Ana Domingos | 604-328-6330

Wednesday, December 30, 2009

Boring Real Estate Stuff in Vancouver...

by Ana Domingos on Wed, Dec, 30, 2009 05:33 PM

Categories:Kitsilano real estate,Market Trends,Properties,Real Estate,Vancouver condos,Vancouver housing

oh good... if you're reading this, then my title worked. I was worried that the word "boring" may deter people from reading this blog. But, at the same time what else can you say about real estate in general that isn't usually boring? (useful, but boring, right?)

Here are a few of the highlights that came about last year in the world of Vancouver Real Estate:

Federal

• Home Buyers’ Plan (RRSPs for downpayments):

withdrawal limit increased to $25,000 from $20,000. Couples can

now withdraw up to $50,000.

• Home Renovation Tax Credit: an income

tax credit up to $1,350 for eligible home improvement projects.

• First-Time Home Buyers’ Tax Credit: an income tax credit up to $750 for costs

associated with buying a first home.

Provincial

• Harmonized sales tax: the government raised the proposed home price threshold for the New Housing Rebate to $525,000 from $400,000 and the amount of the rebate to $26,250 from $20,000.

If you're thinking of buying a property in the New Year, this HST will definately impact you if you buy a brand new property. However, if the new property you're buying is under $525,000, then you'll receive a HST rebate of $26,250. So there is some relief.

For all other properties, as long as the HST has been paid once, by the the 1st owner, then you're off the hook for this particular tax. But, don't forget that HST does apply to every other service, such as real estate commission, lawyers, notaries, trades, etc... YIKES!!!

For more info on HST, visit: http://www.gov.bc.ca/hst/

Best Wishes for a GREAT 2010!! Ana (:-)

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Boring Real Estate Stuff in Vancouver...

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