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The Real Estate Bord of Greater Vancouver publised the following artile today:


First-time home buyers received welcome news in today’s provincial budget.

The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.

The partial exemption continues and will apply to homes valued between $475,000 and $500,000.

More home buyers

With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their home.

The government estimates this measure will cost $8 million in lost tax revenue each year.

Lobbying

The Real Estate Board together with BC Real Estate Association has actively lobbied to make home ownership more affordable for first-time home buyers. This increase in the threshold clearly signals our efforts have paid off as in past years.

 • In 2008, as a result of industry lobbying, the provincial government increased the threshold to $425,000 from $375,000.  
 • In 2005, the government increased the threshold to $325,000 from $275,000.

The PTT is calculated at a rate of one per cent on the first $200,000 and two per cent on the remaining value of the purchase price.

 

Here is a link to the Budget: www.bcbudget.gov.bc.ca/2014/default.htm


From http://www.rebgv.org/government-reduces-tax-burden-first-time-buyers

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Thank you for your business and referrals; you have helped me achieve one of the Top 10 of Realtors in my office, Royal LePage Coronation West, for 3 consecutive months since July 2013!


My success in real estate is dependent on referrals from friends like you.  If you know anyone who would like to buy or sell real estate, let me know and I will provide them with a great real estate experience. 


Thank you for always promoting my name when you hear of someone thinking about buying or selling real estate.

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July home sale activity increases in Greater Vancouver

Sunny weather did not slow the pace of home sale activity in July. Last month was the highest selling month of the year in Greater Vancouver and the highest selling July since 2009.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,946 on the Multiple Listing Service® (MLS®) in July 2013. This represents a 40.4 per cent increase compared to the 2,098 sales recorded in July 2012, and an 11.5 per cent increase compared to the 2,642 sales in June 2013.

 

Last month’s sales were 0.1 per cent above the 10-year sales average for the month.

 

“Demand has strengthened in our market in the last few months, which can, in part, be attributed to pent-up demand from the slowdown in sales activity we saw at the end of last year,” Sandra Wyant, REBGV president said. 

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,854 in July. This represents a 1.1 per cent increase compared to the 4,802 new listings reported in July 2012 and a 0.4 per cent decline from the 4,874 new listings in June of this year.

 

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 16,618, which is an 8.1 per cent decrease compared to July 2012 and a 3.9 per cent decline from June 2013.

 

The sales-to-active-listings ratio rose two and-a-half percentage points between June and July to 17.7 per cent in Greater Vancouver. This is the highest this ratio has been in Greater Vancouver since April 2012.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 2.3 per cent compared to this time last year and an increase of 2.3 per cent over the last six months.

 

“Home prices continue to experience considerable stability with minimal fluctuation throughout much of this year,” Wyant said. “This stability in price brings greater certainty to the home buying and selling process.”

 

Sales of detached properties reached 1,249 in July 2013, an increase of 59 per cent from the 787 detached sales recorded in July 2012, and a 13.7 per cent increase from the 1,099 units sold in July 2011. The benchmark price for detached properties decreased 3.1 per cent from July 2012 to $920,500.

 

Sales of apartment properties reached 1,210 in July 2013, an increase of 31 per cent compared to the 927 sales in July 2012, and an increase of 16.3 per cent compared to the 1,040 sales in July 2011. The benchmark price of an apartment property decreased 1.6 per cent from July 2012 to $368,300.

 

Attached property sales in July 2013 totalled 487, an increase of 27 per cent compared to the 384 sales in July 2012, and a 12.7 per cent increase from the 432 attached properties sold in July 2011. The benchmark price of an attached unit decreased 2.6 per cent between July 2012 and 2013 to $456,700.


from the real estate board of greater vancouver

 
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During a real estate seminar last week in Vancouver, a veteran accountant told a roomful of seasoned and novice real estate investors that the best real estate play is buying their own residence.  

"A personal home is the smartest investment you can make," said David Benson of Benson & Company Chartered Accountants, Vancouver.  Benson, who has been assisting and advising real estate investors for 30 years, said that, for most people, building wealth begins at home.  Benson was addressing an audience who were expanding a real estate portfolio, or trying to start one.  

How to start?  "The first and most important place to begin is to buy your home," he said, "Building a real estate portfolio without first building equity in your own home is akin to erecting the walls of a house before laying the foundation."  

The power in home ownership is not just about equity, Benson noted, it is also the only tax-free investment most Canadians will ever have.

"No other investment offers this tax treatments," he noted, "In many other countries, including the United States, gains on principal residences are taxed."

Benson said that young people often come to him for advice on buying rental income property, but "without equity, without their own home, they have no safety net if the rental property doesn't perform as planned."

Benson then outlined a simple plan for young clients to get started on building a real estate portfolio.

  • Take advantage of using Registered Retirement Savings Plans to save up for a down payment.  (Withdrawals are tax free if repaid within 15 years.)
  • Cajole parents or relatives into co-signing for you for a first home.  (And pay them back.)
  • Buy a a home with a rental suite; live in the suite and rent out the bulk of the house and apply that rent to the mortgage to pay if off faster.
  • Buy an inferior home in a superior neighbourhood.

Benson also had advice for those who have owned a home for a long time and want to travel, perhaps live somewhere else for a few years.  Under Canada Revenue regulations, he explained, a homeowner can "deem" their house as their principal residence for up to four years, even if they are living somewhere else and renting the house out.  "You don't have to worry about losing the capital gains tax exemption," he explained. 

His final advice:  seek sound professional advice, including a tax expert and a good realtor.

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Both Sandra and I would like to thank you for all your hard work in getting our place listed and Sold.  Your understanding of the changes in market and your strategies were remarkable.  Where other realtors got us to the start of the line you managed to get us to the finish line in a buyer's market. 

Your timely communication and follow-up has been appreciated.  Your quality pictures and videos really showed our renovated house nicely.  Your personal touch and charisma are your traits we have gotten to know and appreciate. 

Thank you for your negotiation in representing our best interest. Thank you for helping us in the selling and purchasing of our new home. You were the best realtor we have ever had and we recommend your services to others.  May God bless you and your family.

Sincerely yours,

Michel and Sandra J.

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It's property tax time here in Canada and anyone who owns a home in this country is required to pay property taxes.  These taxes are paid to the city, municipality, region or district where our homes are located to help pay for our roads, policing, schools, fire protection, etc.

 

Did you know there are a number of payment options available that can help relieve the financial stress of paying your property taxes as one large bill each year? So the question is, when you receive your tax bill in the mail, How do you pay yours?

 

Annual lump sum

Homeowners sometimes prefer to pay a one lump sum for their property taxes, and this works if you are comfortable with shelling out that amount of money at once.  To pay your tax bill, all you have to do is mail in a cheque or pay the bill electronically at your bank; and make sure to pay on time!

 

Your lender collects installments along with your mortgage payments

With this form of payment, your mortgage lender collects your municipal taxes and holds your monthly installments in a 'tax account' where once a year they'll pay your taxes for you.  Paying your property taxes as a part of your mortgage payment can be classified as a convenience for some people or a requirement for others.

 

Municipal Pre-Payment Installment Plans*

The Tax Installment Pre-Payment Plan (TIPP) option is offered by most municipalities and consists of a monthly tax installment payment plan that allows property owners to make consecutive payments for their taxes rather than a single annual payment.

 

Depending on your municipality's guidelines, your payments may also be eligible to earn interest.  Payments and interest earned are credited to the tax account each month. The accumulated credits are then applied against the balance due on the Property Tax Notice.  

 

Compliments of www.gibbardgroup.com     ~     info@gibbardgroup.com 

 
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