105 6651 Lynas Lane, Richmond, BC

Posted on July 17, 2015 by Alisa Sakamoto

I just sold this Condo at 105 6651 Lynas Lane, Richmond, BC Riverdale.

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101 7300 MOFFATT Road, Richmond, British Columbia

Posted on July 17, 2015 by Alisa Sakamoto

I just sold this Condo at 101 7300 MOFFATT Road, Richmond, British Columbia Brighouse South.

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SOLD OVER ASKING! 11491 Plover Drive, Richmond, Westwind

Posted on July 15, 2015 by Alisa Sakamoto

I just sold this House OVER ASKING in 3 days at 11491 Plover Drive, Richmond, WESTWIND.

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FOR SALE: 11491 Plover Drive, Richmond, Westwind

Posted on July 12, 2015 by Alisa Sakamoto

I just finished uploading this House for sale, 11491 Plover Drive, Richmond

WESTWIND!!! Live in one of Richmond's most sought after neighborhoods. Terrific 5561 sq ft LUC lot in a quiet location. Features 3 bdrms + Den (or 4th bdrm), 2.5 baths, family room & bonus rec rm. Bright & sunny SE facing living room -perfect for entertaining! Huge NW facing deck off the kitchen, eating area & dining room - great for family BBQ's! Newer fridge, stove, D/W & washing machine. Updated bathrooms upstairs. Nice garden & big storage shed in the backyard. A wonderful place to call home & raise your family! Roof 2007, windows 2009. Buy to live in now and/or build later. Easy stroll to Steveston for shopping & restaurants. Close to transit to get downtown. Schools: Westwind & Steveston-London. Act fast, won't last!

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The Stats for June from the Real Estate Board of Greater Vancouver

Posted on July 2, 2015 by Alisa Sakamoto

July 3, 2015

Metro Vancouver home sales set record pace in June

Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver (REBGV).

The REBGV reports that residential property sales in Metro Vancouver* reached 4,375 on the Multiple Listing Service® (MLS®) in June 2015. This represents a 28.4 per cent increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9 per cent compared to the 4,056 sales in May 2015.

Last month’s sales were 29.1 per cent above the 10-year sales average for the month. It’s the fourth straight month with over 4,000 sales, which is a first in the REBGV’s history. The previous highest number of residential home sales was 4,434, recorded in May 2005.

“Demand in our detached home market continues to drive activity across Metro Vancouver,” Darcy McLeod, REBGV president said. “There were more detached home sales in the region last month than we’ve seen during the month of June in more than 10 years.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $694,000. This represents a 10.3 per cent increase compared to June 2014.

“Housing market activity comes in cycles; we're in an up cycle right now that looks similar to the mid-2000s,” McLeod said. “It would be easy to point to one factor that's causing this cycle, but the truth is that it's a number of different factors.

"Conditions today are being driven by low interest rates, a declining supply of detached homes, a growing population, a provincial economy that's outperforming the rest of Canada, pent-up demand from previous years and, perhaps most importantly, the fact that we live in a highly desirable region," McLeod said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,803 in June. This represents an 8.7 per cent increase compared to the 5,339 new listings reported in June 2014.

"We’re seeing a steady stream of new listings entering the market, but the overall number of homes for sale is not keeping up with buyer demand," McLeod said.

The total number of properties currently listed for sale on the region’s MLS® is 12,181, a 23.9 per cent decline compared to June 2014 and a 1.3 per cent decline compared to May 2015. This is the lowest active listing total for June since 2006.

The sales-to-active-listings ratio in June was 35.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2006. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time.

“The competition in today’s market means that buyers have less time to make decisions,” McLeod said. “Given this, it’s important to work with your REALTOR® to gain insight into the local market, to get quick access to new MLS® listings, to develop a buying strategy that meets your needs and risk appetite, and to receive other services and protections that come from having professional representation.”

Sales of detached properties in June 2015 reached 1,920, an increase of 31.3 per cent from the 1,462 detached sales recorded in June 2014, and a 74.2 per cent increase from the 1,102 units sold in June 2013. The benchmark price for a detached property in Metro Vancouver increased 14.8 per cent from June 2014 to $1,123,900.

Sales of apartment properties reached 1,774 in June 2015, an increase of 35.6 per cent compared to the 1,308 sales in June 2014, and an increase of 66.1 per cent compared to the 1,068 sales in June 2013. The benchmark price of an apartment property increased 5.3 per cent from June 2014 to $400,200.

Attached property sales in June 2015 totalled 681, an increase of 7.1 per cent compared to the 636 sales in June 2014, and a 44.3 per cent increase from the 472 attached properties sold in June 2013. The benchmark price of an attached unit increased 7.1 per cent between June 2014 and 2015 to $506,900.

*Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

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What are the tax implications of building a laneway house?

Posted on June 28, 2015 by Alisa Sakamoto

What are the tax implications of building a laneway house?

Source: Smallworks

A laneway house is a small detached residential infill house that typically fronts on the lane of a larger principal house.

It’s important for property owners to understand their options before building a laneway house or buying a property with a laneway house. If your clients are looking for information about the tax implications of laneway houses, advise them about these scenarios outlined by the Canada Revenue Agency (CRA).

1. You own a principal residence and you hire a builder to build a new laneway house. You then rent or lease the laneway home to a non-relative.

