Reports

During the process of buying or selling a home, you'll unearth countless questions. We know how difficult it can be to sift through all the details in order to find answers relevant and meaningful to you. We've put together the following series of reports that provide clear, concise and useful information on a wide range of issues related to real estate. Here you'll find tips on how to save money, real estate insider secrets, renovation advice, and much more.
 

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B.C. Speculation Tax 2020

 
 
 
  1. B.C. UPDATED SPECULATION TAX FOR 2020

If you’re a homeowner within the Vancouver metropolitan region, you’re likely already familiar with both the Empty Homes Tax (applicable only to Vancouver) as well as BC’s Speculation and Vacancy Tax (Province-wide), both designed to offset some of the strain placed on the housing market by foreign investors and those who own property within the region but live elsewhere for the majority of the year. What you may not be aware of, is the recent changes to the Speculation and Vacancy Tax that came into effect as of December 31, 2019. Below are some key updates to be aware of, both for prospective and current homeowners.

The Rate Has Increased

Effective as of December 31, 2019, the tax has increased from 0.5% to 2% for land owned by foreign owners or satellite families. As with practices in 2018, taxes levied in December of 2019 are due in July of 2020. Those who are not eligible for exemption may qualify for a tax credit per the stipulations below:

BC Owners: If you own multiple properties within BC and are being taxed on a secondary property, you may be edible for a tax credit of up to $2,000 (per owner, per property, per year).

Foreign Owners and Satellite Families: Foreign owners and satellite families may claim a tax credit equal to 20% of their BC income to reduce the 2% speculation and vacancy tax owed. Note that this tax credit cannot reduce the tax rate below the rate for an equivalent BC resident (zero on a principal residence or 0.5% on other properties).

Other Canadians – Non-BC resident Canadians will be eligible for a tax credit based on that income claimed in BC. The tax credit cannot reduce the tax rate below the tax rate for an equivalent BC resident.

There Are New Exemptions:

New For 2020 are exemptions for property owners who are members of the Canadian Armed Forces while in active service, as well as their spouses. In addition, there is an exemption for people who own properties only accessible by water. Note, this exemption for strata properties in buildings where rentals are banned will be phased out by Dec. 31, 2021.

