UBC offers a full range of housing options in five distinct neighbourhoods to provide a unique opportunity to live, work and learn in a truly integrated campus community.
 

Government to introduce a 15 per cent foreign buyer tax effective August 2


The provincial government will implement a 15 per cent foreign buyer tax on all residential transactions effectiveAugust 2, 2016. The tax will be added to the Property Transfer Tax and will apply to all residential properties purchased by foreign nationals or foreign-controlled corporations.

The new tax will be payable on applicable transfers registered with the Land Title Office on or after August 2 regardless of when the deal was completed.


The tax will apply to any transferee that is a foreign national, foreign corporation, or taxable trustee. Foreign nationals are defined as people who aren’t Canadian citizens or have permanent resident status in Canada.


“Housing affordability concerns all of us who live in the region. Implementing a new real estate tax, however, with just eight days’ notice and no consultation with the professionals who serve home buyers and sellers every day needlessly injects uncertainty into the market,” Dan Morrison, Board president said. “Government has had a long time to take action on the affordability issue, yet they decide to bring this new tax in over a long weekend, with no notice, and no time to prepare. It would have been prudent to seek consultation from the people most knowledgeable about the impact.”


Under the new tax, for example, a foreign buyer or foreign-controlled entity will pay an additional $300,000 in tax on a $2 million home.


“To minimize short-term volatility in the market, we’re calling on government to exempt real estate transactions that are in the process of closing from this new tax,” Morrison said.

 

Foreign corporations are any corporation not incorporated in Canada, or are incorporated in Canada but controlled in part, or wholly, by a foreign national or corporation. Publicly traded companies are excluded.

Commercial properties are excluded, and mixed-use properties will only pay the tax on the portion of the property’s value that’s for residential use.


For more information:


Read the government announcement here.

Read the government’s tax information sheet here.

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If you have been thinking about selling your home, there may be no better time than now to get full market value.  The Vancouver real estate market is definitely a sellers’ market as there is limited inventory and limited inventory means bidding wars.  This is the market that you want when it comes to realizing full market value or even above full market value for your home.  Certain homes such as those around UBC are some of the most coveted in all of the Lower Mainland so there is no better time to sell than now!


Getting Full Market Value

Even though you have put your UBC home on the market and it is a seller’s market does not necessarily mean that your home will be a quick sale or that you will get full market value for your home. But there are some extra tips and tricks that will help to accomplish these goals.

In addition to properly staging your home, it is highly recommended that you repaint the interior of your home.  For every dollar that you invest in a new coat of paint, you will get in return when you sell your home.  Any potential buyer wants to see a freshly painted interior rather than walls that are marked, scuffed and will need to be repainted after they have moved in.  A fresh coat of paint will not only highlight your already well-staged home, but it may also be the make or break point when it comes to selling your home at full market value!


Colour Matters!

When repainting the interior of your home, make sure to pay special attention to the colours you use. Bold bright or dark colours may have been great choices for your home and added atmosphere to individual rooms when you were living there, but these colour choices are not ideal when it comes to highlighting your home for resale.  Instead, think about using more neutral colours such as greys, taupes or beiges.  These neutral colours will make for a far quicker sale and are more appealing to any prospective buyer.

 

Ask For Recomendations

Remember, not only is it important to repaint your UBC home before selling it, it is also important to use the proper colours.  Do not be afraid to ask your local paint shop for recommendations or if you choose to hire a professional painter to do the job, allow them to help in the decision making around colour choice.  Please do not hesitate to contact me, as I have lots of experience when it comes to selling UBC homes and know exactly what potential buyers are looking for!

 

A well-staged, properly repainted house is a house that will not only sell quickly, but it will also sell at full market value or beyond.  The right colour combination coupled with the right real estate agent will quickly turn that for sale sign into a sold sign.  Please stop by today or call for more information on what I can do for you.  Together we can sell your home quickly and easily!

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