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Sales not listed on evaluebc


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#1 Szeven

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Posted 06 January 2014 - 08:30 AM

Why are some sales are not reported on the evaluebc website? I enjoy looking back at places I remember having my eye on to see what they sold for, but sometimes the sale is not displayed on the site.

 

The property I was looking at was unit 401-525 Broughton st. It claims to be sold on the Realtors website May 31. 2013, but it is not on evalue.



#2 MarkoJ

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Posted 06 January 2014 - 10:13 AM

Why are some sales are not reported on the evaluebc website? I enjoy looking back at places I remember having my eye on to see what they sold for, but sometimes the sale is not displayed on the site.

 

The property I was looking at was unit 401-525 Broughton st. It claims to be sold on the Realtors website May 31. 2013, but it is not on evalue.

 

Sometimes BC Assessments deems sales not suitable for sales analysis for a variety of reasons like a sale to a family member.  I believe that the sales deemed no suitable for sale analysis are not reported on the site?  


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#3 Bernard

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Posted 07 January 2014 - 02:04 PM

For a sale to be considered by BC Assessment the deal has to be available on the open market to anyone.  If I sell to my son and did not list the house it will not be counted.   

 

The goal is for the sales in the system to reflect an open and competitive market.



#4 http

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Posted 08 January 2014 - 07:28 AM

For a sale to be considered by BC Assessment the deal has to be available on the open market to anyone.  If I sell to my son and did not list the house it will not be counted.   

 

The goal is for the sales in the system to reflect an open and competitive market.

Pardon my ignorance, but listed with who?


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#5 VicHockeyFan

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Posted 08 January 2014 - 08:10 AM

Pardon my ignorance, but listed with who?

 

Was not listed (on the MLS system, for example) as for sale to anyone in an open market.


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#6 Szeven

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Posted 08 January 2014 - 08:13 AM

And what if it was listed on MLS and is advertised as sold by the listing Realtor?



#7 Bernard

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Posted 09 January 2014 - 02:33 PM

And what if it was listed on MLS and is advertised as sold by the listing Realtor?

It should count towards the assessment values, though if the sale "looks odd" it will be investigated to see if it was arms length and exposed to the open market.   The most common sales to not end up in the system are estate sales



#8 MarkoJ

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Posted 09 January 2014 - 07:08 PM

And what if it was listed on MLS and is advertised as sold by the listing Realtor?

 

I've had BC Assessments call me before to investigate sales on my listings where they felt the sale price was low.


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#9 lanforod

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Posted 10 January 2014 - 08:04 AM

I've had BC Assessments call me before to investigate sales on my listings where they felt the sale price was low.

What happens if they still feel its too low after their investigation?



#10 MarkoJ

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Posted 10 January 2014 - 08:11 AM

What happens if they still feel its too low after their investigation?

 

I think the purpose of the investigation is to determine if it sold at arms length or not?  If it sold at arms length at market value, whether it sold low or high is a function of the market, and you would think would still be used for assessment purposes.  I don't work at BC Assessments so I am just taking an educated guess here.


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#11 lanforod

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Posted 10 January 2014 - 08:31 AM

I think the purpose of the investigation is to determine if it sold at arms length or not?  If it sold at arms length at market value, whether it sold low or high is a function of the market, and you would think would still be used for assessment purposes.  I don't work at BC Assessments so I am just taking an educated guess here.

Ah, just wondering if there was actual ramifications. If its just for assessment purposes, meh.



#12 MarkoJ

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Posted 10 January 2014 - 08:38 AM

Ah, just wondering if there was actual ramifications. If its just for assessment purposes, meh.

 

Yea, just for assessment purposes as far as I know.  I don't think BC Assessments would be concerned for your well being if you sold your property for cheap :)


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#13 Mike K.

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Posted 10 January 2014 - 11:24 AM

You could sell your house for $1 if you wanted to, could you not?


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#14 MarkoJ

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Posted 10 January 2014 - 12:40 PM

You could sell your house for $1 if you wanted to, could you not?

 

I don't see why not?


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#15 Bernard

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Posted 10 January 2014 - 01:20 PM

You have a right to sell your house for whatever price you like but there are possible legal implications

 

1) You are giving a large gift to someone else, if this being done to avoid taxes you may have an issue.   The sale of a house provides the government with a significant tax windfall and it is fraud to do something that tries to get out of that.   

2) It could be seen as a shady deal and lead to investigations

 

There is an easier way to sell a house for $1, just add the other person to the title which does not require a sale at all.



#16 MarkoJ

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Posted 10 January 2014 - 01:40 PM

You have a right to sell your house for whatever price you like but there are possible legal implications

 

1) You are giving a large gift to someone else, if this being done to avoid taxes you may have an issue.   The sale of a house provides the government with a significant tax windfall and it is fraud to do something that tries to get out of that.   

2) It could be seen as a shady deal and lead to investigations

 

There is an easier way to sell a house for $1, just add the other person to the title which does not require a sale at all.

 

I think $1 would certainly lead to investigations but hypothetically it could be legitimate?  Principal residence there is no capital gains tax; therefore, you aren't shafting the government there and Property Transfer Tax is paid on fair market value, so you wouldn't be able to avoid that one by selling/buying for $1.


Edited by MarkoJ, 10 January 2014 - 01:46 PM.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

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#17 Bernard

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Posted 11 January 2014 - 09:14 PM

The issue could be avoiding inheritance taxes by transferring assets before death?



#18 pherthyl

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Posted 12 January 2014 - 06:46 PM

I think $1 would certainly lead to investigations but hypothetically it could be legitimate?  Principal residence there is no capital gains tax; therefore, you aren't shafting the government there and Property Transfer Tax is paid on fair market value, so you wouldn't be able to avoid that one by selling/buying for $1.


Eh? How would they determine fair market value? Who reviews sales and decides that a house has sold for less than market value?

#19 MarkoJ

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Posted 12 January 2014 - 09:30 PM

Eh? How would they determine fair market value? Who reviews sales and decides that a house has sold for less than market value?

 

Usually property transfer tax is based on the purchase price (market value), but there is a property transfer tax division in the tax compliance section and I assume they review outliers.  They went after me a few years ago for a slightly different reason. 

 

When I bought my first condo it was PTT exempt as I was a first time buyer.  18 months later I got a letter from them noting they had performed a review and the condo wasn't my primary residence (but it was) and I owned the PTT.  It was a huge headache as 15 months into ownership I had rented it out and was no longer living there.   Almost everything that was required by the property transfer tax division for me to prove that I had lived there for the first 12 months I didn't have (magazine subscription, mail, etc.)  I had forgotten to change over my driver's licence and care card (I think this is where they got me?).  BC Hydro Bills, the one thing I did have, was not acceptable proof reason being landlords sometimes include Hydro in rent.  All my mail and packages, if any, I kept sending to my parents house as it was easier to get stuff delivered there.  Finally got out of it by getting an owner in the building to verify that I had rented his parking spot for 15 months backed up by the cheques coming out of my account every month.


Edited by MarkoJ, 12 January 2014 - 09:34 PM.

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Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#20 lanforod

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Posted 13 January 2014 - 11:23 AM

 

There is an easier way to sell a house for $1, just add the other person to the title which does not require a sale at all.

 

There is no cost to adding a person to a title, other than the legal fees (~$400 when I had it done a while back). The benefits of doing so are not always what you'd think though, especially if its not a principal residence.



 



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