National Garage Sale for Shelter Drop-Off Day

DE-CLUTTER FOR A CAUSE

Donation drop off day is Sunday, April 22nd, 2012 between 10am-3pm in the parking lot of Royal LePage Coronation West at 2185 Austin Avenue, Coquitlam, BC.

Donate your unwanted, gently used items for our National Garage Sale for Shelter. Clean, saleable housewares, furniture, sporting good, decor items and toys are gratefully accepted. No broken or unuseable items pelase. Unfortunately, we cannot accept clothing, shoes, VHS tapes, cribs or mattresses.

100% of the proceeds go to a local women's shelter and to education and violence prevention programs in our community. In this case all of the proceeds will be donated directly to Tri-City Transitions www.tricitytransitions.com/ 

GREAT DEALS FOR A GREAT CAUSE

A fun charity event in support of the Royal LePage Shelter Foundation. Restoring hope for more than 30,000 women and children acress Canada and in our community each year.

Don't miss our third annual Charity Garage Sale, last year was amazing, this year will be even better! Huge sale, BBQ, bake sale, colouring contest, balloons, face painting and more - a great event for a great cause!

Saturday, May 12th, 2012 at 2200 Austin Avenue, Coquitlam, BC between 9am-2pm.

For more information on this national cause please visit www. royallepage.ca/shelter

B.C. First-Time New Home Buyers’ Bonus Clarification

Please note that this bonus nothing to do with a home buyer's income tax return itself. The home buyer, assuming he or she meets the criteria, applies for the bonus. If they are eligible, the government approves the application and sends a cheque to the applicant for the amount claimed up to $10,000.

The credit will be available on purchases of newly constructed housing where both the HST applies and where a written agreement of purchase and sale is entered-into on or after February 21, 2012.

For the Finance Minister’s speech and more details on Budget 2012, visit www.bcbudget.ca.

Visit the Province’s website at www.gov.bc.ca for online information and services.

February 2012 Housing Market Update REBGV

http://www.youtube.com/watch?v=pNMv_XWzmP4

Join us March 29th, 2012 for a free of charge seminar catered to First Time Home Buyers. Presented by Realtor - Tim Hill of Royal LePage Coronation West, Mortgage Brokers - Yuki Urasaki & Ambrose Kwong of Dominion Lending Centres Interest Advantage and Home Inspector - Gord McDougall. RSVP details below.

Registration will begin at 6:30pm with the presentation beginning at 7:00pm for approximately 45 minutes. There will also be a question and answer period afterwards as well as First Time Buyer Packages for everyone to take home. Snacks and beverages will be available for your convenience. Kids are welcome s no need for babysitters! Door prizes will also be given away during the presentation.

The First Time Home Buyers presentation will cover the following aspects and more:
-The Buying Process
-Perks of being a First Time Buyer
-Credit Analysis
-Mortgage Pre-Approval
-Mortgage Rate Hold
-Home Inspections
-Hidden Closing Costs
-Government Exemptions
-Harmonized Sales Tax
-Property Transfer Tax

Please RSVP at your earliest convenience by email or calling any of the below Presenters:

Tim Hill - 604.319.4700
Yuki Urasaki - 604.537.9432
Ambrose Kwong - 778.838.882

Going Green - Spring Tune Up Tip

Did you know that you have an advantage if you get your furnace tuned up in the Spring rather than in the Fall? When a furnace sits idle all Summer long, combustion residue that settles in the heat exchanger absorbs humidity from the basement and becomes nearly impossible to remove in its entirety. Have your furnace tuned up in the Spring, before it goes on hiatus for the Summer months. Any residue will still be dry, not affected by humidity, and easily and effectively vacuumed from the heat exchanger, helping you achieve maximum efficiency for your furnace.

RRSP Home Buyers' Plan

The Home Buyers’ Plan (HBP) is a program for first-time homebuyers that allows you to withdraw funds from your RRSPs to buy or build a home. You can withdraw up to $25,000 tax-free ($50,000 for a couple). Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP. Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You’ll have to repay an amount to your RRSPs each year until your HBP balance is zero. If you don’t repay the amount due for a year, it will have to be included in your income for that year. Click here for more information from Canada Revenue Agency.

Do It Yourself or Call in an Expert?

