The BC Government has announced that it will exclude new homes costing up to $525,000 from its proposed 12 per cent Harmonized Sales Tax (HST) scheduled to take effect July 1, 2010.
The government has also increased the rebate of the provincial portion of the HST paid on a new home to a maximum of $26,250.
This represents a 30 per cent increase over the original government proposed home price threshold of $400,000 and maximum HST rebate of $20,000.
This is good news for the Real Estate Board and proof that its HST lobbying efforts produce results.
In October, 2009, the Board asked the government to raise the threshold for the HST on new homes as well as the new housing rebate.
Clearly the government listened to the Board and the real estate sector.
"We heard the concerns from consumers and industry about how the HST might affect home buyers, and
this increase will move the threshold to above the average new home price in the province," said the Hon. Colin Hansen, Minister of Finance.
A similar HST rebate will also support the construction or substantial renovation of affordable rental housing
This HST info was provided by the realestate board of vancouver
Would you like more info on the HST and how the HST will affect you?
give us a call at
604-726-1023
or visit us at
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Streams flowing to the Upper Pitt River in Pitt Meadows will run free after B.C. Hydro scratched Run of River Power Inc'.s plans to put small dams and turbines on eight Pitt Meadows streams north of Pitt Lake.
After receiving 68 proposals for clean power, B.C. Hydro this week shortened that list to 21. The proposal for the Upper Pitt Lake was not on the list.
Now I believe the main reason that the project was scraped was the lack of community support. Pitt Meadows Residents were very vocal on this issue.
The proposal created a firestorm of opposition in 2007, leading to two heated meetings in Pitt Meadows as environmentalists opposed Run or River Power Inc.'s plans.
One of the strongest opponents was the Burke Mountain Naturalists
"We think that's a good decision," said Elaine Golds with the group.
"The project would have diverted every salmon stream in the area".
Are you a Pitt Meadows Resident? Would you like more information on this subject?
Feel free to give us a call
604-726-1023
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REALTOR® POSITION THE ISSUE Removing the disincentive to reinvestment, by allowing tax deferral, would rapidly trigger a chain reaction of stimulus. Moreover, this stimulus would occur without program delivery slowdowns caused by complex bureaucratic implementation issues. This is a Main Street proposal. Dr. Thomas Wilson of the University of Toronto found those with net incomes of $50,000 or less accounted for approximately 58 percent of those reporting rental property capital gains and 48 percent of the total dollar value of rental property capital gains. This proposal would help stimulate demand for the struggling commercial real estate sector, which has yet to rebound from the global economic recession. A study by CB Richard Ellis Limited found sharp decreases in the number and volume of Canadian commercial real estate transactions at mid-year 2009. Year-over-year, transaction volumes declined by 51 per cent from $10 billion midway through 2008 to $4.9 billion midway through 2009, and the number of transactions declined by 38 per cent. Transactions in the commercial real estate market impact industries across the economy. A healthy sector creates opportunities for trades people in renovations and redevelopment; fees for professionals; income for industries that mine, harvest and manufacture construction materials; as well as tax revenue for all levels of government. New research from Altus Group Economic Consulting estimates, between 2006 and 2008, the typical multi-unit residential income property transaction in the Greater Toronto Area (GTA), Greater Calgary Area (GCA) and Greater Vancouver Area (GVA) generated $287,850 in ancillary spending. The Altus study also found 53 jobs were created for every 100 transactions, based on multi-unit residential income property transactions between 2006 and 2008 in the GTA, GCA and GVA. Reinvestment would help create additional housing capacity to meet the demands of rental housing and urban intensification. According to the Canadian Federation of Apartment Associations (CFAA), purpose-built rental housing starts across Canada have declined over the last 35 years from an average of 60,000 starts per year to an average of less than 15,000 starts per year, despite population growth. This proposal would make real estate a more viable investment vehicle for Canadians saving for their future - many of whom bare personal responsibility for their retirement as a result of corporate Canada's shift from defined benefit to defined contribution pension plans. It would also enable Canadians to relocate their real estate holdings to correspond with a move to another city, something that is easily done with a stock or bond portfolio. There is widespread support for this proposal, including the National Trade Contractors Coalition of Canada (NTCCC), the Canadian Construction Association (CCA), the CFAA and the Real Property Association of Canada (REALpac). This information was provided by CREA.
For more information on this or how you can invest in real estate give us a call 604-726-1023
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This memorial day all the agents with Keller Williams Elite Realty paid tribute to all of our soldiers fighting with our armed forces.
Memorial Day means even more to all agents with Keller Williams Elite Realty this year. One of our own Trevor Street is serving in Afghanistan until early 2010.
So all the agents at Keller Williams Elite Realty sent a care package to Trevor and created This video for him. Check it out!
All the Agents at Keller Williams Elite wish Trevor and all of our brave men and women fighting overseas a safe and happy holidays. We hope you all return home soon! keller Williams Elite Realty
Thanks for everyone at Keller Williams Elite for making this all possible.
The Property Finders
778-552-9355
keller Williams Elite Realty
How can real estate professionals green the servicethey provide and effectively meet the needs of clients looking at homes, property and communities through green-coloured glasses?
Environmental issues are a growing concern among Canadians. According to a January 2007 report by the Strategic Counsel, a market research firm, Canadians ranked "environmental issues" as the number two issue facing Canada.
With this growing shift in how resources and property are perceived and valued, real estate professionals-as communicators and trusted advisors-have an opportunity to add value to their services by being aware of the environmental and sustainability issues related to housing, community, and lifestyle and providing access to relevant resources.
This Green Tool Kit is a work in progress and will grow and change. The team assembling the Tool Kit is made up of working real estate professionals dedicated to improving the service provided to the public. Your feedback, questions and stories from the field are encouraged and appreciated as they can help shape this online resource and contribute to its spirit of sharing.
The website mirrors the third principle of the BC Real Estate Association's Quality of Life philosophy, preserving the environment. REALTORS® recognize one of the most important elements of our Quality of Life is the environment: clean air and water, parks and open space. For more information about Quality of Life, visit www.qualityoflife.bcrea.bc.ca.
This project is a collaboration between the BC Real Estate Association and the Greener Realty Association, made possible with funding from the Real Estate Foundation of British Columbia.
This information was provided by BC Real Estate Association
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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