Vancouver Condo Info

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West side detached sales:

1897 37TH AVE W, listed at 5M, sold for 4M, 20% below ask.

6455 VINE ST, listed at 5.68, sold 4.84, 15% below ask.

2519 45TH AVE W, listed at 3.1, sold 2.638, 15% below ask.

595 65TH AVE W, listed at 2.68, sold 2.1, 22% below ask.

129 45TH AVE W, listed at 4.688, sold for 4, 15% below ask.

Member

kabloona

https://www.thestar.com/vancouver/2018/08/14/renting-for-life-vancouverites-struggle-to-let-go-of-homeownership-ideal.html

“Renting for life? Vancouverites struggle to let go of homeownership ideal”

Guest

Oracle

So Weaver wants to ban foreign buyers.

Memo to Weaver: you hold the balance of power.

Member

The Green Party platform in 2017 did not advocate a foreign buyer ban, rather an expanded FBT. Different from the NDP in degree but not in kind.

“Expanding the foreign buyers tax to apply across the province, and increase the rate to 30% in addition to the PTT payable”

Member

Memo to Horgan: you hold Weaver’s balls in your hands.

Guest

Oracle

I can see Weaver still tooting his horn even if ProRep passes. NDP have no intent to ‘fix’ housing. So what does voting YES really give me if 70% of the electorate is against housing pokciy changes?

Member

Voting yes gives you politically appointed MLA’s and extremist voices. This Province is far too diverse in geography and viewpoint to handle PR. It will be a complete disaster.

Guest

notanam

Our current electoral system has “politically appointed” MLA candidates; that is, independents rarely are elected so all of our current MLAs and most of our past ones were “politically appointed”. As for extremist voices, it is flat out undemocratic to say that those who do not agree with your opinion are extreme and imply that their vote is less worthy. “Extreme” views also bring change.

Member

Best place on meth

Founding fathers were likely considered extremists by the British.

Guest

bullwhip29

Costly social housing: monthly rents up to $4,700 per unit at new Vancouver development
https://www.straight.com/news/1115721/costly-social-housing-monthly-rents-4700-unit-new-vancouver-development

Member

Apparently, the next round of FOMO will be in rental units.

Guest

Shut It Down Already (original)

How does one speculate in rentals on the consumption side?

Guest

Oracle

Happening in Surrey right now. 2 BDRM Basement suites went from $850 to $1500 in 2.5 years. Just crazy the greed.

Member

I can see the protestors already….

NOPE NOPE, WON’T RENT IN HOPE
NOPE NOPE, WON’T RENT IN HOPE

Guest

bullwhip29

Motorcyclist killed by Range Rover in crash near West Broadway and Yew
https://bc.ctvnews.ca/motorcyclist-killed-in-crash-on-west-broadway-1.4053925

Member

Hyper-mega-Bull

Remember when people told you that “buy now or be priced out forever” was bullshit?

Remember when people told you that HAM is a myth? They told you to stop being racists!

Those people’s advice made your life a lot worse that it could have been. Some of those decieavers are still here. I wonder if they bought houses. I know one of them did.

Guest

Oracle

Rents still rising. That’s why the low end <$1 million still on fire.

Member

Best place on meth

The only thing still on fire is your pants.

Member

southseacompany

https://ca.news.yahoo.com/canadas-big-banks-building-capital-cushion-case-housing-crash-moodys-150119263.html

“Canada’s big banks building a ‘capital cushion’ in case of a housing crash: Moody’s”, Yahoo News

“Canada’s biggest banks are better equipped to weather a domestic housing price downturn than they were two years ago, even though total mortgage-related losses would be larger, and the nation’s two riskiest provinces account for a bigger chunk of mortgage portfolios”

“The Moody’s analysis also shows a drop in insured mortgages compared to 2016, and more lending growth in two provinces with notoriously hot housing markets — Ontario and British Columbia.”

Guest

bullwhip29

New Zealand bans foreigners from buying homes
https://globalnews.ca/news/4388427/new-zealand-bans-foreign-home-buyers/

Member

” The new law fulfils a campaign pledge by the liberal-led government which came to power last year.”

Labour, not liberal.

“And overseas buyers will still be able to make limited investments in large apartment blocks and hotels.”

If they don’t have Australia’s loophole of “tear down an old house and build a new one”, that’s an improvement. But note that Oz and Singapore citizens face no restrictions at all. Both continue to be major destinations for rich PRC immigrants.

Member

southseacompany

https://www.bloomberg.com/news/articles/2018-08-14/powell-to-keep-hiking-as-u-s-growth-overshadows-turkey-turmoil

“Powell to Keep Hiking as U.S. Growth Trumps Turkish Turmoil”, Bloomberg

“Don’t count on a Powell Pause.”

“That’s the message seasoned watchers of the Federal Reserve have for any investors hoping that turmoil in Turkey and the wider emerging-market selloff would stay the hand of Chairman Jerome Powell from raising interest rates.”