With Spring on the horizon, many homeowners will be getting their hands dirty with home improvement projects in the hopes of saving money while improving their living space or perhaps to get their homes ready to sell.

Although some projects can be tackled by homeowners, the do-it-yourself (DIY) route isn’t always the most economical – or safest, for that matter.

It’s often difficult to determine if a project entails more than you can realistically handle. Most people tend to gauge the complexity of a project by doing research online, as some DIY websites grade a project’s difficulty. But you should also look at the tools that are required for the job. If you come across complex tools you know little about, it may be best to call in an expert.

If you’re unsure about your ability to correctly finish a project, get an expert opinion before proceeding. Sometimes, you may end up spending more money to repair a bungled DIY job than if you had hired someone to do it right from the onset of the project.

Following are some examples of when you may want to consider turning to a pro:

When safety is an issue. Getting involved with your home’s electrical system can be risky. Not only could you be electrocuted, but doing a job incorrectly could also create a safety hazard within your home’s structure. Another often unsafe DIY project includes extending a gas line. If you don’t know how to check for gas leaks, for instance, this DIY project could lead to an explosion or carbon monoxide poisoning. As well, if you’re considering tackling a project that involves heights, make sure you have the know-how to safely complete the job or call in an expert. Even some power tools can be beyond your capabilities and result in serious injury or death. It’s always important to remember that potential money savings aren’t worth risking safety.

When water is involved. Leaks and water damage can lead to more costly and complicated repairs. If left unfixed, they can lead to mould, which affects air quality and, if found during an inspection, can be a deal breaker on a home sale. Water-related projects don’t have to strictly involve your home’s pipes. Putting in a skylight may seem like a DIY job you can handle. Do it incorrectly, however, and you could end up with a leaky roof, water damage and mould.

If the costs of materials or tools are too high. Sometimes the costs of materials and the expense associated with making a mistake are enough to make hiring an expert a no-brainer. For something like crown moulding, for instance, you need an expensive tool and the material itself is costly. A kitchen cabinet can cost a couple hundred dollars and, if you order incorrectly, there may be a restocking fee and special orders may be non-returnable. Being off on measurements for granite countertops can also prove to be a costly error.

If the project is too big. If you’re planning on replacing all the windows in your home or remodelling your kitchen, think twice about how much of the project you want to take on yourself. Often, you can leave the heavy lifting to the experts, and work on the finishing touches, such as painting or tiling backsplashes. But, while installing hardwood or laminate flooring can be a good DIY project, its complexity will largely be determined by its scale. For instance, installing laminate flooring in a small, square bedroom is often manageable for homeowners to do on their own, but doing a larger-scale flooring project – involving a transition between rooms or perhaps around a kitchen island – is where people often get tripped up.

If you decide to call in an expert, make sure you do your research, get multiple quotes, ask friends and family for referrals and check references. Unfortunately, there are many contractors who claim to know what they’re doing and then get in over their heads, which could end up costing you in the end as well.

Three Top Spring Home Buying Tips

If you’re thinking of buying your first home or upgrading to a new one, the inventory of homes on the market come Spring is definitely plentiful – providing for a great selection of homes to serve your unique needs.

Still, there are also generally more people out looking at homes in the Spring as well. And while some homebuyers feel anxious about securing their dream home as soon as possible, it’s important to take the time to be patient and make sure the home is a good fit for you and your family.

After all, home-buying is likely the largest investment you’ll ever make, and doing your due diligence when determining which house to buy ensures that fewer surprises arise after your moving day.

Following are three top considerations to keep in mind when looking for your new home this Spring:

1. Get preapproved for a mortgage. Not only will this step help you compete against other buyers who have not been preapproved, but it will also ensure you only look at home’s within your price range – saving you the trouble of falling in love with a home you can’t afford. Your mortgage broker or lender will be able to get you preapproved before you start browsing homes.

2. Think about what you need. Jotting down specifics regarding what you “need” in a home – as opposed to what you “want” – will help determine the types of homes you should be viewing. It’s rarely possible, however, to find a perfect home for your needs, tastes and budget. While it’s important to weigh your priorities before you start your home search, it’s equally important to be flexible and willing to change your mind once you see what your true options are – viewing properties can shift your priorities. And remember that if you can only find places that require too many compromises, it’s okay to keep looking – new homes come on the market daily!

