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Salt Spring Island Real Estate

MLS homes for sale by Scott Simmons

Mortgage docs public info

January 2, 2012 By Scott Simmons 1 Comment

Did you know mortgage documents are public information.  If you are buying Salt Spring real estate and are trying to figure out what to offer would it not be nice to know what the seller owes on the place?

The mortgage documents that are registered on title will only tell you the size of the mortgage when it registered on title.  Not the current balance but it will show you the term and rate.  With a mortgage calculator one can figure out pretty quickly what is owed on the place.

Cheers

Scott Simmons

Filed Under: Buy house on Salt Spring, Critical Salt Spring Buying Info Tagged With: buying

Property Price History

January 2, 2012 By Scott Simmons Leave a Comment

The price history of any Salt Spring home and or Salt Spring lot your are thinking of buying is critical information.

It is be like flying blind not knowing the price history of a Salt Spring property.

Here is an image of what a Real Estate agent see about a property.

As you can see this property has been listed 5 times on the Victoria Real Estate board. It has sold twice while listed.

Apparently the last time it sold it was reported to be sold at 550k. However to confirm this data one has to look at the tax role info.

As you can see from the tax role info there was another sale in 2008 for 705k. And yes the 550k selling price in March 2011 is confirmed.

To buy a Salt Spring home you need information. As your Salt Spring Island Real Estate agent I will provide you with the price history information.

Cheers
Scott Simmons

Filed Under: Buy house on Salt Spring, Critical Salt Spring Buying Info Tagged With: buying

Non Canadian Buyers

December 18, 2011 By Scott Simmons Leave a Comment

Salt Spring Island is in the Province British Columbia has virtually no land ownership restrictions legislated.  Salt Spring Island has property owner from all over the world.  A real estate purchase can be simple and stress-free with the services of a licensed and experienced realtor and with the aid of a professional accountant or lawyer that specialize in none resident purchases.  Proper per-immigration tax planning may establish attractive tax shelters in what is potentially a high tax country but where tax advice would offset this as a difficult liability.

Generally, nonresidents staying in Canada for six months or less are considered by the government to be tourists or nonresidents.  US citizens do not need a visa to enter Canada.

If you plan on staying for longer than six months per year, immigration status needs to be applied for.

If you are going to rent out your home please note property rent is subject to a withholding tax of 25% of the gross rental income for nonresidents.  You may elect to file a Canadian tax return to recover any excess tax.  Please see an accountant to help with these matters.

Selling a Canadian property has tax implications with Canada’s federal capital gains tax, if the residence is a second or third home and not the principal residence.  Due to the American/Canadian Tax Convention Agreement a tax credit in America is in place for income paid to Revenue Canada.

Finding a lawyer specializing in real estate law, tax law, and non-resident issue is advised.  Scott Simmons can assist with this if needed and has experience with nonresident buyers and sellers.  As a realtor Scott is well versed in explaining HST (Provincial Sales Tax), PTT (Property Transfer Tax), and the procedures of purchasing or selling, whether it be an explanation of the mortgage system or what may be expected in a typical contract of sale.

When you sell the property, a Canadian lawyer handling the sale will withhold 25% of the gross proceeds – this isn’t 25% of the gain, it’s 25% of the gross proceeds.  The reason the lawyer must withhold this amount is that you are required to obtain a clearance certificate from the Canada Revenue Agency (CRA) before they can release any funds, if the clearance certificate is not obtained, the lawyer is required to remit that 25% of the gross proceeds to the CRA.  In order to apply for the clearance certificate you must file a T2062 within 10 days of the transfer date, failure to do so will (in addition to as noted above with the funds being sent to the government) result in penalties being applied at a rate of $25/day (minimum $100 penalty) to a maximum of $2500 – the fact that the lawyer remitted the funds does not absolve you of the filing requirement and the clock will continue to tick on penalties.  In filing the T2062 you will be required to provide evidence of cost (purchase agreement) and sale (sales agreement) and will be required to remit 25% of the GAIN (which is obviously better than 25% of the gross proceeds).

Save every recite for every bit of work you do on the home and or land.  CRA will be taxing you on the GAIN you make you can deduct most maintenance and or renovation expenses.  Check with an accountant when you buy.

