Note: This information is current to today, February 21, 2012 and has been verified with the Canada Revenue Agency, HST Branch. However, we have been advised that the information could change depending on HST rulings to come. 

Enhanced New Housing Rebate

Effective April 1, 2012, your clients may be eligible for a provincial enhanced New Housing Rebate if they buy, as their primary residence, priced up to $850,000:

• a new home together with land;

• a new home together with leased land;

• a new mobile home or float home;

• a new home bought through shares in a housing cooperative;

or

• a new home constructed or substantially renovated (more

than 90%) by the owner builder.

You may also be eligible for a provincial New Housing Rebate if they buy a secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000.

Buyers of new homes will be eligible for a rebate of 71.43%  of the provincial portion of the HST paid on the new home up to a maximum rebate of $42,500. Homes priced at more than $850,000 will be eligible for a flat rebate of $42,500.

HST is payable GST/HST generally becomes payable on the earlier of the day on which ownership is transferred to the recipient and the day on which possession of the property is transferred to the recipient.

Presales

Agreements signed before April 1, 2012, with possession before April 1, 2012 (Current to April 1, 2012)

If you buy a presale residential property and they have an agreement dated on or before April 1, 2012 and they take ownership or possession before on or before April 1, 2012, they will pay the 12% HST and be eligible for a rebate of up to $26,250 on homes priced to a maximum of $525,000. Homes priced at more than $525,000 are eligible for a flat rebate of $26,250.

Agreements signed before April 1, 2012, with Agreements possession before April 1, 2013

If you buy a presale residential property and they have an agreement dated on or before April 1, 2012 and they take ownership or possession on or before April 1, 2013, they will pay the 12% HST and be eligible for a rebate of up to $42,500 on homes priced to a maximum of $850,000. Homes priced are more than $850,000 are eligible for a flat rebate of $42,500.

Agreements signed before April 1, 2012, with possession after April 1, 2013

If you buy a presale residential property and they have an agreement dated on or before April 1, 2012 and they take ownership or possession before on or after April 1, 2013, they will not pay the 7% provincial portion of the HST. Instead, buyers will be a temporary transitional provincial tax of 2% on the full house price. This 2% reflects an embedded PST builders pay on materials.

Agreements signed after on or after April 1, 2012 and before April 1, 2013, with possession before April 1, 2013 (This is the transition period)

If you buy a presale residential property and they have an agreement dated on or after April 1, 2012 and before April 1, 2013, and they take ownership and possession before April 1, 2013, they will pay the 12% HST and be eligible for a rebate of up to $42,500 on homes priced to a maximum of $850,000. Homes priced are more than $850,000 are eligible for a flat rebate of $42,500.

Agreements signed on or after April 1, 2012, with possession after April 1, 2013

If you buy a residential property and they have an agreement dated on or after April 1, 2012 but the construction of the home commenced before April 1, 2013, and they take ownership and possession after April 1, 2013, they will not pay the 7% provincial portion of the HST. Instead, buyers will be a temporary transitional provincial tax of 2% on the full house price. This 2% reflects an embedded PST builders pay on materials.

Agreements signed on or after April 1, 2013, with possession after April 1, 2013

The GST is applicable. The HST will generally cease to apply to sales of real property (including residential real property) if ownership and possession of the property transfer on or after April 1, 2013. This will be the case for sales of new housing, irrespective of whether the agreement of purchase and sale was entered into before April 1, 2013 or whether construction of the new housing began before April 1, 2013.

The PST will not apply to sales of real property. However, the PST will apply to certain types of housing which, at the time of purchase are tangible personal property (a mobile home purchased without land) and where possession transfers on or after April 1, 2013. The PST will also apply to construction inputs that are used to improve real property on or after April 1, 2013.

Agreements signed on or before November 18, 2009, or construction began before July 1, 2010, with possession on or after April 1, 2013 (Doublestraddling, grandparented)

Special transitional rules apply if you have bought a presale residential property and they have an agreement dated on or before November 18, 2009, or construction began before July 1, 2010 (the HST start date in BC) and for which ownership and possession transfer on or after April 1, 2013 (the HST end date in BC), this is known as a double-straddling home sale. In this situation, you will pay a 2% transition tax.

