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April 2017

 
 

If you sold your home last year you have to report it on your taxes for the first time - are you ready?

When Ottawa unveiled a tightening of mortgage lending rules last fall, it also implemented a small but important change that will affect hundreds of thousands of tax filers this year.

For the first time, Canadians who sold their homes in 2016 will have to report it to the Canada Revenue Agency, even though any gains remain tax-free if they’ve lived in the properties as long as they’ve owned them.

Basic information related to the transaction, the year of purchase, the proceeds of the sale and the description of the property must now be filled out on income tax returns.

 
 

Monthly Local Market Update

This spring we are experiencing strong demand but short supply in most of our BC markets.

How is this playing out in your city? Click below for our monthly breakdown in easy to digest infographic form, and take a deeper look at the condo, townhome and detached activity last month.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Nanaimo

Mission

New Westminster

North Delta

North Surrey

North Vancouver

Osoyoos

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

5 things Airbnb hosts need to know about paying taxes

Tax season is fast approaching and Airbnb hosts should get ready to pay taxes on their income, says one tax adviser.

Paying taxes on Airbnb income won’t get you in trouble with the city. What do hosts need to do when it comes to filing taxes? Metro and H&R Block have a few things to keep in mind.

 

B.C. Real Estate News

LOWER MAINLAND

Surging sales of Vancouver condos, townhomes edging up real estate prices (CBC)

Owners must find tenants soon or risk empty homes tax (Vancouver Courier)

Tri-City home prices drop in the last year (Tri-City News)

Surrey housing sales slow while prices refuse to budge (BIV)

VICTORIA & VANCOUVER ISLAND

Million dollar homes now account for nearly 50% of Victoria's residential real-estate listings (Citified)

Greater Victoria real estate prices inflate to all-time highs (Chek)

OKANAGAN

Inventory not meeting buyer demand (Kelowna Capital News)

VIDEO: Low inventory affecting Okanagan housing market (Global)

 
 

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