Once the above has been done and the estimated tax paid, the CRA will issue the certificate and the lawyer can release the remaining funds.

You will still be required to file a personal income tax to Canada, paying federal rates between 15% – 30%, if your gross tax remitted with the T2062 is more than your ultimate liability on filing the tax return, the difference would be refunded.

As for your US reporting, since the property is in Canada, Canada get first crack at the tax, any tax paid to Canada can be claimed as a foreign tax credit on your US return against any tax the US would levy on the same gain (likely not exact since Canada taxes 50% of the gain at marginal rates whereas the US would tax 100% of the gain at LTCG rates), which prevents you from paying the same tax twice.

Lawyers

Mullin DeMeo
Brendan Piovesan
Toll free 1-877-477-3327
Tel 250-477-3327
Fax 250-477-0980
Web Site

McConnan Bion O’Connor & Peterson
1-888-385-1383
1-250-385-1383
Web Site

Accountants

Howland Tax Service International
#3 – 52 Moss Street
Victoria, BC
Canada
V8V 4L8
T 1-250-999-4023
F 1-650-479-8955
Web Site

Schell and Associates CGA
204-2840 Nanaimo St, Victoria, BC, V8T4W9
1.250.385.0312 – T
1.250.386.4267 – F
Web Site

Filed Under: Buy house on Salt Spring Tagged With: buying

Advanced MLS search

December 17, 2011 By Scott Simmons Leave a Comment

If you are going to buy a Salt Spring home and or Salt Spring Island property you should sign up for the free Private Client Services (PCS). If you are not using PCS you will not get up to the second new listing info, prices on Sold homes and your own private data base. This is the same system that some Realtors use.



This is an advanced system that will send you up to the second new listing information on all Salt Spring Island listing, that are in the range you set (example 400-600k salt spring homes), that are listed on the Victoria Real Estate board. One of the main problems with just searching on the MLS® is that when a home sells it is pulled off the MLS®. The MLS® will not give you price history or the selling price the PCS system will give you the selling prices. This is critical information if you want to track the real estate market.

If you log on please send me a quick email saying you did. You can log off at any time and you will not end up on a mail out list. All that is required is just your first name and email address. It is very simple but extremely powerful system. You can demo the system here

Private Client Services™ (PCS)

Sign up now! Full access to the updated MLS® system

 

  • Membership is free and allows you the chance to decide for yourself, without cost obligation if the services offered are right for you.
  • The system continuously checks for new properties and price changes – in real time.
  • You will be notified by email immediately when a new property comes to the market matching your entered search criteria.

Fill out this form to sign up for PCS:

 

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Here are some screen shots of the PCS system and how it will look.

If you are not using the PCS system to search for your new Salt Spring home or lot you are missing out on up to the minute information that will help you make a better educated decision when you buy. I hope you use it.
Cheers
Scott

Filed Under: Buy house on Salt Spring Tagged With: buying

Radio Real Estate Show with Home Inspector Jeff Erickson of Harbour Home Inspection

December 17, 2011 By Scott Simmons Leave a Comment

Radio Real Estate Show with Salt Spring Home Inspector Jeff Erickson of Harbour Home Inspection

Radio Real Estate Show with Salt Spring Home Inspector Jeff Erickson of Harbour Home Inspection www.harbourhome.ca

CFSI 107.9 FM – Jeff part 1 Home Inspector

CFSI 107.9 FM – Jeff part 2 Home Inspector

CFSI 107.9 FM – Jeff part 3 Home Inspector

 

Filed Under: Buy house on Salt Spring, Radio Real Estate show Tagged With: buying

Radio Real Estate show live tour of Salt Spring

December 17, 2011 By Scott Simmons Leave a Comment

Two actual real Salt Spring real estate tours with real clients looking for a Salt Spring Island home.
Radio RE show On the Road part 1
Radio RE show part 2
Radio RE show part 3

 

Radio Real Estate Show on the Road during a live tour of Salt Spring with brand new clients on their first trip to Salt Spring Island;
RE Show on the road part 1
RE Show on the road part 2
RE Show on the road part 3

 

 

Filed Under: Buy house on Salt Spring, Radio Real Estate show Tagged With: buying

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Categories

CRITICAL BUYING INFO

Two things buyers should know before they offer:

Price History

Total time on market

Forms for the new BC Real Estate rules
Disclosure-of-Representation-in-Trading-Services
Agreement-Regarding-Conflict-of-Interest-Between-Clients
Disclosure-of-Risks-to-Unrepresented-Parties
PrivacyNoticeandConsent

Salt Spring Island Property Search

up to 500k

500k-899k

900k plus

Land
 
 

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Advanced MLS Sign up Scott's Virtual Open House (PCS) system here

 

Scott's mobile Virtual Open House system here

 

Log into your PCS account here.

 

 

Salt Spring Real Estate Market Report

If you are looking for Salt Spring Island Real Estate it would be well worth your time to check out my Salt Spring Market Report pages.

To help you search for a Salt Spring home for sale I have two systems you can use.  One is a map based mobile search system for tablets and/or phones. This system works really well if you are on Salt Spring, as it will automatically show you properties as you drive around the island.

The other system is a data base (Advanced MLS system or PCS) for laptops or desktops.

These two systems display information in real time, which allows you to view new listings within one second of them coming on the market. You will also find the “sold” prices of homes, as well as other useful information.

Radio Real Estate Shows

TV show Realty Reality on Salt Spring

So glad shooting for the new Real Estate TV show “Realty Reality” is over. It was a lot of work. It all looks so easy on TV but in reality it was not easy. I think they were waiting for the “moment” to happen. You know the big fall down the steps or fall of […]

Home inspection on Salt Spring Island

Home inspection on Salt Spring Island happened yesterday at a 42 year old log home. To accomplish the home inspections the buyer brought in a  Home Inspector, Geo-technical Engineer and a local Salt Spring contractor. Jeff the home inspector tells the story about the bag of Gold he found in an attic; gold story How […]

Salt Spring home face lift

My clients bought this dated salt spring home a month ago and are upgrading it.  The home was built in 1996 and is structurally 100% perfect.  It seams as if the original owner skimped on the finishing.   The main up grade Alex Denny (salt spring master carpenter) will be doing for the owners is re-finishing […]

Latest post

Packing Tips for Busy Home Sellers

Packing correctly can simplify the burden of the entire process for a household and potentially their moving company. By packing smart, using proper protocols, and paying attention to the details, things can be ready to go far before the movers arrive and ready to unload upon arrival. Here are some tips for busy home sellers […]

Salt Spring rental homes by the numbers

I get many people asking me about buying a rental home on Salt Spring and usually spend a lot of time answering all their questions.  So in this post, I hope to cover some of the factual information. Here are the typical questions and basic answers; What is the rental market like on Salt Spring?  […]

Salt Spring Housing Crisis explained

Is Salt Spring in the middle of a housing crisis?  It all depends on who you talk to and what one defines as a crisis. If you move to Salt Spring and have limited funds and are looking to rent a home at about $1000 per month your probably out of luck.  There are basically […]

Buying on Salt Spring Island

Salt Spring rental homes by the numbers

July 18, 2018 By Scott Simmons 2 Comments

I get many people asking me about buying a rental home on Salt Spring and usually spend a lot of time answering all their questions.  So in this post, I hope to cover some of the factual information. Here are the typical questions and basic answers; What is the rental market like on Salt Spring?  […]

Ban on Dual Agency BC

June 16, 2018 By Scott Simmons 2 Comments

On June 15th, 2018 the ban on dual agency just came into effect in BC. Here is a post I wrote about how the new rules will change the way I do business on Salt Spring New Rules for BC Real Estate As a continuation of the New Rules post, what happens if we are […]

New Rules for BC Real Estate

June 16, 2018 By Scott Simmons Leave a Comment

On the 15th of June 2018, the new rules governing BC real estate have come into effect. If you come to Salt Spring to look at homes and or land Scott will go over the form below and ask you if you would like agency representation and ask you to sign this Disclosure-of-Representation-in-Trading-Services as a represented part […]

Salt Spring Island Trust Land Use Zoning bylaw 355

February 17, 2018 By Scott Simmons Leave a Comment

On Salt Spring Island the Island Trust is responsible for our local zoning.  You can find our zoning info here at the Salt Spring Island Trust LUB 355. The bylaw has maps that cover every part of the island.  Believe it or not every few months or so I get an email from someone saying […]

Is an offer an sale?

January 26, 2018 By Scott Simmons Leave a Comment

This last month I had an accepted offer on a home and had a backup offer come in.  The backup offer was a very weak offer because the condition precedent (subject to clause) was so subjective.  It was subject to the buyer viewing and liking the lot.  Normally no one would take an offer like […]

More Posts from this Category

 

SALT SPRING NEWS

Salt Spring Housing Crisis explained

July 12, 2018 By Scott Simmons 2 Comments

Is Salt Spring in the middle of a housing crisis?  It all depends on who you talk to and what one defines as a crisis. If you move to Salt Spring and have limited funds and are looking to rent a home at about $1000 per month your probably out of luck.  There are basically […]

Candidate for Regional Director CREA

March 7, 2017 By Scott Simmons Leave a Comment

I’m running for the position of board member Regional Director for BC for the Canadian Real Estate Association (CREA).  Below is my official platform after edits suggested by CREA lawyers. My name is Scott Simmons. I’m a REALTOR® on Salt Spring Island BC. If you go to the REALTOR.ca site and put in Salt Spring […]

CRD sewer and solid waste

January 23, 2017 By Scott Simmons Leave a Comment

The nuts and bolts of local goverment are really the non glamours basics of water, sewer and garbage (solid waste).   The CRD is the local service provider for Salt Spring.  On the night of 24 Nov 2016 Russ Smith Senior Manager, Environmental Resource Management for the CRD put on a waste presentation.  Here is a […]

Incorporation – A Third Option: Self-governance with contracted services

May 11, 2016 By Scott Simmons Leave a Comment

This was just posted on the Salt Spring exchange in 4 parts.  I have permission from John Gauld the author to publish this document on my Salt Spring web site;   SSI is known as a community that questions conventional practices and is creative and innovative in its response to community challenges. Perhaps the up-coming […]

Salt Spring’s new SSIWPA PAC

November 4, 2014 By Scott Simmons 2 Comments

If you live on Salt Spring you have to get used to all the acronyms.  If you have not heard of SSIWPA it’s because it’s new.   SSIWPA stands for Salt Spring Island WaterShed Protection Authority.  Today  was the first meeting of the SSIWPA PAC (Public Advisory Committee). The ideal behind SSIWPA is that it […]

 

Critical Salt Spring Buying Info

Ban on Dual Agency BC

June 16, 2018 By Scott Simmons 2 Comments

On June 15th, 2018 the ban on dual agency just came into effect in BC. Here is a post I wrote about how the new rules will change the way I do business on Salt Spring New Rules for BC Real Estate As a continuation of the New Rules post, what happens if we are […]

New Rules for BC Real Estate

June 16, 2018 By Scott Simmons Leave a Comment

On the 15th of June 2018, the new rules governing BC real estate have come into effect. If you come to Salt Spring to look at homes and or land Scott will go over the form below and ask you if you would like agency representation and ask you to sign this Disclosure-of-Representation-in-Trading-Services as a represented part […]

Sun Path Chart

Does the home get sunlight?

February 28, 2013 By Scott Simmons 1 Comment

If you’re planning to live on Salt Spring year-round, one of the most important things to consider when buying a property is SUNLIGHT. Do the neighbor’s trees or a mountain block the sun during the winter months?  According to Salt Spring real estate mythology, “If they buy in August, they will list in November and […]

Aggregate Days on the Market

January 2, 2012 By Scott Simmons Leave a Comment

What are “aggregate days on the market”? On the Victoria Real Estate board an agent can “Re-List” a property for a mere $25 fee.  An example would be if a home has been listed on the board for 180 days the listing can be taken off the market and then “Re-Listed” and appear to be […]

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Victoria, BC
V8W 0B6

The information on this website is for general information purposes only. Nothing on this site should be taken as legal and or Realtor advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute a Realtor/client relationship.

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