Contemporary West Vancouver home designed by Marque Thompson

Contemporary West Vancouver home designed by Marque Thompson

There is no doubt Vancouver is one of the most beautiful cities in the world. The city of West Vancouver is nestled between Burrard Inlet and the North Shore Mountains and offers city, water and mountain views from its many high-end neighbourhoods.

The lower mainland has also developed unique architectural and design styles that benefits from the natural beauty of our environment. Beautiful homes decorate the neighbourhoods and it’s not difficult to find prestigious design projects around town.

Today we’re bringing to the blog, this incredible property – a stunning, custom-built 5 bedroom home designed by Georgie Award Winner Marque Thompson.

Marque is the Principal of Design Marque Consulting Ltd and has won both silver and gold design awards at the Georgie Awards. He has been featured in countless design magazines and has completed more than 1,200 projects from small cottages to multi-million-dollar homes throughout Canada, United States, England and Singapore.

This 2014-built house located at 1418 Haywood Avenue in Ambleside is featured on Luxury Portfolio International® by Jennie Frizzo Personal Real Estate Corporation and Nathalie Frizzo from Macdonald Realty.

 

This home is situated on a large property with south-facing back gardens and beautiful views of the ocean, city and Stanley Park.  As you walk through the front doors, you’ll find a modern, open-concept space, with 20’ ceilings in the living room.

 

Contemporary West Vancouver home designed by Marque Thompson

The kitchen is equipped for family dinners and entertaining, featuring Wolf & Sub-Zero appliances.

Contemporary West Vancouver home designed by Marque Thompson

Walkout on to a large covered heated deck, built-in BBQ, & outdoor gas fireplace.  Perfect for entertaining on long summer nights.

Contemporary West Vancouver home designed by Marque Thompson

The private master suite is a romantic escape with a fireplace and large deck from which to enjoy views.

Contemporary West Vancouver home designed by Marque Thompson

Ready to make this dream home yours!  Click here to request a private showing and view more property details.

Want to see more luxury homes?  Search on our website www.macrealty.com or visit our beautiful properties featured in Luxury Portfolio International® macrealty.luxuryportfolio.com

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New Rules Regarding the Principal Residence Exemption

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.

Macdonald Realty listings get extra exposure on international website LeadingRE.com

Macdonald Realty listings get extra exposure on international website LeadingRE.com

 PrintMacdonald Realty offers consumers an easy way to search home listings and identify top real estate firms in markets worldwide through its participation in the new LeadingRE.com.

The site also brings global exposure for our BC real estate listings and provides consumer resources, such as cost of living comparisons, school information, recent home sales and other local resources and statistics. LeadingRE.com can be accessed via macrealty.com by clicking the Global Home Search logo on the homepage.

“LeadingRE.com now provides home buyers and sellers an easy way to identify the top-performing real estate companies in a given market by searching over 400,000 member listings or by using our comprehensive member directory,” notes Leading Real Estate Companies of the World Director of Strategic Development Rhett Damon. “Our network linking strategy connects many of our high-traffic member sites to LeadingRE.com’s national or global search, providing valuable listing exposure to home sellers.”

 

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For more information about Macdonald Realty and our LeadingRE partnership please email macrealty@macrealty.com or call 1-877-278-3888.  Looking to buy or sell, locally or globally?  Allow us to make a quality introduction to be matched with an independent brokerage and REALTOR® working in your area.

The Principal Residence Exemption

The Principal Residence Exemption

Recently the Canada Revenue Agency (CRA) changed its administrative rules so that, unlike the past, if you sell your principal residence in 2016 or later years, you must report:

  1. The sale including the date and price of acquisition, the sale price and date and a description of the property; and
  2. The fact that the property was a principal residence

on your income tax return filed in 2017 if you want to claim the full principal residence exemption.  The exemption means that no tax is paid on a property that is the principal residence of the seller.  In the past CRA did not require taxpayers to report the capital gains on the sale of principal residences.

If you don’t claim the exemption then CRA will treat any gain in the value of the property as a taxable capital gain.  One half of capital gains are deemed to be income in the year in which the capital gain is realized.   The top marginal rate for income taxes in British Columbia is nearly 48% for income in excess of $200,000.

