Whether you're buying or selling a home, the process can feel overwhelming. There are countless details to consider, financial decisions to make, and potential obstacles to navigate. That’s where Chris Abbott's Comprehensive Home Buyer and Seller Guides come in—they’re your roadmap to success, designed to give you the confidence to move forward with informed, educated decisions.

Here’s why downloading these guides is the smartest move you can make when entering the real estate market.

1. Clarity in a Complex Process

The real estate market is intricate, with each transaction involving numerous steps, regulations, and fine print. Without a clear understanding of the process, you risk feeling confused or even missing key details that could affect your purchase or sale.

The Home Buyer Guide outlines:

• What to expect in each phase of the home-buying journey—from securing financing to closing the deal.

• Essential factors to consider when house-hunting, like neighborhood insights, property condition, and market value.

• Step-by-step explanations of the offer and negotiation processes, so you’re never caught off guard.

The Home Seller Guide details:

• Proven strategies for preparing your home for sale, including staging, marketing, and pricing it right.

• The timeline and actions involved in listing, marketing, and closing on your property.

• Expert advice on how to handle offers, negotiations, and inspections to maximize your return.

2. Confidence in Your Decisions

Real estate decisions aren’t ones you want to make on a whim. Both buyers and sellers need to know what they’re getting into so they can make confident, informed choices. Chris Abbott's guides are designed to empower you with knowledge, breaking down complex concepts into easy-to-understand language.

By downloading the guides, you’ll gain:

• A deep understanding of current market conditions and how they impact your sale or purchase.

• Tools to accurately estimate property values, so you never overpay or undersell.

• Insight into negotiating tactics to ensure you're positioned for success, whether you're making an offer or considering one.

3. Avoid Common Pitfalls

The real estate world is full of potential pitfalls, especially for those who are unfamiliar with the process. Missing deadlines, underestimating costs, or neglecting crucial details can lead to financial losses, unnecessary stress, or even the collapse of a deal.

Chris Abbott’s guides help you steer clear of these traps by:

• Outlining common mistakes buyers and sellers make and how to avoid them.

• Offering tips on how to navigate paperwork, inspections, and appraisals smoothly.

• Helping you prepare for unforeseen challenges, so you’re always one step ahead.

4. Prepare for the Unexpected

Even when you're well-prepared, surprises can still arise during the real estate process. Whether it's a low appraisal, unexpected repair issues, or last-minute changes in market conditions, being equipped with knowledge helps you adapt and respond with confidence.

Chris Abbott’s guides cover:

• How to handle unexpected issues like property condition surprises or last-minute financing changes.

• Strategies for keeping your sale or purchase on track, even when obstacles pop up.

• Backup plans and contingencies to ensure you're always prepared for any outcome.

5. Tailored Advice from a Real Estate Expert

Chris Abbott brings over 20 years of real estate experience in guiding buyers and sellers through the intricacies of the market. His guides aren’t just general advice—they’re filled with expert insights tailored to the unique challenges of the Victoria, B.C. real estate market.

Inside each guide, you’ll find:

• Local market trends and tips on how to capitalize on them.

• Personal insights into negotiation techniques, strategies for securing the best deal, and what works best in Victoria.

• A checklist of must-dos and what to avoid based on real-world experience.

6. Take Control of Your Real Estate Journey

Buying or selling a home is one of the most significant financial decisions you’ll make, and it’s essential to be prepared. With Chris Abbott's Comprehensive Home Buyer and Seller Guides, you're not just relying on someone else to lead the way—you’re taking control of your real estate journey.

Whether you’re ready to buy or sell now or just exploring your options, these guides will give you the tools to:

• Navigate the real estate process with ease.

• Make educated, confident decisions every step of the way.

• Feel empowered throughout the entire transaction, from start to finish.

Ready to Download?

