The latest and greatest real estate news from Tania & Tina.
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Welcome to your August 2016 Update!

What's New? 
Tina:  Zombie Survivor  I'M ALIVE! See photo for evidence. (ok technically the zombies got me, hence the black medal instead of the white medal) Everyone please remind me next year when Tania's daughters call me up and say 'Hey Auntie, I was wondering....' - I should just hang up immediately. For the record, it was truly awful. Mud, Zombies (who run abnormally fast), more mud, etc. However, I did come out of it injury free which cannot be said for Tania's daughter who's preferred method of escape was bush whacking vs running.

Tania:  I have been very busy this last month - I moved away! Not to worry, not too far, we built a home in Nolan Hill and just moved in. Of course Tina has been a big part of the build (she's very opinionated), but of course I am extremely grateful to have had her help. We love our home, and having gone through the building process - we're even BETTER equipped to help other new clients who are considering building! 
Market Update:  
July turned out to be very busy for us and we were the #7 partnership team within CIR! August has been normal, and we're looking forward to a busy September. Over all our market is stable with no dramatic changes.

CREB has also released their mid-year forecast update, here's the latest news:
Original Forecast in January: "sales activity will decline by about 2 per cent this year, with the annualized benchmark price falling by 3.44 per cent to $438,652." 
Updated Forecast in August: "resale activity is forecasted to decline by 8% in 2016, and city wide annual prices are expected to decline by 3.5% compared to 2015."
So less over all sales/purchases than originally thought, but they are pretty consistent with where the pricing is expected to go.

1. Martindale: 4 level split with 4 bedrooms, RV parking, walk out basement (easy to turn into a suite!), and includes gorgeous yard and park across the street. 370K

Details on BC's new 15% Tax on Foreign Home Buyers

 July 25, 2016 - The Canadian Press 

VICTORIA – New legislation introduced by the British Columbia government charges a 15% additional tax on foreign entities buying residential property in Metro Vancouver. Here are some facts about the proposed law:

Fighting Avoidance:
— All property transfer transactions will be subject to audits and all property transfer tax returns will be reviewed and verified.
— The audit period is six years from the day a property is transferred.
— Failure to pay may result in a fine of up to $100,000 for individuals and $200,000 for corporations, or up to two years in prison.

Defining foreign entities:
— Classified as foreign nationals, foreign corporations or taxable trustees.
— Foreign nationals are transferees who are not Canadian citizens or permanent residents.
— Foreign corporations are not incorporated in Canada, but controlled by a foreign national or other foreign corporation.

Application of the tax:
— Tax is in addition to the property transfer tax already in place of one per cent below $200,000, two per cent between $200,000 and $2 million, and three per cent on the remainder of a purchase.
— Does not apply to non-residential property.
— Does not apply to Tsawwassen First Nation lands.
— Applies to any foreign entities proportion of the share even if the transfer is between relatives, is a result of an amalgamation or if it’s moved to a surviving joint tenant.
— Applies Aug. 2, regardless of when the contract of purchase and sale was entered into.


What is YOUR home worth?

Contact us for a Market Evaluation!  Our goal is to meet all of your real estate needs - we look forward to hearing from you and we are happy to answer ANY questions you may have!
Tania:  403-813-4448
Tina:    403-891-9142

Copyright © 2014, Tania King Real Estate Team, All rights reserved.

Our mailing address is:
#144, 1935 32 Avenue N.E.
Calgary, AB, T2E 7C8

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CIR REALTY · #144, 1935 32 Avenue N.E. · Calgary, Ab T2E 7C8 · Canada

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