence will be fined $1000.

For more info go to vancouver.ca/short-term-rentals

July 2018

Typically, the real estate market will slow down in the summer months, with an increase slightly in mid - September and then take a slower turn as it approaches November. Below are the statistics for July 2018 in comparison to July 2017.

Detached Properties:                                                         One year Change

Total Active Listings                          858                                        +6.3%
Sales                                                  57                                         -23%
Days on Market Average                   54                                         +50%
MLS HPI Benchmark Price                $3,356,500                           -8.4%
             
Condos:

Total Active Listings                         1203                                       +20.2%

Sales                                                 295                                         -25.5%

What does all this mean?

In the detached home market on the west side of Vancouver, prices are down around 8% from last year, sales activity is down as well, and listings are up. All of this creates a BUYER'S MARKET - great time to BUY!

For condos, activity continues to be strong, with prices up, listing numbers up, but activity down in the summer months. It is a SELLER'S MARKET.

For townhomes, which is a small market on the west side, listings are up, sales slightly down but prices still on the rise. One reason for this is lack of supply and high demand, especially amonst the down sizing crowd. This is a BALANCED MARKET.

Historically, there is a bump in selling and buying activity in the 2nd and 3rd week of September, when the kids are all back at school and the adults have settled into their fall schedule.

NOW is the time to prepare your home to list in September.

1. Have a garage sale

2. Get some exterior painting done during the warm weather

3. Declutter

If you are not sure what tasks will enhance the presentation of your home, give me a call. Decluttering and staging are 2 of my talents and passions!

Summer time is typically slow for real estate in Vancouver, and Kitsilano is no different. Currently, there are 48 detached homes for sale, the lower end at $1,999,000, a 1927 home on a 33 x 110 lot and a 2305 sq. ft. home.

At the top end, as usual is Point Grey Road water front, with one property listed at $19,980,000.

There have been 4 sales in the last 30 days with a 25 x 120 lot with a house built in 1905 on it, selling for $1,400,000.

It is important to remember that in VANCOUVER, any home built pre - 1940 must be assessed for possibly having "character" or be checked for being on the Heritage list, as this will affect how or if you can make structural changes to the house or demolish it.

Many Babyboomers are reluctant to sell their homes after raising their families in lovely detached homes. People always say "where will we go?"

Now you can move into a beautiful brand new condo in your same community on the west side of Vancouver.

Alma & 10th by Landa Global is a new four-storey mixed-use concrete development located at the corner of Alma & West 10th Ave.  Contemporary with traditional charm enhances this upscale neighborhood. This project will offer seven retail units and 32 two and three-bedroom spacious condominiums.

The Broadway commercial district, Almond Park, fitness centre and more are great attributes of this west side community.

According to the Federal Government HOME BUYER'S PLAN, you can use up to $25,000 of your RRSP to help finance a DOWN PAYMENT or use for closing costs.

The RRSP funds must be on deposit for at least 90 days, and you have 15 years to repay it all back.

You must be a FIRST TIME buyer, however, even if you owned a home previously, you can be considered a first time home buyer if in the previous 4 years, you did not own a home.

Before withdrawing the RRSP funds, seek appropriate advice from an accountant, banker or financial planner.

Vancouver city council unanimously approved Tuesday a heritage revitalization agreement to protect the 1930's Hollywood Theatre on west Broadway and allow a six-story mixed use building to be constructed on the balance of the site.

The Company, 4184 Investments LTD., says that the theatre - which closed in 2011 when the building was sold, will be restore to its former glory, and included a comprehensive operational plan in its development application.

Great news, especially to all those who fought to keep this iconic Kitsilano landmark standing. Combining the old with the new can be great design!

Vancouver city council unanimously approved Tuesday a heritage revitalization agreement to protect the 1930s Hollywood Theatre on West Broadway and allow a six-storey mixed-use building to be constructed on the balance of the site.

The company, 4184 Investments, Ltd., says that that the theatre – which closed in 2011 when the building was sold – will be restored to its former glory, and included a comprehensive operational plan in its development application.

Great news! The iconic theatre facade has been a mainstay of the Kitsilano Broadway corridor for a long time. I love the incorporation of the old with the new.

The company, 4184 Investments, Ltd., says that that the theatre – which closed in 2011 when the building was sold – will be restored to its former glory, and included a comprehensive operational plan in its development application.

Last year, when my mom passed away, my siblings and I patiently and generously divided up her belongings. What we noticed was that no one really wanted any of the silver ware, especially the fancy coffee and tea set. For most people, it is the big job of keeping it sparkling clean that determines whether they keep it or not.

When my sister investigated where to sell it or donate it, she found that there was not much demand for it. Apparently much of the silver ware is silver plated, not solid sterling silver, and not worth much. You can find a lot of it at second hand shops in Vancouver. If you think it is worth something, VancouverGold, a local company can analyze its content and collectability. Below are some other shops to help you out as well.

Panache Antiques & Objets D’Art inc. 2212 Granville St. Vancouver Ph: 604 732 1206

Uno Langmann Limited-Fine Art 2117 Granville St. Vancouver Ph: 604 736 8825

Echo’s Discontinued China and Silver 121-1433 Lonsdale Ave. North Vancouver Ph: 604 980 8011

Seize assets. Prosecute. Pay whistleblowers.

Those are just a few recommendations Marc Cohodes has to save Vancouver’s economy.

Cohodes is a high profile short-seller and fraud-hunter who earned his reputation finding hidden problems and inflated profits on Wall Street.

Lately, though, he’s turned his attention to B.C.

Cohodes admits he’s friends with B.C. Attorney General David Eby, who last September hired former deputy commissioner of the RCMP Peter German to conduct an investigation into the province’s money laundering problem.

Reports of criminal activity started surfacing a decade ago.

While this week’s report by the B.C. government – bluntly titled Dirty Money — links money laundering to B.C.’s opioid overdose and real estate crises, it doesn’t explain why the previous government, under BC Liberal leader Christy Clark, wasn’t able to stop it.

“I think [Eby] should prosecute and investigative people who fueled this, people who profited from it on the backs of hardworking B.C.-ers,” he said.

But Cohodes goes even further with a proposed fix:

“I think the B.C. government needs to seize assets, sell the assets at an auction, split half the money with the Chinese government, split half the money with B.C. and give the whistleblower or finder, say, 10 per cent.”

“You have to do drastic things and drastic measures need to be taken so asset seizure is one place to really start.”

Cohodes takes issue with the finding in Dirty Money that only $100 million has been illegally funneled through B.C. casinos.

“The numbers in my mind are in the tens of billions of dollars and I think the reasons those numbers don’t come out is because the government doesn’t want to scare the hell out of people,” he said.

He’s recommended to Eby that authorities reward whistleblowers who tip off the government to drug trades or luxury home and car ownership.

While he says the problem can be fixed, it won’t stop Vancouver’s real estate bubble from bursting. In his view, the market is already essentially frozen.

“The sooner it resets and resets severely, where hard working B.C.-ers who are born here and want to live here, want to own a place, the better everyone is,” Cohodes says.

“Real estate collapsing is a long term plus, but short term it’s gonna be a b****.”

His final recommendation is that people stand behind Eby to brace the blow.

The attorney general, he believes, is a shining example of what needs to be done to crack down on money laundering.

Prediction of 2018 total sales decline gets steeper, but prices will keep rising, according to CREA.

Read more...

http://www.vancourier.com/real-estate/b-c-home-sales-forecast-revised-predicted-to-drop-17-7-1.23347762