Agreements signed after November 18, 2009, or construction began before July 1, 2010, with possession on or after April 1, 2013 (Doublestraddling, non-grandparented)

Special transitional rules apply if you have bought a presale residential property and they have an agreement dated after November 18, 2009, and construction began before July 1, 2010 (the HST start date in BC) and for which ownership and possession transfer on or after April 1, 2013 (the HST end date in BC), this is known as a double-straddling home sale. In this situation, your client will pay a 2% transition tax. In this situation, your client will pay a 2% transition tax. However the 2% tax will not apply where construction has been substantially completed before July 1, 2010 and the PST Transitional New Housing Rebate has not been claimed as of February 17, 2012.

Recreational Property

All the same rules apply to recreational property that apply to other residential property. You may be eligible for a provincial enhanced New Housing Rebate if they buy a secondary vacation or recreational home outside Metro Vancouver and Capital Regional Districts priced up to $850,000.

Vacant Land

HST paid on land

For owner-built homes where the HST was paid on the land, the owner may be eligible for a rebate on qualifying construction expenses (including land), up to a maximum of $42,500. There will be no phase-out of this rebate, such that owner-built homes with qualifying construction expenses over $850,000 will qualify for the maximum rebate of $42,500.

No HST paid on land

Where the HST was not paid on the land, the owner will be entitled to a new housing rebate on qualifying construction expenses (which would not include land), up to a maximum rebate amount of $28,475 (for example 67% of $42,500).

Enhanced New Rental Housing Rebate

There is an enhanced provincial New Rental Housing rebate. If your clients construct or substantially renovate a residential property to rent to tenants, your clients are eligible for a rebate up to $42,500 on units priced up to $850,000. There is a flat rebate of $42,500 for units priced above $850,000.

The first use of the home must be by a renter of the unit or as a primary residence by the owner for at least one year. Eligible units include:

• a detached, attached, condominium apartment or duplexes, with or without a legal secondary suite;

• a mobile or float home;

• units in a multiple unit building including long-term care residential facilities; or

• the land component of a single-unit or multiple-unit housing, where the land is leased or is a housing cooperative.

If you buy a new apartment which is not your principal residence and you don’t rent it, for example, if strata bylaws prohibit rentals, or you buy a new apartment to use on weekends, the unit is not eligible for the New Rental Housing Rebate.

But, if you buy a new rental apartment building so long as you rent all of the units, they will be eligible for a New Rental Housing Rebate for each unit up to a maximum rebate of $42,500 per unit.

If you build or substantially renovate rental property, they will be required to self-assess and pay the HST on or after April 2012 and before April 1, 2013.

Important Dates

• November 18, 2009 – Date the transition rules from PST to HST came into effect.

• July 1, 2010 – Date the HST came into effect in BC.

• April 1, 2012 – Date the HST to PST transitional rules come into effect. The enhanced HST rebate comes into effect.

• April 1, 2013 – HST end date. GST on new homes is back in effect.

For More Information

• Please visit: www.pstinbc.ca

• Please read: www.pstinbc.ca/media/2012_housing_rules_FEB.pdf

• Please phone the Canada Revenue Agency HST ruling line at: 1.800.959.8287

Source: Real Estate Board of Greater Vancouver

“Metro One” Grand Opening     5248 Grimmer St. Burnaby (Sales Centre located at 5352 Grimmer St)
This is a Pre-Sale of new condo project expected to complete in Fall 2013.

Feb 18 (Sat)  12 noon - 5 pm

Feb 19 (Sun)  12 noon – 5 pm

• The BC New Housing Rebate threshold will increase to $850,000 from $525,000, so that more than 90% of newly built homes will now be eligible for a provincial HST rebate effective April 1, 2012.
• The maximum rebate will increase to $42,500 from $26,250 effective April 1, 2012.
• Buyers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000 will now be eligible to claim a provincial grant of up to $42,500 effective April 1, 2012.
• For newly built homes where construction begins before April 1, 2013, but ownership and possession occur after, purchasers will not pay the 7% provincial portion of the HST. Instead, purchasers will pay a temporary, transitional provincial tax of 2% on the full house price.

HST/PST transition rules will help ensure that whenever purchasers buy a new home they will all pay a consistent and equitable amount of tax, whether the home is built:

• entirely under the HST;
• entirely under the PST; or
• partly under HST and partly under the PST.

The temporary housing transition measures will be in place until March 31, 2015. The tax only applies to homes where construction begins before the transition date and ownership and possession occur after.

REBGV successfully advocated for the following:

• An increase in the threshold value of homes to be covered by the rebate;
• An increase in the rebate amount;
• An announcement of the transition rules for new homes as early as possible.

