35 Macdonald Realty agents complete Certified Negotiation Experts credential in the March and May 2017 classes

Congratulations to these 35 Macdonald Realty agents who successfully completed the Certified Negotiation Expert (CNE®) course in March and May 2017 and became negotiation experts.

Click below to see their information and how they can assist you today!

CNE blog (May2017)_edited

Nancy Anaya (Langley)
Pinky Au (Vancouver West)
Lori Brandstrom (West Vancouver)
Kathryn Carrington (Squamish)
Kathy Chan (North Vancouver)
Natalie Courbet (Vancouver West)
Damian Cromwell (Squamish)
Peter Dives (West Vancouver)
Carmen Dives (West Vancouver)
Shelley Doby (Squamish)
Shawn Dubois (Sidney)
Barbara Dunfield (Vancouver Downtown)
Christine Filer (Vancouver West)
Cam Forbes (Vancouver West)
Carol Anne Forsgren (Victoria)
Emma Gudewill (Vancouver West)
Jordan Howard (Vancouver Downtown)
Rosie Punzo-Huber (South Surrey)
Liz Kaiser (Squamish)
Jim Kung (Vancouver West)
Irene Lee (Langley)
Matthew Lee (Vancouver West)
Cynthina Lo (West Vancouver)
Scott McQuade (Squamish)
Sarah Morphy (Whistler)
Ruby Nishi (Langley)
Susan Pipes (Sidney)
John Punzo (South Surrey)
Jordan Scott (Vancouver Downtown)
Karina Strachan (West Vancouver)
Gary Wang (Vancouver West)
Bradley Wattum (North Vancouver)
Sherrie Wong (Vancouver West)
Mishelle Yim (Vancouver West)
Janai York (Vancouver Downtown)

 

Greater Vancouver Real Estate Market Statistics – April 2017

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in April 2017.

Vancouver

In the Vancouver Westside, there were 111 sales of detached homes and 627 active listings at the end of the month. The benchmark sale price was $3,495,800, with an average days on market of 51. The hottest market for sales was Dunbar with 18 sales.

In comparison, the condo market had 441 sales, 641 active listings and a benchmark sale price of $718,400 with an average of 21 days on market. The hottest market for sales was Downtown VW, 101 sales.

Townhome sales were 57, active listings were 114. The benchmark sale price was $1,124,600 with an average days on market of 21. Fairview VW with 13 sales was the hottest market in April.

It’s a seller’s market for condos and townhomes.

MarketHotSheet_April2017_VanWest

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Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – April 2017

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in April 2017.

Squamish

In April 2017, there were 34 sales of detached homes and 119 active listings in Squamish. The benchmark sale price was $856,400 with an average days on market of 59.

The Condo market had 18 sales and 23 active listings at the end of the month.  The benchmark sale price was $394,700 with an average days on market of 24.

Townhome sales were 26, active listings were 44. The benchmark sale price was $751,400, and the average days on market were 42.

It’s a seller’s market for all product types.

MarketHotSheet_April2017_Squamish

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Okanagan Real Estate Market Statistics – April 2017

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in April 2017.

Central Okanagan: Kelowna and Lake Country

There were 255 sales, 719 active listings, and a $667,105 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The average days on market were 42.

The condo market featured 162 sales and 347 active listings at the end of the month. The average sale price was $336,139 with 45 average days on market.

Townhome sales were 82, active listings were 223, average sale price was $453,658, and the average days on market were 43.

MarketHotSheet_April2017_CentralOkanagan

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North Delta, Surrey, Langley and Fraser Valley Real Estate Market Statistics – April 2017

Here are the latest real estate market statistics from Macdonald Realty on North Delta, Surrey, White Rock, Langley, and Fraser Valley listings and sales in April 2017.

North Delta

In the North Delta market, the benchmark sale price was $844,300 for detached homes. At the end of April, there were 123 active listings and 71 sales.

The condo market had 6 sales and 13 active listings. The benchmark sale price was $230,300.

Townhomes featured 10 sales, 9 active listings and a $509,900 benchmark sale price.

It’s a seller’s market in North Delta.

MarketHotSheet_April2017_NDelta

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Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – April 2017

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in April 2017.

Greater Victoria

In April 2017, there were 382 sales of single family homes and 509 active listings in the Greater Victoria. The benchmark sale price was $663,500 with an average days on market of 21. The hottest market for sales was Langford with 69 sales. There were also 26 sales and 131 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 287 sales, 291 active listings at the end of the month.  The benchmark sale price was $408,600 with an average days on market of 20. The hottest market for sales was Victoria, 109 sales.

Townhome sales were 82, active listings were 74 and the benchmark sale price was $529,200. The average days on market were 23, and the hottest market was Langford with 15 sales each.

It’s a seller’s market in Victoria.

MarketHotSheet_April2017_Victoria

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New Rules Regarding the Principal Residence Exemption

Tax season is upon us.  Canadian tax residents must file tax returns for 2016 income with the Canada Revenue Agency (CRA) before the end of April 2017.  Who is a Canadian tax resident?  In principle, anyone for whom Canada is a home base is regarded as a tax resident.