If you're ready to feel confident, informed, and prepared for your real estate journey, now’s the time to download Chris Abbott's Comprehensive Home Buyer and Seller Guides. These invaluable resources will equip you with the knowledge you need to navigate the market successfully—so you can focus on finding or selling your home, stress-free.

Visit www.chrisabbott.ca to download your free guide today and take the first step toward a smooth and successful real estate experience.

These guides aren't just a resource—they’re your key to making smart, informed decisions that will set you up for success in the real estate market.

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Buying a home is more than just a financial investment; it’s a deeply emotional journey that can shape your life for years to come. As you embark on this significant milestone, it’s crucial to understand not just the practicalities of home buying but also the feelings and desires that guide your decision-making. Here’s how to choose a home that resonates with your heart and fulfills your dreams.

Understanding Your Emotional Needs

Before you even start browsing listings, take a moment to reflect on what home means to you. Is it a sanctuary where you can unwind after a long day? A place to create lasting memories with family and friends? Understanding your emotional needs will help you pinpoint the qualities you want in a home.

Create Your Vision

Imagine the life you want to live. Picture your ideal mornings, family gatherings, and quiet evenings. Ask yourself:

• What does comfort look like? A cozy living room, a spacious kitchen, or perhaps a peaceful backyard?

• How important is community? Do you want to be close to friends, family, or cultural activities?

• What kind of lifestyle do you envision? Active, tranquil, or a blend of both?

List Your Must-Haves

Once you’ve envisioned your dream home, create a list of must-haves and nice-to-haves. This list should include practical features like the number of bedrooms, proximity to schools, and outdoor space, but also emotional aspects like natural light, a welcoming entryway, or a cozy reading nook. Prioritizing these elements helps you stay focused on what truly matters.

The Power of Location

The neighbourhood you choose is just as important as the home itself. A vibrant community can enhance your quality of life and contribute to your sense of belonging.

Explore the Neighborhood

Visit potential neighborhoods at different times of the day to get a feel for the atmosphere. Consider:

• Amenities: Are there parks, cafes, and shops nearby that align with your lifestyle?

• Safety and Community: Do you feel comfortable walking around? Are neighbors friendly?

• Future Growth: Research upcoming developments or community initiatives that might impact your living experience.

Connect with Residents

Don’t hesitate to strike up conversations with locals. They can provide insights that online research might miss, such as the sense of community, local events, and overall lifestyle.

Visualizing Your Future

A home isn’t just a place to live; it’s where your life unfolds. As you tour potential properties, imagine your future there.

Envision Your Life

Picture your daily routines:

• Where will you enjoy your morning coffee?

• What family traditions could you start?

• How will you entertain friends?

This visualization makes the decision more personal and helps you feel the emotional connection to each property.

Trusting Your Instincts

While lists and criteria are helpful, don’t underestimate the power of intuition. A home should evoke a feeling—a sense of belonging, warmth, and safety.

Listen to Your Gut

During viewings, pay attention to your emotional reactions. Do you feel excited or anxious? A space that resonates with you will often feel welcoming and inspiring. If something doesn’t feel right, trust that instinct. It’s better to wait for the right fit than to settle for a home that doesn’t feel like yours.

Making It Yours

Once you find the right home, the journey doesn’t end. It transforms into a new beginning. Personalizing your space is essential for turning a house into a home.

Create Your Sanctuary

Think about how to infuse your personality into your new space:

• Decor: Choose colours and furnishings that resonate with you.

• Personal Touches: Hang artwork, display family photos, and add mementos that tell your story.

• Functional Spaces: Designate areas for hobbies, relaxation, and entertainment that reflect your lifestyle.

Choosing a home is a significant decision that intertwines practical needs with emotional desires. By reflecting on your vision, prioritizing your must-haves, and trusting your instincts, you can find a space that truly feels like home. Remember, this journey is about more than just a roof over your head; it’s about creating a sanctuary where your life’s most cherished moments will unfold. Embrace the journey, and let your heart guide you home.

