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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

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Have Your Vancouver Condo Appraised Before You Move Out

Ian Watt Vancouver Condo Real Estate Video Blog #754 - April 21, 2013

Have Your Vancouver Condo Appraised Before You Move Out 

Ian Watt video blogs about how to avoid further capital gains tax you should have your primary residence appraised when you move out and before you make it a rental or revenue generating property. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright Ian Watt © All Rights Reserved 2013.

Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. So you lived in this property for five ten years two years or whatever and you planned to move out and make it a rental property or revenue generating property but its been your principal residence for the past two five ten years who knows. But all that capital gains and the appreciation is taxable if it’s revenue generating property. However if it’s been owner of occupied property that’s one of the great things about Canadian Tax System we don’t pay capital gains on our primary residence so if you’re planning to move out and make it a rental property you should call an appraiser or a realtor get someone to do a market analysis on what is worth today because if you go to sell it in two or three or four years from now the government gonna wonder what was the value the day you moved out, how much capital gains should you pay and maybe right now 2013 to 2014 is not gonna change much but maybe way up a hundred or a two hundred thousand dollars for the past five ten years who knows. So make sure if you want to pay your taxes correctly get an appraiser to come out appraised your property the day you moving out and the day it becomes a revenue generating property it will save you a lot of headaches down the road when you go to sell your property. My name is Ian Watt if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!