The Provincial Budget and Lynn Valley Real Estate

This week’s provincial budget had a focus on housing and real estate. Some policies are tax measures geared at the wider-province but could have impacts here in Lynn Valley. If you are planning to buy or sell in the next few months here are some issues you might want to consider.

The government released a 30-point housing strategy aimed at reducing housing demand, curbing tax fraud, building affordable housing, and increasing security for renters.

New tax measures include increasing property taxes and property transfer taxes on residential properties valued above $3 million, expanding the foreign buyer tax, and implementing a housing speculation tax.

LynnValleyLife’s real estate experts Jim Lanctot and Kelly Gardiner are available to help you understand how these changes will affect your property sale or property search. They can be reached at 778-724-0112


Tax Measures


Foreign Buyer tax

  • Effective Feb. 21, 2018, the foreign buyer tax will increase to 20 per cent from 15 per cent and will be extended to the Fraser Valley, Capital, Nanaimo, and Central Okanagan Regional Districts.

“This may refocus some of the buyers who left the North Shore for regions like Victoria,” said Jim Lanctot, publisher with LynnValleyLife and realtor with the Lynn Valley office of Sutton WestCoast Realty. “By distributing this tax wider it may no longer deter those keenly interested in areas like the North Shore.”

Speculation Tax

  • The province will implement a new speculation tax on residential properties, targeting foreign and domestic homeowners who don’t pay income tax in B.C. This includes those who leave their homes vacant.
  • The tax will apply to the Metro Vancouver, Fraser Valley, Capital, and Nanaimo Regional districts and in the municipalities of Kelowna and West Kelowna.
  • In 2018, the tax rate will be $5 per $1,000 of assessed value. In 2019, the tax rate will rise to $20 per $1,000 of assessed value.
  • The province will administer the tax and will collect data to enforce it including, social insurance numbers, household information, and world-wide income information.

Property Transfer Tax

Effective Feb. 21, 2018, the Property Transfer Tax on residential properties above $3 million will increase to five per cent from three per cent.

Provincial School Tax

Beginning in 2019, the provincial school tax will increase on most residential properties in excess of $3 million.


Affordable Housing


The province will:

  • Invest $6 billion in affordable housing to create 114,000 homes over the next 10 years.
  • Enhance local government capacity to build and retain affordable housing.
  • Require developers to collect and report comprehensive information about the assignment of pre-sale condo purchases.
  • Track beneficial ownership information.
  • Collect additional information to increase transparency and strengthen enforcement in real estate.

Database on pre-sale condo assignments

The province will require developers to collect and report comprehensive information about the assignment of pre-sale condo purchases. The information will be reported to a designated government office and shared with federal and provincial tax authorities to ensure taxes are paid.


Other Highlights


Task force on money laundering and tax evasion

The province will work with the federal government to formalize a multi-agency working group on tax evasion, money laundering and housing.

Residential Tenancy Branch

Increased funding to the Residential Tenancy Branch to reduce wait time, improve service and deal with disputes more quickly, as well as strengthening the Residential Tenancy Act and the penalties for those who repeatedly break the law.

(Source: Greater Vancouver Real Estate Board)

Emery Village development info session planned

LV Community Association president Gillian Konst asked us to pass along an invitation to learn more about the redevelopment proposed for Emery Village (the rental housing area that is currently east of Mountain Hwy and 24th Street, off Emery Place). Proposals for the layout of the property, the multifamily low- and high-rise building, and amenities are here

Lynn Valley Community Association is facilitating an information session on the new development plans for Emery Village.  Our role is to encourage everyone to help shape change in their community.

This is a second opportunity for you to learn more about the proposal, and consider such questions as:

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Lynn Valley realtors address sellers’ “fear factor”

There was a good article written by Barbara Yaffe in the Vancouver Sun, outlining one of the reasons behind the current shortage in home listings.

She writes “Observers agree that the fear of selling one’s home and not being able to find another property is part of the story behind a low inventory of real estate listings, both in Vancouver and Toronto. The situation is handicapping buyers and sending prices skyward.”

And, later in the article, “if they want to buy something else in their neighbourhood, they are likely to face that scourge of the real estate industry, the bidding war.”

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Downsizing – Go Big Going Smaller

downsizing picThe fears most of us have about downsizing from the homes we’ve lived in for decades, raised our families in and filled with memories are very real to us but the good news is they are just fears. We still have the memories. And, hey, we’re a bit tougher than that. Besides, fear has a way of evaporating when we don’t fight it and focus instead on reasons to move on with our lives. The lesson we get to learn here is – there really is a new chapter waiting for us out there.

Now that’s kind of exciting.

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Mountain Court goes to public hearing

Interested in the local townscape? Polygon Properties will be at District Council on Tuesday, June 16 at 7pm, hoping that their bid to redevelop the site on 27th Street across from Safeway will be supported.

You can learn more about the proposal here. As envisioned in the Official Community Plan for Lynn Valley, the site would include new road connectors and pedestrian pathways to facilitate traffic flow within the evolving town centre.

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LVLife welcomes new sponsoring realtor

The LynnValleyLife team is growing, and we couldn’t be happier to introduce to you the newest sponsoring realtor of our community news website.

We know, though, that for many of you Suzanne, or “Suzie,” Callaghan needs no introduction! Like many of you (and our editor!) Suzanne is an Argyle Secondary grad who has spent the last two decades raising her family in her friendly hometown ‘hood!

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LVL-sponsoring realtor to speak at RBC retirement planning event

Ever wondered what your Lynn Valley home is worth, and what choices you might make for downsizing in this neighbourhood? And how to best use your freed-up capital to create an ongoing income stream?

LynnValleyLife-sponsoring realtor Jim Lanctôt and Jeffrey Smithson, RBC financial planner, will address these questions and more at an upcoming seminar hosted by RBC Financial Services. As you’ll see below, the food is good and the seating is limited, so scroll down for details on how to RSVP asap!

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LVL Network members get first peek and VIP pricing at Seylynn Village

We like to offer special treats to our LynnValleyLife Network members whenever we can. So we’re delighted to announce a special, LynnValleyLife-only reception at which our members will be amongst the very first to experience a brand-new neighbourhood just down the hill – before it’s even built! Having the chance to visit the new Seylynn Village development before the general public brings some other bonuses as well – from preferred pricing to the widest selection of suites.

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