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New property listed in Sicamous

I have listed a new property at 602 Birch Avenue in Sicamous. See details here

Spacious & Renovated Rancher on a Quarter-Acre Lot in Sicamous- This beautifully updated single-family home offers over 1,800 square feet of living space—a rare find for growing families or anyone looking for a nearly stairless layout. With three bedrooms & two full bathrooms, including a private ensuite. Step inside to discover modern laminate flooring throughout & a freshly updated kitchen with upgraded appliances, sleek countertops, & stylish cabinetry. The gem of the home is the 27-foot enclosed sunroom, complete with a cozy wood stove, offering a versatile space for year-round living, entertaining, or simply relaxing. Set on a fully fenced 1/4 lot, this property is perfect for families who need room to spread out or pet owners looking for a secure space. The two driveways & a double bay garage provide abundant parking options for vehicles, boats, or RVs—ideal for those who love exploring Mara & Shuswap Lakes, just 3 minutes away. The location couldn’t be better for families. This home is steps away from the new infant & daycare facility, within walking distance to the elementary school, & close to Sicamous’s brand-new medical facility set to open in spring 2025. With recent renovations, & quick possession available, this move-in-ready home offers the perfect blend of space, style, & functionality. Whether you’re a family looking for room to grow or an outdoor enthusiast needing ample storage & parking, this property delivers it all. (id:2493)

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Everything You Need to Know About the BC Home Flipping Tax

What You Need to Know About the BC Home Flipping Tax

As a REALTOR® in the beautiful Shuswap area, I’m committed to keeping you informed about key changes that affect your real estate decisions. One significant update is the introduction of the BC Home Flipping Tax, which comes into effect on January 1, 2025. This new tax is part of British Columbia’s strategy to discourage short-term property flipping and foster a more balanced housing market.

This blog dives into what this tax means, why it’s particularly relevant for buyers and sellers in the Shuswap region, and how I—Jessica, your local real estate expert—can help you navigate these changes. Let’s break it down.

What Is the BC Home Flipping Tax?

The BC Home Flipping Tax is designed to target profits made from selling residential properties within 730 days (2 years) of purchase. The goal? To create a housing market that prioritizes homeownership for individuals and families rather than profit-driven investments. This tax is part of the province’s broader Homes for People plan, and it stands apart from the existing Federal Property Flipping Tax, which applies to sales within a shorter 365-day period.

What Is the BC Home Flipping Tax?

The BC Home Flipping Tax is designed to target profits made from selling residential properties within 730 days (2 years) of purchase. The goal? To create a housing market that prioritizes homeownership for individuals and families rather than profit-driven investments. This tax is part of the province’s broader Homes for People plan, and it stands apart from the existing Federal Property Flipping Tax, which applies to sales within a shorter 365-day period.

Starting January 1, 2025, this tax will apply to anyone selling residential property in BC that they’ve owned for less than 730 days, including presale contracts and assignments. The tax rate is set at 20% on gains from sales made within the first 365 days of ownership and decreases gradually until it is eliminated after the 730-day mark. While certain primary residences may qualify for exemptions, specific conditions and filing requirements must be met.

Flipping Tax in BC

Understanding The Federal Property Flipping Tax

Since January 1, 2023, the Federal Property Flipping Tax has applied to residential property sales across Canada when the property is sold within 365 days of purchase. The gains are taxed as business income, making them fully taxable at your personal tax rate. Unlike with capital gains, no principal residence exemption applies to flipped properties under this rule. However, exceptions exist for sales linked to significant life events such as death, divorce, or serious illness.

The Shuswap is renowned for its recreational properties and vacation homes, attracting buyers who are often looking for short-term investment opportunities. However, the introduction of the BC Home Flipping Tax could impact your strategy if you’re planning to buy or sell property here.

Here’s Why You Should Pay Attention:

  1. Impact on Profits: Flipping homes quickly can dramatically affect your bottom line due to these taxes. Whether you’re selling within one year or two, a portion of your gains may now go directly to taxes.

  2. Double Taxation Risk: Since the BC and Federal Property Flipping Taxes are separate, it’s possible to be subject to both taxes on a single transaction.

  3. Unique Market Dynamics: The Shuswap’s market often sees seasonal activity and a focus on recreational properties. Knowing these rules is crucial if you’re targeting short-term ownership for profit.

  4. Exemptions Are Limited: Even primary residences aren’t automatically exempt. Understanding your eligibility is vital.

This is where I come in. As your Shuswap REALTOR®, I specialize in navigating the intricacies of this market and helping you make informed decisions—whether you’re buying your dream vacation home or selling a property you’ve owned for just a year.

If You’re Thinking About Flipping Your Home Here are 5 Things to Consider 

Flipping properties can still be a profitable endeavor, but it requires a well-thought-out strategy in light of these new tax rules. Here are some additional considerations:

  1. Factor in Holding Costs:

    • The longer you hold onto a property, the less you’ll pay under the BC Home Flipping Tax. However, holding costs—such as mortgage payments, property taxes, and maintenance—can add up quickly.

