CONTACT

Arnold Shuchat PREC Real Estate Blog

RSS

Under new Federal legislation which came into force on January 1, 2023, the “Underused Housing Tax”, if you are a company that owns “residential” property as defined in the Act, you are required to file a UHT return, (Underutilized Home Tax) by April 30 of each year regardless as to whether the property is taxable under the legislation, or face a potential penalty of a minimum of $10,000. The wording of the legislation seems not to exempt companies which own condominium units, each of which is a legally separate property, from having to file the return.  Imagine being reassessed 3 years later with $10,000 fines applicable to each unit for each year passed in a portfolio of strata property holdings when the actual property itself was NOT underutilized or not subject to the tax based on simply a failure to file?! Make a note of this and make sure your accountant and your clients are aware.

For more information, consult: https://www.canada.ca/en/services/t...

Read

Human nature fascinates me. I have to admit that there was a period when the movie Jaws came out that I consciously made decisions while at various beaches, to not enter the water. It was only a movie. But the pervasiveness of the story and my imagination caused me to think that if conditions were not a absolutely perfect, then I wouldn’t bother entering the water.

Well this aspect of human nature also applies to investing. Jaws or FTX and the entire ocean of technology starts to be judged from a mindset of fear. We need time to process and adjust our confidence levels to get back into the water; but we inevitably will do that. Realizing this, is it not time to acknowledge that it was just a bad movie? How much time?

Well let us separate crypto and coinage from blockchain technology. The technology is incredible and not that complicated. The various coins and sharks demand a little more study.

My mind keeps taking me back to the theatre and prospects of war; Ukraine for example....
Read

In a recent ruling of  the Supreme Court of Canada in Annapolis Group Inc. v. Halifax Regional Municipality,  2022 SCC 36, property rights got a major boost.  It has long been argued that onerous zoning by a municipality is akin to “a taking of property” which should trigger compensation under the relevant Expropriation Act.  However, that has not been the law.  In the above case, the City of Halifax refused development applications by the appellant preferring park use.  The court held that although the test of whether an interest in property had been taken has been set out in Canadian Pacific Railway Co. v. Vancouver (City),  [2006] 1 S.C.R. 227, 2006 SCC 5  as: (1) whether the public authority has acquired a beneficial interest in the property or flowing from it; and (2) whether the state action has removed all reasonable uses of the property, there need not be an actual beneficial interest acquired if an advantage had been conferred...

Read



Here are some graphs which clearly illustrate the state of our real estate market in the Metro-Vancouver area.

On the inventory side, listings are very similar to last year. On all three property types, the total inventory is up by around 11%:


As far as the number of days on market, contrary to the fear in continuous media outlets about a market crash across the country, the time to sell a property has not materially increased since last year.  It has gone from 11 days to 14 days across all property types. Most appraisals will base the market value price of a property on an assumption that the property is marketed in an open market for 3-6 months. The 14 days is akin to real estate liquidity.

However, looking at the actual sales side of things we can see a marked slowdown which should be an indicator that prices should drop.


From a product absorption view, the sales to active listing ratio is comparable to October 2019. Sitting in the low 20% area represents a much more balanced market...

Read

This 5 minute video is a short legal history of how we got to the point where our government can intervene in a private contract. It imports references from the BNA Act, The Canadian Charter of Rights and most recently, The Property Law Amendment Act of British Columbia which provides buyers of residential real estate with a right of rescission with respect to contracts of purchase and sale for residential real estate.

https://www.loom.com/share/bda4a2f34e06490ca737f2db4596f6e0

Read

Are You a Risk Taker? Look Down!
I just got back from the 2022 IOI Summit Conference which was all about the future of real estate technology. But before I post anything about the technology side of the event, I want to deal with the elephant in the room and say what must have been nagging at the back of some attendees' minds, depending upon their year of birth, and, sorry ladies, but I think this is a man thing. I only heard one comment on this topic but something immediately clicked in my head: it wasn’t just me.

I am not a fashionista. I am a down to earth guy struggling with Whistler/Blackkomb Mountain’s definition of a senior. So when I packed my lightest possible version of comfortable clothes for this overnighter, a debate raged in my head about the appropriate level of “executive” footware having regard to image, comfort, style and traditional business “oxfords”. I opted for comfort and chose the purest reflection of my defiant persona eschewing that Harvard/Bostonian look...
Read

Getting to know our Local Richmond Businesses

Check out this interview I did with Tammy Taylor,  of Vancouver Whale Watch, the pre-emiment location to bring your family and out of town guests for an adventure of a lifetime! This is such a well run and professional caliber establishment. Looking for a great way to start "getting out" a little bit? Did you know we have some of the world's largest apex predators living just a few kilometers away from our city? To think that one can spend a lifetime here and never get out and see these magnificent whales is really a lost opportunity. Take your family out for a special treat. You will never forget it!


Some of the details of how their tours are run and what to expect can be found here:https://parkbench.com/blog/vancouver-whale-watch-travel-hospitality-transportation-steveston-village-richmond-tammy-taylor

Read

Arnold Shuchat from the Shuchat Group-Sutton Westcoast Realty gets a sneak peek at Jorge Barbosa's lifetime dream project: A 55' catamaran sailboat that he designed  and is building on his own in Richmond, British Columbia. Interesting eh? What's more interesting, is that Jorge does not sail, has never sailed and has previously only built models!  Check out this short video which represents an incredible achievement of a kitchen cabinet maker turned self-made naval architect. And, did I mention that he intends on sailing this around the world? https://www.youtube.com/watch?v=VY6LLScLPfw&t=24s
Read
Categories:   Coming Soon1
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.