Crap, don't remind me! I am absolutely not looking forward to it at all.

But at least I paid like half of it back in Jan/Feb? So it should only be another $3.5 - $4k now. WutFace

too rich and new for my budget. autozen estimates 32k-38k.

6k:QQ:

RTB would probably be like :rukidding: Now you have to pay your tenant 12 months of rent

I wonder instead of signing a rental agreement, can you do it under sublet? :considered: so no rtb coverage?

Would a listing agent get mad if I didn't accept any offers on offer night, and I insisted on leaving the listing up for even a few more months if need be?

Is there a limit to how many open houses I can expect them to continue doing, before they'll just tell me to go f myself?

This weekend will be the 2nd set of open houses for our old place, and offer day's Wednesday. Just planning ahead, in case the offers aren't any good.

Generally speaking a good agent should know what your magic number is regardless of the list price so if the offers don't hit that mark they won't get upset you didn't take anything. They might advise you that your magic number is not realistic based on the offers though they probably would have told you before if they thought you could get your number or not.

During the open house process I'd expect a good agent to hint to interested opposing agents what it might take to get the deal done as well.

At the end of the day it's their job to do your bidding so it's not for them to get pissed off at your direction.

If your agent gets mad on offer night due to your decision, you should fire them.

Congrats West, sounds like you've been wanting to get a spot on the Shore for a while now, that's wicked.

Realistically, you should be posting all of your offers here and RS should decide if you should sell your place, at what price, and with what subjects... Let's not forget, we're the experts here ;)

I'll be expecting all offers posted to RS on Wednesday.

Looking forward to it. I love offer day!

Our neighbor who bought the house of my wife’s child hood friend 2 houses down bought the house in 2017 for 1.3

Listed today for 2.2

Nice little return for 7 years. Nothing has been done since buying it besides paint

7 years of property tax, interest and paint ain't cheap :lawl: now will they actually get $2.2 at these rates is another question

So on the last month there’s been about 8 listings within 2 blocks of me, both new duplexes and older homes. Every single one has sold in under 2 weeks, pretty crazy.

I typically keep an eye on the neighborhood driving around and walking and I feel like it’s a pretty good indicator of the general market

I think detached homes will sell just on land value, due to the multiplex rules, every buddy guy will try to get land while they still can to rebuild.

Strata property is another story as there is just more supply. And more options to choose from.

There were 2-3 cool units at river district but mosquitos are bad there in the summer. So wrote that off.

Excuse me if it seems like a dumb question, but I'm looking into the tax situation for a potential multiplex on the family lot.

Am I right in assuming that we shouldn't have to pay any taxes under the following situation?

The existing lot (title is under my mom) is subdivided into three to accommodate three new units. Each lot is then transferred from mom to child. As this is a gift, it's non-taxable.

If a child currently owns a property elsewhere, they can sell it and be free of any capital gains tax as the propertly being sold is their primary residence. Then can then rent for how many months as necessary and move into the new property.

Am I missing anything?

https://vancouver.citynews.ca/2024/0...ng-permit-hub/

https://news.gov.bc.ca/releases/2024HOUS0028-000817

Phase 1 participants who will be using the Hub include:
City of Burnaby
City of Campbell River
City of Kamloops
City of Langley
City of Maple Ridge
City of Nanaimo
City of North Vancouver
City of Surrey
City of Victoria
Cowichan Valley Regional District
District of Saanich
Town of Qualicum Beach
Musqueam Indian Band
Tsleil-Waututh Nation

lol.. yea because First Nations bands are a real marker as to building a home when you don’t need municipal inspections, consultants, etc.

Clear up every other bottleneck before you just start spitting out BP’s..

I don't think you have missed anything, but I also think you wouldn't have to worry about capital gain taxes until the newly sub-divided units have their occupancy permits issued. At that point if you move into the newly built home, and sell your existing home, there is still no capital gain tax to pay -- you moved from 1 primary residence to another, and the old home is sold.

So then there is no need to rent.

If you keep the previous home, that becomes your investment home, and any capital gains you make from your previous home at that point going forward would be subjected to capital gain taxes.

Razor, are you actually “subdividing” the lot?

In my experience almost no one subdivides, as in, creating multiple individual legal addresses when it comes to land title etc.

Generally people just build a multiplex which has the single unique address, or slight variations of the address, but in terms of the title and zoning etc. for all intents and purposes it’s still just a single lot. And with that comes the 3rd party utilities such as hydro etc. which still continue to service your new arrangement as a single lot. Which, can add huge $$$ depending on what is required.

I was under the impression subdivision of the lot was necessary. How would it work if one person were to sell their unit with the land title still under someone else?

You sell your address, as part of an informal strata or however that works

In my recent work I’ve probably worked with 10-15 duplex/multiplexes and not one of them was actually subdivided. You can see this when you look at the E-assessment, pull up a duplex and 99% of the time it’s just the single lot with both units on it

5 months and 4 offers later, finally we heard today our latest offer was accepted. Lynn Valley, here we come. We're leaving our 5 year old ultra modern condo for a 50 year old vancouver special. It took $61k over asking, subject free, and it was close.

Wtf are we doing.

I gotta admit though, seeing our two year old run around the back yard during the showings is what convinced me to do this.

The very first thing i'm doing tomorrow is resigning from the Strata Council.

wow grats f1! very happy for you

Seeing your kid run in the back yard was very rewarding, but I bet resigning from the strata council will be very satisfying too. :)

Congrats man! RS reno meet hahaha hondaracer can project manage, disapprove of all our work

congrats

here's how the resignation will go...


Kappa:troll: