Ya you have a point there but I feel there is a lot more recurring costs to owning a condo (ie strata fees, higher property tax). I am just not sure how much NW condos can appreciate still but a lot of us have been wrong for the last decade or soYou can buy 1 bedroom condo now, in a highrise, 600sf, almost new, great mountain, water, park, and city view, at 330K in NW, and rent it for $1650/m.
So, 300k for a Laneway house is too expensive for me, not worth it...half of that price will be a different story, oh well that's my 2 cents.
Really? You only pay cap gains tax if you claim specific costs on your return. Maybe an accountant can clarify but I think in general people building lwhs on their primary are not subject to cgtWhen you sell your property, the laneway will count as a investment property so you will pay capital gain tax on it vs. taking the entire profit of the sale, tax-free, if you don't have a laneway (biggest concern).
You can do way more than that. People live in basements or Laneways and rent out the main house. Cap tax exempt provided you don't claim CCA and a few other minor details. True story.you can rent out up to something like half your house and still claim it as tax free when you sell
My opinion, based on those I have talked to is that lwhs are probably not worth it if you're building with an existing main structure already there, but is better if it's built alongside the main since you leverage fixed costs. I don't think it adds much to the value overall. But che k out guys like @lanefab on Twitter and ask questions. They will know more than anyone here.I am not sure if building a laneway is a clear winner/beneficial to home owners. What do you guys think?
I am not certain either but from what I've read, the LWH count as your investment property and not your primary residence (unless you or your spouse or family member moved there). Therefore, it won't have that primary residence exemption where you can sell it without paying capital gain tax.You can do way more than that. People live in basements or Laneways and rent out the main house. Cap tax exempt provided you don't claim CCA and a few other minor details. True story.you can rent out up to something like half your house and still claim it as tax free when you sell