For more information, visit the BC Ministry of Finance at: www.pstinbc.ca

To read the Ministry of Finance announcement: www.newsroom.gov.bc.ca/2012/02/transition-measures-support-new-home-buyers-builders.html

Source: Real Estate Board of Greater Vancouver

Quality built 3 bedroom 3 level “Laurel” is centrally located urban-style luxury townhomes.

Built in 2009. Open House Feb 19 (Sun) 2-4pm.

• Type: Townhouse
• Listing Price: $598,000
• Bed Room: 3
• Bath Room: 2
• Floor plan

Please see the details here.

Photo Gallery

If you have any questions, please feel free to contact me.

1 Home Buyers’ Plan

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw upto $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.

Canada Revenue Agency  www.cra.gc.ca Enter ‘Home Buyers’Plan’ in the search box.

1.800.959.8287

2 GST Rebate on New

Homes New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.

Canada Revenue Agency  www.cra.gc.ca  Enter ‘RC4028’ in the search box.

1.800.959.8287

3 BC New Housing Rebate (HST)

Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7%) of the 12% HST paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250.

www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate

1.800.959.8287

4 BC New Rental Housing  Rebate (HST)

Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit.

www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate

1.800.959.8287

5 BC Property Transfer Tax (PTT) First Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000.

BC Ministry of Small Business and Revenue www.sbr.gov.bc.ca/business/Property_Taxes/Property_Transfer_Tax/ptt.htm

250.387.0604

6 First-Time Home Buyers’ Tax Credit (HBTC)

This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2011) x $5,000. For the  2011 tax year, the maximum credit is $750.

Canada Revenue Agency www.cra-arc.gc.ca/hbtc/

1.800.959.8281

7 BC Home Owner Grant

Reduces property taxes for home owners with an assessed value of up to $1,285,000. The basic grant gives home owners

• a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts;

• an additional grant of $770 to rural homeowners else-where in the province; and

• an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars.

BC Ministry of Small Business and Revenue  www.rev.gov.bc.ca/hog or contact your municipal tax office.

8 BC Property Tax Deferment Programs

Property Tax Deferment Program for Seniors. Qualifying home owners aged 55+ may be eligible to defer property taxes.

Financial Hardship Property Tax Deferment Program. Qualifying low-income home owners may be eligible to defer property taxes.

Property Tax Deferment Program for Families with Children. Qualifying low-income home owners who financially support children under age 18 may be eligible to defer property taxes.

BC Ministry of Small Business and Revenue  www.sbr.gov.bc.ca/individuals/Property_Taxes/Property_Tax_Deferment/ptd.htm

9 Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants.

This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and owners creating secondary and garden suites.

www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_001.cfm

1.800.668.2642 | 604.873.7408

10 CMHC Mortgage Loan Insurance Premium Refund

Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient mortgage or make energy saving renovations.

www.cmhc.ca/en/co/moloin/moloin_008.cfm#reno

604.731.5733

11 Energy Saving Mortgages

Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage, may qualify for a rebate of $300 to their RBC account.

www.rbcroyalbank.com/products/mortgages/energy-saver-mortgage.html

1.800.769.2511

12 Low Interest Renovation Loans

Financial institutions offer ‘green’ loans for home owners making energy efficient upgrades. Vancity’s Bright Ideas personal loan offers home owners up to $20,000 at prime + 1% for up to 10 years for ‘green’ renovations.  RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 renovation on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution.

http://www.vancity.com/Loans/BrightIdeas and www.rbcroyalbank.com/products/personalloans/energy-saver-loan.html

13 LiveSmart BC: Efficiency Incentive Program

Home owners improving the energy efficiency of their homes may qualify for cash incentives through this provincial program provided in  artnership with FortisBC, BC Hydro, and FortisBC. Rebates are for energy efficient products which replace gas and oil furnaces, pumps, water heaters, wood stoves, insulation, windows, doors, skylights and more. The LiveSmart BC program also covers $150 of the cost of a home energy assessment, directly to the service provider.

www.livesmartbc.ca/rebates

1.866.430.8765

14 BC Residential Energy Credit

Home owners and residential landlords buying heating fuel receive a BC government point-of-sale rebate on utility bills equal to the provincial component of the HST.

www.sbr.gov.bc.ca/business/consumer_taxes/residential_energy/residential_energy.htm

1.877.388.4440

15 BC Hydro Appliance Rebates

Mail-in rebates for purchasers of ENERGY STAR clothes washers, refrigerators, dishwashers, or freezers.

www.bchydro.com/rebates_savings/appliance_rebates.html

1.800.224.9376

16 BC Hydro Fridge Buy-Back Program

This ongoing program rebates BC Hydro customers $30 to turn in spare fridges in working condition.

www.bchydro.com/rebates_savings/fridge_buy_back.html

604.881.4357

17 BC Hydro Windows Rebate Program

Pay no HST when you buy ENERGY STAR high-performance windows and doors.

www.bchydro.com/rebates_savings/windows_offers/current_offers.htm

604.759.2759 for a free in-home estimate.

