TREVOR BARNETT : Latest Blog Posts

BC HST, Real Estate, Housing, New Home Construction

Wed, 20 Jan 2010 21:50:40 GMT

The BC Provincial Gov. and federal goverments will combine the 7% provincial sales tax (PST) and the 5% federal Goods and Services Tax (GST) into a 12% Harmonized Sales Tax (HST) on July 1, 2010. Now is the time to start preparing for this change and HOW it will effect you if you are planning to purchase a New Home.

New Housing Rebates are available IF you purchase a New Home as your primary residence as:

a new home together with land
a new home together with leased land
a new mobile home or float home
a new home purchased through shares in a housing cooperative
a home constructed or substantially renovated (more than 90%) by the owner builder

Buyers of new homes will be eligible for a rebate of 71.43% of the provincial portion (7% of the HST's 12%) of the HST paid on the new home up to a maximum rebate of $26,250. Home prices at more than $525,000. will be eligible for a flat rebate of $26,250.

If you buy a pre-sale property and the agreement of P&S is dated after November 18, 2009 and you take ownership or possession after July 1st. 2010, you will pay the HST, but may be eligible for a new housing rebate. Those taking possession prior to July 1st. 2010 will not pay the HST but will pay the GST (current).

There are a number of additional terms and conditions surrounding this new Harmonized Tax as it applies specifically to Real Estate, please visit the Federal Gov. CRA site for additional clarification.

Footnote for Sellers: After July 1st; HST will apply to Real Estate sales commissions!

Real Estate, First Time Buyers', Richmond BC

Wed, 20 Jan 2010 21:26:49 GMT

Happy New Year! as we begin this exciting new year, both Sellers and Buyers' are wondering; "is this a good time?" The answer is Yes and Yes.

For Seller's it's a very good time! Why? market activity is gaining momentum, inventory of homes available is LOW which puts upward pressure on pricing!

For Buyer's, whether you are a 'First Time Buyer' or 'Investor' affordability is excellent!

FTB: contributions from your RRSP plan have increased to $25,000 for a single and upto $50,000. for a couple! You can also avoid the PPT (Property Transfer Tax) IF the market value of the property is not more than $425,000.

*Must be used as your principal residence (other conditions may apply).

For many FTB finding that first affordable home can be a daunting task, particularly when inventory is low AND you are not alone in your quest! As a seasoned specialist with both Sellers and FTB, my experience and local knowledge has served my clientel well over the years. Pre-qualification of financing options is uppermost and should be your first priority.

Investors' are also important players in today's marketplace. With low returns on financial deposits, Real Estate has by far become the popular choice. Many of today's savvy investors have funds ready to purchase and as such, can be the preferred choice of many sellers.

2010 will no doubt be an exciting and challenging year in Real Estate, that said, I am ready to go to work for you today!

Call, email, text or contact me through Facebook - when you Think Real Estate - Think Trevor!

Seller's Market Returning?

Tue, 14 Jul 2009 20:14:02 GMT

After a year of falling demand and slowing sales, Greater Vancouver and surrounding communities have seen sales of residential properties move higher for 3 straight months. With only a 2-3 month supply of inventory, many local markets are seeing frequent Multiple Offers, indicating that Sellers have priced their homes to sell in today's bouyant market. Will this trend last? Many industry obervers believe that it will due to continuing low available inventory, increase in Buyer demand and a stabilization of low interest rates.

Should you buy now or wait? Have interest rates bottomed?

Consensus is that as the Canadian economic outlook continues to show some positive signs, interest rates may edge lower and then climb towards the end of the year. That said, Residential home values are predicted to rise 6-8%+ this year, so waiting to catch the bottom on rates may cost you in the end. Here are some up to date comments on recent activity around Canada:

"The re-emergence of sellers' market conditions has exerted upward pressure on home prices," said Jason Mercer, TREB senior manager of market analysis. "Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing."
Western cities witnessed similar gains with sales in Calgary rising 27%, but prices were down 6%.
"That's nothing compared with a 75.6% year-on-year jump in Vancouver sales, the second best June ever. This compares with declines of 50-70% around the turn of the year, with the housing market swinging from famine to feast in six months," notes Douglas Porter at BMO Capital Markets Economics. However, prices in Vancouver were down 8%. "If the June pace of sales is close to maintained, prices won't be falling for long."

Do you know what your home is really worth in today's market? Is this really a great time to buy?

With a 17 year track record of delivering proven results, your local Real Estate specialist is TREVOR BARNETT - Macdonald Realty. Buying or selling - call me today!