💫 Volunteers will be selling quality used items, jewelry, and running a 50/50 draw. We will also be offering fresh warm donuts, popcorn, coffee and lemonade.

💫 All proceeds go to Peace Arch Hospital Auxiliary for patient care and equipment

8 Apr

Come Out & Support The Peace Arch Hospital Auxiliary!

General

Posted by: Kimberly Walker

🐰 Bunny Hop: 1, 2 or 5 Km Walk along the promenade and down the pier

🐰 10:30 AM to Noon: Good Friday, April 18th

Meet at Memorial Park, Marine Drive: Next to the Train Station Museum

🐰 Register On-Line: paha.ca or on site. 12 and Under: $5.00 or 13 and Over $13.00

🐰 Participation Packages: Bunny Ears, mini-eggs, flavored sports drink packet, granola bar, lip balm, hand sanitizer and pamphlet

🐰 Enjoy: Children’s Music, Korki the Clown with Balloons, Face Painting and more

🐰 11:00 AM: Warm Up and Hope Begins

🐰 Come visit us under the HomeLife Tent: serving donuts and popcorn

🐰 Hope to See you There – It’s a lot of fun – All Proceeds Peace Arch Hospital

8 Apr

April 2025 Tariffs, Economic Uncertainty Stall Spring Market

General

Posted by: Kimberly Walker

March home sales in the Fraser Valley remained nearly 50 per cent below the 10-year average —making for the slowest start to the spring market in more than 15 years.

If not for the economic uncertainty driven largely by U.S. tariffs, we’d likely be seeing a typical strong spring market in the Fraser Valley. Instead, we’re seeing a disconnect as sellers remain hesitant to lower their prices beyond a certain threshold, while buyers, facing tighter financing conditions, are either unable or unwilling to meet it.

The resulting inertia is keeping sales low. The overall sales-to-active listings ratio continues to signal a buyer’s market in the Fraser Valley, with a ratio of 11 per cent. The market is balanced when the ratio is between 12 per cent and 20 per cent.

Currently, uncertainty is impacting all corners of the real estate and development sector, and as a result, we are seeing markedly lower seasonal activity.

Eye on the Market | March 2025 – YouTube

27 Feb

British Columbia Home Flipping Tax

General

Posted by: Kimberly Walker

As of January 1, 2025, the BC Home Flipping Tax applies to the profit earned from selling a property in British Columbia (including presale contracts) if the property was owned for less than 730 days.

Property purchased before January 1, 2025 will still be subject to the tax if sold on or after January 1, 2025 if it was owned for less than 730 days, unless an exemption applies.

The BC Home Flipping Tax is different from the Federal property flipping rules and additional to the federal and B.C. Income tax. It’s meant to discourage short term home ownership and property flipping.

Who has to pay?

Anyone (other than an exempt entity) who sells “taxable property” on or after January 1, 2025 and has held it for less than 730 days before the sale.

What is a sale?

A sale generally refers to signing a contract where a beneficial interest in taxable property is transferred for money (or other consideration). This obviously includes standard residential transactions.

It doesn’t include:

a. a deemed disposition under the Income Tax Act (i.e., if a property holder passes away);
b. a mortgage or lien against a property;
c. a lease,
d. gift
e. other transaction where a change in legal title occurs but not a change in beneficial ownership.

What is “taxable property”?

Taxable property essentially means residential property. So the tax will apply to the sale of: a property with a housing unit; a property zoned for residential use; or the right to acquire a property (for example, an assignment of a presale contract).

What are the exemptions?

There are two classes of exemptions:

Exemptions that still require a Flipping Tax Return to be filed; and
Exemptions that do not require a Flipping Tax Return to be filed.

All of the exemptions are relatively nuanced and proper legal advice should be given to determine whether a specific fact pattern fits within an exemption.

Exemptions Requiring a Flipping Tax Return:

Life circumstance exemptions

This includes things such as a death; a serious illness or disability; a relocation due to a job or attend university; a breakdown of a marriage; a termination of employment or a threat to personal safety. Other examples include: bankruptcy, insolvency and foreclosure; a destroyed housing unit; expropriation; disposing of a property acquired by winning the lottery; and a year-long delay in a completion of a presale unit.

Exemptions for builders, developers and renovations

This includes an exemption for builders and developers, for renovations or construction of additional housing units on a property and constructing a new housing unit on a property.

Exemptions for property sales between related persons

This is relatively self-explanatory – there is an exemption for sales between related persons. Related persons are those connected by blood relationship, marriage, common-law partnership or adoption. This exemption can also be extended to friendships in certain circumstances. Also, there is an exemption if a person sells a property to a related corporation (or partnership).

Exemptions NOT Requiring a Flipping Tax Return

There are cases where an exemption always applies and so a Flipping Tax Return is not required, these include: a property in an exempt location; an exempt entity selling property; property being used exclusively for commercial purposes.

Exempt locations are generally First Nations lands, including reserve lands, treaty lands as well as other specific First Nations Bands land.

Exempt entities are generally government bodies, First Nations bodies and/or non-profit institutions.

The Flipping Tax Return

Please note, the BC Home Flipping Tax is additional to annual income tax filings. It requires a separate filing within 90 days of a sale, if:

You sell property after January 1, 2025 and you have held it for 729 or less (and are not eligible for any exemptions); or
An exemption applies only after you file a return

If property was held for 730 days or more, or an exemption that does not require a Flipping Tax Return is available, then a Flipping Tax Return does not need to be filed.

How much is the BC Flipping Tax?

If property is sold within 365 days, the tax rate is 20 percent of net taxable income, or in lay terms, 20% of the “profit”. The rate decreases over the next 365 days – so that at 730 days, the BC Flipping Tax no longer applies.

The key dates are: (i) the date of acquisition; and (ii) the date of disposition. In other words, the Completion Date for each standard residential transaction.

For buyers of pre-sale contracts that originally bought a pre-sale, completed on the unit, and then sold it, the starting date is the date the pre-sale contract was made.

There is a deduction for the sale of a primary residence of up to $20,000 if certain conditions are met.

Brought to you by:

Tony Spagnuolo, Barrister & Solicitor

#300-906 Roderick Avenue,
Coquitlam, BC
V3K 1R1

Phone: 604-527-4242
realestate@spagslaw.ca