18 BC Hydro Mail-in Rebates/Savings Coupons

To save energy, BC Hydro offers rebates including 10% off an ENERGY STAR cordless phone.  Check for new offers and for deadlines.

www.bchydro.com/rebates_savings/coupons.html

1.800.224.9376

19 FortisBC Rebate Program

A range of rebates for home owners include a $50 rebate for upgrading a hot water tank, $300 rebate on an Ener-Choice fireplace and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system.

www.fortisbc.com/NaturalGas/Homes/Offers/Pages/default.aspx

1.888.224.2710

20 FortisBC Efficient Boiler Program

For commercial buildings, provides a cash rebate of up to 75% of the purchase price of an energy efficient boiler, for new construction or retrofits.

www.fortisbc.com/NaturalGas/Business/Offers/Pages/default.aspx

1.888.477.0777

21 City of Vancouver Solar Homes Pilot

This rebate of $3,000 (about 50% of the cost) is for a Vancouver home owner upgrading to a solar hot water system from a gas system. Offered by the City of Vancouver, SolarBC, FortisBC and Offsetters on a first come, first served basis until the City reaches its target of 30 homes.

www.vancouver.ca/solar

604.871.6288

22 City of Vancouver Rain Barrel Subsidy Program

The City of Vancouver provides a subsidy of 50% of the cost of a rain barrel for Vancouver residents. With the subsidy, the rain barrel costs $75. Buy your rain barrel at the Transfer Station at 377 W. North Kent Ave., Vancouver, BC. Limit of two per resident. Bring proof of residency.

http://http://vancouver.ca/engsvcs/watersewers/water/conservation/programs/rainbarrel.htm

604.736.2250

Other municipalities have similar offers.

23 City of Vancouver Greenest City 2020 Pilot Home Energy Loan Programnt

The City of Vancouver in cooperation with Vancity, FortisBC, BC Hydro and Natural Resources Canada offers access to loans for energy retrofits including heating systems, insulation and air sealing.  Loans are at 4.5% fixed rate over 10 years. The program also helps with accessing grants from the federal ecoENERGY program, the provincial LiveSmart BC program and FortisBC.

www.vancouver.ca/energyloan  Email: energyloan@vancouver.ca.

604.374.0507.

24 Vancity Green Building Grant

In partnership with the Real Estate Foundation of BC, Vancity provides grants up to $50,000 each to qualifying charities, not-for-profit organizations and co-operatives for projects which focus on building renovations/retrofits, regulatory changes that advance green building development, and education to increase the use of practical green building strategies. The deadline for applications was January 23, 2012. If you are still interested in this grant open the link, and consider contacting Vancity to express your interest.

www.vancity.com/MyCommunity/NotForProfit/Grants/ActingOnClimateChange/GreenBuildingGrant

604.877.7000

25 Local Government Water Conservation Incentives

Your municipality may provide grants and incentives to residents to help save water. For example, the City of Coquitlam offers residents a $100 rebate and the City of North Vancouver, District of North Vancouver, and District of West Vancouver offer a $50 rebate when residents install a low-flush toilet. Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.

26 Local Government Water Meter Programs

Your municipality may provide a program for voluntary water metering, so that you pay only for the amount of water that you use.

Delta, Richmond and Surrey have programs and other municipalities may soon follow. Visit your municipality’s website and enter ‘water meter’ to find out if there is a program.

Source: Real Estate Board of Greater Vancouver.  Updtated January 24, 2012

]]> http://debbiematsuura.com/tips/top-26-grants-and-rebates-for-property-buyers-and-owners.html/feed 0 http://debbiematsuura.com/tips/january-2012-statistics-from-real-estate-board-of-greater-vancouver.html http://debbiematsuura.com/tips/january-2012-statistics-from-real-estate-board-of-greater-vancouver.html#comments Tue, 07 Feb 2012 22:30:56 +0000 Debbie Matsuura http://debbiematsuura.com/?p=764 Selection broadens and demand eases to kick off 2012 in the Greater Vancouver housing market

VANCOUVER, BC – Greater Vancouver home sellers were more active than buyers in January and overall home prices, according to the new MLS® Home Price Index (MLS® HPI), continued to experience more stability and less fluctuation compared to the beginning of 2011.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,577 on the Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9 per cent decrease compared to the 1,658 sales recorded in December 2011, a decrease of 13.3 per cent compared to the 1,819 sales in January 2011 and an 18 per cent decline from the 1,923 home sales in January 2010.