RESIDENTIAL CONSTRUCTION AND REMODELING ESTIMATES FOR 2020
STRUCTURE/EXTERIOR
Structure
> addition (foundation to roof) $95 – $130/sq.ft.
> basement entrance $5250 – $10500
> basement main beam $2100
> basement support post / foundation $500 – $1000
> excavation / waterproofing $125 – $175/sq.ft.
> foundation cracks (excavation method) $525 – $1100
> foundation cracks (injection method) (per crack) $500
> masonry wall (single story) $525 – $800/lin.ft.
> lower basement $200 – $425
> remove bearing wall $2100 – $3200
> remove partition wall $850 – $1700
> re-support floor joist (sistering) $325 – $525
> roof sheathing (replace) $6 – $8/sq.ft.
> underpinning $325 – $525/lin.ft.
> termite prevention (chemical soil treatment) $2100
Wall System
> aluminum siding $5 – $6/sq.ft
> brick veneer $10 – $25/sq.ft.
> brick cleaning (unpainted) $3/sq.ft.
> brick cleaning (painted) $6/sq.ft.
> brick repainting $6 – $8/sq.ft.
> cedar siding $10 – $15/sq ft.
> stucco $10 – $15/sq.ft.
> vinyl siding $5 – $6/sq.ft.
Exterior Door
> aluminum storm door $375
> metal insulated door $675 – $800
> patio door - replace $775 – $1600
> patio door - brick wall (6ft.) $2600 – $3600
> patio door - wood wall (6ft.) $2100 – $3100
ROOF/EAVE/FLASHING/CHIMNEY
Sloped Roofs
> asphalt shingle (over existing) $2 – $3/sq.ft.
> asphalt shingle (strip & re-shingle) $3 – $5/sq.ft.
> asphalt shingle (high quality) $5 – $7/sq.ft.
> cedar shake / shingle $7 – $10/sq.ft.
> clay tile $15 – $20/sq.ft.
> concrete tile $9 – $13/sq.ft.
> wood shake / shingle $6 – $8/sq.ft.
> slate tile $30 – $55/sq.ft.
Flat Roofs
> roll roofing asphalt (90lb.) $2 – $3/sq.ft.
> 4 ply (tar and gravel) $6 – $11/sq.ft.
> single ply membrane $6 – $11/sq.ft.
Gutters
> gutter cleaning $175
> gutter / downspout - aluminum $7 – $9/lin.ft.
> gutter / downspout - galvanized $6 – $7/lin.ft.
> downspout extension $16
> soffits / fascia (aluminum) $16/lin.ft.
Flashing
> chimney flashing (sloped asphalt) $250 – $500
> chimney flashing (flat built-up) $350 – $600
> metal cricket at chimney $250 – $500
> parapet wall flashing $32/lin.ft.
> roof vent flashing $125
> reflash skylight $425 – $625
> valley flashing $21 – $32/lin.ft.
> wall flashing $6 – $7/lin.ft.
Chimney
> chimney extension $150 – $275/lin.ft.
> chimney repointing $8 – $11/brick
> concrete cap (single flue) $100 – $275
> concrete cap (double flue) $200 – $425
> rain cap $125
> reline flue $45 – 55/lin.ft.
800-294-5591 pillartopost.com
GARAGE/DRIVEWAY/WALKWAY
Garage
> detached carport $5250+
> detached wood frame - single $10500+
> detached wood frame - double $15750+
> detached block - single $21000+
> detached block - double $26250+
> removal of existing garage $1575+
Overhead Doors
> automatic garage door opener $475
> cladboard - single $625 – $850
> cladboard - double $1050 – $1275
> metal - single (one piece) $900
> metal - double (one piece) $1350
> wood - single (one piece) $1050
> wood - double (sectional) $1900
Driveway
> asphalt paving (existing base) $5 – $7/sq.ft.
> asphalt paving (new base) $5 – $8/sq.ft.
> asphalt (seal) $65 – $80
> concrete (stamped) $7 – $11/sq.ft.
> interlock brick / stone $11 – 13/sq.ft.
LANDSCAPING/DECK/PATIO/FENCE
Landscaping
> lay soil & sod $3 – $6/sq.ft.
> sprinkler system $1200
> retaining wall - concrete $55/sq.ft.
> retaining wall - wood $45/sq.ft.
Deck
> pressure treated / cedar $15 – $30/sq.ft.
> custom designed & built $55 – $80/sq.ft.
Patio
> concrete $16 – $25/sq.ft.
> flagstone / fieldstone $21/sq.ft.
> interlock brick / stone $11 – $16/sq.ft.
> patio stone $6/sq.ft.
Porch
> flooring $8/sq.ft.
> railing $225
> skirting $21/lin.ft.
> steps - concrete $525
> steps - wood $325
Fence
> chain-link (h 4ft.) $10 – $20/lin.ft.
