Resources for Owners

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

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

What foreign property buyers need to know about taxes

Posted on June 1st, 2017

Property in the Lower Mainland continues to attract investors world-wide. So it’s important for REALTORS’® clients to understand Canada’s tax laws to help them better avoid mistakes and pitfalls. Here is a brief summary of information relevant to REALTORS® with clients who are foreign investors. Property Transfer Tax Home buyers in British Columbia pay a Property Transfer Tax (PTT) on the fair market value of a property at a rate of: 1% on the first $200,000 2% on the balance… Read more

New rules for the capital gains Principal Residence Exemption

Posted on February 17th, 2017

Changes to the Principal Residence Exemption (PRE) were announced last year on October 3. The PRE allows a home owner an income tax exemption on capital gains they realized when they sell their designated principal residence as defined in the Income Tax Act 40(2)(b). Before 2016, the Canada Revenue Agency (CRA) did not require the home owner to report when they claimed a full exemption for a capital gain under the PRE rules. Effective January 1, 2016, the CRA requires all dispositions… Read more

Appealing your property assessment

Posted on January 23rd, 2017

The deadline to appeal your property assessment is February 1, 2017. Property owners who disagree with their assessment should do homework by: comparing their assessment with neighbouring properties; and contacting BCA at 1-866-valueBC (1-866-825-8322) and talking to staff who can make adjustments if there is an obvious error, for example if BCA included a complete renovation, when it there was merely a spruce-up. Property owners who decide to appeal their property assessment should review information on the Property Assessment Appeal… Read more

Great Vancouver property assessments surge

Posted on January 23rd, 2017

Property owners received their 2017 assessment notices the first week of January. The District of Squamish saw the greatest increase in Metro Vancouver with a 47% increase for detached homes. North Vancouver’s Lynn Valley and Burnaby’s Buckingham neighbourhoods were close behind, with detached homes increasing 46%. Sample Property Value Changes year over year, by neighbourhood Location 2017 Assessment Roll (Valuation date of July 1, 2016) 2016 Assessment Roll (Valuation date of July 1, 2015) $ Change % Change Burnaby (Metrotown… Read more

Vancouver Empty Homes Tax now in effect

Posted on January 22nd, 2017

Vancouver’s Empty Homes Tax is now in effect. The first tax year began January 1, 2017. The tax rate is 1.0% of the property’s assessed value. Property owners are required to complete a declaration not available online until December 2017. Who pays this tax? Owners of non-principal residences unoccupied for six months or more each year must pay this tax. The Empty Homes Tax Does Not apply to: Vancouver home owners, including snowbirds; owners of principal residences; a home with… Read more

Vacant Homes Tax coming in 2017

Posted on September 15th, 2016

Vancouver will bring in a Vacant Homes Tax on 10,800 empty and underutilized homes in 2017. The purpose of the tax is to make residential property owners rent their secondary and investment properties. “Vancouver’s dangerously low vacancy rate is putting our renters in crisis. Our proposed Empty Homes Tax is about bringing rental homes back into the market,” said Mayor Gregor Robertson. Homes used as the principal residence of the owner, a long term tenant, or a family member won’t… Read more