January sales in Greater Vancouver were the second lowest January total in the region since 2002, though only 146 sales below the 10-year average.

“We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricing compared to this time last year,”  Rosario Setticasi, REBGV president said. “Last month’s activity tells us that competition amongst home buyers was reduced in January, which means that individuals looking to purchase a home had more time to do their homework, consult with their REALTOR®, and make a decision.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,756 in January. This represents a 19.9 per cent increase compared to the 4,801 new listings reported in January 2011, and a 253.3 per cent increase compared to the 1,629 new listings reported in December 2011.

Last month’s new listing count was the highest January total in Greater Vancouver since 1995.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,544, a 12.5 per cent increase compared to December 2011 and an increase of 20.2 per cent compared to January 2011.

Source: Real Estate Board of Greater Vancouver

For complete stats package, please contact Debbie

SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) processed 799 sales in January, a decrease of 4 per cent compared to the 834 sales in January last year and 10 per cent fewer than were processed in December. In the last decade, January 2012 was second only to 2009 for lowest volume.

On the flip side, compared to other starts during the last 10 years, the Board received one of its highest influxes of new listings for January – 2,753 – 5 per cent more than January 2011 and 143 per cent more than December the month before.

The increase in new inventory raised the volume of active properties in Fraser Valley to 8,320 by the end of January.

Sukh Sidhu is the Board’s president. “For spring house hunters this is great news. For buying power you can’t beat the combination of greater selection, the continuation of extremely low interest rates and stable prices.”

The Board’s new MLS® Home Price Index (MLS® HPI), launched today, reveals that residential home prices in Fraser Valley have decreased gradually over the last six months, while still showing increases year ‐over‐year.

In January, the benchmark price of a detached home in the Fraser Valley was $567,700, an increase of 7.6 per cent compared to $527,500 in January 2011 and an increase of 0.1 per cent compared to December.

For townhouses, the benchmark price in January was $314,200, an increase of 2.4 per cent compared to the same month last year when it was $306,800 and down 1.1 per cent compared to December. The benchmark price of apartments in January was $199,600, a decrease of 0.1 per cent compared to January 2011 when it was $199,800 and an increase of 0.3 per cent compared to December.

The MLS® Home Price Index (HPI), replacing the Lower Mainland’s MLSLink® Housing Price Index, is a new measure of price for residential properties in five major markets across Canada. It includes Greater Vancouver, Fraser Valley, Calgary, Toronto, and Montreal, with more markets to be added. It was pioneered by six founding partners: the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater Vancouver, and Greater Toronto and the Canadian Real Estate Association.

Sukh Sidhu says the new MLS® HPI will be very helpful to REALTORS® in guiding homeowners. “It’s a bigger, better tool to measure the change in home prices in the Fraser Valley and now we can more accurately compare our market to other major cities in Canada.”

source: Fraser Valley Real Estate Board

To receive complete stats package, please contact Debbie.

TYPE: Condominium Pre-sale
Bedroom: 1, 2 or 3 bedrooms available
Floor Plans: PDF File

Interior Features

• Beautiful panoramic views from select units
• Serene courtyard views from select units
• Spacious 9’ ceilings
• Gorgeous laminate flooring in living areas
• Plush carpeting in bedrooms
• Designer tiles in bathrooms and kitchens
• Designer backsplash in kitchens
• Contemporary kitchens with 40” uppers
• Stainless steel appliances
• Modern lighting throughout

Exterior Features

• Front to back window system for natural light maximization
• Large windows for optimum natural light
• Gorgeous courtyard design for open air maximization
• Aluminum, brick, Hardi panel and wood exterior
• Large open decks and patios
• Aluminum deck railings
• Metal and glass canopies in designated areas
• Beautiful landscaping and pathway lights

Please see the details here.

Images

• Type: 3 Level Townhouse
• Listing Price: $838,000
• Bedroom: 3
• Bathroom: 2

Please see the details here.
Walk Score: 88 (details)

Photo Gallery

Thank you so much, Debbie!

A&M