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Wednesday, January 20, 2010 BC HST, Real Estate, Housing, New Home ConstructionCategories:Implications of HST for New Home Buyers 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:
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! Wednesday, January 20, 2010 Real Estate, First Time Buyers', Richmond BCCategories:Real Estate Investment 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!
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