Open House Saturday and Sunday
2967 Lakeview cove Road

Lakeview Heights’ best value for home offering unobstructed no rooftop lakeviews w deep lrg. backyard, saltwater pool and a 2 bdrm walkout inlaw suite w high ceilings. 4,045sqft, 5bdrms, 4baths, built in 2003 on private 0.59 acre size lot.

Coldwell Banker Horizon Realty


Pro Webinar: How to Manage ‘Scope Creep’

Houzz’s Industry Marketing team looks at ways project creep can hurt your business and how to keep it from happening

Pro Webinar: How to Manage ‘Scope Creep’


Just Listed!
2967 Lakeview Cove Road

Lakeview Heights’ best priced option for an executive home, offering an unobstructed ridge top lakeview with deep large useable backyard, saltwater pool and a 2 bdrm inlaw suite with high ceilings.
Your kids and dog are going to love this neighbourhood and yard. A 2 storey walkout floorplan, offering approx. 4,045sqft., 5bdrms, 4baths and an architectural style that pays homage to an inviting, relaxed “Whistler” interior. Warm wood interior finished windows and smooth rich coloured hardwood floors that beautifully contrast the beaming blue lake in the background.
Constructed in 2003 by reputable Worman Builders on a very private 0.59 acre size lot that fronts a quiet street location with terrific neighbours that maintain quality curb appeal.
Look forward to coming home and enjoy nature and relaxation at its best.
Contact Gillian for more details or to view this home.

Coldwell Banker Horizon Realty


New Looks for Cabinets and Countertops Emerging in 2019
Dark colors, wood patterns and thin surfaces are a few of the trends seen at the recent Kitchen & Bath Industry Show

Erin Carlyle February 23, 2019
Houzz Editorial Staff. Writing about the cost of renovation and what it takes to remodel. Former Forbes real estate reporter. Fascinated by cool homes, watching the bottom line.



See attached new offers with Bank of Montreal

Remember we also can finance in some neighborhoods on lease land others cannot. Also we do not require CMHC insurance if putting 20% down on lease lands and this saves thousands for your clients.
LOWER rates then this is using CMHC OR

In addition this program is the best in Canada for military and RCMP, our rate is lower than all others in these cases.

BMO CDCB Program benefits are exclusive to all members of Canada’s defense community and their families:
Canadian Armed Forces: Regular and Reserve Forces, Retired and Former Members
Department of National Defense (DND) and Staff of the Non-Public Funds (NPF) Employees, including former employees receiving a pension
• Serving RCMP Members and former RCMP Members receiving a pension and RCMP Civilian employees
• Employees of Military Family Resource Centres (MFRC), Defense Research and Development Canada (DRDC), Communications Securities Establishment (CSE) and Defense Construction Canada (DCC)
• Foreign military members directly serving with the Canadian Forces
CDCB program benefits include:
• FREE banking with the Performance Plan1
• FREE Unlimited Interact e-Transfer®‡ transactions
• Keep the same accounts no matter how many times you relocate
• BMO Employee Pricing on a wide range of mortgage options3, 4
• Flexibility to move or break your mortgage through the Integrated Relocation Program
• Interest rate buy-down option
• Eligible for mortgage protection even when on active duty

Please refer clients to Doug Panton if needing financing with BMO.

Doug Panton
BMO Bank Of Montreal
Cell 250 575 5957
Fax 250 707 3956


Speculation Tax

Zach Pashley & Brian Stephenson
Residential Real Estate Practice Group
Pushor Mitchell LLP


• Housing affordability emerges as top political issue in the province, prompting demand for data on potential causes with special focus on foreign money
• 2016 BC Report: roughly 5% of buyers in Lower Mainland were neither citizens nor permanent residents
• 2016 Vancouver Report: roughly 5% of homes left empty year - round

Speculation and Vacancy Tax Act

• Came into force late 2018
– Rules apply for properties in 2018 and onward
• The Act is very complicated so just going to try to hit on the major points

Imposition of the Tax

• EVERY owner of residential property in the specified areas must pay the speculation tax UNLESS he or she qualifies for an exemption
• It is the owner(s) of the property at the end of December 31 of each calendar year that is/are subject to the tax

Residential Property

• Tax, generally, only applies to Class 1 property:
– Property Tax assessment class
– Residential land + house on the land
– Vacant residential land (even if no house on it)
• Possible exemption if construction is being carried out
– Residential property on farm land

Specified Areas

• Metro Vancouver and UBC
• Capital Regional District
• Nanaimo & Lantzville
• Abbotsford, Chilliwack and Mission
• Kelowna and West Kelowna

• Does not include:
– Any islands included in the above
– Reserve lands, treaty lands of treaty first nation, etc.

