Nothing can be said to be certain, except death and taxes (Benjamin Franklin)
With the tax filing deadline just past hopefully we all filed on time and can procrastinate for another year. You might have noticed something new on the tax form this year. While the Principal Residence Exemption continues, as of the 2016 tax year there was a new reporting requirement. Previously when you sold a principal residence, nothing was reported as the capital gains were exempt from tax. However, if you sell your home in 2016 or later, it must be recorded on the Schedule 3 Capital Gains schedule. There is still a tax exemption but now it must be reported.[1]
The trend of a hot condo market continues. While inventory is increasing, it is still relatively low which is contributing to the price gains. Starter home prices are also starting to increase after a period of slow activity and low inventory.
The April numbers were:
|
|
2 Bedroom |
1 Bedroom |
||||||
|
|
#Active |
/sq.ft. |
#Sold |
/sq.ft. |
#Active |
/sq.ft. |
#Sold |
/sq.ft. |
|
Woodwards |
2 |
$1,070 |
2 |
$1,162 |
2 |
$969 |
2 |
$986 |
|
Downtown |
188 |
$1,247 |
89 |
$1,169 |
180 |
$1,015 |
104 |
$1,032 |
|
Coal Harbour |
33 |
$1,640 |
10 |
$1,662 |
12 |
$1,141 |
5 |
$987 |
I would be happy to discuss your long and short term real estate strategies with you. Call or email me today!
Regards,
Kim
E&OE
[1] Not meant to be tax advice. Professional advice should be sought regarding your particular situation.
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