April 06, 2017    Don't forget to report your 2016 home sale to CRA this tax season. Federal regulations introduced last year require a Seller to report the sale of ANY property to the tax man, regardless of whether or not you qualify for a capital gains  tax exemption on the property. Personal residence exemptions remain, but this is the first year EVERY seller needs to report their sale to CRA. More info in the article below - definitely speak with your accountant about this one.

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

Craig Wong, The Canadian Press | April 4, 2017 2:05 PM ET
Source: National Post
OTTAWA — 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.

“If you’ve always lived in your home as your principal residence and you sell it in any year, don’t worry, there’s no additional tax to be paid,” said Brian Brophy, a tax partner at Deloitte. “All you need to do is make sure you report it on your tax return.”

The change was part of a suite of measures the federal government announced in October. At the time, the government said it wanted to ensure that the principal residence exemption was used only in appropriate cases.

The home sale is included on the same form where capital gains from investments need to be listed.

Those who don’t report the sale of homes and have their tax returns amended may face penalties of up to $8,000.

If your home was your principal residence for only part of the time you’ve owned it, a calculation is made to determine the portion that may be allowed under the primary residence exemption and what you’ll need to pay tax on.

John Sliskovic, a tax partner at EY’s private client services business, said the change will make it easier for the CRA to catch unscrupulous taxpayers who try to claim the principal residence exemption on more than one property for the same period.

He said the people who have a home and a cottage have to decide which one they want to designate as their principal residence.

“The planning behind that is still the same in that the property that has the greatest accrued gain is the one that you want to take advantage of the principal residence exemption for,” Sliskovic said.

Brophy said before the change, the government had little if any information on what taxpayers were claiming as their principal residence because nothing had to be reported.

“This provides a tracking mechanism … in order for them to get a better view as to the amount of transactions that are out there,” he said.

There were 536,118 homes sold in Canada last year through the Multiple Listing Service, according to the Canadian Real Estate Association.

 

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A peek at the upcoming luxury condo Alberni - a Westbank project. Architect Kengo Kuma designed this building around the concept of "layering". Have a look at the following video:

https://vimeo.com/201161915

Contact me for Alberni pricing and details: Kyle Roman  778.847.3325; kyle@kyleroman.com

For more Kengo Kuma designs: http://architizer.com/blog/architecture-not-the-protagonist-kengo-kuma/

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Over the next few months the City of Vancouver will finalizing plans for False Creek Flats ("The Flats"). Located just East of the Olympic Village, area revitilzation will be anchored by the new St. Paul's Hospital (at Main & Prior) and the future Emily Carr campus (along Great Northern Way). The City aims to finalize area plans by Spring 2017. 

Mixed use residential, commercial, industrial, art/cultural spaces and park areas will make The Flats one of the most diverse and unique areas of the City - a great place to invest in or make your home.

For information on purchasing current and future residential homes in the area contact Kyle: kyle@kyleroman.com; 778.847.3325

The Flats Draft Structural Plan (source: http://vancouver.ca/home-property-development/false-creek-flats.aspx):

For more information:
http://falsecreekflats.ca/
http://vancouver.ca/files/cov/false-creek-flats-info-boards-jan-2017-part-1.pdf
http://vancouver.ca/files/cov/false-creek-flats-area-profile.pdf

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New Federal mortgage regulation changes for buyers with <20% down and non-residents come into play Oct 02/2016,  Oct 17/2016 and Nov 30/2016. Changes include:

1. Higher qualifying rates ("posted" rates vs. "discounted" rates)
2. Changes to principal residence Capital Gains exemptions for non-residents 

Net effect: Buyers with <20% down will qualify for less & non-resident Sellers will need to look closely at the tax implications of selling their properties.

Contact Kyle (778.847.3325; kyle@kyleroman.com) for more information.

#VancouverPropeties #VancouverRealEstate #CanadianRealEstate #mortgagechanges #vancouvercondos #vancouverhomes #BuyVancouverNow

 

More analysis and details: http://tinyurl.com/h64vtaq & http://www.fin.gc.ca/n16/data/16-117_2-eng.asp

 

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No left turns across oncoming traffic? Sounds like a great idea. An interesting way to improve the safety of major interchanges along our congested commuter routes. Full video here: https://youtu.be/24jMVZszPTY

#saferroads #improvingvancouver #efficientmovementofpeopleandgoods #vancouverrealestate #buyvancouvernow

 

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The 2016 Budget is out. Here is a summary on the items that will most affect real estate and housing in the Province. Contact Kyle directly for more information or details: 778.847.3325 / kyle@kyleroman.com

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False Creek Central/Downtown, Vancouver (Update to my July 28, 2014 post) - Concord Pacific's high-end new project at the North end of Cambie Bridge..."The Gateway to Downtown". 29 stories of luxury apartments (560 residential units) released in 3 distincts phases: Expo, Pacific and Sky.