> wood - cedar (h 5ft.) $15 – $30/lin.ft.
> wood - pressure treated (h 5ft.) $10 – $20/lin.ft.
> reset post in concrete $80
INTERIOR
Windows
> awning $55/sq.ft.
> awning / casement (replace) $50/sq.ft.
> bay / bow $50 – $70/sq.ft.
> casement $63/sq.ft.
> double hung $53/sq.ft.
> double hung (replace) $42/sq.ft.
> skylight $800+
> slider - aluminum $32/sq.ft.
> slider - aluminum (replace) $27/sq.ft.
> storm - aluminum $75 – $200
> thermal glass (existing frame) $32/sq.ft.
Kitchen / Bathroom
> kitchen cabinet $50 – $125/lin.ft.
> kitchen counter - laminate $45/lin.ft.
> kitchen counter - marble $80/lin.ft.
> kitchen renovation $7500+
> bathroom renovation $5250+
800-294-5591 pillartopost.com
Floor
> carpet - clean $125/room
> carpet - outdoor $3/sq.ft.
> carpet and underpad $6 – $11/sq.ft.
> ceramic tile $6 – $11/sq.ft.
> hardwood $6 – $11/sq.ft.
> hardwood - prefinished $11 – $16/sq.ft.
> hardwood - refinish $3 – $6/sq.ft.
> vinyl - sheet $4 – $9/sq.ft.
> vinyl - tile $4 – $9/sq.ft.
Doors
> bi-fold louver $850
> bi-fold panel $625
> custom with casing / hardware $525
> exterior - panel $1050
> interior - panel $525
> french $1050
> patio $2100
> storm - aluminum $200 – $325
Stairs/Railings
> curved stair - oak (7 risers) $7350+
> spiral stair - oak $5250+
> standard stair - oak (7 risers) $1050+
> stair railing $42 – $63/lin.ft.
Insulation
> rigid exterior (prior to finish) $1 – $2/sq.ft.
> r20 - batt $1 – $2/sq.ft.
> r20 - loose $1 – $2/sq.ft.
> r32 - batt $2 – $3/sq.ft.
> r32 - loose $2 – $5/sq.ft.
> wall / roof cavity $2 – $5/sq.ft.
Fireplaces
> damper $175
> brick replacement $400 – $1050
> gas insert $2600 – $4200
> glass door $525+
> hearth extension $420
> flue cleaning $200 – $300
> metal box insert $1050 – $2600
> masonry with flue rough-in $5250+
> wood stove $1575 – $3500
Ceiling/Wall
> acoustic ceiling (suspended) $6/sq.ft.
> baseboard / door / window casing $4/lin.ft.
> drywall over plaster $3 – $4/sq.ft.
> plaster (over existing plaster) $3 – $4/sq.ft.
> stucco / stipple $3/sq.ft.
> walls (insulations / drywall) $4/sq.ft.
> walls painting (3 coats) $2/sq.ft.
> wallpaper $6 – $11/sq.ft.
Security System
> alarm monitoring $35/month
> alarm system $2500
> intercom system (retrofit) $1500
> wired system $1500
> wireless motion detectors $525
Misc
> central vacuum (retrofit) $1050 – $2100
> central vacuum (canister only) $1050 – $1600
Swimming Pool / Hot Tub
> pool - vinyl lined (16ft. x 40ft.) $15000 – $20000
> pool - concrete lined (16ft. x 40ft.) $30000+
> pool heater $2100
> pump / filter $1600
> hot tub fiberglass $5250+
800-294-5591 pillartopost.com
ELECTRICAL
Retrofit
> attic ventilator - mechanical $325
> baseboard heater (4’) $180 – $575
> ceiling fan $250
> doorbell system $100 – $130
> dryer duct $125 – $200
> hardwired smoke detector $75 – $150
> exhaust fan - bathroom $150 – $200
> exhaust fan - oven $250 – $325
> exterior light fixture $125 – $275
> fluorescent light fixture $175 – $275
> ground - public system $90 – $125
> ground - private system (with ground rods) $250 – $325
> receptacle - conventional $125 – $175
> receptacle - split $175 – $275
> receptacle - exterior with cover $175 – $275
> receptacle - replace conventional
with GFCI $100 – $150
> receptacle - CO/ALR (aluminum) $75 – $125
> receptacle - stove/dryer $100 – $150
> receptacle - rewire reverse polarity $50 – $80
> standard light fixture $125 – $225
Upgrade
> 100 amp (new panel) $1200 – $1600
> 100 amp (existing panel) $750 – $1100
> 200 amp (new panel) $2100 – $2600
> 200 amp (existing panel) $1250 – $1600
> 120 / 240 volt circuit $250 – $525
> breaker panel - main $775 – $950
> breaker panel - auxiliary $125 – $325
> circuit breaker (replace) $75 – $125
