Advice from Our Experts

Tax implications of vacation homes

Posted on August 11th, 2017

Tax implications of vacation homes It’s happened to many of us. You spend a gloriously relaxing weekend or week out of town, at Whistler, Pender Island or even in downtown Vancouver. You find yourself thinking, “Maybe we should buy a place here and get away more often. It could be a great investment.” If you’re considering buying a vacation property, be aware of tax and other important considerations. Provincial Property Transfer Tax The Property Transfer Tax (PTT) is charged whether you… Read more

Buying a Vacation Property

Posted on August 11th, 2017

You spend a fun, relaxing weekend out of town, at Whistler, on a Gulf Island, or in downtown Vancouver. You find yourself thinking, “Maybe I should get away here more often.” This is where a Royal Pacific Realty Group REALTOR® can help. We can provide market information and trends and review your options whether you’re interested in undeveloped land, a second home, a strata property or even fractional ownership. We’ll suggest you consider these options: Established or emerging communities: Established… Read more

Mid-summer holiday selling in Metro Vancouver makes good sense

Posted on August 4th, 2017

Are you waiting until September to put your home on the market when everyone gets back from holidays? Think again. Mid-summer can be a busy time of year for sales. Here’s why! Summer buyers are serious buyers.  Often, buyers purposely take time during the summer months to locate the home so they can be moved in by autumn. Other buyers may have sold their home and are looking to upsize or downsize and get into their new home as quickly as possible…. Read more

Vancouver plans to regulate short-term rentals

Posted on July 25th, 2017

To protect long-term rental housing stock Vancouver is proposing to regulate short-term rentals (STRs). An STR is a rental for less than 30 days in a residentially zoned property, other than a bed and breakfast (B&B). There are upwards of one thousand STRs within the City of Vancouver listed on websites such as AirBnB, VRBO, Craigslist and others. The City of Vancouver’s proposed new rules would legalize: up to 70% of existing ‘entire unit’ (the whole home); and most ‘private… Read more

10 ways to make home ownership more affordable

Posted on July 10th, 2017

We came across this article on “10 ways to cool housing prices in Metro Vancouver” by urban planner and architect, Michael Geller. It also applies to the rest of Canada and could also be titled “10 practical ways to make homeownership more affordable.” We like Geller’s suggestions for gentle density – zoning for secondary suites, laneway homes and fee simple row houses, allowing basement suites in duplexes and townhomes, and exploring alternative types of ownership such as shared equity. All… Read more

Could you sell your home yourself?

Posted on July 4th, 2017

Ofcourse you could sell your own home. Spring is just around the corner – a popular time to sell a home. Are you thinking – maybe I should sell my home myself and save the REALTORS®’ fees? We say yes – go ahead and sell your home yourself, if you have the skills and the time. But be clear, selling a home requires expertise and knowledge so that you protect yourself from legal issues and you safeguard your investment. Here’s our short… Read more

What you need to know about property taxes – due early July 2017

Posted on June 26th, 2017

Home owners and businesses received their annual property tax notice in June. Property taxes are due the first or second business day in July, depending on the municipality. No tax notice? Property owners who didn’t receive a tax notice should contact their municipal finance department to get a duplicate notice. It’s the property owner’s responsibility to ensure a municipality has the correct mailing address. New property owners who didn’t receive a tax notice, or received a tax notice with the… Read more

31 great cost-savings programs

Posted on June 12th, 2017

Hi! Here are 31 terrific cost-savings programs that will save home buyers and home owners $$$$. Cost-Savings-Program-June-2017 All the best, Andrew Peck, vice-president and general manager apeck@royalpacific.com  

Dealing with CRA on Residential Resale GST|HST Audits

Posted on June 2nd, 2017

Matt Beck of Grant Thornton, the author of this paper, is the accountant that Royal Pacific used in our recent GST audit, that we won. If anyone has clients that are being questioned about the applicability of GST exemptions for a new home purchase, they can call upon Matt. Andrew Peck, BComm, CIPS, CRB, ABR Broker Owner, Royal Pacific Realty Group President, The Canadian Real Estate Association CRA’s audit approach and assessments are likely in error For years, the heated Vancouver real estate… Read more

How to buy a sound strata property

Posted on April 12th, 2017

If you’re planning to buy a strata property there are resources and information available to help you make an informed decision. Resources BC Civil Resolution Tribunal is a free service if you have a strata dispute. Licensing and Consumer Services Branch at BC Housing (formerly the Homeowner Protection Office) BC Residential Tenancy Branch. Landlord BC Tenants BC – a resource for landlords and tenants Tenants Resource and Advisory Centre Canada Mortgage and Housing Condominium Home Owners Association of BC Information… Read more