Member

southseacompany

https://www.theglobeandmail.com/business/article-rising-interest-rates-creating-headwinds-for-home-capital-group/

“Rising interest rates creating headwinds for Home Capital Group”, Globe & Mail

“Home Capital Group Inc. is feeling the sting as rising interest rates make it more expensive to raise term deposits, putting pressure on a key source of funding as the alternative mortgage lender continues to recover from a liquidity crisis last year.”

Member

Best place on meth

I lasted two winters in Calgary and never want to go back, not even to visit.

People are very nice though, they make Vancouverites look like the worst douches on earth.

Guest

CRA221

Agreed. I lasted one winter, but I’d take the people there over Vancouver any day!

Member

paulb

http://www.clivestevepaul.com

New
216
Price Change
83
Sold
115
TI:12759

Guest

Oracle

Sales as a percentage of inventory seem strong. Maybe that metric needs to be taken into account.

And I also seemed to figure out why Surrey prices remain high while Vancouver corrected. In Surrey, rents for a 2 bedroom basement suite is $1500. Enough to carry $300,000 mortgage. Because rents rising, and most homes here have suites, it’s put a floor under prices.

And CRA won’t even touch the people not declaring rental income. 100,000’s doing it.

Guest

Nomad

You are right on that $1500 rental covers $300,000 mortgage.
You may also be right that CRA won’t care rental incomes being filed from those basement suites or not.
Based on the %age of sqft shared, expenditures will also need to be reported. i.e. expenditures on mortgage interest, heat, hot water, gas, cable, internet, maintaining your house, gardening and other cost… After all these expenditure % deductions, it will nullify. So no one really cares.

Member

“After all these expenditure % deductions, (net rental income) will nullify.”

You’re right about that, but the big enchilada is capital gains. That’s what CRA will go after.

Guest

Nomad

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/principal-residence-other-real-estate/changes-use/changing-part-your-principal-residence-a-rental-business-property.html

I think that’s when you get audited, which you will eventually if CRA sees multiple families reporting taxes under same roof etc. If you plan on claiming primary residence it is best to file the rental income as a way of supplementing your mortgage payment – without making structural changes to your house. Your property will still be considered principal residence in CRA eyes in that case. Unless it is duplex or triplex of course. If you didn’t report your rental income and get audited (already flagged as possible tax evader) then they will see it differently – they might not qualify your property for that primary residence tax shelter when you sell.

I don’t really have personal experience with it so not really sure.

Anyhow, you wouldn’t want to be audited by CRA.

Member

https://househuntvictoria.ca/2016/10/07/do-you-have-to-pay-capital-gains-tax-on-your-suite/

“What is interesting, is that at no time did Mr. Boulet declare any rental income from the apartment, nor was CRA after him to determine if he had failed to report any rental income. As far as this case was concerned, the basement apartment was empty and unused. Yet it still was considered a taxable gain when he sold the house!”

Guest

Nomad

In this case, that basement suite is comparable to duplex in my view. It had its own address. “The basement was accessible from an exterior door and had its own municipal address: 183 Villandry Road. He lived on the two upper floors of the house.” So that makes, his principal residence was the upper 2 floors. Also, not sure how credible below source is, but it claims 80% of GV basement suites are illegal – meaning wouldn’t be considered as structurally modified. http://bridgewellgroup.ca/blog/illegal-basement-suite-bc/ To me — “as long as you didn’t claim capital cost allowance (CCA) or make structural changes to the property, or that the income was “ancillary” to its use as your principal residence, then they had nothing to worry about. They were told that less than 50% of the house used for rental was “safe — still… Read more »

Guest

Dyugle

“your rental or business use of the property is relatively small in relation to its use as your principal residence”
“you do not make any structural changes to the property to make it more suitable for rental or business purposes”

Relatively small needs to be defined. A 2 bedroom basement suite sounds a little bit large to qualify as it is probably more that 25% of the total which is not relatively small. It is also a self contained suite with it’s own egress which involves substantial modification to a single family home. It is hard to see how this would not get dinged by CRA.

Guest

MAKE TRUDEAU A DRAMA TEACHER AGAIN

You really are a tool.

We’ll see what kind of floor in prices a basement suite provides.

Seriously, you are by far the worst poster on this blog (and that is saying a lot)

Guest

Shut It Down Already (original)

A better counter-argument would have been:

1. Interest rates are rising.
2. CRA do care and have “everybody does it!” exceptions.

Guest

Oracle

Because it doesn’t align with your superior intelligence? My bad. You’ve been right all these years so your way of thinking and timing the market is perfect.

Really? Give your head a shake.

Guest

MAKE TRUDEAU A DRAMA TEACHER AGAIN

No because its made up bullshit, like every post you make.

Just go away you stupid prick. You offer nothing but garbage and lies.

Seriously I think you need help.

Guest

Oracle