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New Rule: Sell Your Home – Must Report On Tax Return

Wed, 15 Mar by Pauline Relkey

Effective January 1, 2016 the federal government decided to make it a requirement for anyone selling their principal residence to report it on their tax return. Even though there is no tax to pay, if you forget to report the sale of the property, you can be hit with penalties under the Income Tax Act. Failure to file a designation, failing to report the sale, or reporting late, can be subject to a maximum penalty of $8,000.00. In addition, failure to report the sale of a home may result in the Canada Revenue Agency having the ability to audit and reassess prior tax returns indefinitely, which would otherwise have been “off limits”. It has also been suggested that you may in fact lose the principal residence exemption for the capital gain, which would be rather harsh.

Here is a link to the Government website with details http://www.cra-arc.gc.ca/gncy/bdgt/2016/qa11-eng.html

I’m not thrilled any more than you are, but that is what they want.

canada revenue agency

The best month and day to put a home on the market

Wed, 15 Mar by Pauline Relkey

Homes listed between May 1 through 15 tend to sell 9 days faster and sell 1% above the asking price, according to a U.S. study.

Many homebuyers who start looking for homes in the early spring will still be searching for their dream home months later. By May, some buyers may be anxious to get settled into a new home — and may be more willing to pay a premium to close the deal.

bulbs-flowers

Mark your calendar for a Saturday in May

Research revealed the best day to place a home on the market is Saturday — listings that appear on a for sale by owner site on Saturdays garner 20% more views than early-in-the-week listings.  The second best day to list is Friday, when properties receive 14% more views. (My personal opinion is that the majority of people work Monday to Friday, so they have a bit more leisure time to search online on the weekends and possibly at the end of the week – on Fridays).

Sellers have to be cognizant of other factors, such as weather.  Sellers in nicer climates have more leeway as to when to list their home due to warmer weather patterns. Also, sellers who live in areas without distinct seasonal weather tend to have little variation in sales price based on the month.

But if you ask a Realtor when is a good time to list your property – the answer is now cause I’m here!

 

What’s hot and what’s not in 2017 kitchen trends

Wed, 15 Mar by Pauline Relkey

Pay close attention to these trends and maybe consider incorporating 1 or 2 of these ideas as you prepare to sell — small upgrades in areas such as the kitchen or bathroom can help a home sell faster.

Tuxedo kitchen cabinets: Mix up a kitchen’s color palette with Tuxedo cabinets. Homeowners can do a literal interpretation with black and white, or use other complementary colors, such as navy blue and soft gray, for a softer contrast.

Hidden appliances: Ditch stainless steel appliances (and I was just thinking of switching to these), which can feel cold and industrial, and switch them for hidden appliances that easily meld into the design scheme. Also, they provide an unexpected touch for potential buyers who plan on spending plenty of time in the kitchen.

Wood paneling: Transport your buyers back to grandma’s kitchen with wood paneling, also known as shiplap. Even use white shiplap, which gives a clean, modern finish.

Mixed hardware finishes: Instead of going for a monochromatic stainless steel look, homeowners are choosing appliances and accessories with various finishes, such as gold, copper or pewter. The final result is an eclectic, one-of-a-kind space.

Fads to forget:
Speckled granite: Homeowners are no longer limited to granite countertops. Instead, they’re going for quartz, marble and butcher block countertops that are easier to stain and maintain.

Short cabinets: Ditch the short cabinets, and install taller ones. Supposedly, tall cabinets make a small kitchen look bigger and brighter.

Dark brown wood and paint colors: According to Kelly, “bigger and brighter” will be the name of the game for 2017. With that, dark paint, accessories and wood finishes will go out of style.

kitchen black and white

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Association of Regina REALTORS® Inc.. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.