Owner’s Interest

• EVERY registered owner of the property is liable for speculation tax in proportion to their ownership interest in the property
– e.g. 50% owners each owe 50% of the tax
– Each owner must qualify separately for any exemptions

• BUT, all owners are jointly and severally liable for the whole amount of the tax!
– Important to know for situations of 99% & 1% legal ownership

ax Rate for 2018
• Tax rate for 2018 is 0.5% of the assessed value of the property for all owners

Tax Rate (2019 - … )
• 0.5% if owner is Canadian citizen/PR
• 2% for non-citizens/PRs
• If no speculation tax declaration is filed: 2%
– Will get to declarations later in the presentation


• According to the government, 99% of properties in areas covered by the tax will be exempt
• Many exemptions available (do not have time to talk about all of them, sorry)

Year of Acquisition

• Very important: Owner is exempt from the tax for the calendar year that they acquire the property
– Owner must have paid PTT or have been exempt under a few prescribed exemptions, for example:
• First time home buyers’ exemption
• Newly-built housing exemption

Principal Residence Exemption

• Owners of residential property are exempt if the property is the principal residence of a resident of British Columbia
– Principal residence: place the person lives more than any other in the year
• Can’t just declare a PR, have to actually live in it

– Resident of British Columbia: Canadian citizen/PR AND resident in BC for income tax purposes

Tenancy Exemption

• Rules are complicated and often confused
• Owner is exempt if property occupied by a tenant for one or more periods that total at least 6 months in the calendar year
– Does not have to be the same tenant
– Does not have to be consecutive 6 months
• 3 months for 2018
• 2 kinds of tenants contemplated in the Act
– Arm’s length tenants (unrelated to owner)
– Non-arm’s length tenants (related to owner)

Arm’s Length Tenant:
• Occupies the residence (or part of the residence) under a tenancy agreement
– Agreement must provide for tenancy on monthly or longer basis
– No fair market value rent requirement
• Is “arm’s length” to the owner of the property
– i.e. not related to the owner
• The residence must be the place the tenant makes his or her home
– Critical: it must be a “real” rental (i.e. the tenant actually lives in the property)

Non-arm’s Length Tenant:
• Is “non-arm’s length” to the owner of the property or the owner’s spouse
– i.e. related to the owner
• Residence is the place the tenant resides for longer period in the month than any other
– i.e. tenant’s principal residence
• No tenancy agreement required

Non-arm’s Length Tenant:
• Following persons are deemed not to be an non-arm’s length tenant:
a) The owner,
b) The spouse of the owner, or
c) Minor child of the owner

What does this all mean?

  1. If the tenant is unrelated to the owner, there must be a written tenancy agreement
  2. To use the exemption, the tenant actually has to live in the residence
  3. An adult child of the owner can live in the residence and get the exemption
    – Do not have to pay rent; do not need a written agreement
  4. Short-term rentals don’t count for exemption
  5. There can be a mix of arm’s length and non-arm’s length tenancies or mix of different tenants
  6. Rules refer to a “part of a residence” that is occupied by a tenant
    – Means that if residence has a basement suite or carriage home, etc. that is occupied for the 6 months, entire property is exempt

Rental Restrictions:

• If the strata bylaws “prohibit” rentals to arm’s length tenants and the bylaw was in place before First Reading (i.e. October 16, 2018) then properties are exempt from the tax for 2018 and 2019
– Owner must also have acquired the property before First Reading

Construction or Renovation

• In general, properties under construction or renovation are exempt from the tax
– For renovations, exempt if property cannot be occupied for 90 days in the year because of the renovation

Tax Credits

• BC Resident Owners: up to $2,000 credit on secondary property
– Exempts an owner on property assessed at up to $400,000, or provides a $2,000 reduction in tax payable on property assessed above $400,000
• e.g., a $500,000 property would only be taxed on $100,000 of assessed value
• Each taxpayer and his or her spouse get only one $2,000 credit in total per year to cover only one single property
• Each property is only eligible for $2,000 in total credit claimed per year (relevant for cases of multiple owners)
• Non-BC Owners:
– Rules here are very complicated
– Tax credit based BC income earned by owner
– Maximum credit will reduce tax owing to the 0.5% rate of BC residents


• If a person knowingly or grossly negligently makes a false statement in a declaration, they are liable to a penalty equal to 100% of the tax they avoided because of the false statement(plus interest)

Making Declaration

• Government has an online portal for registering and making declaration for the tax
– And for claiming any exemptions
• All owners of property must register and make a declaration
• Owners have been mailed a letter that includes ID numbers that must be used to file the declaration

Timeline / Important Dates

• Early January, 2019: speculation tax letters mailed
– Gives information about how to register and unique identification number for the property
• January 21, 2019: online portal opened and declaration period started
– all owners have to register online
• March 31, 2019: declaration due
• April, 2019: tax notices/assessments mailed
• July 2, 2019: speculation tax payment due

Prepared by:

Pushor Mitchell
Lawyers & Trade-Mark Agent


January 2019 Market Statistics

January’s Residential Market Highlighted by Spike in New Listings
For full up to date details on the Central Okanagan market statistics visit:


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