  2. Know the Market:

    • Timing is everything. Work with an experienced REALTOR® who understands local trends to maximize your profit while minimizing tax liability.

  3. Consider Renovations Strategically:

    • Investing in renovations can boost your property’s value, but it’s crucial to plan your upgrades and timelines carefully to avoid excessive tax penalties.

  4. Seek Professional Tax Advice:

    • A tax professional can provide detailed guidance tailored to your specific situation, helping you understand how these taxes apply to your transaction.

  5. Account for Both Taxes:

    • Remember that the Federal and BC Home Flipping Taxes could both apply. Plan your finances accordingly to avoid surprises at closing.

Navigating these changes can feel overwhelming, but you don’t have to do it alone. With years of experience in the Shuswap real estate market, I’ve helped countless clients understand how local regulations impact their transactions.

Whether you’re considering flipping a home, investing in a vacation property, or selling a long-term residence, I’m here to provide:

  • Expert Market Insights: Understanding Shuswap’s unique dynamics is key to making smart decisions.

  • Tailored Strategies: I’ll help you create a plan that aligns with your goals and minimizes tax implications.

  • Trusted Referrals: Need a tax professional or mortgage advisor? I can connect you with trusted experts - take a look at Danielle’s Instagram here. 

The BC Home Flipping Tax represents a significant shift in how real estate transactions are taxed, especially in areas like the Shuswap where vacation homes and recreational properties are common. Staying informed and working with a knowledgeable REALTOR® is the best way to protect your investment and achieve your real estate goals.

Let’s talk about how we can make your real estate journey a success in the Shuswap area. Contact me today - 250-814-7891.

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New property listed in Salmon Arm

I have listed a new property at 880 28th Street Southeast in Salmon Arm. See details here

Discover the perfect blend of privacy, space, & potential at 880 28 Street SE. Nestled on an expansive 0.35-acre lot in one of Salmon Arm’s most desirable family neighbourhoods, this spacious home offers nearly 2,400 square feet of thoughtfully designed living space, including a partially finished basement with a separate entrance—ideal for a potential basement suite or additional living quarters. The upper level boasts a bright & inviting floor plan, featuring a beautifully updated kitchen, modern appliances, fireplace, rich hardwood flooring, & fresh paint. With three bedrooms upstairs, this space is move-in ready & perfectly suited for comfortable family living. Downstairs, the partially finished basement includes 2 additional bedrooms, a bathroom, ample storage, a laundry area, & a versatile workshop—perfect for hobbies, projects, or future development opportunities. Outside, the property truly shines. The kid & pet-friendly fenced yard features a BMX pump track, garden area, & plenty of space to run & play. Relax on the covered deck, surrounded by lush greenery that ensures complete privacy & creates a peaceful, park-like setting. Highlights include a double carport, generous parking, & modern upgrades such as a newer gas furnace & air conditioning system, ensuring year-round comfort & efficiency. Situated close to Hillcrest Elementary, daycare centers, & the family recreation center with an ice rink, pool, & gym. This could be your Salmon Arm family home. (id:2493)

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New property listed in Sicamous

I have listed a new property at 126 1383 Silver Sands Road in Sicamous. See details here

Whether you’re seeking a weekend retreat, a vacation rental investment, or a full-time residence, this property is ready for you. Nestled on a spacious 86 x 30-foot lot, this versatile home offers 2 bedrooms plus a bonus bunkie—perfect for guests, an office, or a studio. Thoughtfully upgraded with new flooring & custom window coverings, this four-season insulated park model provides year-round comfort. Built-in closets and storage make staying organized effortless. Energy-efficient construction keeps you cozy in winter and cool in summer, enhanced by upgrades like A/C and in-suite laundry. Enjoy the outdoors with a fully fenced yard, ideal for pets, plus a covered deck & gazebo for entertaining or relaxing. A cement slab foundation ensures lasting durability with minimal maintenance. Your private beach is just steps away, offering tranquil escapes and endless summer fun. The location is ideal, with easy walkability to the city park, where you can enjoy summer live music, a children’s splash park, and a water park. Take a stroll under the big bridge to explore downtown restaurants, pubs, and all the amenities this vibrant area offers. Modern conveniences abound with 70-amp service, sewer hookups, and a backup generator for peace of mind. Three dedicated parking spaces make hosting a breeze. This turn-key property comes fully equipped to move in—just bring your suitcase! Property staged in photos; sold with similar furniture. View today to make it yours. Strata Fee 101.08/m (id:2493)

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Relocating to the Shuswap? Discover the Flavourful Side of Life Here.

