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Old 05-01-2023, 03:15 PM   #25976
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Amazing reno...









Sold for $1.6m
1245 E KING EDWARD AVENUE
https://www.zealty.ca/mls-R2768959/1...-Vancouver-BC/
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Old 05-01-2023, 03:20 PM   #25977
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Reno, or whole new build? The BC Assessment pic is so different! Anyone have any other details on the house?

BC Assessment pic:


EDIT: Found a listing that isn't deleted.

https://www.zillow.com/homedetails/1...14375508_zpid/

Tiny lot though, and less than 1000 sqft of living space.
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Old 05-01-2023, 03:21 PM   #25978
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https://betterdwelling.com/canada-is...ration-record/

Better get your hands on land... we are on pace to smash last year's immigration numbers.
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Old 05-01-2023, 03:23 PM   #25979
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noob question: How are you sales done these days? Did you guys meet up with your agent in person to go over your bid, etc and then be in the same room to listen to how he negotiates, etc and discuss your counter..... or is it just done strictly over the phone these days?
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Old 05-01-2023, 03:23 PM   #25980
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1245 E King Edward Ave
https://maps.app.goo.gl/Me2RvJkazVeMvnsYA

Must have cleaned up the front lawn area before taking those photos lol
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Old 05-01-2023, 03:31 PM   #25981
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Reno, or whole new build? The BC Assessment pic is so different! Anyone have any other details on the house?

BC Assessment pic:


EDIT: Found a listing that isn't deleted.

https://www.zillow.com/homedetails/1...14375508_zpid/

Tiny lot though, and less than 1000 sqft of living space.
I remember going to the open house and considering an offer on this house... but ultimately decided against it because it was just too small. Glad to see a proper reno was done. Looks great but that's an expensive reno at ~$300/sqft!
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Old 05-01-2023, 03:36 PM   #25982
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K, so it's that part of King Ed, I was going to say, that's a prestigious address ... but that area ... OK, especially after seeing the google map pics.

At 996 sq ft for 3 bd and 2 ba, it's basically a condo with no maintenance fee, garage, a small yard, and that gold in YVR ... land. I can see why someone would find that particularly attractive.
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Old 05-01-2023, 04:17 PM   #25983
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Originally Posted by rb View Post
noob question: How are you sales done these days? Did you guys meet up with your agent in person to go over your bid, etc and then be in the same room to listen to how he negotiates, etc and discuss your counter..... or is it just done strictly over the phone these days?

docusign / phone
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Old 05-01-2023, 04:38 PM   #25984
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Old 05-01-2023, 04:44 PM   #25985
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https://betterdwelling.com/canada-is...ration-record/

Better get your hands on land... we are on pace to smash last year's immigration numbers.
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Old 05-01-2023, 04:48 PM   #25986
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Quote:
Originally Posted by rb View Post
noob question: How are you sales done these days? Did you guys meet up with your agent in person to go over your bid, etc and then be in the same room to listen to how he negotiates, etc and discuss your counter..... or is it just done strictly over the phone these days?
I've listened to a friend negotiate over the phone, it's quite interesting. He's a pretty good communicator though, so it was cool to hear.

I suspect most realtors are lousy at negotiation and trying to get information. Which means, there is no way they would let you listen to their conversation with the sellers agent.

Some agents probably don't even talk to the selling agent at all, it's probably all done via email.
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Old 05-01-2023, 05:33 PM   #25987
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oof conflicted indeed

i think it's important to save some that aren't cookie cutters, but the entire neighbourhood under protection seems like a lot of land, perhaps only 2-3 big city blocks?
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Old 05-01-2023, 06:00 PM   #25988
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I know someone who lives in Shaughnessy and he says it is a PIA to do any renovation. These houses are old, drafty, totally inefficient in terms of energy. You can't demolish it and so gutting it, refresh, update, renovate is only way and it is very expensive and permits time consuming. I know ... first world rich people problem. Essentially, you are sitting on $12-15M homes but you can't do much.
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Old 05-02-2023, 11:15 AM   #25989
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https://www.youtube.com/watch?v=Re_mShtG0-4

oof conflicted indeed

i think it's important to save some that aren't cookie cutters, but the entire neighbourhood under protection seems like a lot of land, perhaps only 2-3 big city blocks?
Rich people doing rich people tings.

Given how difficult it is already for the City to deal with NIMBYs around Kits, I'm pretty sure Shaughnessy will remain untouched for the next 100 years.
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Old 05-03-2023, 09:04 AM   #25990
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I wonder what the fine is to just demo these heritage homes. I mean once you demo it, then they have to approve new plans right? Pay the fine and be on your way. I can't remember who I was watching but he said rules are for people who can't afford the fine. Maybe that applies here?
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Old 05-03-2023, 09:32 AM   #25991
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I wonder what the fine is to just demo these heritage homes. I mean once you demo it, then they have to approve new plans right? Pay the fine and be on your way. I can't remember who I was watching but he said rules are for people who can't afford the fine. Maybe that applies here?
https://www.nsnews.com/local-news/no...permit-5353138

This builder got a $200k fine for not keeping a portion of the heritage house. I heard a story in the UK where a developer torn down an ancient pub and was forced to rebuild the entire thing.
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Old 05-03-2023, 10:01 AM   #25992
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That example is ducking stupid.. you’re saving derelict 1950’s west coast modern style homes which have been left to rot? Wtf maybe If the city was so concerned about it they should have bought it themselves.

