Original contents from Angel Wang & Helen Pan Team|Vancouver Real Estate Agents - Top 25 Real Estate Agents in Vancouver West,Downtown Vancouver and West Vancouver. Buy & Sell residential homes, property management, pre-sale and more.

Subject to approval by the legislature, the B.C. government intends to implement a temporary BC First-Time New Home Buyers’ Bonus. Effective February 21, 2012, to March 31, 2013, the bonus is a one-time refundable personal income tax credit worth up to $10,000.

Requirements to Qualify for the Bonus

ELIGIBLE FIRST-TIME NEW HOME BUYER

You will qualify as a first-time new home buyer if:

-You purchase or build an eligible new home located in B.C.;

-You, or for couples, you and your spouse or common law partner, have never previously owned a primary residence;

-You file a 2011 B.C. resident personal income tax return, or if you move to B.C. after December 31, 2011, you file a 2012 B.C. resident personal income tax return (you will not be eligible for the bonus if you move to B.C. after December 31, 2012);

-You are eligible for the B.C. HST New Housing Rebate; and

-You intend to live in the home as your primary residence.

ELIGIBLE NEW HOME

An eligible new home includes new homes (i.e., newly constructed and substantially renovated homes) that are purchased from a builder and that are owner-built. The bonus will be available in respect of new homes purchased from a builder where:

-A written agreement of purchase and sale is entered into on or after February 21, 2012;

-HST is payable on the home (e.g., HST will generally be payable if ownership or possession of the home transfers before April 1, 2013 – see further details below); and

-No one else has claimed a bonus in respect of the home.

The bonus will be available in respect of owner-built homes where:

-A written agreement of purchase and sale in respect of the land and building is entered into on or after February 21, 2012;

-Construction of the home is complete, or the home is occupied, before April 1, 2013; and

-No one else has claimed a bonus in respect of the home.

A substantially renovated home is one where all or substantially all of the interior of a building has been removed or replaced. Generally, 90% or more of the interior of the house must be renovated to qualify as a substantially renovated home (90% test).

Amount of the Bonus

MAXIMUM AMOUNT

The bonus is equal to 5% of the purchase price of the home (or in the case of owner-built homes, 5% of the land and construction costs subject to HST) to a maximum of $10,000.

PHASE-OUT FOR HIGHER INCOME EARNERS

The bonus will be reduced based on an individual’s/couple’s net income (line 236 of your income tax return) using the following formula:

-For single individuals, the bonus is reduced by 20 cents for every dollar in net income over $150,000 (bonus is reduced to zero at $200,000 net income).

-For couples, the bonus is reduced by 10 cents for every dollar in family net income over $150,000 (bonus is reduced to zero at $250,000 family net income).

THE B.C. FIRST-TIME NEW HOME BUYERS’ BONUS

Additional Information

APPLICATION PROCESS

Individuals must apply for the bonus through the B.C. government. Individuals can apply once application forms have been posted on the B.C. Ministry of Finance website later this year. Applicants will be required to submit documentation demonstrating eligibility for the bonus.

ELIGIBLE NEW HOME

The bonus is available in respect of new homes (i.e., newly constructed and substantially renovated homes) where HST is payable. HST will generally be payable on homes purchased from a builder where ownership or possession transfer before April 1, 2013. Potential buyers should consult with the builder to determine if the home will be subject to the HST.

For owner-built homes, the bonus will be based on land and construction costs subject to the HST. Eligible new homes will include:

-Detached Houses, semi-detached houses, duplexes and townhouses,

-Residential condominium units,

-Mobile homes and floating homes, and

-Residential units in a cooperative housing corporation.

Contact your Vancouver west real estate agent for details.

Original contents from Angel Wang & Helen Pan Team|Vancouver Real Estate Agents - Top 25 Real Estate Agents in Vancouver West,Downtown Vancouver and West Vancouver. Buy & Sell residential homes, property management, pre-sale and more.

Contact Angel Now for this property!

Original contents from Angel Wang & Helen Pan Team|Vancouver Real Estate Agents - Top 25 Real Estate Agents in Vancouver West,Downtown Vancouver and West Vancouver. Buy & Sell residential homes, property management, pre-sale and more.

