How To Sell A Vancouver Condo

15% Tax on Foreigners Buying Property in Vancouver

 

Additional Property Transfer Tax on Residential Property Transfers to Foreign Entities in the Greater Vancouver Regional District

Foreign Property Transfer Tax Act Effective August 2, 2016, an additional 15% property transfer tax applies to residential property transfers to foreign entities in the Greater Vancouver Regional District.

Where it applies to:

The Greater Vancouver Regional District includes Anmore, Belcarra, Bowen Island, Burnaby, Coquitlam, Delta, Langley City and Township, Lion’s Bay, Maple Ridge, New Westminster, North Vancouver City and District, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, Surrey, Vancouver, West Vancouver, White Rock and Electoral Area A. The additional tax does not apply to properties located on Tsawwassen First Nation lands.

When it applies:

The additional tax applies on all applicable transfers registered with the Land Title Office on or after August 2, 2016, regardless of when the contract of purchase and sale was entered into.

Who it applies to:

Foreign Entities Foreign entities are transferees that are foreign nationals, foreign corporations or taxable trustees.

Foreign nationals are transferees who are not Canadian citizens or permanent residents, including stateless persons.

Foreign corporations are transferees that are corporations:

• not incorporated in Canada or

• incorporated in Canada, but controlled in whole or in part by a foreign national or other foreign corporation, unless the shares of the corporation are listed on a Canadian stock exchange.
Additional Property Transfer Tax on Residential Property Transfers to Foreign Entities

Taxable trustees are trustees that are a foreign national or foreign corporation, or a beneficiary of a trust that is a foreign national or foreign corporation.

Applying the Additional 15% Tax

The additional tax on property transfers to foreign entities is 15% of the fair market value of the foreign entity’s proportionate share of a residential property located in whole or in part in the Greater Vancouver Regional District, excluding Tsawwassen First Nation lands. This tax applies in addition to the general property transfer tax. The additional tax does not apply to non-residential property. The value of the residential portion of a transfer is calculated in the same way as for the property transfer tax. The additional tax applies on the foreign entity’s proportionate share of any applicable residential property transfer, even when the transaction may normally be exempt from property transfer tax.

This includes transactions such as:

• a transfer between related individuals

• a transfer resulting from an amalgamation

• a transfer to a surviving joint tenant

• a transfer where the transferee is or becomes a trustee in relation to the property, even if the trust does not change The additional tax does not apply to trusts that are mutual fund trusts, real estate investment trusts or specified investment flow-through trusts.

 

Selling a Vancouver Condo 9 – Marketing Strategies


Marketing Strategies when Selling Your Vancouver Condo

In the previous episode, we discussed the best time of year to sell your condo. Today we’re going to talk about marketing strategies for selling condos in Vancouver that bring together many of the topics and concepts we’ve discussed in previous episodes.

Many think that selling a condo in Vancouver is simply a matter of listing it on Realtor.ca at a price pulled from thin air with non-professional photos and little or no thought to light, exposure, and colour.

This is a good way to proceed

If you don’t want to sell your condo or you are not interested in getting the best possible price or outcome.

Thinking of Selling?

Use this form to find out how to sell your home sooner and for more money.

  • Should be Empty:

Customized Market Strategies for Selling Condos Works Best

Condos in Vancouver in most cases are quite unique. This uniqueness requires   Continue Reading…

How Vancouver Realtors Split Commissions

Are Real Estate Commissions Split in Vancouver?

Yes! When a Realtor is hired by a Seller to list a property for sale, the Listing Contract states that the Seller will pay this Realtor (Sellers Agent/Listing Agent) a commission should the property sell during the period in which the Listing Contract is in force.

Now, if a prospective seller was to calculate what they would have to pay in terms of commission (Want to know how much quick? Check out this Realtor Commission Calculator!), some might think it a lot of money to go to one person, but that’s not really what’s going to happening!

Real Estate Commission Splits = Buyers Agent Bait?

In Vancouver, The Sellers Realtors (Sellers Agents/Listings Agents) split around HALF  Continue Reading…

When to Sell a Condo 8 – Best Season to List a Property for Sale in Vancouver

How to Sell a Condo in Vancouver 8: When to List a Property for Sale

In Episode 7, we talked about things to avoid when preparing a condo for sale and in Episodes 5 & 6 we talked about how to prepare your condo unit for sale and the option of home staging.

Today, we’re going to talk about timing the Vancouver Real Estate Market and the best time to sell a condo.

Should I sell My Vancouver Condo now?

I get this question all the time and it is nearly impossible for me to answer.

Thinking of Selling?

Use this form to find out how to sell your home sooner and for more money.

  • Should be Empty:

The decision to sell is rarely decided by what is happening in the Vancouver Real Estate Market. People decide to sell their condos because of personal or investment reasons that may not be related to the time of year or what is happening in the market.

The best thing for a prospective seller to is to look at what is happening in the real estate market here in Vancouver. I have great Vancouver Real Estate Statistics updated on a monthly basis available.

What is the Best Season to Sell a Condo?

This question I can   Continue Reading…

What is a Home Inspection in the Vancouver Real Estate Market?

Real Estate Home Inspections in the Vancouver Explained!

There is a lot of confusion surrounding a home inspections in Vancouver particularly among first time home buyers.

Common questions include: What is a Home Inspection? Whats included? Are home inspection for the benefit of the buyer? For the seller? For the bank/lender? Will the seller be able to see the inspection? etc.

To answer these common questions, Dave Brighton from Brighton Home Inspections has been kind enough to meet with us to answer these questions for us.

What is a Home Inspection in Vancouver?

A home inspection is   Continue Reading…

Pre-Listing Home Inspections for Sellers in Vancouver with Dave Brighton

Inspect Your Own House in Vancouver Before Selling it?

Yes! Sometimes Sellers in Vancouver will get their own inspection on their home by a qualified Home Inspector before listing it for sale to get a very clear idea of the mechanical condition of their property. But why?

Why Get a Pre-Listing inspection on a Home in Vancouver?

I recently had the pleasure of talking to Dave Brighton, Home Inspector with Brighton Home Inspections on pre-listing inspections in Vancouver.

Thinking of Selling?

Use this form to find out how to sell your home sooner and for more money.

  • Should be Empty:

Inspections done on behalf of a Seller are done for several reasons:

  1. Increased Certainty in Negotiations – Many Buyers in Vancouver  Continue Reading…