Kim Bihari

NO HST! One year old two level Nanaimo home with a total of 5 bedroom and 4 bathroom on level large lot in Central Nanaimo. This is a great family home with 3 bedrooms and 2 full baths up. The large living room, dining room and beautiful kitchen with centre island work space and breakfast bar are all richly finished. The dining area is open to the large sundeck perfect for summer time BBQ's. The lower level has a family room or den, 4th bedroom, laundry room and a bath room for the main family use. There is a 1 bedroom legal suite, mortgage helper, with a large covered patio on the lower level. The lot is level and landscaped with lawn and a vegetable garden. There is plenty of parking and storage with a double wide driveway, garage and garden shed. Northfield Road has convenient access to both the parkway and the old highway, is close to schools, recreation facilities, parks, shopping and public transit.

Kim Bihari's success as a Top RE/MAX Realtor on Vancouver Island benefits the Children's Miracle Network with a donation from every Nanaimo Real Estate home sold.

RE/MAX International Raises $100 Million for Children's Miracle Network

(March 1, 2010)-RE/MAX has raised $100 million dollars over the past 18 years for Children's Miracle Network, a children's charity that raises funds for more than 170 pediatric hospitals. In doing so, RE/MAX became one of the top three Children's Miracle Network donors of all time.

The donations from hundreds of RE/MAX offices and thousands of RE/MAX Associates such as Kim Bihari amount to millions of dollars each year for children's hospitals. Kim Bihari makes a contribution to Children's Miracle Network with each closed transaction. RE/MAX offices and Kim Bihari participate in golf tournaments, host customer appreciations and organize a variety of other fundraising activities throughout the year.

"When you take into account that the real estate industry was hit harder than any other by the economic recession, it's overwhelming that RE/MAX Associates raised $7 million for Children's Miracle Network in 2009 alone, bringing their total to a landmark $100 million," said President and CEO, Children's Miracle Network.

"Knowing that children's hospitals have been impacted deeply by the downturn in philanthropic giving, RE/MAX Associates worked harder than ever to support Children's Miracle Network and the children in our communities," said President, RE/MAX International, Inc.

RE/MAX has been a corporate fundraising sponsor since 1992 and has raised $100 million for children's hospital over the past 18 years. These much needed funds given to Children's Miracle Network hospitals may be used for specialized medical care, research and education.

Kim Bihari, Personal Real Estate Corporation

Hall of Fame Award
Platinum Award - 2007, 2008 & 2009

Office: 250-751-1223
Fax: 250-751-1300
Cell: 250-616-1031

E-mail: Kim@NanaimoRealEstateTeam.com
Web-sites: www.kimbihari.com & www.NanaimoRealEstateTeam.com

1. What is the home buyers' tax credit (HBTC)?

For 2009 and subsequent years, the HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., generally means that the closing is after this date).

2. How is the new HBTC calculated?

The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750.

3. Am I eligible for the HBTC?

You will qualify for the HBTC if:

•· you or your spouse or common-law partner acquired a qualifying home; and

•· you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.

If you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first-time home buyer. However, the home must be acquired to enable the person with the disability to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person.

4. What is a qualifying home?

A qualifying home is a housing unit located in Canada acquired after January 27, 2009. This includes existing homes and those being constructed. Single-family homes, semi‑detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings all qualify. A share in a co‑operative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify.

Also, you must intend to occupy the home or you must intend that the related person with a disability occupy the home as a principal place of residence no later than one year after it is acquired.

5. Who is considered a person with a disability for purposes of the HBTC?

For the purposes of the HBTC, a person with a disability is an individual who is eligible to claim a disability amount for the year in which the home is acquired, or would be eligible to claim a disability amount, if we ignore that costs for attendant care or care in a nursing home were claimed for the Medical Expense Tax Credit.

6. If I buy a house, can my spouse or common-law partner claim the HBTC?

Either one of you can claim the credit or you can share the credit. However, the total of your combined claims cannot exceed $750.