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$94K micro condo in Surrey attracts hordes of home buyers | Platinum Project Marketing

$94K micro condo in Surrey attracts hordes of home buyers | Platinum Project Marketing

Macdonald Realty Estate Group’s project marketing team, Platinum Project Marketing had a busy Saturday, launching sales on Evolve, a new condo development in Surrey, which Developer WestStone Properties said sold 300 condos worth about $70 million in a frenzied 90 minute rush.

Read on for the full story as reported by The Huffington Post.

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Photo from The Huffington Post

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Surrey Condo Sales: Hundreds Line Up For Chance To Buy $94,000 Micro-Units

The opportunity to buy a brand-new condo for under $100,000 in Metro Vancouver’s sizzling real estate market brought hundreds of people to a Surrey sales centre on Saturday.

Prospective buyers stood in line for hours to buy into the 35-storey Evolve concrete tower. A big draw were the micro suites, starting at 316 sq. ft. and $93,900.

Twin brothers and WHL players, Connor and Curtis Honey, drove up from Edmonton to be the first people in line at 4 a.m. for the opening day of sales. They snapped up one of the 80 micro condos.

“It is pretty small, but I think there’s ways to work around it and maximize the space,” Curtis Honey told CTV News.

Developer WestStone Properties said 300 condos worth about $70 million were sold in a frenzied 90 minutes Saturday.

The majority of Evolve’s 406 units are priced at less than $250,000.

The condo project’s marketers, Platinum Project Marketing, also credited the high-tech sales presentation, including holograms and augmented reality, for drumming up interest. (Watch video above.)

Evolve is scheduled to be finished in 2018. It’s one of several new towers in Surrey’s developing West Village.

With about 1,000 people moving to Surrey every month, the city is forecast to become B.C.’s biggest by 2041.

How $500 Can Save You $30,000: Why You Should Get a Home Inspection

How $500 Can Save You $30,000: Why You Should Get a Home Inspection

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Many purchasers of homes decide to forgo the optional home inspection in some cases. They have a tough time trying to decipher why they would shell out anywhere between $450-$800 for a ‘jack-of-all-trades’ to come into their potential new home and tell them things they think they already know. If you fit into this category, STOP and give your head a serious shake.

Like a general practitioner doctor, a home inspector may not know a ton about one particular subject of a house, yet they do know a little bit (or more) about a lot. A good home inspector will use all the latest and greatest tools to inspect your home and should give you a full written report for you to take home at the end. They don’t need to know exactly where that leak is coming from, but they sure can point you in a better direction to figure it out than anyone else.

So why put out the expense? A familiar case sample from numbers of happy clients I have helped in the past, including a story of my own. When I set out to buy my first home, I was excited. It is such a cool experience to go house shopping and even better to imagine all of the amazing ideas, memories and plans you could experience in that new home. After a few weeks of shopping, I had decided on a 2 storey basement entry in North Delta.

The home needed some work, I could see that, and being a relatively handy guy with a good eye for what needed to be done, I wrote my offer accordingly. Now, I realize the importance of a good home inspector so as part of my conditions, I made sure to give myself some time to get my inspector into the house.

When working with clients, I have no emotion invested into what they buy and this allows me to be very unbiased. I can see many things that they typically cannot, due to the large amounts of homes I see every week and also from what I have learned from my home inspector in the past. The challenge is when emotion and excitement get involved, that trained eye can get cloudy. This was also the case for my own almost first home. I was excited and thinking more like a buyer than a Realtor.

My home inspection lasted over 3 hours and my inspector took his time to ensure he got everything I needed to know. At the end of the inspection, together we went through the list of things that needed to be done and the even bigger list of things that the average eye would not see.

There was over $30,000 worth of immediate work that was important to the life of the home that needed to be dealt with asap. This included unsafe electrical, huge drainage issues, sloppy previous home owner renovations, and more. Having a great relationship with my inspector, he jokingly remarked to me, “You need to run away from this house!”

That day was great to cement the lesson into my head that a home inspection is critical. I, nor most other Realtors, do not have a construction/electrical/plumbing/general home construction backgrounds so we cannot catch everything either. By investing around $500 in a 3.5 hour inspection, I saved myself from making a $30,000 mistake.

The moral of the story, get the home inspected everytime before you buy. You never know what yo may discover later if not. As for me, I am in a different home, with much less work to take care of. I get to save my money for bigger and better things!

Blog post provided by Darin Germyn Personal Real Estate Corporation, a REALTOR® with Macdonald Realty in South Surrey / White Rock.   Visit Darin’s blog at Germyn.ca