Phase 1 (draft plans): Expo - 259 residential units + 65,000sf of luxury commercial space. Residences offer a mix of 1-3 bedroom units (496sf-1,348sf) + Penthouse homes (1,812sf-2,220sf). Features to include movable walls, luxury finishings, concierge, Sky Club w/ lounge, gym and spa (glass bottomed pool, steam & sauna rooms, heated stone loungers), Cappuccino Lounge & Garden, outdoor view patio and electric vehicle plugs with all residential parking.

Pre-sales to begin early 2016. Contact Kyle (778.847.3325; kyle@kyleroman.com) for more information and to be put on a buyers list for pre-sale opportunities at The Arc at False Creek Central.

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Downtowns with more sun? Bring it on! 
SOURCE: NATIONALPOST.COM (March 15, 2015)

 

Architects claim ‘no shadow’ skyscraper will solve problem of tall buildings that block out the sun

David Barrett, The Telegraph
Sunday, Mar. 15, 2015

Architects have designed skyscrapers which "redirect sunlight to visibly reduce shadows at the base of the towers."

NBBJ
NBBJ Architects have designed skyscrapers which "redirect sunlight to visibly reduce shadows at the base of the towers."

London — Architects claim to have devised a “no shadow” skyscraper that may solve the problem of tall buildings blotting out the sun.
A London-based firm has produced designs for a pair of precisely aligned towers with curved and angled facades which reflect light down on to the street below. In theory, one of the towers would reflect sunlight into the shadow of its sister tower, reducing the area of shade caused by the project as a whole.

Skyscrapers often face problems securing planning permission because of their impact on the surrounding cityscape. One main objection is the impact they can have on the nearby environment, casting shadows that can stretch for half a mile or more at sunset.

The designs have been created by NBBJ, a worldwide architectural practice, which has developed buildings for Cambridge University, Google, Amazon and Microsoft.

A spokesman said: “The ‘No Shadow Tower’ redirects sunlight to visibly reduce shadows at the base of the towers by 60% over typical buildings, providing more daylight for pedestrians.”

Christian Coop, the NBBJ design director, said the project focused on “finding a way in which we can have the tall buildings we need without losing natural light on the areas below. The design ensures that the area between the towers is bright and pleasant, so is more likely to be used as a public space.”

NBBJ produced their theoretic designs for a site on the Greenwich Peninsula in southeast London, near the former Millennium Dome.

It would also aim to avoid a repeat of the damage caused by the Walkie Talkie building in London, in 2013, when its curved fascia concentrated sun rays on surrounding cars and buildings.

Dr. Philip Oldfield, of the University of Nottingham’s architecture department, said: “What’s great about the project is the focus on tall building form and shape, not only to look dramatic, but to contribute to creating a comfortable space at ground level.”

 

NBBJ
NBBJ Architects have designed skyscrapers which "redirect sunlight to visibly reduce shadows at the base of the towers."
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SOMA (South Main), Vancouver - It's not just market housing (condos for sale) that developers are planting all over the SOMA area. The Duke, a mixed-use development by Edgar Development, will put 201 new studio, 1-bed and 2-bed rental units on E11th Ave and Kingsway - in the heart of SOMA's new developments. Ground floor to include a 4,925sf retail space.

 

Development details: The Duke

 

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More interesting architecture is planned for Downtown Vancouver. Westbank Projects and Bing Thom Architects are working with historic First Baptist Church to develop this proposed 550ft residential "zebra" tower behind the old Church. Full story here: 56 storey tower at Burrard and Nelson

Source: vancouversun.com

 

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Mount Pleasant's new tallest building approved

Photo Source: vancitybuzz.com

 

After 7 years of running the guantlet of negotiations with the City and (often heated) local community, developer Rize Alliance's newest offering "The Independent" has finally been given re-zoning approved by City of Vancouver. The new development at 285 East 10th Ave ( is expected to include 250+ homes over 5 buildings. Features: 320 bike stalls, workshop, dog "spa" station, a fitness facility and a 23,000sf indoor/outdoor "backyard".