** Published by Chris Abbott on Sept. 22, 2004

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Here are the top concerns for residents of British Columbia when it comes to owning a secondary, non-occupied condominium, broken down into legal, municipal, tax and accounting considerations:

Legal Concerns

• Strata Bylaws & Restrictions: Strata corporations may impose rules on rental restrictions, short-term rentals (like Airbnb), and usage of the property, which could limit the flexibility of a secondary condo.

• Property Management Regulations: If using a property management company to rent out the condo, owners must ensure compliance with B.C.'s property management laws, including transparency in contracts.

• Tenancy Laws: If the unit is rented, owners must comply with the Residential Tenancy Act, which governs landlord-tenant relationships, eviction processes, and tenant rights.

Municipal Concerns

• Empty Homes Tax: In some municipalities, particularly in Vancouver, the Empty Homes Tax applies to non-occupied properties. Owners must declare their property’s status annually to avoid penalties.

• Short-Term Rental Regulations: Many cities, like Vancouver and Victoria, have strict rules or outright bans on short-term rentals for non-primary residences. Owners may face fines or restrictions if they operate illegally.

• Property Maintenance Standards: Municipal bylaws may require property owners to maintain certain standards for landscaping, building upkeep, and cleanliness, even for non-occupied units.

Tax Concerns

• Speculation and Vacancy Tax (SVT): This provincial tax applies to homes left vacant for more than six months a year. Owners may need to declare their property annually to avoid fines.

• Capital Gains Tax: If the secondary condo is sold, it will be subject to capital gains tax since it's not a principal residence, which could result in significant taxes on the profit from the sale.

• GST/HST Implications: In certain situations (e.g., if a new or substantially renovated condo is rented or sold), GST or HST may apply, adding a tax burden on income generated from the property.

• Income Tax on Rental Income: Any income generated from renting the condo must be reported as taxable income, which could increase the owner's overall tax burden, depending on the rental rates and expenses.

Accounting Concerns

• Record Keeping for Rental Income & Expenses: Owners must maintain detailed records of rental income, operating expenses, and property-related costs (e.g., maintenance, repairs, strata fees) for accurate tax reporting and deductions.

• Depreciation Claims: For rental properties, owners can claim depreciation (Capital Cost Allowance) on the condo, but it must be tracked accurately and can have implications for capital gains when the property is sold.

• Tax Deductions: It’s essential to account for deductible expenses, including property management fees, utilities, insurance, and mortgage interest, to reduce taxable income from rental revenue.

• Foreign Ownership and Taxes: If the owner resides outside of Canada, specific tax rules apply, such as withholding tax on rental income. Non-resident owners must file appropriate tax returns to avoid penalties.

• Property Value Fluctuation: Accurate accounting of property values, expenses, and tax impacts is crucial, as changes in property value can affect overall financial outcomes, particularly in cases of sale or long-term holding.

Downside to Owning a Vacant Condominium Unit

• Tax Penalties: Vacant units may be subject to both the Empty Homes Tax (in some municipalities) and the Speculation and Vacancy Tax, resulting in significant annual penalties.

• Carrying Costs: Even when vacant, owners are responsible for ongoing expenses like property taxes, strata fees, insurance, and utilities, which can add up quickly without rental income to offset these costs.

• Market Risk: A vacant condo is subject to the risks of property value fluctuations. If the market declines, an owner could face potential capital loss, especially if the condo remains empty without generating rental income.

• Security and Maintenance: A vacant unit may be more vulnerable to theft, vandalism, or unnoticed damage (e.g., water leaks), and insurance premiums may be higher for unoccupied properties. Routine maintenance still needs to be done to ensure the unit remains in good condition.

• Opportunity Cost: Keeping a unit vacant means missing out on potential rental income, which could offset ownership costs and generate a return on investment.

