Vancouver's Real Estate Market

[6thGear.]

Originally Posted by lowside67

If they live in them until they pass away, there is no capital gains consideration since it's their principal residence?

-Mark

Capital gains on Badhobz, once the properties is passed to him and if he sells it.

Originally Posted by PeanutButter

Just talked to a VPD recruiter today.

He said they are supposed to hire 170 new VPD officers this year and so far they are only at 105. Enrollment has been down for the last few years. Last year they were short 40 new officers.

He said after three years pay is $111k annually +benefits and pension.

When you're a senior member, he said it's pretty common to be making $150k. Then there is so much over time because they're so short.

I didn't realize VPD paid that much. I was pretty shocked. He also said they are short civilians as well. They call those office workers.

Not sure I could be a police officer, but if you can you can make a good buck and lots of overtime.

I have quite a few friends, my BIL included, in law enforcement. Those salaries aren't uncommon and also a tidbit, lenders have lesser restrictions when qualifying them on mortgage cause it's also a secure government job.

[Traum]

I find the police hiring shortage to be a bit strange. On one hand, there is a regular stream of people at my wife's workplace who are trying to apply to the VPD (as police officers), so I have always been under the impression that there are no shortages of applicants. On the other hand, the VPD either seems to say they have no budget to hire new officers (prior to Sim becoming mayor). And now they are saying they can't hire enough.

Does it just mean all these applicants to the VPD are unable to meet the VPD requirements?

[Badhobz]

Originally Posted by 6thGear.

Capital gains on Badhobz, once the properties is passed to him and if he sells it.

Bingo. The inheritance laws are bullshit. The only way is to get them to sell the properties before they die and then either rent till they expire or move them into some sort of a home.

None of which these old folks will agree to

[PeanutButter]

Originally Posted by Traum

I find the police hiring shortage to be a bit strange. On one hand, there is a regular stream of people at my wife's workplace who are trying to apply to the VPD (as police officers), so I have always been under the impression that there are no shortages of applicants. On the other hand, the VPD either seems to say they have no budget to hire new officers (prior to Sim becoming mayor). And now they are saying they can't hire enough.

Does it just mean all these applicants to the VPD are unable to meet the VPD requirements?

I had the same thinking as you, I thought there were tons of applicants. I guess that standard is high to become a cop? Which is probably a good thing. You want people with integrity.

[supafamous]

Originally Posted by 6thGear.

Capital gains on Badhobz, once the properties is passed to him and if he sells it.

That's only on the gains after he inherits it, the rest of it is tax free.

https://www.squareone.ca/resource-ce...20estate%20tax.

For example: you inherit a home with a market value of $300,000. You sell the home four years later for $350,000. The home increased in value by $50,000 while you owned it, so you’re liable for capital gains taxes on $25,000.

[Traum]

Originally Posted by supafamous

That's only on the gains after he inherits it, the rest of it is tax free.

https://www.squareone.ca/resource-ce...20estate%20tax.

The same thing applies to the property when it has been used as an investment property as well as a primary residence before it is sold. The only "troublesome" thing is -- you want to keep some sort of documentation -- likely the annual BC assessment records -- as proof of the historical capital appreciation to help you with the final calculation.

For example, that's what happened with my old apartment. For the sake of argument, let's say I bought it back in 2004 for $300k, and used it as my rental property until 2014. Let's assume that in 2014, the property appreciated to $500k. And then I moved in, and lived in it until 2018, at which point it was sold for $600k.

So the capital gain I had to pay taxes on was the $200k increase from $300k to $500k. The capital gain portion alone for a property where a parent lives until he/she dies can be calculated in a similar manner.

The only complication is, while Canada has no "inheritance tax", there are probate fees, and IMO they are absolute BS. For a $1M property under a parent's name, the probate fee works out to almost $14k when he/she passes. Yes, it's only 1.4%, but that is still a lot of $$$ going straight into the gov's coffers for no good reason.

[Traum]

Originally Posted by PeanutButter

I had the same thinking as you, I thought there were tons of applicants. I guess that standard is high to become a cop? Which is probably a good thing. You want people with integrity.

And that brings us to the big question -- are VPD's standards for hiring really all that high? Our collective experience with Cain, Christensen, Buckingham (or was it Buchannan?) etc. would indicate otherwise.

On a personal level, my experience with the RCMP has generally been better.

[bcrdukes]

I'm willing to go out on a limb that senior officers like the ones you mention are exceptions and likely of the old guard. Characters of the like develop over time and should not be confused for hiring requirements.

