As July 01 2010 approaches many people who are purchasing and selling local real estate have questions. It is a new tax and if you want to educate yourself then click on the links to read the latest releases. Threshold is $525,000 above the average home price. New homes will carry HST instead of GST. HST is an additional 7%. Don’t forget about the PPT Property Purchase tax, unique to BC. Our sunshine tax! I am seeing a lot of June 1st closings for a quick savings. Beat the HST. Read all about it.
New construction 2 Blocks to Okanagan Beach. 1/2 duplex. $298,000. Your chance to own a vacation or investment property in one of Penticton’s most sought after blocks by the beach. Walk to downtown and the sandy Okanagan shores.
Vancouver reports 39% more sales this march over last. We are up 61%. march 2010. Also for those of you who are stat savvy like me. CompActivity. Buyers are aware of higher mortgage rates and are eager to enter the market. Toronto hits a record in sales per quarter and Edmonton prices are up 10%.
For those of you renovators such as we are. The Eco-energy retrofit program has been suspended. Homeowners can still apply for an energy audit but are no longer applicable for the incentives.
I personally did this program and it is unfortunate that the federal government has taken away the incentives for upgrading your existing home. Also the extinction of the one time home owners renovation tax credit. I will let you know when more government time sensitve options are available to you! Watch for my coming articles on LiveSmart BC Efficiency Incentive Program.
One of my favorite real estate Guru’s Ozzie Jurock is saying the first half of 2010 will be busy and refinance now while the rates are low and you qualify. If you need a pre approval get your application in fast. Expect delays because of increased applications. The posted 5.95% rate will be the new qualifying rate for variabls or 1-4 year fixed terms. He even goes so far as to say “Buyers have come back with a vengance. This will alter the investment real estate environment. Courage, Cash and confidence as this shakes some marginal players out of the market and open up long term opportunities.”
The rental market is softening. GST/HST Residential Rental Property Rebate. There is an HST rebate program in place for if you have a minimum one year lease on a brand new home. It must be self contained and you can prove that you paid the HST on it. It is identical to the 71.43% rebate of the provincial portion of the HST and 36% of the federal HST portion a maximum rebate of $26,250 as per the $525,000 threshold. Check it out.