We've still got it! For the fifth year in a row, Vancouver tops the list of the world's most liveable cities according to the annual sruvey by the Economist Intelligence Unit. The survey ranks cities based on 30 factors including healthcare, culture and environment, and education and personal safety.
Burnaby is about to see a new addition to its skyline. Towering 511' high Bosa's latest project, titled Sovereign, is set to be Burnaby's tallest building. Located across the street from Metrotown, the 45 storey highrise is expected to complete 2014. Sales are set to start on Feb 19th, 2011
LOCATION | Kingsway and Willingdon, Burnaby
PROJECT SIZE | 45 storeys, 202 Units
DEVELOPER | Bosa Properties.
ARCHITECT | Chris Dikeakos Architects Inc.
OCCUPANCY | Estimated 2014
NOTES ABOUT SOVEREIGN |
Did you purchase your first home in 2010? As a first time home buyer you could qualify for the Home Buyers’ Tax Credit (HBTC) which entitles you to a tax credit of $750 on your 2010 taxes.
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.
2. How is the new HBTC calculated?
The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2010) by $5,000. For 2010, the credit should be $750.
3. Am I eligible for the HBTC?
You will qualify for the HBTC if:
4. 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.
5. 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)
The Greater Vancouver housing market remained in balanced market conditions in January, although higher levels of buyer demand were seen in some of the region’s largest communities, namely Richmond and Vancouver West.
“There was a healthy balance between the number of home buyers and sellers in our market in January, but there’s always variation in activity from region to region,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). "We’re seeing strong sellers’ market conditions in areas like Richmond and the west side of Vancouver.”
Here are the stats for January 2011 according to the Real Estate Board of Greater Vancouver (REBGV)
RESIDENTIAL PROPERTY SALES – DOWN 5% from last year
1,819 homes were sold in January 2011. This is represents a 4% decline from December 2010 and a 5% decline from the same month last year. Looking at this from the big picture, it is slightly higher than the 10 year average of 1,790.
HOUSING PRICE INDEX – UP 3% from last year
The MLSLink® Housing Price Index (HPI) benchmark price has come up about 3% on average across the Greater Vancouver region compared to January 2010. However this past year we have seen a lot of variation across different markets. Richmond has been a hotbed of activity and as a result has shown the greatest price appreciation, with prices rising 23% over last January, followed by Vancouver West where the average rose by 12%.
NEW LISTINGS – DOWN 7% from last year
4,801 properties were newly listed in January 2011. This represents a 7% decline from January 2010 and a 182% increase compared to the 1,699 new listings we saw in December (2010).
At 10,438, the total number of residential property listings on the MLS increased 6% in January compared to last month and increased 2% from this time last year.
SALES OF DETACHED PROPERTIES – UP 13% from last year
793 detached homes sold in January 2011. This is an increase of 13% from last year and a 171% from January 2009.
SALES OF APARTMENT PROPERTIES – DOWN 21% from last year
713 apartment properties sold in January 2011. This is a decline of 21% from January 2010, and a 98% increase compared to January 2009.
SALES OF ATTACHED PROPERTIES – DOWN 4% from last year
There were a total of 313 attached property sales in January 2011. This marks a 4% decrease from January 2010, and a 187% increase from January 2009.
Thinking of buying a new home and wondering how much HST will really cost you?
* First of all it’s important to clarify that HST is only applicable on the sale of newly constructed (or substantially renovated) homes. It is not added to the price of resale homes. For more information on how HST affects homebuyers click here.
Sales of newly constructed or substantially renovated homes are now subject to an HST tax of 12% on the purchase price. Fortunately there is some relief to help offset this tax from both the Federal and Provincial levels.
If you are buying a newly constructed home and plan to use it as your primary residence, you may qualify for two rebates: the BC New Housing Rebate and the Federal GST/HST New Housing Rebate.
WHAT IS THE BC NEW HOUSING REBATE?
The BC New Housing Rebate is a rebate of 71.43% of the provincial component of the HST paid (7% - formerly known as PST), up to a maximum of $26,250. The rebate maxes out at a purchase price of $525,000 and then stays flat at $26,250 for properties above that threshold.
WHAT IS THE FEDERAL GST/HST NEW HOUSING REBATE?
The Federal New Housing Rebate is a rebate applied to the federal component of the HST paid (5%- formerly known as GST). The rebate reduces the federal part of the HST paid from 5% to approximately 3.5% for homes valued at $350,000 or less. The rebate is gradually reduced for homes valued from $350,000 to the maximum value of $450,000.
SO HOW MUCH WILL HST COST ME AS A BUYER?
As you can see calculating this net HST payable on new homes can be a bit of a pain for buyers (I know it has been for me!).
Thankfully I recently came across this online calculator put out by the British Columbia Real Estate Association (BCREA) which helps you figure out exactly how much tax you’ll pay net of rebates. See for yourself, click the link below:
** You’ll see that this calculator accounts for HST, as well as Property Transfer Tax (PTT) which is 1% on the first $200,000 and 2% on the remainder of the purchase price. First Time Homebuyers buying a home under $425,000 are exempt from this PPT. (A partial exemption is available for homes between $425,000-$450,000)