The Trudeau Liberals announced that you now have to report the sale of your home on your income tax return. Up until now when you sold your ‘primary residence’, you didn’t have to pay any taxes on the money you may have made as profit.
What does it mean for us as real estate investors?
We have always like Calgary and Edmonton and in my newsletter we recommend buying there again – but not yet!
A close look at the two cities shows both condo markets are holding up, perhaps surprisingly, well, but there are marked differences.
Here is a look at the Calgary and Edmonton condo markets as of July 30, 2016.
Resale condo sales:
- Edmonton is the clear leader, with 2,625 sales from 6,295 listings, reports the Edmonton Real Estate Board.
- Calgary saw 1,669 sales from 4,489 listings, reports the Calgary Real Estate Board. (The Board says condo sales in Calgary are at the lowest level […]
Recreational island investing … often it is better to poke yourself with a sharp stick in the behind.
8 reasons why you have to be very careful:
Things to do – why you should be doubly careful when investing In Your Island in the Sun
- We forget that islands take ferries (some take 3 ferries)
- Building at waterfront could be impossible (can no longer go to the water – 100 m away?)
- Buying on a “No ferry islands” – boat access only – hardly any use?
- Location – west / southwest view is best – look where your island property gets the sun? Morning or afternoon sun?
- Mortgaging difficult – if owner carries – get 10 years length!
- WATER: water well […]
Old, low-rise rental apartment buildings in New Westminster are now selling for around $160,000 per door and for upwards of $440,000 per door in Burnaby’s Metrotown!
But, prices are also rising in Surrey, Langley and as far out as Abbotsford as the blast radius from Vancouver’s multi-family boom continues to spread.
The big mover is Burnaby, because the city has no restrictions on replacing apartment suites when an older builder is torn down (unlike Vancouver).
Many Burnaby sales, especially in the Metrotown, Lougheed centre and Brentwood area, are pure offshore-investor land speculation plays, which drives up the per-suite cost. (Burnaby accounted for 47% of total suburban apartment building sales last year.)
From this week’s Facts By […]
You are reducing the value of your condo! When time comes to sell you take out about 50% of the buyers that want to buy for investment.
Many condo councils are voting out tenants (you then can only rent to family members) and yes they can do that!
The idea seems to be that tenants are problems.
Actually there are countless owner run stratas in Vancouver that have a multitude of problems.
- Owners that live there can be picky, don’t like each other and fight like cats and dogs
- A well run tenant building is almost always better than an owner occupied building
- Owners that hire a professional (!) management company for the selection […]
Vancouver is not the second least affordable place on the planet to buy a home, not even close, according to researcher and blogger Ng Weng Hoong (email@example.com) who has lashed out at the “urban myths” surrounding Vancouver’s housing market which he says a spoon-fed media continually parrots.
Hoong says the media relies on the annual Demographia survey. Its 2016 report was released last week, saying Vancouver was the “third least affordable” city in the world.
Horsefeathers, says Hoong, claiming Demographia is simply wrong and uses shallow data, since, while it purports to be global survey, it only looks at nine countries.
Hoong points out that Demographia ranks Hamilton, Ontario and Singapore as equal in affordability, number 89 on its 2015 list – WHICH […]
A sharp reversal in Hong Kong home sales. Condos down 20%. Some panic selling (South China Morning Post).
Further, the local Centaline Property Agency estimates that total Hong Kong property transactions in January were the worst month since 1991, when it started compiling monthly figures. In other words, the biggest drop in recorded history!
A sale of a big condo project site in Hong Kong last week shows what is going on. The site sold for HK$1,848 per square foot (that is around $328 per square foot Canadian).
“I think most surveyors dropped their eye glasses after reading the sales outcome,” Victor Lai Kin-fai, chief executive of consultancy Centaline Professionals of HK […]