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New property listed at 1566 BURRILL AVE in North Vancouver

I have listed a new property at 1566 BURRILL AVE in North Vancouver.
Tucked away on a serene cul-de-sac, just a leisurely stroll from the charming Lynn Valley Village, lies an exceptional 4-bed, 2-bath family residence. The main floor features an open-concept kitchen replete with gleaming stainless steel appliances, seamlessly flowing into the inviting family room. Adjacent to this heart of the home, you’ll find formal dining and living areas, perfect for hosting soirées or intimate family gatherings. Descend to the lower floor, and you’ll discover a thoughtfully designed in-law suite, currently yielding a rental income of $2,950 per month, adding a practical touch to this property. The exterior offers further delights—a double garage for ample parking and a fenced yard that gazes upon a lush, verdant greenbelt, providing a serene backdrop to everyday life. The locale is equally impressive, with hiking and biking trails right at your doorstep. Seize the moment—schedule a viewing today to immerse yourself in the quintessential experience of family living at its finest.
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New property listed at 503 6TH ST E in North Vancouver

I have listed a new property at 503 6TH ST E in North Vancouver.
This sophisticated Arts and Crafts style Craftsman home exudes timeless charm. Meticulously maintained by the same owner for nearly 50 years, this beautiful 3-bedroom, 1.5-bathroom home offers stunning views of the city and water. Key features include double-glazed windows that enhance energy efficiency, newer hot water tank, and a 12-year-old roof. The home seamlessly blends classic style with modern convenience, boasting modern appliances, newer carpets, and updated upstairs bathroom that cater to today’s lifestyle. The incredible yard is perfect for gardening, play, or entertaining. Situated in an ideal location, this residence is close to transit, shopping, and schools, making it an excellent choice for families. An unfinished basement provides endless possibilities for added future value, whether you envision a workshop, or future suite or additional living space. This is more than just a house; it’s a perfect place to start your own memories in a beautifully preserved and updated historical residence.
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MARKET ADJUSTMENTS AND CHANGES TO THE CAPITAL GAINS TAX

In April the North Shore real estate market witnessed a surge in new listings, with 886 properties available for sale. This represents the highest amount of available inventory in this area since May 2021, a welcome respite for buyers who have long grappled with inventory scarcity in the preceding years. 

April saw 318 transactions across the North Shore. Notably, this represents the highest level of sales activity we have seen this year, and the highest number of sales since June of 2023. Against this backdrop, the average sales price for the month was $1,482,830 in North Van and $2,889,564 in West Van, down 0.8% and 3.1% respectively when compared to 2023. 

Looking at the bar chart above you can see that every market area shows a significant rise in listings while sales have stalled. Note how close the “New Listings” and “Total Listing” numbers in North Vancouver are. The the market will correct itself and prices will have to come down to engage buyers.

CAPITAL GAINS TAX

If you own recreational, investment, or other secondary property and are considering selling or passing the property to your children, you should consider doing so prior to the proposed changes to capital gains which come into effect June 25th.

The 2024 budget proposes to raise the inclusion rate for capital gains to 66.7% for gains exceeding $250,000 that are realized on the sale of secondary properties. The inclusion rate of 50% remains unchanged for gains of less than $250,000. Title must transfer prior to the June 25th deadline to avoid exposure to the new tax rates.

Not to worry if you are thinking of selling your principle residence, as these properties remain exempt from capital gains.

If you have questions about the changes coming and how it may affect you, contact us soon. The June 25th deadline is just around the corner.

It continues to be an active year. Contact me today to get started!

-Dan Pigott
604-862-4124  |  dan@pigottproperties.com

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New property listed at 180 DOUGLAS CRES in Richmond

I have listed a new property at 180 DOUGLAS CRES in Richmond.
This stunning custom-built residence boasts 3,094 sqft of meticulously crafted living space with NO GST! Every detail has been thoughtfully selected to create a stunning sanctuary to call home. The kitchen features quartz counters, s/s appliances, wine fridge, & luxurious hardwood floors that flow seamlessly throughout. Open-concept design connects the family/dining/kitchen areas overlooking a large deck for summer BBQs & evenings spent under the stars. Upstairs, a 2nd living rm provides additional space & nestled around this cozy retreat are 3 spacious bdrms, each with ensuite. Primary bdrm boasts massive W/I closet & lavish ensuite. A short walk to Canada Line, easy 3-min drive to Vancouver & the North Dyke trails on the river. Come home to Burkeville today. By appointment only.
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New property listed at 105 175 VICTORY SHIP WAY in North Vancouver

I have listed a new property at 105 175 VICTORY SHIP WAY in North Vancouver.
Waterfront living at Cascade West. This stunning suite offers 1,536 sq ft of living space and steps out to a huge private wraparound patio. The head-on city and water views are breathtaking from the front living areas that step out to the patio. The customized plan offers 10 ft ceilings (lots of glass), 3 full baths and 2 fully ensuited bedrooms including the impressive, oversize primary suite. Both bedrooms look out to the tranquil beach area. Other features include h/w floors throughout, large island in the kitchen, AC with heat pump and recently added man made hedge on the patio that provides great privacy while maintaining the incredible water and city views. There are 2 side by side parking stalls and a locker. Exceptional!
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