3. Look past the staging. Many sellers enlist staging professionals to help sell their homes faster and at a higher price. While this often makes listings more visually appealing to buyers, some major flaws may be covered up through staging. And while minor cosmetic issues can often be overcome with a simple fix such as a coat of paint, larger, more costly issues can arise with a home if you don’t notice poor conditions before you buy. Some things to look for include: leaks around plumbing fixtures and ceilings (thanks to upper floor bathrooms); stains on walls or ceilings; evidence of mould; poor workmanship on flooring, moulding, windows and doors; or aging and worn seals around windows and doors.

As always, if you have any questions or concerns about buying or selling a home, or you’d like some useful tips, information and answers to your questions are just a phone call or email away!

Greater Vancouver housing market trends near long-term averages as spring market approaches

REBGV - March 2nd, 2012

Closer alignment between home buyer and seller activity helped bring greater balance to the Greater Vancouver housing market in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,545 on the MLS® system in February 2012. This represents a 61.4 per cent increase compared to the 1,577 sales recorded in January 2012, a decline of 17.8 per cent compared to the 3,097 sales in February 2011 and a 2.9 per cent increase from the 2,473 home sales in February 2010.

February sales in Greater Vancouver were the third lowest February total in the region since 2002, though only 151 sales below the 10-year average.

“With a sales-to-active-listings ratio of over 18 per cent, we see fairly balanced conditions in our marketplace as we move into the traditionally busier spring season,” Rosario Setticasi, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,552 in February 2012. This represents a 2.5 per cent decline compared to February 2011 when 5,693 properties were listed, and a 3.5 per cent decline compared to January 2012 when 5,756 homes were added to the MLS® in Greater Vancouver.

Last month’s new listing count was the second highest February total in Greater Vancouver since 1996.

At 14,055, the total number of residential property listings on the MLS® increased 12 per cent in February compared to last month and increased 17.9 per cent from this time last year.

“Region-wide we’ve seen relative stability in home prices over the last six months, but it’s important to do your homework and consult your REALTOR® because pricing can vary considerably depending on the neighbourhood and property type,” Setticasi said.

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $670,900, up 6 per cent compared to February 2011 and an increase of 0.9 per cent compared to January 2012. The benchmark price for all residential properties in the Lower Mainland is $601,300, an increase of 5.5 per cent compared to February 2011.

Sales of detached properties on the MLS® in February 2012 reached 1,101, a decline of 21.5 per cent from the 1,402 detached sales recorded in February 2011, and a 12 per cent increase from the 983 units sold in February 2010. The benchmark price for detached properties increased 10.5 per cent from February 2011 to $1,042,900.

Sales of apartment properties reached 1,020 in February 2012, a decline of 15.4 per cent compared to the 1,206 sales in February 2011, and a decrease of 5 per cent compared to the 1,074 sales in February 2010. The benchmark price of an apartment property increased 2.8 per cent from February 2011 to $373,300.

Townhome property sales in February 2012 totalled 424, a decline of 13.3 per cent compared to the 489 sales in February 2011, and a 1.9 per cent increase from the 416 townhome properties sold in February 2010. The benchmark price of a townhome unit increased 0.7 per cent between February 2011 and 2012 to $472,800.

BUDGET 20120 - TAX SAVINGS FOR B.C. FAMILIES

B.C. First-Time New Home Buyers’ Bonus

The new B.C. First-Time New Home Buyers’ Bonus will be a temporary, one-time refundable income tax credit for first-time home buyers who purchase a newly constructed home. The credit will be calculated as five per cent of the purchase price of the home, up to a maximum credit of $10,000.

Please note that this bonus nothing to do with a home buyer's income tax return itself. The home buyer, assuming he or she meets the criteria, applies for the bonus. If they are eligible, the government approves the application and sends a cheque to the applicant for the amount claimed.

The credit will be phased out at a rate of 20 per cent of net income in excess of $150,000 for single individuals and at a rate of 10 per cent of family net income in excess of $150,000 for couples. Only one credit can be claimed per home.

The credit will be available on purchases of newly constructed housing where both the HST applies and where a written agreement of purchase and sale is entered-into on or after February 21, 2012.

For the Finance Minister’s speech and more details on Budget 2012, visit www.bcbudget.ca.

Visit the Province’s website at www.gov.bc.ca for online information and services.

