Aaah, taxes. Always more complicated than we think, or would like. Building or buying a home with a laneway house ? Sigh.  Best to check with the professionals (tax accountant, lawyer & Realtor) before you get going.


A laneway house is a small detached residential infill house that typically fronts on the lane of a larger principal house. 


If you own a principal residence and you hire a builder to build a new laneway house, then rent or lease the laneway home to a non-relative, the CRA considers you to be the builder, and to have:


* sold, repurchased, or “self-supplied” the laneway house at its fair market value;
* self-assessed and collected the GST on the sale; and
* paid the GST on the repurchase of the laneway house


This is just once scenario provided by the CRA, and it gets more complex from there. In for some bedtime reading ? You could read the CRA’s, "The HST/HST Implications of the Construction of Secondary Housing Unites (Laneway Housing)".


Did you know?

A laneway home can increase the value of a home. Building a laneway home:
* could affect your eligibility to claim the Home Owner Grant because of the increase in property value beyond the price thresholds; and
* may also result in increased property taxes.
* can affect a your principal residence exemption


It’s important for property owners to understand their options before building a laneway house or buying a property with a laneway house. Get professional advice first !


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Have you owned your current home for ten years ?  The North Van benchmark price for detached property has gone from $648,333 to a record high of $1,167,000 in that time period !   WOW that’s 80% in 10 years - CRAZY !!!

 

Ten years ago a benchmark townhome would have sold for about $425,000; today in North Vancouver, that number is $634,000.   And, while the re-sale apartment market has been slower these past 5 years, if you have held your apartment for ten years or more, you will on average have seen an appreciation of about 45%.  There’s a whole new meaning to, “Time is money”.

 

Real Estate is a hot topic today, and has been, especially in the Lower Mainland, for quite a while.  It really has always been an excellent, LONG TERM investment.  Don’t worry so much about the media stories of “bubble”, “affordability”, and “crash”.  You have to live somewhere – even if it means starting out with a small space and a room mate.  Invest in your future – invest for the long term.

 

And to those who only hear how much it costs to own a typical home on the West Side of Vancouver (now at about $2.5 Million) it may interest you to know that the MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $684,400. This represents only a 9.4 per cent increase compared to May 2014.

 

As always, we are here to help you navigate the process of Buying, Selling, and Owning.  On our team, we have over 60 years’ combined experience in the industry, and we are here to help!

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We have listed a new property at 2050 VIEWLYNN DR in North Vancouver.
Solid 1960's bungalow on a gem of a corner lot in lovely Westlynn! Meticulously maintained & updated in the last few years - Hardwood floors with inlay are simply stunning; 3 year old roof & attic insulation, newer appliances, fresh paint & carpet throughout, plus new H/W tank. The home is incredibly bright & offers a great family floor plan with three bedrms up, mini 'mud room' area off the kitchen at back door. Enjoy a walk out basement with rec rm, office, bedrm, full bath, plus laundry & utility room & workshop. Perfect for summer entertaining with huge deck and generous East facing patio - follow the sun thru the day! A beautiful lot, coveted location and great long term neighbors. Come see!
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We have listed a new property at 2356 CHESTERFIELD AVE in North Vancouver.
Such an opportunity! A golden oldie, built in 1921 with a truly magnificent garden rests on 2 lots; one at 2,500 sq ft and one at 10,000 sq ft. Hold and enjoy this 5 bedroom, 3,100 sq ft home with tasteful updates inside, and appreciate the beautiful setting and the charm of a bygone era. Presently, this home offer three generous separate suites. On the other hand, apply to the City to move the lot line and create two 40' x 156' parcels and build two new homes in keeping with the current neighborhood. This is truly a special opportunity that could be yours! Call us for more information, and make your own enquiries at www.cnv.org.
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We have listed a new property at 3719 ROBLIN PL in North Vancouver.
Picturesque Princess Park! Such a beautiful location & so very quiet. Solid, 2 level home enjoys a natural setting on a quiet little c-d-s, w/ long term neighbors. Beautifully updated from 2006-2010, this home features an open conceptsplashy maple kitchen w/ s/s appliances & granite countertops, gorgeous h/w floors, newer carpets, windows, doors, skylights, two gas fireplaces. Terrific floor plan w/ 3 generous bdrms up, master w/ 3 pc ensuite, plus a big recrm, bdrm & full bath down. Great mud room w/storage just off the carport. Full size laundry & laundry sink down as well. Some extras for peace of mind: roof 2009 w/ 30 year warr.; extra soundproofing in walls & ceiling of recrm. Quick stroll to Carisbrooke Elementary.
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We have listed a new property at 201 333 4TH ST W in North Vancouver.
A truly affordable 2 bedroom apartment in a re-enveloped building. This 12 unit complex (each suite occupies a corner) underwent a complete envelope replacement in 2006. #201 faces West and offers a pleasant little view of the mountainsand the city below. Recent upgrades include new carpet, baseboards & fresh paint throughout, new light fixtures. Large kitchen with eating bar offers newer appliances. Enjoy a well-run, self-managed strata & pro-active ownership. Walking distance to Lonsdale Quay & area amenitites. Start here!
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