[Badhobz]

Man you couldn’t pay me enough to do policing work. That’s one strenuous job where everything is just constant aggravation. Pulling people over is aggro. Arresting idiots to only see them back on the street is aggro. Shooting flying nuns is for sure aggravating.

Nope nope nope. No thanks. It’s literally cleaning society’s garbage. Dealing with the bottom rung of humanity and their issues.

[westopher]

Originally Posted by bcrdukes

I'm willing to go out on a limb that senior officers like the ones you mention are exceptions and likely of the old guard. Characters of the like develop over time and should not be confused for hiring requirements.

Hard to say. Chief Palmer is a pretty notable dickhead, and shit flows downhill, so I assume he has systems in place that favour those types. He's also the highest paid chief in canada by like 30% which seems pretty absurd considering the reputation VPD has.

[supafamous]

Originally Posted by Traum

And that brings us to the big question -- are VPD's standards for hiring really all that high? Our collective experience with Cain, Christensen, Buckingham (or was it Buchannan?) etc. would indicate otherwise.

On a personal level, my experience with the RCMP has generally been better.

My impression of the VPD is that they're in it for themselves and not interested in actually serving the community - Adam Palmer is a huge asshole and that mentality just trickles down across the department. Add in the typical police union that will defend any and all police behaviour and you've got yourself the worst civil service org in the city.

The RCMP is not all rainbows and unicorns but seems to be more receptive nowadays to community feedback after their numerous scandals (including their role in the treatment of First Nations). There's some humility there now that the curtain has been pulled back on their worst behaviour.

Given a choice I'd want the RCMP in my community and not the VPD.

[68style]

Fuckingham is still around doing what he was doing before. I ran into an guy at autocross last month with an inspection sticker on his windshield and asked him if his car was out of province and he said no he got busted by Buckingham in Kerrisdale and then 2 weeks ago I saw him in the F-150 Cain used to drive getting a brown guy with a G37 on rims to remove his license plates.

Vancouver still not safe for modified cars, just quieter about it.

[donk.]

Originally Posted by Traum

And that brings us to the big question -- are VPD's standards for hiring really all that high? Our collective experience with Cain, Christensen, Buckingham (or was it Buchannan?) etc. would indicate otherwise.

On a personal level, my experience with the RCMP has generally been better.

VPD likes to hire people with either life skills, or multiculturals. When I was debating on joining a few years ago, I was working in their building, in one of the senior offices, and the guy was asking if I wanted to join. 20 minutes later, the short was: if you speak two languages, your in. If you have travelled a few countries or have volunteering history, your probably in

The thing that stuck out that he said "once you become a cop, you will always be the cop in the room at parties, friends events, family events" not that it really matters, unless your around criminals and full blown degenerates

At the end of the day it's 4 on, 4 off, 12hr shifts, fuck that, night shift sucks. Maybe if I was 20 and wanted to arrest sloots on Granville at 2am

[mikemhg]

It's the stigma of being a cop nowadays.

Every level of law enforcement are having a tough time recruiting, my buddy had to setup shop at Caribbean days this year with a recruitment booth just trying to find applicants.

For the RCMP it's way worse than for the VPD. They can't find pussy in a cat shop. The problem is huge in the US as well.

The simple reality is that being a cop isn't a respected position anymore, it's become heavily stigmatized especially in the younger generation demographic. People are joining the military less and less as well, which has always been the farm team for cops.

The forces will need a serious image change to turn the ship around from a recruitment perspective.

[Hondaracer]

Why would anyone join the RCmP to go work in some shit hole for a decade until you could move somewhere you actually want to be

That’s why regional police forces make so much more sense going forward if for nothing else than recruitment.

[Manic!]

Originally Posted by Hondaracer

Why would anyone join the RCmP to go work in some shit hole for a decade until you could move somewhere you actually want to be

That’s why regional police forces make so much more sense going forward if for nothing else than recruitment.

It's not that bad anymore. My buddy lives in Langley and his wife became a cop. She got stationed in Maple Ridge.

[ssjGoku69]

You better have real good mental fortitude working as a cop too. You're basically dealing with all the bad parts of society day-in and day-out which will negatively inevitabily affect your mental health and make you a wife beater.

[Badhobz]

Beats cracks heads then proceed to beats wife at home. Yikes. What a stupid job.

I got pulled over by one of these junior RCMP cops on blundell. He’s like you were speeding. I’m like show me the evidence. He’s like I don’t need evidence. I’m like then how the hell can you prove I was speeding?! I’ll just fight the ticket.

He’s like I can impound your car. I said for what ? You need grounds to impound my car and it sure as shit isn’t speeding. Then I reminded him this whole thing is being recorded by my dash cam and he told me to sit there. Came back and gave me a warning about me speeding.

