City of Vancouver has recently granted a development permit for a hirise in the 1241 Harwood Street and is permitting the developer to tear down the lovely Legg Mansion.

The Legg Residence is a grand Arts and Crafts mansion built in 1899 when the West End was one of Vancouver’s most desirable neighbourhoods, but this 115 year-old A-list heritage home will soon be demolished. It will be replaced by a 17-storey condo. Last year more than a thousand demolition permits were issued in Vancouver, many for pre-1940s houses built with a high level of craftsmanship and quality materials. As well as sending more than 50 tonnes of waste to the landfill, each demolition takes with it the history, character and narratives of our established neighbourhoods.

Mayor Robertson and Vision have no appreciation for Vancouver's heritage homes, instead they side with the developers.

Say no to wasteful demoltions and say yes to preservation of our built heritage!

Sign the petition!

Buying or selling Vancouver real estate! Let me help you find the right home!

 

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Please visit our Open House at 2306 838 HASTINGS ST W in Vancouver.

Open House on Saturday, May 24, 2014 1:30 pm - 2:30 pm

Welcome home to Bosa's Jameson House! Centrally located in Vancouver's Downtown heritage & business district. Enjoy the south after NW exposure with spectacular WATER, MOUNTAIN & CITY VIEWS & Canada's first auto valet from this two bedroom& den! Interiors are finished with 9ft ceilings, floor to ceiling windows, infloor radiant heating, contemporary kitchens by Dada Cucina of Italy, Gaggeneau & Sub-Zero appls & imported Travertine flooring Many luxury appointments include air conditioning, remote shades, 24 hr concierge, 2 parking stalls. Conveniently located to luxury shopping, top restaurants, the seawall, Stanley Park. Live the Manhattan lifestyle! Quick possession. Drop by & admire!

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How a person can add someone to a title without paying property transfer tax. Usually that person contributed to the acquisition and has been helping paying the mortgage. Unless the person is a “related individual” as defined in the Property Transfer Tax Act and the transferor or the transferee has been living there as his/her principal residence for at least 6 months, then property transfer tax has to be paid. A related individual under the Act is a direct relative, e.g. son, daughter, parent grandparent. Siblings and aunts and uncles do not fall within the definition and the transfer tax has to be paid for transfers to them.

 

I have been asked if a company can transfer its property free of property transfer tax to its shareholders. The answer is no as the company is a separate legal entity from its shareholders. Only if the company was holding the property in trust and the trust declaration was registered when the transfer to the company was registered, can the transfer be done free of property transfer tax.

 

From an income tax point of view, the law is that on any disposition, or deemed disposition, of capital property, tax is payable on any capital gains. The main exception to this is for dispositions of a primary residence. There is no tax payable on the capital gains from a disposition of a primary residence.  A deemed disposition occurs when a person dies, there is a gift of property or there is a change of use of the property, e g. it goes from being your primary residence to a rental property, or from a rental property to being your primary residence. The gain has to be determined at that time and any applicable tax paid. So before anyone takes title to, or transfers title to, all or part of a primary residence or any other property, even if a family member is involved, they should consult with their tax advisor as to possible tax consequences. Once you do something it is difficult and potentially costly to undo it.

David Simon, lawyer

 

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Statistics Canada released it’s latest building permit numbers (March 2014), considered an indicator of future activity.

Overall dollar values declined 3% to $500.0 million (seasonally adjusted) in March 2014 compared to $516.0 million in February.

Non-residential Permits

  • Industrial permits spiked 427% to $22.3 million.
  • Institutional-government permits increased 78% to $50.8 million from $28.6 million.
  • Commercial permits declined 50% to $86.0 million.

Residential Permits
Residential building permit values increased 10% to $340.9 million.

“Residential building permits have increased 10% and we expect sales to increase as well in the coming months,” said Andrew Peck, vice-president and general manager, Royal Pacific Realty Group.

Both industrial and institutional-government permits significantly increased.

Commercial permits in Metro Vancouver will receive a boost when the Tsawwassen First Nation/Ivanhoe Cambridge Tsawwassen Mills shopping Mall project in Delta, due to open in 2016 and the Sea Island luxury retail outlet at YVR , due to open Spring 2015, are issued.

The Tsawwassen project is expected to employ up to 4,800 workers from surrounding communities – good news for our economy.

Project specific investment will be the norm for some time because a market-wide investment surge is not expected until the local economy is in a sustained stronger growth phase – probably not until 2016.


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Please visit our Open House at 2306 838 HASTINGS ST W in Vancouver.

Open House on Saturday, May 17, 2014 2:00 pm - 3:00 pm

Welcome home to Bosa's Jameson House! Centrally located in Vancouver's Downtown heritage & business district. Enjoy the south after NW exposure with spectacular WATER, MOUNTAIN & CITY VIEWS & Canada's first auto valet from this two bedroom& den! Interiors are finished with 9ft ceilings, floor to ceiling windows, infloor radiant heating, contemporary kitchens by Dada Cucina of Italy, Gaggeneau & Sub-Zero appls & imported Travertine flooring Many luxury appointments include air conditioning, remote shades, 24 hr concierge, 2 parking stalls. Conveniently located to luxury shopping, top restaurants, the seawall, Stanley Park. Live the Manhattan lifestyle! Quick possession. Drop by & admire!

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