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What do I need to know about Selling a Relatives Estate?

If you find yourself in the position of inheriting a property and you have decided to sell it, there are a few things you will need to know and keep in mind.

This is not a comprehensive “How To”, rather some answers to some commonly asked questions about selling a house you have inherited it from a family member.

Q: Do I need to pay taxes on the house?

That depends on whether or not you sell the house. Generally speaking, in Canada, there is not an inheritance tax. Most inherited homes are nontaxable if you are taking over ownership of the house.

Q: But what if I want to sell?

Well, that’s different. In Canada, if you decide to sell, you will need to pay capital gains tax on the sale of the inherited property.

Q: What is the capital gains tax?

The capital gain is considered the profit you make on the sale of an item. The capital gains tax is the tax applied to that profit number.

Q: Why do I have to pay a capital gains tax on a property I inherited after my parent’s death?

There are a couple of things to consider here. First, when you sell a primary residence, capital gains are not taxable.

However, when you are selling an inherited property, you will need to pay taxes on 50% of the capital gains. And on secondary residences and commercial properties, capital gains are taxable. That is simply the way the law is written in the Canadian tax code.

Q: How do I calculate what the capital gains tax is?

Traditionally, the total capital gains are calculated by taking the current fair market value and subtracting the value at the time of purchase. If you decide to sell a primary residence that you inherited, you will have to pay 50% of the capital gains tax.

Q: So what should I do first when I gain a property after a parent’s death?

The first thing to do is get organized. Look through records to see if you can find the original purchase value. Then get an appraisal — the value when you take possession will be needed if or when you decide to sell or if you pass the property to someone else.

Every situation is different — some people are eager to sell quickly and some need to take their time. If you can consult a lawyer, they will be able to go in-depth about what your options are.

If you have any questions about what the next steps should be if you have inherited a home or property after the loss of a parent, contact me +16049965248.

house in cloverdale bc

Why Cloverdale, BC Is Good Place To Buy A Real Estate

When is the last time you had a conversation with someone where real estate didn’t come up? The topic affects everyone in the Lower Mainland, in one way or another.

People are always curious about where the best place to buy a home or invest in real estate might be, and the answer is always a moving target. With housing prices in Vancouver out of reach for most people, other cities in the Lower Mainland are really appealing.

Enter Cloverdale. Cloverdale is a town centre (one of six) in the city of Surrey. It is located in the eastern part of city, west of Langley, and it’s been gaining a lot of attention lately, and for good reason.

Right now, Cloverdale is a great place to invest in real estate, whether you are looking for an investment property, a starter home or a long-term house for a growing family. Here’s why:

Small town feel

Even though Cloverdale is located within Surrey proper, it retains much of it’s small-town vibe. The charming city has grown exponentially, but there are still only around 80,000 people who live here (up from 58,000 just 12 years ago). Since it was a lesser-known quaint place not very long ago, it definitely retains that small-town charm — you can even spot the main street storefronts in a bunch of tv shows and movies.

Big city access

It is a mere 45 km from Vancouver for quick access, but also well situated within all the amenities Surrey has to offer. You don’t have to travel far for anything and everything you need.

Great for families

There are kids everywhere you look in Cloverdale because lots of families are flocking there and getting in on the ground floor. Setting roots down with a young family means that the children get to grow up with neighbours for friends and are able to develop friendships that will last a lifetime. There is a true sense of community here.

Outdoor space

There are parks everywhere! And they are well taken care of by the city and the community at large. Anything and everything you could want in city parks — from athletic spaces to beautiful walking trails to big grassy areas for playing in — it can all be found in Cloverdale.

Affordability

While Cloverdale is on the rise, prices are following suit so investing in this up and coming part of Surrey is a smart move when it comes to real estate. It’s a great market to get your foot in the door because it is still affordable, with lots of new builds on the go and many more in the works.

There is a real sense of pride in Cloverdale — the people who have been there for a long time are committed to keeping its charm and friendliness in tact. It is also exciting to be part of a community that is growing. There is a lot of opportunity in Cloverdale and I love seeing people find the home they have been looking for at a price they can afford.

If you’re looking for a great place to invest in real estate, look no further than Cloverdale.

townhouses in cloverdale bc

How to Find the Best Realtor in Cloverdale/Clayton

Purchasing a home is one of the biggest investments you will make in your life. In addition to being one of the biggest financial commitments you’ll ever make, buying a home means you’ll have to consider a number of different factors that pertain to the lifestyle you plan on having. The same is true when you decide to sell your home as well. With all of this in mind, you may find that the best way to go about finding and purchasing or selling a home is to enlist the help of a professional. A good Realtor can make all the difference when it comes to handling your real estate needs. If you are in the market for a home in the beautiful Cloverdale/Clayton, take a look at some tips on how to find the best Realtor in Cloverdale listed below.

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surrey in 10 years

Surrey in 10 Years: What will change?

Surrey, BC, is one of the most fascinating and exciting cities in Canada today. It is growing at a rapid pace and predictions are that the population size will overtake Vancouver within the next couple of decades.

With an eye on the future, real estate in Surrey is a great place to invest your money. Whether you are looking for a condo, townhouse, or starter home, there is something for everyone in this multi-cultural, innovative and exciting slice of the Lower Mainland.

For a city with such rapid growth, plans need to be in place to accommodate the changes. So, what will the city look like in 10 years?

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