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August 2017

 
 

Selling? Beware Capital Gains Tax on Rental Suites, Laneway Homes

The federal government of Canada has begun cracking down on capital gains taxes, which home owners are only exempt from on the sale of their principal residence. Laneway homes and rental suites on a property are not exempt from capital gains tax upon the sale of the home.

The federal government has introduced a new rule that for the first time requires home owners to declare the sale of their principal residence in their annual income tax return, as of the 2017 tax year. As has been the case for many years, income from rental units - including laneway homes and suites on the property - must also be declared.

This new combination of information will allow the Canada Revenue Agency to see where home sellers are selling a principal residence that has been operating rental suites, leaving the portion of the home that was rented out liable for capital gains tax.

 
 

Monthly Local Market Update

We're bring you the key market statistics for July listings and sales by area with these quick infographic summaries.

Click on your city for a quick local market update.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Surrey

North Vancouver

Parksville

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

Already-tight student rental picture expected to worsen this fall

Metro Vancouver is heading for a rental housing crisis this fall as a "perfect storm" of factors pushes an already record low vacany rate even lower, says a leading Vancouver-based real estate firm.

 

B.C. Real Estate News

LOWER MAINLAND

The new ‘strange reality' for Fraser Valley real estate (BIV)

Transactions down, prices up in Tri-City (Tri-City News)

New housing starts in Vancouver plunge 80 per cent from a year ago (Vancouver Courier)

Vancouver Bans AirBnB Rentals on Second Homes, Suites, Laneway Houses (REW.ca)

62% of Homes Sold Above Asking, Despite Market Slowdown (REW)

VICTORIA & VANCOUVER ISLAND

Active Victoria real estate listings slide below 2,000 mark (Times Colonist)

Capital region homeowners consider locking in after interest-rate hike (Times Colonist)

Inventory up but Island still a sellers' market (Nanaimo Bulletin)

SQUAMISH

New single-family home subdivision slated for Brackendale (The Squamish Chief)

Will the Squamish housing market ever cool down? (The Squamish Chief)

OKANAGAN

High demand and few listings cause soaring house prices (Penticton Western News)

North Okanagan home sales brisk (Vernon Morning Star)

 
 

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©2017 Macdonald Realty Ltd. 2105 W 38th Ave, Vancouver, B.C. V6M 1R8 | macrealty.com