BUDGET 2012 - TAX SAVINGS FOR B.C. FAMILIES

Children’s Fitness Credit and Children’s Arts Credit

The Children’s Fitness Credit is a non-refundable tax credit of 5.06 per cent of eligible expenditures up to $500 for each child, providing a benefit of up to $25 per child.

The Children’s Arts Credit is a non-refundable tax credit of 5.06 per cent of eligible expenditures up to $500 for each child, providing a benefit of up to $25 per child.

For both the Children’s Fitness Credit and the Children’s Arts Credit, eligible expenditures are those that qualify for the federal children’s fitness and arts credits.

For the Finance Minister’s speech and more details on Budget 2012, visit www.bcbudget.ca.

Visit the Province’s website at www.gov.bc.ca for online information and services.

BUDGET 2012 - TAX SAVINGS FOR B.C. FAMILIES

B.C. Seniors’ Home Renovation Tax Credit

The B.C. Seniors’ Home Renovation Tax Credit will be a new refundable personal income tax credit to assist with the cost of permanent home renovations that provide individuals age 65 and over with increased independence, allowing them the flexibility to remain in their own homes longer.

The maximum credit will be $1,000 annually, calculated as 10 per cent of eligible expenditures. The credit will be available to individuals who incur eligible expenditures on or after April 1, 2012. The credit can be claimed by seniors, whether they own their home or rent, and by individuals who share a home with a senior relative.

For the Finance Minister’s speech and more details on Budget 2012, visit www.bcbudget.ca.

Visit the Province’s website at www.gov.bc.ca for online information and services.

BC Home & Garden Show - February 22nd-26th, 2012

Located at the newly renovated BC Place Stadium for five short days, you will find the latest in innovative products and outdoor living idea from over 425 retailers.  Talk with top industry experts. Don’t miss the top gardening experts in The Vancouver Sun Gardeners School and the city’s hottest BBQ gurus on The Outdoor Entertaining Stage.

Dates and Hours:

Wednesday, February 22nd 4pm-9pm

Thursday, February 23rd 12pm-9pm

Friday, February 24th 12pm-9pm

Saturday, February 25th 10am-9pm

Sunday, February 26th 10am-6pm

Ticket Prices:

Adults: $15

Seniors (60+): $12 or $5 before 5pm on Thursday, February 23rd & Friday, February 24th

Children (12 and under): FREE

Want to save $3 on Regular Ticket Prices? Go to: https://www.microspec.com/tix123/eTic.cfm?code=BCHG2012

For more information on this event: http://www.bchomeandgardenshow.com/BCHGS/EventsHome.aspx

Win a $500 SEARS Gift Card: https://www.facebook.com/homeandgardenevents?sk=app_197602066931325

Information about the new HST/PST housing transitional rules

The province will transition back to the Provincial Sales Tax (PST), which will replace the Harmonized Sales Tax (HST), on April 1, 2013. Until then, the province has announced transitional rules for new homes which take effect April 1, 2012.

Note: This information is current to today, February 22, 2012 and has been verified with the Canada Revenue Agency, HST Branch. However, we have been advised that the information could change depending on HST rulings to come. CRA will be issuing a Q & A document soon which should clarify real estate issues.

Enhanced New Housing Rebate:

Effective April 1, 2012, your clients may be eligible for a provincial enhanced New Housing Rebate if they buy, as their primary residence, priced up to $850,000:
• a new home together with land;
• a new home together with leased land;
• a new mobile home or float home;
• a new home bought through shares in a housing cooperative;
or
• a new home constructed or substantially renovated (more than 90%) by the owner builder.

Your clients may also be eligible for a provincial New Housing Rebate if they buy a secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000.

Buyers of new homes will be eligible for a rebate of 71.43% of the provincial portion of the HST paid on the new home up to a maximum rebate of $42,500. Homes priced at more than $850,000 will be eligible for a flat rebate of $42,500.

HST is payable GST/HST generally becomes payable on the earlier of the day on which ownership is transferred to the recipient and the day on which possession of the property is transferred to the recipient. (This is the day the tax is payable).

Presales:

Agreements signed before April 1, 2012, with possession before April 1, 2012 (Current to April 1, 2012)
If your clients buy a presale residential property and they have an agreement dated on or before April 1, 2012 and they take ownership or possession before on or before April 1, 2012, they will pay the 12% HST and be eligible for a rebate of up to $26,250 on homes priced to a maximum of $525,000. Homes priced at
more than $525,000 are eligible for a flat rebate of $26,250.

