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Canadians feel the top priorities when purchasing a luxury home are:

Kitchens - A Commercial style kitchen with all the upgrades and luxurious finishes is very desirable.  Top-of-the-line appliances, such as high-heat ranges and cook-tops, large-capacity refrigerators and freezers, multiple sinks, deep fryers and even wood-fired pizza ovens are coveted.

Wiring - Increasingly common in high-end homes, smart wiring provides the correct outlets to install a home theatre and highly functional home office.  Driven by the digital age, consumers want their homes to be modern, convenient, and entertaining.

Floors - As marble, stone and tile floors can get cold very quickly on a Canadian winter day, heated floors are gaining new found popularity.  Buyers are drawn to this comfort advantage, expecting floors to feel warm and snugly in the morning.

Theatres - The in-home luxury theatre can come in many different shapes and sizes, but all are consistent in featuring large screens, big comfy chairs, stadium seating large enough to seat 10 comfortably, floor lights, soundproofed walls, sub woofers, front projection, and wet bars.

Gyms - Healthy living is more than a trend;  it's a lifestyle.  In between taking children to activities, cooking and grocery shopping, many find it more convenient to work out at home.  In-home fitness centres can include Stair-masters, free weights, as well as basketball courts and yoga studios.

Pools - I'm not too sure about this topic for Victoria...but apparently, pools are becoming important for luxury homeowners and putting an emphasis on style.  With the addition of a beautiful grotto-like background, it is easy to understand why the remarkable design of an infinity pool has become a norm in million-dollar-plus homes.

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We are proud to announce that this Saturday, August 4, 2007, 1:00 PM to 3:00 PM we will be hosting an Open House at 967 Wilmer Street in Victoria BC Fairfield, Victoria. This is an opportunity to visit this excellent House for sale in beautiful Victoria BC Fairfield.
Please come with any questions you may have. In the meantime you can take a virtual tour of this Victoria BC Fairfield House for sale.
As always please do not hesitate to give me a call at 250.744.4556 if I can answer any questions before the open house, or if you would like to book a private showing.
Brenda Russell
Royal Lepage Coast Capital Realty Oak Bay

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Caveat:  Adding Children to Title of Property as Joint Tenants

Clients wishing either to avoid probate filing fees or disinherit an errant child will often ask whether or not they can add another adult child to the title of their home as joint tenants.  Upon the death of the parent such real estate will by right of survivor ship automatically transfer into the name of the surviving adult child.  It was generally accepted that the law of presumption of advancement applied to such a transfer.  In other words, the transfer by the parent of a one-half interest in the parent's home to an adult child was deemed to be a gift to the child and accordingly did not form part of the deceased parent's estate.  Hence no probate filing fees nor challenges pursuant to the Wills Variation Act.  Two recent Supreme Court of Canada decisions have now impacted the foregoing.  In May 2007 the SCC released the Pecore and the Madsen Estate decisions.  In these decisions, the SCC reviewed the common law concepts of presumption of advancement and resulting trusts.  When a parent either places his or her assets in a joint tenancy account with his or her child or add his or her child to the title of the parent's home as a joint tenant, the question is whether the parent intended to make a gift of the beneficial interest in the accounts or the real estate upon the parent's death to the child or whether the child holds the beneficial interest in the accounts or real estate in trust for the parent, either during the parent's lifetime or when the parent dies, for the parent's estate upon a resulting trust. 

The space allotted for this article does not permit an exhaustive review of the SCC cases however in my opinion persons advising parents who are considering placing assets in joint tenancy with their children must now ask:

  • is the intent of the parent to gift the property to the child or does the child take the interest in the property in a resulting trust?;
  • if a gift, is the intent of the adult child to take the beneficial interest immediately or only at the parent's death?; and
  • if a resulting trust, what are the terms of the trust, both during the parent's lifetime and upon the death of the parent.

 

In a nutshell, the simple act of a parent adding their child to the title of their home as joint tenant is no longer so simple.  The parent's intention must be determined and it is important that appropriate documentation is prepared in order to reflect the parent's intention.  Such documentation would include either a deed of gift or a trust agreement, both acknowledged by the child.

By Frank B. Carson, B. Comm., LL.B Cox Taylor

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We are proud to announce that this Saturday, July 7, 2007, 2:00 PM to 4:00 PM we will be hosting an Open House at 967 Wilmer Street in Vi Fairfield, Victoria. This is an opportunity to visit this excellent Split Level for sale in beautiful Vi Fairfield.
Please come with any questions you may have. In the meantime you can take a virtual tour of this Vi Fairfield Split Level for sale.
As always please do not hesitate to give me a call at 250.744.4556 if I can answer any questions before the open house, or if you would like to book a private showing.
Brenda Russell
Royal Lepage Coast Capital Realty Oak Bay

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Please note the change for this upcoming openhouse.

We are proud to announce that this Saturday, June 30, 2007, 2:00 PM to 4:00 PM we will be hosting an Open House at 967 Wilmer Street in Vi Fairfield, Victoria. This is an opportunity to visit this excellent Split Level for sale in beautiful Vi Fairfield.
Please come with any questions you may have. In the meantime you can take a virtual tour of this Vi Fairfield Split Level for sale.
As always please do not hesitate to give me a call at 250.744.4556 if I can answer any questions before the open house, or if you would like to book a private showing.
Brenda Russell
Royal Lepage Coast Capital Realty Oak Bay

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Oak Bay Stats from the Victoria Real Estate Board for the month of May:

Oak Bay had a total of 32 home sales.  The average price was $772,350.  Six condominium sales in Oak Bay with the average price being $322,917.  One lot sold for $1,125,000.  Year to date there have been 111 sales all together in Oak Bay.

Four homes sold in the price range of $1,000.000. - $4,999,999.  Year to date there have been a total of 17 homes selling in this price range.  

Oak Bay is considered the community that most exemplifies the Victoria lifestyle with its beautiful homes, famous gardens and tastefully quaint shops and fine restaurants.  Located east of downtown, it has a beautiful coastline overseeing both the Strait of Georgia and the Strait of Juan de Fuca and is home to the well known Victoria Golf Club, the Royal Victoria Yacht Club, the Oak Bay Marina and a number of very fine private and public schools. 

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I just finished uploading this House for sale, 967 Wilmer Street, Victoria, BC

Spacious split level home in the popular 'FAIRFIELD' area. Three bedrooms upstairs with a large rec room and laundry area down. The exterior and interior just freshly painted. New roof replaced in 2005. New Outside Oil Tank in 2004 - work by Victoria Tank. New tile floor in the kitchen and bathrooms. New Light fixtures. New stove. Window Treatments and appliances stay with the home.  Very private back garden with special features. Carpets professionally cleaned. Walking distance to Oak Bay Village, private and public schools, bus, and parks. Shows very well. Vacant.

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I just finished uploading this House for sale, 586 Michael Place, Highlands, BC

Special attention and detail went into this updated home! Peacefully resting on 1.25 acres. Level entry into the main living area offering 3 bedrooms, ensuite, and bathroom. Lower level has additional bedroom with ensuite bathroom and a large rec room plus an unfinished storage area. New appliances, light fixtures, flooring and 4 1/4 inch baseboards (nice), roof, Heat Recovery Ventilator, window coverings, Gas Fireplace, bathrooms, paint...you will enjoy the ambiance the moment your eyes see this home! Amazing Fig tree that will probably produce about 80 figs this year, Cherry tree, foxglove, iris, various grasses make up this easy care landscaping.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.