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time.
Canada Revenue Agency www.cra.gc.ca. Enter ‘Home Buyers’ Plan’ in the search box. 1.800.959.8287

#2 GST Rebate on New Homes

New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000.
Canada Revenue Agency www.cra-arc.gc.ca. Enter ‘RC4028’ in the search box. 1.800.959.8287

#3 BC New Housing Rebate (HST)

Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7%) of the 12% HST paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250. www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate 1.800.959.8287

#4 BC New Rental Housing Rebate (HST)

Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit. www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate 1.800.959.8287

#5 BC Property Transfer Tax (PTT) First Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000. BC Ministry of Small Business and Revenue www.rev.gov.bc.ca/rpt 250.387.0604

#6 First-Time Home Buyers’ Tax Credit (HBTC)

This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2010) x $5,000. For the 2010 tax year, the maximum credit is $750. Canada Revenue Agency www.cra.gc.ca/hbtc 1.800.959.8281

#7 BC Home Owner Grant

Reduces school property taxes by up to $570 on properties with an assessed value up to $1,150,000. For 2011, the basic grant is reduced by $5 for each $1,000 of value over $1,150,000, and eliminated on homes assessed at $1,264,000. An additional grant reduces property tax by a further $275 for a total of $845 for seniors, veterans and the disabled. This is reduced by $5 for each $1,000 of assessed value over $1,150,000 and eliminated on homes assessed at $1,319,000+.
BC Ministry of Small Business and Revenue www.rev.gov.bc.ca/ hog or contact your municipal tax office.

#8 BC Property Tax Deferment Programs

Property Tax Deferment Program for Seniors. Qualifying home owners aged 55+ may be eligible to defer property taxes.
Financial Hardship Property Tax Deferment Program. Qualifying low-income home owners may be eligible to defer property taxes.
Property Tax Deferment Program for Families with Children. Qualifying low income home owners who financially support children under age 18 may be eligible to defer property taxes.
BC Ministry of Small Business and Revenue www.sbr.gov.bc.ca and enter ‘Property tax deferment’ in the search box or contact your municipal tax office.

#9 Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants.

This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and owners creating secondary and garden suites.
www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_001.cfm 1.800.668.2642 | 604.873.7408

#10 CMHC Mortgage Loan Insurance Premium Refund

Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient mortgage or make energy saving renovations.
www.cmhc.ca/en/co/moloin/moloin_008.cfm#reno 604.731.5733

#11 Energy Saving Mortgages

Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage, may qualify for a rebate of $300 to their RBC account. www.rbcroyalbank.com/products/mortgages/energy-saver-mortgage.html 1.800.769.2511

#12 Low Interest Renovation Loans

Financial institutions offer ‘green’ loans for home owners making energy efficient upgrades. Vancity’s Bright Ideas personal loan offers home owners up to $20,000 at prime + 1% for up to 10 years for ‘green’ renovations. RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 renovation on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution. www.vancity.com/Loans/BrightIdeas and www.rbcroyalbank.com and in the search box enter ‘energy saver loan’.

#13 LiveSmart BC: Efficiency Incentive Program

Home owners improving the energy efficiency of their homes may qualify for cash incentives through this provincial program provided in partnership with Terasen Gas, BC Hydro, and FortisBC. Rebates are for energy efficient products which replace gas and oil furnaces, pumps, water heaters, wood stoves, insulation, windows, doors, skylights and more. The LiveSmart BC program also covers $150 of the cost of a home energy assessment, directly to the service provider.
www.livesmartbc.ca/rebates 1.866.430.8765

#14 BC Residential Energy Credit

Home owners and residential landlords buying heating fuel receive a BC government point-of-sale rebate on utility bills equal to the provincial component of the HST. www.sbr.gov.bc.ca/documents_library/notices/HST_Notice_010.pdf or go to Google and in the search box type in ‘Residential Energy Credit rebate program.’ It is the first item. 1.877.388.4440

#15 BC Hydro Appliance Rebates

Mail-in rebates of $25 – $50 for purchasers of ENERGY STAR clothes washers, refrigerators, dishwashers, or freezers until March 31, 2011, or when funding for the program is exhausted. www.bchydro.com/rebates_savings/appliance_rebates.html 1.800.224.9376

#16 BC Hydro Fridge Buy-Back Program

This ongoing program rebates BC Hydro customers $30 to turn in spare fridges in working condition.
www.bchydro.com/rebates_savings/fridge_buy_back.html 604.881.4357

#17 BC Hydro Windows Rebate Program

Pay no HST when you buy ENERGY STAR high-performance windows and doors. This offer is available until March 31, 2011. www.bchydro.com/rebates_savings/windows_offers/current_offers.html 604.759.2759 for a free in-home estimate.