Your Culinary Guide to the Shuswap: Top Restaurants You Can't Miss

The Shuswap region in British Columbia is renowned for its stunning natural beauty. With pristine lakes, majestic mountains, and vibrant communities, it’s no wonder people flock here to live, vacation, and explore. But beyond the breathtaking landscapes, the Shuswap offers a delightful culinary scene that truly enhances the lifestyle. Whether you’re a longtime local or considering making the Shuswap your home, here’s a guide to the region’s top restaurants that showcase its diverse and flavourful side.

Shark Shack: Dining on Water

For a dining experience as unique as the Shuswap itself, Shark Shack is a must-visit. Located on Shuswap Lake near Sicamous, this floating licensed restaurant offers not only delicious food but also an atmosphere you won’t find anywhere else. Accessible by boat, Shark Shack combines scenic views with a menu that caters to all tastes. From fresh seafood to hearty burgers and vegetarian options, it’s a favourite among locals and visitors alike.
Check out their menu! 

Imagine enjoying a meal while gently rocking on the water, surrounded by the beauty of the lake. It’s the perfect way to unwind after a day of exploring the Shuswap’s countless outdoor adventures.

Finz Bar & Grill: Waterfront Dining at Its Best

Nestled along the shores of Shuswap Lake in Blind Bay, Finz Bar & Grill is another gem that perfectly blends delicious food with stunning views. Known for its fresh seafood and grill options, Finz is the ideal spot for a relaxing lunch or a romantic dinner. The menu features a variety of dishes, including perfectly grilled steaks, seafood platters, and refreshing cocktails.

Want to learn more about them? Click here!

The waterfront patio is a highlight, offering diners a front-row seat to the lake’s tranquility. Whether you’re savouring a meal or simply enjoying a drink with friends, Finz embodies the laid-back yet sophisticated Shuswap lifestyle.

Barley Station Brewpub: Where Craft Beers Meet Comfort Food

If you’re a fan of craft beer and hearty comfort food, Barley Station Brewpub in Salmon Arm is a must. This popular spot is known for its locally brewed beers, which pair perfectly with a menu that includes everything from burgers to seafood linguine. The relaxed atmosphere makes it a great place to catch up with friends or wind down after a busy day.
View their website! 

The Brewpub’s dedication to quality and community shines through in every pint and plate, making it a beloved destination for locals and tourists alike. Don’t forget to try their signature Station House Blonde Ale or Salmon Arm Special Bitter—a true taste of the Shuswap.

Cantina Vallarta: Authentic Mexican Flavors

Craving a taste of Mexico? Cantina Vallarta delivers authentic Mexican cuisine in a vibrant and welcoming setting. Located in Salmon Arm, this restaurant offers classic tacos, enchiladas, and rich mole dishes. The menu is packed with bold flavours and fresh ingredients, making it the kind of place that brings people together over good food and great conversations.

See what they have to offer! 

It’s perfect for a casual lunch, a family dinner, or a night out with friends. Pair your meal with one of their signature margaritas for the full experience.

Shuswap Pie Company: Comfort Food at Its Finest

No culinary guide to the Shuswap would be complete without mentioning the Shuswap Pie Company. Located in Salmon Arm, this cozy spot is famous for its homemade pies. It offers a variety of sweet and savory options that are perfect for any time of day. Whether you’re in the mood for a classic chicken pot pie or a slice of decadent blueberry crumble, you’ll find something to love here.

Learn more about them! 

The Shuswap Pie Company’s commitment to using fresh, local ingredients shines through in every bite. It’s the kind of place that feels like home, making it a favorite for both locals and visitors. Don’t leave without taking a pie (or two) to enjoy later!

Why Great Dining Enhances the Shuswap Lifestyle

The Shuswap’s culinary scene is more than just great food—it’s a reflection of the region’s vibrant community and lifestyle. Restaurants like Shark Shack, Finz Bar & Grill, Barley Station Brewpub, Cantina Vallarta, and Shuswap Pie Company showcase the area’s diversity and charm. They’re places where people come together to celebrate, connect, and create memories.

For those considering a move to the Shuswap, the local dining scene is just one of many perks. Living here means having access to not only stunning landscapes but also a rich cultural and culinary experience. Imagine coming home after a day of hiking, boating, or skiing and heading out to one of these amazing restaurants. It’s a lifestyle that truly combines adventure with relaxation.

Ready to Call the Shuswap Home?

As a real estate agent in the Shuswap region, I’m passionate about helping people discover all that this incredible area has to offer. From its natural beauty to its vibrant dining scene, the Shuswap is a place where life is meant to be enjoyed.

If you’re ready to make the Shuswap your home, I’m here to help you find the perfect property. Whether you’re looking for a lakeside retreat, a mountain-view cabin, or a home in one of our charming communities, let’s work together to make your dream a reality.

Feel free to reach out for more information or to schedule a consultation. And next time you’re in the area, be sure to visit one of these incredible restaurants—you won’t be disappointed!

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