Canadian Federal Residential Property Flipping Rule

According to the Government of Canada website and I quote “For 2023 and subsequent taxation years, Budget 2022 introduced a new deeming rule for residential real estate (including rental property). The new deeming rule is to ensure that profits from the disposition of flipped property are taxed as business income.” Full details here

Canada Revenue Agency (CRA) defines property flipping as property flipping involves purchasing residential property and reselling the property in a short period of time to realize a profit. This also includes reselling the rights to purchase a property before its official sale.

Visit the Government of Canada website here to learn all the details and consult with your professional tax advisor to learn more and consult with CRA to get replies to your question prior to selling your property so can determine if the sale of your property will be impacted by the Federal Property Flipping tax.

Make sure you also get advise about the BC Property Flipping tax that is NOT the same as the Federal Property Flipping tax.

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If you would like to learn more about how I serve my clients in buying and selling real estate please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

Real estate types of insulation and R value insulation chart

Unless you are buying a brand new property you may wish to check to find out if the property is properly insulated. When you have the appropriate insulation you can create a more comfortable, consistent indoor climate and significantly improve your home’s energy efficiency and potentially save yourself money.

Follow this link to an online educational page on the different types of insulation and access to a R value insulation chart.

If you would like to learn more about how I serve my clients in buying and selling real estate please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

Location of schools Maple Ridge Pitt Meadows School District 42

Are you thinking of buying real estate in Maple Ridge or Pitt Meadows and you want to know the location of the schools in Maple Ridge and Pitt Meadows. Download this PDF of Maple Ridge Pitt Meadows School District 42 Location of Schools that includes a list of the schools as of November 2024 and also a map of the location of the schools.

I had to search to find this, I am delighed to share with you this map of the Maple Ridge Pitt Meadows School District 42 Location of Schools

If you would like to learn more about how I serve my clients in buying and selling real estate in the Maple Ridge Pitt Meadows area please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

Residential Real Estate Sales Contract Clauses: The Famous Five

When I first started working in residential real estate in Maple Ridge, British Columbia, Canada in the 1990s the most common clauses you would find in a residential contract of purchase and sale was a financing clause and in most cases an inspection clause. It is worth noting that at that time I had to hand write each clause in the contract while referring to a notebook on what should be in the clauses and I had to push hard through the carbon paper to make multiple copies.

Flash forward to today typical residential contracts of purchase and sale I create using an online database of clauses. The contract is a long document that includes in most cases clauses that are often called the Famous Five. They are the Financing clause, Inspection clause, Property Disclosure clause, Insurance clause and Title clause. But there are other important clauses that you may need in your contract to protect you in the sale or purchase of a residential property in BC. Plus there are disclosure of Agency, declaration of Citizenship and more.

Strata Sellers and Buyers take note: If you are buying a residential strata property like a townhome or apartment your contract will include a subject clause that requests a long list of additional documents like the Form B Information Certificate, Registered Strata Plan, Strata Bylaws, Strata Rules, Financial Statements, Strata Meeting Minutes, Current Insurance Coverage, Depreciation Reports, Strata Insurance and potentially more.

Important: Understanding what needs to be in a residential contract of purchase and sale and how the clauses need to be worded, what they mean and how they impact the contract is an important part of what you want your REALTOR® to understand and advise you on. The way the contract is structured to make sure it is a legally binding contract for both the buyer and sellers protection is very important.

When you are considering hiring a REALTOR® talk with the REALTOR® about how they can structure a contract for you when you are purchasing real estate and how they can help you spot errors and mistakes in a contract that is written to purchase your home. You need to make sure your REALTOR® is not only great at marketing and negotiating but also at structuring a legally binding contract.

If you would like to learn more about my real estate contract writing experience and how I serve my clients in buying and selling real estate please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

Maple Ridge Strategic Transportation Plan

In my work in real estate I have to search and keep up with a lot of changing information to serve my clients as much as possible. This requires me to find access to lots of information. Sometimes finding the information online is not so easy and I like to make access to the information easier for clients. This is an example.