 

Groundbreaking set for 2015. Est completion - Fall 2017. Contact Kyle (778.847.3325; kyle@kyleroman.com) for more information and to be put on a buyers list for pre-sale opportunities at The Independent.

 

More information:

http://www.rew.ca/news/double-victory-for-rize-s-21-storey-mount-pleasant-tower-1.1624694

http://www.rize.ca/2014/11/rize-receives-rezoning-approval-independent/

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There's been lots of talk the past few years about how/what/where Edgewater Casino's operations in downtown Vancouver were going to expand. Here's what's been approved: Ext cost of $535M; 675,000sf complex; 72,000sf gambling floor; two hotels with 550 guest rooms; est. late 2016 opening. Read more here: Casino

 

Source: http://www.vancitybuzz.com/2013/12/vancouver-approves-new-535-million-urban-casino-resort-at-bc-place/

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The latest stats from BCREA (released Aug 14, 2014). 11% increase in July '13 vs July '14 sales and 17% increase in sales year-to-date. For more detailed information on specific areas of Greater Vancouver or BC, contact Kyle Roman (778.847.3325; kyle@kyleroman.com).

 

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The Arc - another new developement by Concord Pacific at the North end of the Cambie Bridge. 620 units; 28 and 30 stories; 3 multi-story connector bridges.

To be put on my VIP list for information on this project or for more info on Vancouver new developments and pre-sales, click here or contact me directly at 778.847.3325 / kyle@kyleroman.com 

 

TWIN HIGHRISES LINKED BY 3 SKYBRIDGES APPROVED BY VANCOUVER CITY COUNCIL

BY KENNETH CHAN | July 25/2014 | Vancitybuzz.com

  •  

Vancouver City Council has approved Concord Pacific’s rezoning application to construct Arc Vancouver, a pair of market residential buildings that are linked together by three bridges.

The development site at 998 Expo Boulevard is located at the northwest end of the Cambie Street Bridge.

It will consist of 620 units over a pair of 28 and 30 storey buildings, including 2 and 5 storey podiums. A pedestrian plaza will extend underneath the Cambie Street Bridge and towards the company’s adjacent under construction One Pacific project.

The three multi-storey bridge structures are the most unique architectural features of this James Cheng designed project and will also contain apartment units. However, these features are not new to Vancouver.

The Onni Group’s Central project near Main Street-Science World Station incorporates an 8-storey skybridge over two buildings. Canadian Metropolitan Properties has also submitted a proposal to redevelop the Plaza of Nations site with as many as 2,000 residential units. One of the envisioned buildings is also designed by Cheng and includes another multi-storey skybridge.

Both Arc Vancouver and One Pacific neighbour BC Place and the site of the approved $535 million urban casino resort.

Rezoning-Application-998-Expo-Boulevard-4
Image: Concord Pacific

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Image: Concord Pacific

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Image: Concord Pacific

998 pacific boulevard 3
Image: Concord Pacific

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Image: Concord Pacific

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Image: Concord Pacific

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Image: Concord Pacific

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Image: Concord Pacific

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Image: Concord Pacific

Featured Image: Concord Pacific

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Living water-side in False Creek tempts a lot of buyers. Why wouldn't it? Great views, parks, Granville Island, access to boating, the Sea Wall - everything's close. But most of False Creek South is on leased land, and purchasing on leased land (vs. freehold land) comes with baggage. This article discusses some of that baggage.


Residents worry about False Creek South’s future

 

By Daphne Bramham, Vancouver Sun June 22, 2014

 

False Creek South is one of Vancouver’s most desirable neighbourhoods because of its proximity to Granville Island, mixed-income housing, expansive parks and, of course, access to the water.

 

But nearly four decades after its development, it faces an uncertain future.

 

Two-thirds of the 5,500 residents live on land leased from the city and their leases are expiring soon. The first runs out in seven years, while the majority are up in 2036.

 

The city has the option to not renew them. It could buy any or all of them back at the current market value of the buildings and rezone the land for highrises.

 

Or, it could renew some or all of the leases, setting the price based on the market value of the land. A rough estimate being mooted is $150,000 a unit.

 

At that price, some residents are wondering whether they can afford to stay.

 

In a survey done over the past two weeks and completed by nearly three-quarters of the condo owners, 85 per cent said they were “concerned” or “very concerned” about the leases.

 

A significant portion are also worried about whether they will be able to afford special assessments, levied by strata councils to cover big expenses.

 

Of the owners, about half are seniors and most have lived in the neighbourhood for more than a decade.