• Resale Stigma: A condo that remains vacant for extended periods could be perceived negatively by potential buyers or tenants, affecting its marketability when the time comes to sell or rent it out.

These additional concerns highlight the complexities and potential downsides of owning a secondary or vacant condominium unit in British Columbia. Proper planning, professional advice, and careful management are key to minimizing risks and maximizing returns.

Published by Chris Abbott | Sept.22.2024 **always seek independent professional advice

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Almost 98% of underused housing tax returns assessed have no tax owing. A federal levy on vacant homes owned by foreign nationals that also ensnared thousands of Canadian taxpayers has so far failed to raise any meaningful revenue, with almost all tax returns assessed so far showing no balance, documents recently tabled in the House of Commons show.

Ottawa’s underused housing tax (UHT), which took effect at the start of 2022, imposes an annual 1 per cent tax on the value of foreign-owned real estate that is deemed to be underused or vacant. The government has variously billed the measure as a way to deter foreign real estate investors from leaving their homes in Canada empty and as a means to raise tax revenue for housing affordability initiatives.

But the Canada Revenue Agency had assessed just $74-million through the UHT as of mid-June of this year, according to the documents. And of the roughly 670,000 UHT returns assessed by then, 98 per cent had no amount owing, the tax agency said, responding to written questions submitted by Conservative MP Adam Chambers.

The numbers appear to confirm what has been a longstanding criticism of the UHT by many tax experts, who warned that the levy, as initially designed, imposed burdensome tax-filing requirements on swaths of Canadian taxpayers who wouldn’t ultimately owe any money to the government.

“This is just such a waste of precious resources,” said Kim Moody, founder of Moodys Private Client Law LLP in Calgary.

Over all, the UHT has been a complex administrative exercise with no clear public policy purpose, he said.

The CRA said it spent $18-million in the 2022-23 fiscal year to implement and administer the tax, and another $41-million in the 2023-24 fiscal year, for a total of $59-million over the two years. The agency also said it had spent just over $900,000 on advertising and promotion to increase public understanding and awareness of the measure.

The parliamentary documents show the CRA had 124 full-time workers assigned to UHT files in 2022-23 and 351 in 2023-24.

John Oakey, vice-president of taxation at Chartered Professional Accountants of Canada, which represents the profession at the national level, said he was “not surprised” to hear that an overwhelming majority of UHT returns assessed so far have yielded no revenue for the government.

Mr. Oakey pointed to an estimate provided by a Department of Finance official to the Standing Senate Committee on National Finance in May, 2022, that only about 30,000 residential units, out of a total of 16.5 million units in Canada, would be subject to the tax.

But while Ottawa initially portrayed the levy as a measure narrowly targeted at wealthy real estate investors based abroad, the initial wording of the new tax rules also made it mandatory for Canadians who owned homes through certain trusts, corporations or partnerships to file a special tax return. Failure to send in the paperwork could result in thousands of dollars worth of penalties, tax experts warned.

Among the unsuspecting taxpayers who learned from their accountants they might have to fill a UHT return were parents who had co-signed their adult children’s mortgage to help them buy a house, who could be deemed to co-own the property through what’s known as a bare trust, and couples who jointly owned rental property, who could be considered to be a partnership from a legal point of view.

Several Canadians reported spending hundreds of dollars in accounting and legal fees just to understand whether they were subject to the UHT filing requirements.

After twice extending the cutoff for filing UHT returns for 2022, Ottawa announced in November of last year it would largely scrap the need for Canadians to file UHT returns for 2023 and following years. The measure became law in June of this year.

However, the government has kept in place an obligation to send in UHT returns for 2022.

For Canadians who should have sent in a UHT income tax declaration for 2022 but chose not to, there is still a risk of incurring penalties, Mr. Oakey warned, although Ottawa has also lowered the minimum penalties for failing to file.

“It’s like a skeleton in the closet.”