In reporting income, Canadian tax residents also have to report any capital gains earned during the year, HOWEVER, unlike other income (such as income from employment, interest payments, rent, etc.) only ½ of capital gains are treated as income.  In effect, therefore, the tax rate on capital gains is only ½ the tax rate on regular income.   Moreover, there are a few types of capital gain that are entirely exempt from taxation.  For most taxpayers the most important exemption from capital gains tax is for the capital gain earned on the sale of a family home known as the “principal residence exemption”.

Some of the key issues surrounding the principal residence exemption as follows:

  • Q: Does a taxpayer have to report the capital gain on the sale of a principal residence?
    Yes, the new policy requires the gain to be reported when tax returns are filed with CRA.   This is a new requirement.  The gain is only reportable for the taxation year in which the property is sold.  If the property has, throughout the period it was owned by the taxpayer, been a principal residence then no tax is payable.
  • Q: Who can claim the exemption?
    The exemption is only available to Canadian tax residents who must declare world-wide income and capital gains when filing tax returns.
  • Q: What type of property can be a principal residence?
    Only “capital property” can be a principal residence.  Property bought to “flip” is not “capital property”; it is inventory in a trading business where the profit from the sale of such property is treated as ordinary income, not even a capital gain.  100% of such gains are taxable.  Only properties that were “ordinarily inhabited” by the taxpayer are eligible for the exemption.
  • Q: Can different family members each own a “principal residence”?
    There is only one residence that can be claimed by a family unit as a principal residence.  Of course, adult children living apart from their parents are regarded as having their own family unit and are thereby entitled to claim an exemption for their own principal residence.
  • Q: Are there penalties for failing to report?
    If the sale is not reported in the tax return then CRA can, without any time limitation, audit the taxpayer at any time in the future. Moreover, taxpayers who have failed to designate the home as their principal residence could be subject to a late designation penalty of up to $8,000. It is expected that the new policy will give CRA auditors new audit leads and give rise to many more homeowner audits and re-assessments in the future.

In summary, anyone who sold their principal residences in in 2016 would be well-advised to report the sale and any associated capital gains in their tax returns for the 2016 fiscal year.  Any questions concerning this new policy should be directed to experienced tax advisors.


Written by Peter Scarrow, former immigration lawyer, currently is the Director of Asian Business at Macdonald Real Estate Group.

Squamish, Whistler and Sunshine Coast Real Estate Market Statistics – March 2017

Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in March 2017.

Squamish

In March 2017, there were 30 sales of detached homes and 118 active listings in Squamish. The benchmark sale price was $836,100 with an average days on market of 66.

The Condo market had 17 sales and 22 active listings at the end of the month.  The benchmark sale price was $377,900 with an average days on market of 25.

Townhome sales were 18, active listings were 53. The benchmark sale price was $740,700, and the average days on market were 47.

It’s a seller’s market for all product types.

MarketHotSheet_March2017_Squamish

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Greater Vancouver Real Estate Market Statistics – March 2017

Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in March 2017.

Vancouver

In the Vancouver Westside, there were 95 sales of detached homes and 595 active listings at the end of March. The benchmark sale price was $3,461,700, with an average days on market of 35. The hottest market for sales was Dunbar with 23 sales.

In comparison, the condo market had 455 sales, 656 active listings and a benchmark sale price of $692,400 with an average of 24 days on market. The hottest market for sales was Downtown VW, 109 sales.

Townhome sales were 57, active listings were 111. The benchmark sale price was $1,079,100 with an average days on market of 57. Fairview VW with 13 sales was the hottest market in March.

It’s a buyer’s market for single family homes.

MarketHotSheet_March2017_VanWest

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Okanagan Real Estate Market Statistics – March 2017

Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in March 2017.

Central Okanagan: Kelowna and Lake Country

There were 244 sales, 659 active listings, and a $640,513 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The average days on market were 45.

The condo market featured 165 sales and 340 active listings at the end of the month. The average sale price was $349,506 with 44 average days on market.

Townhome sales were 103, active listings were 201, average sale price was $453,619, and the average days on market were 53.

MarketHotSheet_March2017_CentralOkanagan

North Okanagan: Vernon and surrounding area

In North Okanagan, including Vernon and the surrounding area, the average sale price was $459,861 with an average days on market of 74 days for detached homes. At the end of March, there were 107 sales and 327 active listings.

There were 20 sales and 108 active listings for condos. The average sale price was $204,030, and the average days on market were 162.

In comparison, townhome featured 38 sales, 79 active listings and a $304,127 average sale price with 69 average days on market.

MarketHotSheet_March2017_NorthOkanagan

Looking for more information about the real estate market in specific neighbourhoods in Okanagan? 

Macdonald Realty has offices in Kelowna and across BC. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.

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This blog post is based on market data provided by Okanagan Mainline Real Estate Board (OMREB) www.omreb.com.