7. My friend and I intend to jointly purchase a home, and we both meet the conditions for the HBTC. Can we both claim the credit?

Either one of you can claim the credit or you can share the credit. However, the total of your combined claims cannot exceed $750.

8. Do I have to register the acquisition of the home under the applicable land registration system?

Yes. Your interest in the home must be registered in accordance with the land registration system applicable to where it is located.

9. How will I claim the HBTC?

Beginning with the 2009 personal income tax return, line 369 is incorporated into the Schedule 1, Federal Tax to allow you to claim the credit in the year in which you acquired the qualifying home.

10. Do I have to submit any supporting documents with my income tax return?

No. However, you must ensure that this information is available, should it be requested by the Canada Revenue Agency (CRA).

11. Is the HBTC connected to the existing Home Buyers' Plan?

No. Although some of the eligibility conditions for the HBTC and the Home Buyers' Plan are similar, the two are not connected. Your eligibility for the HBTC will not change whether or not you also participate in the Home Buyers' Plan.

Kim Bihari, Personal Real Estate Corporation

Hall of Fame Award
Platinum Award - 2007, 2008 & 2009

Office: 250-751-1223
Fax: 250-751-1300
Cell: 250-616-1031

E-mail: Kim@NanaimoRealEstateTeam.com
Web-sites: www.kimbihari.com & www.NanaimoRealEstateTeam.com

February real estate numbers for the VIREB region are out and the numbers keep getting better and better.

Sales volume for the VIREB region for the month of February increased 47% with 289 units selling compared to 196 units selling in February of 2009, and increased 28% compared to the previous month January from 225 units to 289 units in February. For Nanaimo for the same period, sales volume increased 31% with the sale of 81 units in February of 2010 compared to 61 in February of 2009 and increased 28% from January 2010 to February 2010 from 63 units to 81 units sold.

The average sale price across the VIREB region, (Campbell River, Comox Valley, Nanaimo, Parksville/Qualicum and Port Alberni), for February 2010 was $342,047. This represents an 11% increase from the $307,919 posted at the end of February 2009. Average sale prices across VIREB's six zones, from February 2009 to February 2010 are as follows: Campbell River was up 7% (to $282,235), the Comox Valley was down 4% (to $341,003), Cowichan Valley was up 14% (to $359,169), Nanaimo was up 14% (to $370,747), Parksville/Qualicum was up 12% (to $388,339) and Port Alberni was down 2% (to $194,040).

In Nanaimo, for the period February 2010 compared to the previous year February 2009, the number of units sold increased 31% from 62 units to 81 units. The number of days to sell a listing decreased 39% from 57 days to 35 days and finally the Average Selling Price/Unit for the 12 months to date February 2009 to February 2010 was down slightly by 2% from $362,463 to $354,281, slightly better than the previous 3 months. There is currently a 6 month supply of homes on the market, which is unchanged from the previous month of January 2010 which also had a 6 month supply of homes. This is based on 81 homes selling in the month of February and an active inventory of 484 homes.

As far as the Condo market, for the period February 2010 compared to the previous year February 2009, the number of Apartment Style Condo units sold continued to rise increasing 125% from 12 units to 27 units. The number of days to sell decreased 16% from 90 days to 75 days and the Average Selling Price/Unit for the 12 months to date February 2009 to February 2010 saw a decline of 6% from $232,102 to $218,855. There is currently a 6 month supply of condos on the market, which is a 33% decrease from the previous month of January 2010 which had a 9 month supply.

The number of Townhomes, not including Patio Homes, sold in February 2009 compared to the previous year February 2010 increased 42% from 12 units to 17 units. The number of days to sell decreased 27% from 88 days to 64 days and finally the Average Selling Price/Unit for the 12 months to date February 2009 to February 2010 increased 5% from $244,288 to $257,040. There is a 7 month supply of townhomes on the market which is a increase of 16% from the previous month of January 2010 which had a 6month supply.