I’m on a few heritage Vancouver FB groups mostly to see old pictures and people have an insane idea of “heritage” homes. This isn’t Europe, a home built in 1900, unless it was an exceptional example of craftsmanship (thinking a building like Canuck Place, etc) who ducking cares.

So many of these examples people cry about being torn down are completely unremarkable, bordering on mass produced homes.

My home was built in 1911, as were the two homes on either side of mine, as well as 2 on the kitty corner, they are all very similar style with slight differences. However, over those 100+ years each home has been basically gutted and heavily renovated. I’d say my home probably sticks to its original guts the most of the 4-5 homes. With that said, other than the bones of the home, it’s a very unremarkable design. Modern craftsman style homes represent that era farrrrr better than mine ever will. Yet people think it shouldn’t be torn down or gutted simply because it’s X years old? It’s insane
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Old 05-03-2023, 10:07 AM   #25993
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My cousin had his 1907 house in Fernwood designated.

He can do whatever he wants to the interior of the house (move walls, etc. He even removed one of his fireplaces & chimneys), but has to maintain the original aesthetics on the outside.

I personally love the aesthetic of victorian houses, while I find modern "box" houses absolutely fugly.
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Old 05-03-2023, 10:17 AM   #25994
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https://www.nsnews.com/local-news/no...permit-5353138

This builder got a $200k fine for not keeping a portion of the heritage house. I heard a story in the UK where a developer torn down an ancient pub and was forced to rebuild the entire thing.
Just the cost of doing business (just like cutting down trees that you are not allowed to). If you can afford to build a multi million $ house you can afford the fines. If I had F U money I probably wouldn't care either.

https://www.vancouverisawesome.com/o...ree-bc-1941607
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Old 05-03-2023, 10:23 AM   #25995
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I would imagine city people would be watching works on these sorts of properties like hawks. I don't think it'd be super easy to roll a bunch of demolition equipment into Shaugnessey without someone noticing....
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Old 05-03-2023, 10:31 AM   #25996
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Just the cost of doing business (just like cutting down trees that you are not allowed to). If you can afford to build a multi million $ house you can afford the fines. If I had F U money I probably wouldn't care either.

https://www.vancouverisawesome.com/o...ree-bc-1941607
$12,500 for a 55" fir seems lenient. I would expect it to be into the six figures for it to matter. In this sense the perpetrator would just pay it and move on, what's 12,500 when you are spending 4-500k on a laneway or 1m+ on a new house. Should have a base fine + $1000 per year old of the tree.

Alternatively, even if the tree was cut down illegally, make sure plans being approved for the build doesn't allow that space to be encroached. That would turn off people who illegally cut down trees for more room as it doesn't solve their problems.

Am I being too much of a tree hugger? But a 170yr old tree is impossible to replace.
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Old 05-03-2023, 10:33 AM   #25997
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I’m more upset about cutting down old trees then tearing down old homes for sure
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Old 05-03-2023, 10:36 AM   #25998
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$12,500 for a 55" fir seems lenient. I would expect it to be into the six figures for it to matter. In this sense the perpetrator would just pay it and move on, what's 12,500 when you are spending 4-500k on a laneway or 1m+ on a new house. Should have a base fine + $1000 per year old of the tree.

Alternatively, even if the tree was cut down illegally, make sure plans being approved for the build doesn't allow that space to be encroached. That would turn off people who illegally cut down trees for more room as it doesn't solve their problems.

Am I being too much of a tree hugger? But a 170yr old tree is impossible to replace.
I think the fact that it's a rural-ish property that's already quite wooded played a factor in the leniency. If this was a like a single tree in the middle of a denser city plot, the penalty would have probably been much more severe since the impact to the neighbourhood would be greater.
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Old 05-03-2023, 11:03 AM   #25999
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My cousin had his 1907 house in Fernwood designated.

He can do whatever he wants to the interior of the house (move walls, etc. He even removed one of his fireplaces & chimneys), but has to maintain the original aesthetics on the outside.

I personally love the aesthetic of victorian houses, while I find modern "box" houses absolutely fugly.
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Old 05-03-2023, 11:16 AM   #26000
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Pretty much none of that is correct.

First of all, if mom and dad are both on title to their home, and dad dies first, the effect is basically that his name just drops off and it becomes 100% mom's. This has no tax consequence whatsoever.

Second of all, if mom continues living in that house until the day she passes away, there is also no capital gain to be paid on the house because it was her principal residence until the day she died.

Presuming she leaves the house (or proceeds) in the will to kids, the estate will pay a probate tax on the value of the house which will be deducted from what can be left to the kids - this is approximately 1.4% in BC. It makes no difference if the house is sold and cash left to the kids, or the house is left to the kids directly; the value of the house or the value of the cash proceeds are the same and therefore the probate taxes to be paid are the same.

Estate planning is a complicated topic and frankly there are some very powerful tools to help minimize taxation, but they are very specific in how they are used (particularly together) and I would be highly suspect of a) some guy on the internet posting or b) generic webpages that describe strategies that may or may not work.

The best thing you can do is talk to somebody. You can start with your accountant, but they can often have a very large range in their abilities and experience they can offer on out of the box solutions. If you work with a full service investment advisor, they can probably also connect you with some resources.

-Mark
Anyone have any recommendations on who to talk to about this matter? Our family has been in talks about this scenario as well and our accountant isn't skilled in this field...
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