#18 BC Hydro Mail-in Rebates/Savings Coupons

To save energy, BC Hydro offers rebates including 10% off an ENERGY STAR cordless phone. Check for new offers and for
deadlines. www.bchydro.com/rebates_savings/coupons.html 1.800.224.9376

#19 Terasen Gas Rebate Program

A range of rebates for home owners include a $50 rebate for upgrading a water heater, $150 rebate on an Ener-Choice fireplace (both good until March 31, 2011) and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system (good until February 29, 2012).
www.terasengas.com and in the search box enter ‘rebates’. 1.888.224.2710

#20 Terasen Gas Efficient Boiler Program

For commercial buildings, provides a cash rebate of up to 75% of the purchase price of an energy efficient boiler, for new construction or retrofits. www.terasengas.com and in the search box enter ‘gas efficient boiler program’. 1.888.477.0777

#21 City of Vancouver Solar Homes Pilot

This rebate of $3,000 (about 50% of the cost) is for a Vancouver home owner upgrading to a solar hot water system from a gas system. Offered by the City of Vancouver, SolarBC, Terasen Gas and Offsetters on a first come, first served basis until March 2011 or until the City reaches its target of 30 solar homes.
www.vancouver.ca/sustainability/SolarHomes.html 604.873.7748

#22 City of Vancouver Rain Barrel Subsidy Program

The City of Vancouver provides a subsidy of 50% of the cost of a rain barrel for Vancouver residents. With the subsidy, the rain barrel costs $75. Buy your rain barrel at the Transfer Station at 377 W. North Kent Ave., Vancouver, BC. Limit of two per resident. Bring proof of residency. www.vancouver.ca and in the search box enter ‘rain barrel program.’ 604.736.2250. Other municipalities have similar offers.

#23 Vancity Green Building Grant

In partnership with the Real Estate Foundation of BC, Vancity provides grants up to $50,000 each to qualifying charities, not-for-profit organizations and co-operatives for projects which focus on building renovations/retrofits, regulatory changes that advance green building development, and education to increase the use of practical green building strategies.
www.vancity.com/MyCommunity/NotForProfit/Grants/ActingOnClimateChangeGreenBuildingGrant 604.877.7000

#24 Local Government Water Conservation Incentives

Your municipality may provide grants and incentives to residents to help save water. For example, the City of Coquitlam offers residents a $100 rebate and the City of North Vancouver, District of North Vancouver, and District of West Vancouver offer a $50 rebate when residents install a low-flush toilet. Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.

#25 Local Government Water Meter Programs

Your municipality may provide a program for voluntary water metering, so that you pay only for the amount of water that you use. Delta, Richmond and Surrey have programs and other municipalities may soon follow. Visit your municipality’s website and enter ‘water meter’ to find out if there is a program.

Original contents from Angel Wang & Helen Pan Team|Vancouver Real Estate Agents - Top 25 Real Estate Agents in Vancouver West,Downtown Vancouver and West Vancouver. Buy & Sell residential homes, property management, pre-sale and more.

A big Canadian bank predicts the slumping economy will put interest rates on hold, or moving lower, until at least until 2013.

In an interest rate outlook released Tuesday, the Bank of Montreal said it does not expect interest rates to rise again until the early part of 2013.

That’s about six months later than earlier forecasts that rates would stay flat until the fall of 2012 as the Bank of Canada tries to boost the sagging economy.In the bank’s report, BMO Capital Markets senior economist Michael Gregory said the weaker global economy has squeezed commodities, the Canadian dollar and undermined growth in Canada.That has kept inflation in check and made it more likely the Bank of Canada will hold the line on rates.In fact, Gregory said, there is a good chance the central bank will cut rates over the next six months — by close to half a point.The BMO report also projected the loonie will settle at around 93 cents U.S. next year.”During the second half of 2012, with global economic and commodity price prospects improving, the currency’s fortunes should shift with a flight plan back to parity by January 2013.

Furthermore, another major Canadian Bank said, “A worsening outlook will keep the Bank of Canada from raising interest rates until at least March 2013″, according to the Toronto-Dominion Bank forecast on Tuesday.TD, Canada’s second biggest lender, became the first of the country’s big banks to push out its forecast for a rate increase into 2013, citing intensifying downside risks in the United States and Europe.

Original contents from Angel Wang & Helen Pan Team|Vancouver Real Estate Agents - Top 25 Real Estate Agents in Vancouver West,Downtown Vancouver and West Vancouver. Buy & Sell residential homes, property management, pre-sale and more.

Peter Ladner says Vancouver’s home prices are out of control, and with China and Australia already restricting foreign ownership, Vancouverites should at least examine whether the idea makes sense.