False Creek South was unique in the 1970s. It is a livable, walkable community for all income levels with everything from subsidized rentals to co-ops to luxury condominiums. It set the trend for residential development that became known internationally as Vancouverism.

 

It’s hard to believe now, but it was a controversial development. Some people (including a few city councillors) were certain that no one — especially not families — would want to live on reclaimed industrial land.

Initially, Canada Mortgage and Housing Corp. balked at financing condos on leased land. It had never been done before. But it had no problem finding the money for 729 co-op housing units.

 

And although False Creek South was considered high density at the time, looking across at Yaletown’s glass towers the south shore’s townhouses and low-rises seem quaint by comparison.

That density differential plays into the fears of False Creek South residents. With the city’s continued push for greater density, what might that mean for them and their leases?

 

And while the majority of leases still have 22 years left, there are already financial effects.

Most mortgages are amortized over 25 years. But financial institutions generally won’t provide mortgages for a term longer than the lease minus five years. They apply the same rules to loans.

 

So, the longer the uncertainty continues, the more prices and homeowners’ equity will decline. Major renovations and upgrades (including essentials like plumbing, elevators and rain-screening) will be harder to finance both for homeowners and for members of the six co-ops.

 

Residents Richard Evans and Jerry Roy are surprisingly sanguine about the future. They may be more optimistic than some of their neighbours.

 

For the past three years, they’ve worked on the False Creek South Neighbourhood Association’s Re*Plan committee (www.replanfcs.ca).

 

With funding from Vancity, the committee has hired consultants and done surveys.

 

The goal is to come up with a unified position on lease terms, rates and payment options that can be presented to the city on behalf of both co-op members and condo owners.

 

Evans and Roy have lived in the community for decades — Evans in a four-bedroom, co-op apartment and Roy in a strata-titled townhouse. Both regard the lease renewal process as an opportunity for False Creek South to become a model for creating affordable, urban housing just as the original development did.

 

Among the things they’re talking about are different forms of land trusts where the value of long-term leases can be used to finance construction of new housing.

 

Even though Re*Plan hasn’t yet finished its surveys, Evans and Roy believe the community would not oppose some increase in density.

 

Done right, they say, it would provide more family housing and free up existing family housing by providing options for current residents — many of whom are now empty nesters and retirees — to downsize without having to leave the neighbourhood.

 

The committee has identified the 6th Avenue corridor and the now-abandoned railway track as a possible site for new housing.

 

Another thorny issue that the committee is trying to deal with is the fact that at least a few of the wood-frame buildings wouldn’t likely last through another lease term, while other wood-frame buildings might (after hundreds of thousands of dollars have been spent fixing leaks).

 

And then there’s the sleeper issue of the land itself. The soil on the former industrial site was never remediated.

Before the value of the leases is determined, Re*Plan would like someone to determine whether the negative effects of contaminated soil have been outweighed by the benefits of living in the active, engaged community that False Creek South has become.

 

Meantime, city staff is quietly working away on a report that won’t be ready until early next year, well after the November election, and no one is prepared to comment.

 

The development of False Creek South wasn’t just about building homes, it made a statement about values. Those values — being walkable, livable, affordable and sustainable — are the underpinning of the debate about the area’s future.

 

Re*Plan’s first principle, for example, is to ensure that “existing residents can remain in this community beyond the lease end.” But does anybody who doesn’t own the land have the right to expect, let alone demand, that?

If buildings are torn down, do those residents get first shot at the new housing that replaces them? Who pays for the redevelopment since the federal government has made it clear that it no longer considers providing affordable housing its responsibility?

 

And, given the mess that the city made of the Olympic Village on southeast False Creek, who do you trust to get the redevelopment of the neighbouring community right?

 

What better time than the November election to ask all of those things.

 

By The Numbers:

2,964: Total number of homes

1,808: Homes units on leased land

1,142: Homes on freehold land

658: Condominiums on city-owned land

573: Co-op housing units on city-owned land

453: Non-profit rental apartments

124: Market rental apartments

dbramham@vancouversun.com

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By no means all or necessarily my favorite local tasting rooms, but a good sample of places to try some great local brews. Link:  BC Living - Top Tasting Rooms in Vancouver

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An interesting take on Vancouver's affordability (Source: BCREA Bulletin Feb 2014 - Vol 37 No1 p4).

  • "...the least affordable ranked cities also tend to be the most liveable, have strong economies and the best infrastructure."
  • "The most affordable cities according to...[cost vs household income comparisons]...are places like Detroit and Flint Michigan."

 

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