> knob and tube wiring $7500 – $13000
(replace)
HEATING AND COOLING
Forced-Air System
> air duct (new) $4200
> air duct (retrofit) $6300
> annual service $100 – $175
> blower motor $375 – $525
> clean duct $180 – $325
> convert oil to gas (1 story) $2500 – $3300
> convert hot water to y$7500 – $11000 forced air (1 story)
> electronic air filter $625 – $950
> gas - mid efficiency $2600 – $3300
> gas - high efficiency $3600 – $4700
> humidifier - drum type $100 – $175
> humidifier - flow through type $400 – $475
> existing chimney flue - metal $600 – $1100
Hot Water System
> circulating pump $600 – $800
> cast iron radiator $600 – $800
> expansion tank $300 – $450
> gas boiler - standard $3000 – $4800
> gas boiler - high efficiency $6500 – $11000
> removal of oil tank from basement $400 – $650
> radiator / boiler removal $1500 – $2600
> radiator $600 – $950
> radiator valve $125 – $225
Air Conditioner/Heat Pump
> air handler 3-ton (vertical) $1400 – $1900
> air handler 3-ton (horizontal) $1800 – $2100
> central A/C existing duct $2500 – $5000
> central A/C attic mounted; y$11000+ separate duct
> compressor (replace) $1500 – $1800
> condenser (replace) $1800 – $2700
> heat recovery ventilator (HRV) $1800 – $2700
> heat pump $5200 – $6500
PLUMBING
Bathroom
> basin - pedestal type $375
> basin - vanity $250
> bathtub - replace / retile $2500+
> shower connection $250
> shower stall - plastic $900 – $2000
> shower stall - ceramic tile $2500 – $3300
> toilet - flush mechanism $125 – $175
> toilet - replace $425
> toilet - replace seal $125 – $275
> toilet - unclog $125 – $225
> tub enclosure - ceramic tile $2500 – $3300
> tub enclosure - plastic $600 – $1275
> whirlpool bath $4250
Kitchen
> dishwasher $675 – $950
> garbage disposal $200 – $425
> range hood $350 – $525
> sink - porcelain $750 – $900
> sink - stainless steel $650 – $800
Private Plumbing System
> laundry tub and waste pump $525 – $850
> septic tank (1000gal.) $2600 – $6000
> septic tank cleaning $175 – $325
> sewage waste pump $1500 – $1800
> well - shallow $32/lin.ft.
> well - deep $42/lin.ft.
> well - submersible pump $1275
> well - suction / jet pump $600 – $950
Upgrade
> hose bibb $125 – $175
> hot water tank (40 Gal Electric) $600 – $800
> hot water tank (40 Gal Gas) $800 – $1000
> tankless water heater $2000 – $3000
> laundry tub / connection $350 – $550
> main water service $175 – $225/lin.ft.
> main shut-off valve $175 – $325
> sump pump $175 – $275
> supply lines - 1 story; $1850 – $2600
up to 2 baths
> temperature & pressure relief valve $60 – $100
> water softener $925 – $1600
> waste drain lines $2600 – $4200
800-294-5591 pillartopost.com
Each office is independently owned and operated.
LIFE EXPECTANCY
Component A verage Life (yrs.)
Roof Covering
> asphalt standard shingle 12-15
> asphalt premium shingle 15-30
> wood shingle 10-20
> concrete / clay tile 20-40
> asbestos cement 40-80
> slate tile 40-80
> roll roofing 5-15
> tar & gravel 15-25
> metal 60
Heating
> forced air furnace 10-25
> oil tank 40
> water / steam boiler - welded steel 15-30
> water / steam boiler - cast iron 30-50
> water / steam circulating pump 10-25
Cooling
> central air 10-15
> heat pump 10-15
> window air conditioning 10-20
Plumbing
> galvanized water pipe 20-25
> hot water heater 5-15
> septic / sewer pump 5-10
> well pump 10
Appliances
> dishwasher 5-12
> dryer 10-25
> garbage disposal 5-12
> oven / range 15-20
> washing machine 5-15
800-294-5591 pillartopost.com

Glenn Nicholls

250-361-7697

glennnicholls@shaw.ca

Tara Pankhurst

250-888-9633

tarapankhurst@shaw.ca

NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. This website may only be used by consumers for the purpose of locating and purchasing real estate.