“Price it right, and it will sell,” is a common refrain in the real estate business, but how do REALTORS® determine the proper list price for your home?
New B.C. speculation tax could prompt Albertan vacationers to look closer to home for second-property purchases
Scott Henderson has split his work time between clients in the Okanagan and those in his hometown of Calgary for the last 15 years.
Eight months ago, the marketing/communications agency owner got pre-qualified for a mortgage for a second residence in Kelowna. Then, this February, B.C.’s provincial government announced a speculation tax on out-of-province and foreign owners to discourage buy-up of housing by investors who, it claims, leave homes empty and drive up home prices. A homeowner can avoid the tax by living in, or renting out, the home half the year.
Do your research before selling a second home
Owning an investment property can provide useful income, while having a recreational property can provide a great place to spend time with family and friends.
But if you are thinking it’s time to sell, some careful research is in order.
“There’s a lot to consider when selling your investment property or a vacation home,” said Laura Parsons, the Calgary-area manager for mortgage specialists with BMO Financial Group. “Do your homework.”
The City-assessed value of both single residential and condominium properties in Calgary recorded double-digit growth in 2015.
According to the City of Calgary, which mailed out more than half a million property and business notice to residents in early January, the 2015 median single residential assessment grew by 10 per cent to $475,000 from $430,000 in 2014. The median residential condominium assessment, meanwhile, is up 11 per cent to $290,000 from $260,000.
Here are five things you need to know about this year’s assessments: (more…)
On May 6, Calgary City Council approved priorities directing administration to build 2015-2018 business plans and budgets including a 4.7 per cent tax hike.
The priorities encompass five key themes: A prosperous city, a city of inspiring neighbourhoods, a city that moves, a healthy and green city and a well-run city.