“Ironically, many of the people driving up the prices are coming here from mainland China where soaring real estate prices have caused the Chinese government to introduce new limits on foreign purchases of residential or commercial property in the country,” he wrote in a recent article published in Business in Vancouver.

Ladner says he isn’t isn’t taking a position on the issue, but he wants a debate. He notes there has been virtually no public research on the level of foreign ownership in Metro Vancouver and its effect.

But he says prices are forcing people raised in Metro Vancouver to move elsewhere and preventing others from moving to the area.

“If our prices are being driven up by people who are simply investing in our community and not living here, there are a whole lot of problems that result,” Ladner told CBC News.

“You end up with a resort community that is unlivable despite our reputation as one of the most livable cities in the world.”

Ladner notes across Canada, that PEI, Manitoba, Saskatchewan and Alberta already have various laws in place the restrict the non-residents’ rights to buy land.

Vancouver leads with unaffordable housing

Tsur Somerville of the UBC Sauder School of Business says the debate over foreign ownership would be nothing new.

The number of sales was 30 per cent lower and the number of listings was 30 per cent higher in Vancouver in June 2010, compared to June 2009. CBC “If you go back to the 1980s, and the worry about Hongcouver, and all these kinds of things, Vancouver has been through this story before and I think most people think this city is better off now than it was in 1987,” said Somerville.

Vancouver has the highest housing prices in Canada, the greatest price increases, and the world’s least affordable housing prices, according to recent figures.

Some of the most rapid price increases around Metro Vancouver have been in Richmond where the price for a detached home has climbed 20 per cent, or about $215,000 over the past year to above the $1-million mark.

Realtor have attributed the rapid price increases to a sudden influx of mainland Chinese buyers, but in recent months many realtors have noted mainland Chinese buyers have been active in many of the region’s other more expensive markets, such as the West Side of Vancouver and the North Shore.

Original contents from Angel Wang & Helen Pan Team|Vancouver Real Estate Agents - Top 25 Real Estate Agents in Vancouver West,Downtown Vancouver and West Vancouver. Buy & Sell residential homes, property management, pre-sale and more.

“With an average price hike of close to 20 per cent year to date [February], Greater Vancouver continues to show unprecedented strength,” real-estate services firm Re/Max said. “[The]average price now hovers at a record $780,000.”

Sales in the region have jumped 12 per cent from the same period last year, the report said.

Despite the erosion in affordability, first-time and move-up buyers are leading the housing charge, especially in areas such as Richmond and Vancouver westside, the firm said.

“Many entry-level purchasers are compromising on their housing choices, scaling back on expectations, sacrificing quality or size to realize home ownership,” Re/Max said. “Some are moving further east or south of the city to communities that stretch the dollar a little further.”

In Langley, Surrey and Cloverdale, new or newer houses on smaller lots can be found for prices starting from $500,000 to $550,000, it said.

Re/Max said the prospect of higher mortgage rates has prompted many Canadians planning to get into the market to act in the early part of this year.

Another factor is Ottawa’s new rules for mortgages that reduce the maximum amortization period for government-insured mortgages to 30 from 35 years, and decrease the amount people can borrow when refinancing mortgages to 85 from 90 per cent of the value of their homes.

Original contents from Angel Wang & Helen Pan Team|Vancouver Real Estate Agents - Top 25 Real Estate Agents in Vancouver West,Downtown Vancouver and West Vancouver. Buy & Sell residential homes, property management, pre-sale and more.

Please click here to contact Angel Wang – your local top Realtor about this listing and or any other real estate needs.

Original contents from Angel Wang & Helen Pan Team|Vancouver Real Estate Agents - Top 25 Real Estate Agents in Vancouver West,Downtown Vancouver and West Vancouver. Buy & Sell residential homes, property management, pre-sale and more.

However, with newly listed MLS® residential units now declining, tighter market conditions may emerge this fall.

Detailed data and graphs are in this full report.

If you are interested in investing or buying real estate properties in Vancouver area, please contact Angel immediately for best pricing and listing.

Original contents from Angel Wang & Helen Pan Team|Vancouver Real Estate Agents - Top 25 Real Estate Agents in Vancouver West,Downtown Vancouver and West Vancouver. Buy & Sell residential homes, property management, pre-sale and more.

Original contents from Angel Wang & Helen Pan Team|Vancouver Real Estate Agents - Top 25 Real Estate Agents in Vancouver West,Downtown Vancouver and West Vancouver. Buy & Sell residential homes, property management, pre-sale and more.