What Home Sellers Should Know About New Capital Gains Tax Rules

As this year’s tax deadline approaches, recent home sellers should take note of a new rule introduced by Ottawa last year.

Canadians now have to report the sale of their principal residence on their tax return to the Canada Revenue Agency.

The sale is still exempt from the 50% capital gains tax, provided it meets all of the guidelines outlined by the CRA. But while in the past the sale of a principal residence did not need to be flagged, home sellers are now required to provide details of the sale – including the address, the year it was bought and how much it sold for – on their tax return form.

Although the administrative change wasn’t announced until Oct. 3, it applies to all sales that took place in 2016, as well as going forward.

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What are BC Home Hunters’ Must-Haves? You May Be Surprised...

After price, surely people prioritize home size, bedrooms and location, right? A recent survey of BC residents says a surprising feature is more important

When it comes to must-haves in buying or renting a home, a recent survey of BC residents says that, after the price, there is one other thing more important than the number of bedrooms, size or location – and that’s private outdoor space.

According to a survey carried out by Insights West on behalf of Resonance Consulting, and presented to an Urban Development Institute seminar January 24, the key home feature to BC residents is the price. Eight out of 10 respondents identified cost as their most important feature, and it was the top concern of each of the individual age groups, which breaks down…

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B.C. real estate reform: What you need to know

You will have heard about the changes to British Columbia real estate laws

The British Columbia government is in the midst of a wide-ranging overhaul of how the housing market is regulated and taxed, amid growing concerns that foreign ownership, rampant speculation and unscrupulous real estate agents are fueling an affordability crisis.

On Aug. 2 2016, a 15-per-cent tax took effect for home purchases in the Metro Vancouver area involving foreigners. During the past several months, the province has also announced an end to self-regulation, largely in response to a series of Globe and Mail investigations into questionable practices within the industry. This has included a tax on vacant homes in the City of Vancouver.

These are in addition to what…

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To rent or buy? That is the question

Most Canadians dream about buying and owning their first home

A significant rite of passage, buying a home is not only a big financial deal, it's a big life deal.

Most people assume it's better to buy a home than to rent, and to be honest, I have a bias toward home ownership, too. That being said, I have counseled people on the merits of renting. But there are circumstances where renting maybe better for you.

RENT OR OWN

Every new homebuyer should first understand the differences between "renting and saving" and "buying and owning."

For most people, renting is better on cash flow, not just because mortgage payments are often higher (although with the current interest rates that may not be the case) than rent but because of all the other…

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Fast Facts About Kamloops, British Columbia

Considering moving to Kamloops BC?

Or do you live here and want to know more about your town? Checkout some of these Kamloops BC facts.

Population Data

Population - 85,678

Growth Rate - 6.6%

Unemployment Rate - August 2016 - 6.8%

(Source: Venture Kamloops 2015)

Climate Facts

Annual Hours of Sunshine - over 2,000 hours annually

Mean Maximum Temperature: 26.94°C

Mean Minimum Temperature: (-4.2°C)

Growing Season - 166 days

Annual Rainfall - 279 mm

Annual Snowfall - 75.5 cm

Elevation - 347 m (1,140 ft) (Thompson River Intake)

Visit some Kamloops Webcams

Major Employers

Interior Health Authority - 3398 (2014)

Thompson Rivers University - 1149

School District #73 - 1898

Highland Valley Copper Mine…

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CMHC raising mortgage insurance premiums for new buyers

OTTAWA, ON. – The Canada Mortgage and Housing Corporation is raising the cost of mortgage loan insurance for new home buyers effective March 17th. The Crown Corporation estimates the increases will add about $5 to a monthly mortgage payment for its average home buyer.

TO READ THE FULL NEWS RELEASE CLICK HERE

Regulatory requirements that came into effect on Jan. 1 that require mortgage insurers to hold additional capital. The premiums are calculated based on the loan-to-value ratio of the mortgage being insured. The size of the increase in rates depends on that ratio.

For instance, new homeowners who make a down payment between five to 9.99 per cent can expect an increase of $6.59 to their monthly mortgage if their loan is $350,000.

For the…

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B.C. Premier to lift foreign buyers tax for those with work permits

Premier Christy Clark announced Sunday that foreigners with work permits who live and work in B.C. will be exempted from the province’s 15-per-cent homebuyers tax.

Clark made the statement during a scrum at Vancouver’s Chinatown Lunar New Year Parade in response to questions on U.S. President Donald Trump’s travel ban on people from seven predominantly Muslim countries.

“We believe that people who are seeking refuge around the world should be able to find safe haven here in our province,” Clark said. “We believe that people, the best and the brightest, should be able to come to British Columbia.

“We are going to lift the foreign owners tax on people who have work permits who are paying taxes and living in British Columbia, as a way to encourage…

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The Data is In – NOW is the time to sell!

There's never been a better time to sell your home in Kamloops

The statistics have been compiled from 2016, the data is in, the analysis has been done, and the verdict is quite simple – NOW is the time to sell your home. If you’ve been thinking, debating, contemplating a sale, an upgrade, a downsize, or any other reason you might sell your home, there has never been a better time than right now. Seriously.

Here are a few reasons why it is in your best interest to sell now….

1. Home prices are up!

People used to be underwater on their home from the recession. That is no longer the case. Home prices have rebounded well. Home prices rose 6% last year. Tight inventory has caused home prices to sky rocket. That will level out soon. With home…

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How Buyers can win in a Seller’s Market

The housing market is crazy and out of balance right now.

It’s 2017 and interest rates are still low, home values are up, but something is lacking. It’s SELLERS! Inventory is down from this time last year, and we were thin on inventory at that time. What does this all mean? It means that we are seeing homes sell the first day they are on the market, with multiple offers, and with many offers over asking price. It is tough sledding for buyers right now. This makes for a hard time for people moving with their job to Kamloops and are forced to maybe overpay or cannot find a great home.

There are always some steps you can take to get at the front of the queue, get a great Realtor working for you, get yourself put on the MLS PCS (Private Client Services)…

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You’ve Inherited Some Kamloops Real Estate. Now What?

Canadian Estate Sale

A tough time when family are faced with an Estate Sale, it's an emotional time and there are a number of factors to take into consideration. Most executors have to deal with selling some personal or household items for an estate and then the home itself. As most executors are new at that  job, they may have questions about how to proceed. This post will explore ideas for selling the house and items properly, without short-changing the estate or getting the executor into trouble. A huge benefit to an executor is a professional Realtor who has the communication skills to work with all involved and make it as stress free and open as possible.

Unlike the U.S., Canada no longer has any form of estate or inheritance tax. Yet despite…

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