Fuck you.

[Gerbs]

Originally Posted by Badhobz

Man you couldn’t pay me enough to do policing work. That’s one strenuous job where everything is just constant aggravation. Pulling people over is aggro. Arresting idiots to only see them back on the street is aggro. Shooting flying nuns is for sure aggravating.

Nope nope nope. No thanks. It’s literally cleaning society’s garbage. Dealing with the bottom rung of humanity and their issues.

Ya, my highschool friends that are at VPD get spat on daily. Would rather be WFH for $111K. I have no idea how they restrain from swinging at civilians every other shift when you get disrespected.

Only thing i might be jealous of is their $1M lifetime extended benefits @ 80% coverage for RMT / Physio / Chiro etc.

Originally Posted by donk.

The thing that stuck out that he said "once you become a cop, you will always be the cop in the room at parties, friends events, family events" not that it really matters, unless your around criminals and full blown degenerates

lol every event someone has to point at them and goes, they're cops. As the degenerates hide the coke and k

[lowside67]

Originally Posted by 6thGear.

Capital gains on Badhobz, once the properties is passed to him and if he sells it.

No.

Originally Posted by Badhobz

Bingo. The inheritance laws are bullshit. The only way is to get them to sell the properties before they die and then either rent till they expire or move them into some sort of a home.

None of which these old folks will agree to

This is wrong.

Originally Posted by supafamous

That's only on the gains after he inherits it, the rest of it is tax free.

https://www.squareone.ca/resource-ce...20estate%20tax.

Correct.

6thgear and badhobz, y'all have a lot of conviction for being dead wrong. As stated in the link supafamous shared, the simple answer is if they die while still in their homes and you inherit the house, it will be valued as part of their estate and final tax return. That value is your new cost base - so it'll be like you bought it at that price.

Real life example:
Grandparents buy house in Point Grey for $100,000 and it's worth $5,000,000 when they die. You inherit the house. Then you decide a few weeks later to sell it, and get $5,100,000 for it. Your cost base is $5,000,000 and you will pay capital gains on $5,100,000 - $5,000,000 = $100,000.

-Mark

[xxxrsxxx]

what is probate and will it apply here?

Originally Posted by lowside67

No.

This is wrong.

Correct.

6thgear and badhobz, y'all have a lot of conviction for being dead wrong. As stated in the link supafamous shared, the simple answer is if they die while still in their homes and you inherit the house, it will be valued as part of their estate and final tax return. That value is your new cost base - so it'll be like you bought it at that price.

Real life example:
Grandparents buy house in Point Grey for $100,000 and it's worth $5,000,000 when they die. You inherit the house. Then you decide a few weeks later to sell it, and get $5,100,000 for it. Your cost base is $5,000,000 and you will pay capital gains on $5,100,000 - $5,000,000 = $100,000.

-Mark

[6thGear.]

Originally Posted by lowside67

No.

This is wrong.

Correct.

6thgear and badhobz, y'all have a lot of conviction for being dead wrong. As stated in the link supafamous shared, the simple answer is if they die while still in their homes and you inherit the house, it will be valued as part of their estate and final tax return. That value is your new cost base - so it'll be like you bought it at that price.

Real life example:
Grandparents buy house in Point Grey for $100,000 and it's worth $5,000,000 when they die. You inherit the house. Then you decide a few weeks later to sell it, and get $5,100,000 for it. Your cost base is $5,000,000 and you will pay capital gains on $5,100,000 - $5,000,000 = $100,000.

-Mark

Thanks for clarifying. It's also 50% on the capital gains. So, in your real life example, it would be $50,000 that's taxed.

[6thGear.]

Originally Posted by xxxrsxxx

what is probate and will it apply here?

Probate applies when it's an estate sale under a will. It's a process to ensure the will is authentic

[lowside67]

Originally Posted by xxxrsxxx

what is probate and will it apply here?

BC probate fees are charges the BC government levies on anything that is being dealt with in a will. If a grandparent is leaving you a house, the estate is going to pay the probate fees on the value of the home. It is immaterial whether it is sold and you are inheriting the cash, or inheriting the house, either way it's the same.

If you have assets that are in joint names, or registered investment accounts that have beneficiaries or successors, etc then these are all assets that are generally not going to fall under the will and therefore not attract probate fees.

Originally Posted by 6thGear.

Thanks for clarifying. It's also 50% on the capital gains. So, in your real life example, it would be $50,000 that's taxed.

Correct. If you really want to get pedantic, it's still a $100,000 capital gain to be taxed, but at the capital gains inclusion rate, which is 50%.

-Mark

[Gerbs]

^
That's why he makes the big bucks