** As posted by Erica Alini, The Globe and Mail | Sep 19, 2024 1:30 PM

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I don’t know if that’s true or if it’s from the same school of science as astrology, but it happened this week with mortgages. First, Ottawa announced a bombshell loosening of mortgage insurance rules. Second, inflation stunned economists by undershooting the two per cent target. Third, the United States Federal Reserve threw a party for the markets with a jumbo rate cut.

All of the above went down in the short span of 75 hours.

Here’s a quick peek at how this trifecta of bullishness could awaken Canada’s real estate market.

Mortgage insurance easing

Out of nowhere, the government decided that Canada’s default insurance market needed stimulation. Starting December 15, for those seeking insured mortgages, the government will allow:

• A 50 per cent increase in the maximum allowable home value (i.e., $1.5 million instead of the $1 million it’s been stuck at since 2012)

• 30-year amortizations for buyers of new builds

• 30-year amortizations for all first-time buyers

The first measure corrects the fact that value limits on insured homes haven’t kept up with the 76 per cent surge in home values since the rule was instituted.

The second measure creates a more liquid pool of buyers for new homes, incentivizing the construction Canada desperately needs.

The third change levels the playing field for first-time buyers who don’t have down payment assistance from their families.

All of these initiatives help put young voters into homes sooner. But far be it from me to be cynical and assume that desperately clinging to power by wooing disenfranchised homebuyers was in the government’s playbook. I’m sure it was just a fluke that every housing policymaker I’ve ever spoken to in the years leading up to this move was staunchly against such measures for fear of creating further imbalance in the housing market.

** As published in the Financial Post | September 20, 2024

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The court gave Alverez & Marsal Canada Inc. the authority to manage the business and take control of the finances of Bear Mountain.

The Supreme Court of ­British Columbia has appointed a receiver to oversee operations of the companies that own and operate Bear Mountain Resort, where partners have been at odds over how the property is being managed and its land is developed.

In a decision on Wednesday, the court gave Alverez & Marsal Canada Inc. the authority to manage the business and take control of the finances of Bear Mountain, which under Ecoasis Developments has hundreds of acres of undeveloped lands as well as two golf courses and tennis facilities on Skirt Mountain in east Langford and the Highlands.

Sanovest Holdings Ltd. and 599315 B.C. Ltd., headed by chief executive Dan Matthews, are equal partners in ­Ecoasis ­Developments LLP, which was formed in 2013 under the ­company name Ecoasis Bear Mountain Developments Ltd.

Sanovest, which holds a $62-million loan on the Bear Mountain lands, asked B.C. Supreme Court to appoint a receiver after Ecoasis Developments LLP failed to pay off the loan in full by May 1.

Sanovest claimed in filings last spring there was a breakdown in trust between the two controlling partners — ­Sanovest director Tian ­Kusumoto and Matthews, chief executive of Ecoasis Bear ­Mountain Developments.

Sanovest asked for a receivership to preserve its assets and ensure fair ­treatment among creditors. Ecoasis and 14 other associated ­companies known as the Developments Partnership were listed as respondents in the petition by Sanovest.

The two partners have been at odds on several issues, including how to market and develop the remaining lands, expense accounts, debts including property taxes and on whether to sign a contract extension with the privately held Bear Mountain Westin Hotel for use of the locker-rooms, pro shop and cart-charging facilities linked to the two 18-hole golf courses.

This week’s ruling gives the receivers powers to take possession and exercise control over the property and any money coming in or being spent.

The resort operations at Bear Mountain, including golf courses, tennis and other recreational facilities, are not under receivership as a result of this week’s order, according to the filing. It said those businesses will continue to be managed by Ecoasis Bear Mountain Developments as “oppression litigation” cases between the owners are before the courts.

The filing also notes the receivership order will not have an impact on the arbitration proceedings between Ecoasis Resort and Golf LLP and Bear Mountain Resort & Spa Ltd., BM Management Holdings Ltd. and BM Resort Assets Ltd.

