Tuesday, July 27, 2010

Beautiful Penthouse Suite in Heritage Building of YALETOWN

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VIRTUAL TOUR VIDEO LINK

MORTGAGE - Provided by William Fu at Vancity

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First-time home buyer tax rebate and RRSP

This video describes some of the ways you can play around to save money using RRSP

Property Transfer Tax for first time home buyer in British Columbia

Eligibility Requirements for the First Time Home Buyers’ Program

For those that prefer text, go on reading if not click on this link for video
The First Time Home Buyers’ (FTHB) Program provides a property transfer tax exemption at the time title to property is transferred from one owner to an eligible first time home buyer. If you are purchasing your first home, you may qualify for this exemption if certain requirements are met. These requirements are outlined below:

1) you are a Canadian citizen, or a permanent resident as defined by the Immigration and Refugee Protection Act (Canada)
2) you have lived in British Columbia for 12 consecutive months immediately before the date you register the property, or you have filed two income tax returns as a British Columbia resident during the 6 years before the date you register the property
3) you have never owned an interest in a principal residence anywhere in the world at any time (a principal residence is defined as the usual place where an individual lives)
4) you have never received a first time home buyers’ exemption or refund

What Property Qualifies for the Full Exemption? The property you purchase qualifies if:
1) the fair market value of the property (land plus improvements) is not more than the current threshold of $425,000
2) the land is 0.5 hectares (1.24 acres) or smaller
3) the property will only be used as your principal residence.
The current threshold amount applies to purchases registered on, or after, February 20, 2008.

Partial Exemptions

You are eligible for a partial exemption from property transfer tax under certain circumstances. If a portion of the improvements on your land is used for commercial purposes or there is a separate dwelling on your land, only the portion that is your principle residence is eligible for the property transfer tax exemption. If your land is larger than 0.5 hectares, only your residential improvement and 0.5 hectares of the land are eligible for the property transfer tax exemption. If your property has a fair market value of up to $25,000 more than the threshold amount, your property is eligible for a partial property transfer tax exemption.

What is a Comparative Market Analysis?

A Comparative Market Analysis is often used to determine what is a fair market price for a property. The subject property is compared to properties that are in a similar neighborhood with similar features a subject property provides.

This video will give you a little more insight on what a Comparative Market Analysis is about

Featured Properties

#307 - 1238 Seymour St - $459,900

Bedroom: 1
Bathroom: 1
Area: 940sqft
Parking: 1 underground/secured
Features: 2 level loft with fitness center on the ground floor and common patio on the 4th floor.

More info
To schedule a viewing

#402 - 1238 Seymour St - $519,900

Bedroom: 1
Bathroom: 1
Area: 965sqft
Parking: 1 underground/secured
Features: 2 level corner suite loft with 300sqft private terrace and 16' ceilings. Gym and party room

More info
To schedule a viewing

Monday, May 31, 2010

HST - Where does it apply?

HST would apply to sales of newly constructed or substantially renovated housing sold by a builder.

-If either ownership or possession of the housing transfers before July 1, 2010, only GST applies

Generally, HST would apply where both ownership and possession of the housing transfer on or after July 1, 2010.

Video link

Exception –grandparented sales