Talon Thompson Nanaimo Realtor

A Realtor FIT for you

Blogging About Real Estate

On November 27, 2018, the Speculation and Vacancy Tax Act received Royal assent and became law within British Columbia [1]. Since this act did not negatively impact 99% of British Columbians, it’s easy to miss its overall impact and what it means for people both buying and selling in the Victoria area. If you are seeking to purchase a property within Victoria and don’t intend to rent it or reside in it, you’re going to want to know about this tax!

When Does This Tax Apply to Me?

The goal of this act is to reduce housing costs within BC. The law targets a few municipalities and regional districts, with the Capital Regional District being one of them (of which the greater Victoria area is a part). It is separate and different from the Vancouver foreign speculator housing tax, which had a lot of media coverage throughout the country. There’s a simple checklist to follow to determine if this tax applies to you.

  1. Are you living in your Victoria home and have made it your...
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Have you considered renting a suite in Victoria, BC to help increase cashflow and the overall value of your home? Victoria is one of the most beautiful placed on earth to rent out a suite and increase your investment at the same time.  With its picturesque landscape, relaxed lifestyle, and low crime rate, Victoria is a fantastic place to call home. However, as the costs of living increase and Victoria real estate prices rise, many people are looking at ways to supplement their income passively. Income suites are a fantastic way to do that. Provided you keep in mind a few details, you can legally rent part of your single-family home. Depending on where you live, this can result in $1,000 or more per month. It’s a win-win for both buyers and sellers. If you are buying in Victoria, BC, the ability to rent part of the house helps pay the mortgage. If you’re selling in Victoria, BC, homes with suites to rent fetch more money. When it comes to rental income suites, here are three...

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One of my favourite long walks starts at James Bay’s Fisherman’s Wharf which is full of colourful float homes that sometimes come up for sale.

Can you imagine living right there on the water with views to downtown and the beautiful now ‘blue’ bridge?

Fisherman’s Wharf is also  home to tons of great food choices. There are options for eco-tours departing right from the wharf.  Feeding the  seals is a big attraction for families. I love seeing the little kids smiling and laughing as the seals dance around the water.

Next I like to walk along Dallas Road south until I reach Ogden Point. During the summer months you will often see the cruise ships docked here. Including the giant Norwegian Bliss. The Breakwater is a gorgeous stroll itself out to the little lighthouse. If you want to stop for a beer or other drink, then I recommend The Breakwater. This entire area is amazing at sunset. After that you can stroll straight down...

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.