However, the receiver said Ecoasis Bear Mountain Developments is required to provide access to the property and records and to co-operate with requests.

The receiver will have authority to enter into agreements, engage consultants, appraisers and agents, auditors, accountants and managers, and to lead any pending legal proceedings. Under certain financial thresholds, the receiver will have the power to sell or lease property and can apply for permits and licences required by any government authority.

The ruling states that Alverez & Marsal Canada Inc. will present a report and its recommendations for the property to the court around Oct. 25.

It is expected to include an inventory of assets, undertakings and properties of the companies and a report on the management and business of Ecoasis Bear Mountain Properties, and whether it should continue to manage the business and “if so, on what terms, if any,” said the ruling.

A hearing for the receiver’s counsel to speak to the report, and for any applications resulting from it or any relief, is scheduled for the Supreme Court in Vancouver on Nov. 6. Before Dec. 2, the receiver is expected to deliver a report of a sale and marketing process to be approved by the court.

Sanovest claimed earlier it hasn’t received any audited financial statements since the end of 2018 from the development partnerships and that it will be unable to meet the bills as they come due, including $542,000 for accounting and legal services, a $300,000 default payment to the City of Langford for the Bear Mountain Parkway roadwork and $2 million owing vendors and other creditors.

Property taxes on Bear ­Mountain lands for 2024 were $1.6 million.

This week’s court ruling sets terms for the continuation of services at Bear Mountain, including contracts for goods and services, banking and payroll through the direction of the receiver.

All funds and payments received, including the sale of property, will be deposited into one or more new accounts to be opened by the receiver and held to be paid according to terms of the court order, the ruling said.

** As published in the Times Colonist | September 20, 2024

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OTTAWA - Finance Minister Chrystia Freeland has announced changes to mortgage rules she says are aimed at helping more Canadians to purchase their first home.

"It is going to put the dream of home ownership in reach for more young Canadians," Freeland told reporters Monday, announcing changes she said will come into force in December.

The price cap for insured mortgages will be boosted for the first time since 2012, moving to $1.5 million from $1 million, to allow more people to qualify for a mortgage with less than a 20 per cent down payment.

"That is going to have a real impact for thousands, even millions of Canadians," Freeland said.

The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.

On Aug. 1 eligibility for the 30-year amortization was changed to include first-time buyers purchasing a newly built home. Freeland said this change better reflects the housing market while "giving first-time homebuyers a leg-up."

She pushed back on suggestions that the measures will only further inflate housing prices. She said boosting the price cap for insured mortgages reflects how Canada's gross domestic product has grown over years.

"It needs to keep up with the increase in the size of the Canadian economy," Freeland said. "That's just a recognition of economic reality."

Justice Minister Arif Virani is also releasing drafts for a bill of rights for renters as well as one for homebuyers, both of which the government promised in its budget five months ago.

Virani says the government intends to work with provinces to prevent practices like renovictions, where landowners evict tenants and make minimal renovations and then seek higher rents.

Ottawa also wants to boost transparency by making sales price history available on title searches, and protect potential buyers from blind-bidding.

"What we find is important is ensuring that there's a level playing field when you're trying to rent a place to live, or to actually get to the stage of buying a home," Virani said.

The government is touting the measures it announced Monday as the "boldest mortgage reforms in decades," and it comes after a year of criticism over high housing costs.

The Liberals have been slumping in the polls for months, including among younger adults who say not being able to afford a house is one of their key concerns.

Freeland says she plans to table a Fall Economic Statement but would not say when. Such a move may lead to a confidence vote in the Commons, following the NDP ending a formal agreement to prop up the minority Liberal government in such votes.

She also said the government is "absolutely not" considering a home-equity tax on primary residences above a certain value, when asked about government engagement with a group that promotes such a policy.

This report by The Canadian Press was first published Sept. 16, 2024

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