The CRA considers you to be the builder, and to have:

sold, repurchased, or “self-supplied” the laneway house at its fair market value;
self-assessed and collected the GST on the sale; and
paid the GST on the repurchase of the laneway house

You must account for the GST on a GST/HST return (self-assessing), even if you are not a GST/HST registrant. You may:

be eligible to claim a GST rebate on the construction of the laneway house, which is considered an improvement to the property, and on the land that forms part of the laneway house. Read Guide RC4033, General Application for GST/HST Rebates.
claim the rebate on Form GST189, General Application for rebate of GST/HST using reason Code 7. For information, read GST/HST Memorandum 19.3.6, Rebate on Non-Registrant's Sale of Real Property.
be eligible for a GST/HST New Residential Rental Property Rebate as a builder/landlord to recover some of the GST.

2. You own a principal residence and you hire a builder to build a new laneway house for a relative, former spouse, or common-law partner to live in as their principal residence.

The CRA does not consider that you have sold and repurchased the laneway house and collected the GST if:

the laneway house is used primarily (more than 50 per cent) as a place of residence;
the laneway house is not used primarily for any other purpose after construction of the house is substantially completed; and
the individual (builder) did not claim any input tax credits (ITCs) when building the laneway house.

You can’t claim a non-registrant’s rebate for the GST paid on construction costs. You may:

be eligible for a GST/HST New Housing Rebate for your principal residence; and
claim the rebate on Form GST189, General Application for rebate of GST/HST, using reason Code 7.

3. You buy a property that includes a new principal residence and laneway house and you rent or lease the laneway home another individual as a place of residence.

The CRA does not consider you to be the builder of the laneway house or to have sold and repurchased the laneway house, or to have collected tax when you rent to a non-relative.

You may be eligible for a GST/HST New Housing Rebate on the construction of the laneway house if your relative uses it as a principal residence.
If you rent or lease the laneway house to a non-relative, you may be eligible for a GST/HST New Housing Rebate for your principal house if it is your primary place of residence.
You can claim the rebate on Form GST189, General Application for rebate of GST/HST, using reason Code 7. Read GST/HST Memorandum 19.3.6, Rebate on Non-Registrant's Sale of Real Property.
You may be eligible for a GST/HST New Residential Rental Property Rebate.

For more information, tell your clients to read the CRA’s The HST/HST Implications of the Construction of Secondary Housing Unites (Laneway Housing).

Did you know?

A laneway home increases the value of a client’s home. Building a laneway home:

could affect the client’s eligibility to claim the Home Owner Grant because of the increase in property value beyond the price thresholds; and
may also result in increased property taxes.

Laneway houses can affect a client’s principal residence exemption

How does a laneway house affect the capital gains principal residence exemption on a property owner’s income tax? The rules are complicated. Click here to read advice from tax advisor Grant Thornton.

As always, we advise members and their clients to seek a qualified legal opinion.

It’s important for property owners to understand their options before building a laneway house or buying a property with a laneway house.

Courtesy of the Real Estate Board of Greater Vancouver

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314 8655 JONES Road, Richmond, British Columbia

Posted on June 22, 2015 by Alisa Sakamoto

I just sold this Condo at 314 8655 JONES Road, Richmond, British Columbia Brighouse South.

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133 3031 WILLIAMS Road, Richmond, British Columbia

Posted on June 22, 2015 by Alisa Sakamoto

I just sold this Townhouse at 133 3031 WILLIAMS Road, Richmond, British Columbia Seafair.

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Real Estate Board of Greater Vancouver Stats for May 2015

Posted on June 9, 2015 by Alisa Sakamoto

June 2, 2015

Metro Vancouver home sales surpass 4,000 for third consecutive month

It continues to be a competitive spring market for Metro Vancouver* home buyers. This competition continues to put upward pressure on home prices, particularly in the detached home market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,056 on the Multiple Listing Service® (MLS®) in May 2015. This represents a 23.4 per cent increase compared to the 3,286 sales recorded in May 2014, and a decrease of 2.9 per cent compared to the 4,179 sales in April 2015.

Last month’s sales were 16.7 per cent above the 10-year sales average for the month.

“We continue to see strong competition for homes that are priced right for today’s market,” Darcy McLeod, REBGV president said. “It’s important to remember that real estate is hyper local, particularly in a seller’s market. This means that conditions and prices vary depending on property type, neighbourhood, and other factors."

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,641 in May. This represents a 5 per cent decrease compared to the 5,936 new listings reported in May 2014.

The total number of properties currently listed for sale on the region’s MLS® is 12,336, a 23.2 per cent decline compared to May 2014 and a 0.8 per cent decline compared to April 2015.

“While the supply of homes for sale remains below what’s typical for this time of year, our region continues to offer a diverse selection of housing options at different price points,” McLeod said. “This diversity within the housing stock is part of what’s driving today’s home sale activity.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $684,400. This represents a 9.4 per cent increase compared to May 2014.

The sales-to-active-listings ratio in May was 32.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2007.

Sales of detached properties in May 2015 reached 1,723, an increase of 18.6 per cent from the 1,453 detached sales recorded in May 2014, and a 42.2 per cent increase from the 1,212 units sold in May 2013. The benchmark price for a detached property in Metro Vancouver increased 14.1 per cent from May 2014 to $1,104,900.

Sales of apartment properties reached 1,600 in May 2015, an increase of 24.4 per cent compared to the 1,286 sales in May 2014, and an increase of 40.8 per cent compared to the 1,136 sales in May 2013. The benchmark price of an apartment property increased 4.6 per cent from May 2014 to $396,900.

Attached property sales in May 2015 totalled 733, an increase of 34 per cent compared to the 547 sales in May 2014, and a 37.3 per cent increase from the 534 attached properties sold in May 2013. The benchmark price of an attached unit increased 6.4 per cent between May 2014 and 2015 to $501,000.

*Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

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