If you are seeking information on the Maple Ridge Strategic Transportation Plan you simply have to follow this link rather than searching behind link after link on the City of Maple Ridge website. When you follow this link you can download a copy of the plan that does include maps of future planned roads and a whole lot more that is important for you to know about.

If you would like to learn more about how I serve my clients in buying and selling real estate please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

Maple Ridge Pitt Meadows school locator

Are you moving to Maple Ridge or Pitt Meadows and you wonder which school catchment your child will be in?
Do you wish to move to a particular school catchment area in Maple Ridge or Pitt Meadows?

Use this maple ridge pitt meadows school locator to locate the school. 
Created by School district 42.

Note from School district 42 website:
The school district 42 school locator application will help show your child’s designated catchment school based on your home address; however, your child may not be assigned to their catchment school if the building is at capacity. Please contact the principal of your child’s catchment school for more information.

If you would like to learn more about how I serve my clients in buying and selling real estate in the Maple Ridge Pitt Meadows area please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

Understand the Seller’s Disclosure of Material Latent Defects Form

The Seller’s Disclosure of Material Latent Defects Form is an important document for both the buyer and seller of real estate in British Columbia to understand.

BCREA has created a new video for REALTORS® to share to help explain the Seller’s Disclosure of Material Latent Defects form. This form allows a seller and their Realtor to disclose any known material latent defects prior to buyers making an offer. The definition of what is a material latent defect is, is shared in this video.

Make sure you discuss all the details of any document you are going to complete and sign with your licensed real estate professional BEFORE you complete and sign it and get legal advice before completing and signing if you need to.

If you would like to learn more about how I serve my clients in buying and selling real estate please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

Understand the Property Disclosure Statement – Important for Sellers and Buyers

The Property Disclosure Statement is one of the forms commonly used in real estate transactions in British Columbia. This form is where sellers disclose facts about the condition of the property so that buyers can make an informed decision when considering purchasing the property.

The form is different depending on the type of property concerned. For example, there are different questions found on the property disclosure statement for strata properties compared to non-strata properties.

An example of a question to be found on the form is:
Are you aware of any additions or alteration made without a required permit or final inspection, for example, building, electrical, gas etc?

Watch this educational video below created by BCREA to understand as a buyer or seller of real estate the function of the property disclosure statement  and your options and choices related to this document and when you should see legal advice.

Make sure you discuss all the details of any document you are going to complete and sign with your licensed real estate professional BEFORE you complete and sign it and get legal advice before completing andsigning if you need to.

If you would like to learn more about how I serve my clients in buying and selling real estate please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

Understand the Disclosure of Referral Payment – for buyers and sellers of real estate

Did you know that the Disclosure of Referral Payment form must be used by a REALTOR® who intends to make a referral payment to another REALTOR®’s brokerage or to an unlicensed person when permitted to do so under the Real Estate Services Rules?

REALTORS® are required to follow specific rules set out by the BC Financial Services Authority as well as their own brokerage’s policies and procedures when paying a referral fee and you can get an understanding of what this form is all about and why it is important by watching the video below created by BCREA.

Make sure you discuss all the details of any document you are going to sign with your licensed real estate professional BEFORE you sign it and get legal advice before signing if you need to.

If you would like to learn more about how I serve my clients in buying and selling real estate please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

Understand the Buyer’s Agency Exclusive Contract – includes who pays for the Agent

When you engage the services of a licensed professional real estate agent in British Columbia under a Buyer’s Agency Exclusive contract there are important details for you to understand. This educational video is a great starting point to remove a lot of the confusion about how this contract works and why you would want to have such an agreement in place with your real estate agent.

Watch the video (source: BCREA )and meet with your real estate agent to discuss the services they will provide you and all the other details of the contract including how your real estate agent will be paid BEFORE you sign the contract. If you are unsure always get legal advice before signing.

If you would like to learn more about how I serve my clients in buying and selling real estate please contact me here to book a time for an introductory free consultation.

Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.

Sincerely,

David Hennessey

REALTOR®

eXp Realty

604 626 8903

 

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