Agreements signed before April 1, 2012, with possession before April 1, 2013
If your clients buy a presale residential property and they have an agreement dated on or before April 1, 2012 and they take ownership or possession on or before April 1, 2013, they will pay the 12% HST and be eligible for a rebate of up to $42,500 on homes priced to a maximum of $850,000. Homes priced at more than $850,000 are eligible for a flat rebate of $42,500.

Agreements signed before April 1, 2012, with possession after April 1, 2013
If your clients buy a presale residential property and they have an agreement dated before April 1, 2012 and they take ownership or possession before on or after April 1, 2013, they will not pay the 7% provincial portion of the HST. Instead, buyers will be a temporary transitional provincial tax of 2% on the full house price. This 2% reflects an embedded PST builders pay on materials.

Agreements signed on or after April 1, 2012 and before April 1, 2013, with possession before April 1, 2013 (This is the transition period)
If your client buys a presale residential property and they have an agreement dated on or after April 1, 2012 and before April 1, 2013, and they take ownership and possession before April 1, 2013, they will pay the 12% HST and be eligible for a rebate of up to $42,500 on homes priced to a maximum of $850,000. Homes priced at more than $850,000 are eligible for a flat rebate of $42,500.

Agreements signed on or after April 1, 2012, with possession after April 1, 2013
If your client buys a residential property and they have an agreement dated on or after April 1, 2012 but the construction of the home commenced before April 1, 2013, and they take ownership and possession after April 1, 2013, they will not pay the 7% provincial portion of the HST. Instead, buyers will pay a transitional provincial tax of 2% on the full house price until before April 1, 2015. This 2% reflects an embedded PST builders pay on materials.

Agreements signed on or after April 1, 2013, with possession after April 1, 2013
The GST is applicable. The HST will generally cease to apply to sales of real property (including residential real property) if ownership and possession of the property transfer on or after April 1, 2013.

The PST will not apply to sales of real property. However, the PST will apply to certain types of housing which, at the time of purchase are tangible personal property (a mobile home purchased without land) and where possession transfers on or after April 1, 2013. The PST will also apply to construction inputs that are used to improve real property on or after April 1, 2013.

Agreements signed on or before November 18, 2009, or construction began before July 1, 2010,
with possession on or after April 1, 2013 (Doublestraddling, grandparented)
Special transitional rules apply if your client has bought a presale residential property and they have an agreement dated on or before November 18, 2009, or construction began before July 1, 2010 (the HST start date in BC) and for which ownership and possession transfer on or after April 1, 2013 (the HST end date in BC), this is known as a double-straddling home sale. In this situation, your client will pay a 2% transition tax.

Agreements signed after November 18, 2009, or construction began before July 1, 2010, with possession on or after April 1, 2013 (Doublestraddling, non-grandparented)
Special transitional rules apply if your client has bought a presale residential property and they have an agreement dated after November 18, 2009, and construction began before July 1, 2010 (the HST start date in BC) and for which ownership and possession transfer on or after April 1, 2013 (the HST end date in BC). This is known as a double-straddling home sale. In this situation, your client will pay a 2% transition tax. However the 2% tax will not apply where construction has been substantially completed before July 1, 2010 and the PST Transitional New Housing Rebate has not been claimed as of February 17, 2012.

Recreational Property
All the same rules apply to recreational property that apply to other residential property. Your clients may be eligible
for a provincial enhanced New Housing Rebate if they buy a secondary vacation or recreational home outside Metro Vancouver and Capital Regional Districts priced up to $850,000.

Vacant Land:

HST paid on land
For owner-built homes where the HST was paid on the land, the owner may be eligible for a rebate on qualifying construction expenses (including land), up to a maximum of $42,500. There will be no phase-out of this rebate, such that owner-built homes with qualifying construction expenses over $850,000 will qualify for the maximum rebate of $42,500.

No HST paid on land
Where the HST was not paid on the land, the owner will be entitled to a new housing rebate on qualifying construction expenses (which would not include land), up to a maximum rebate amount of $28,475 (for example 67% of $42,500).

Enhanced New Rental Housing Rebate:

There is an enhanced provincial New Rental Housing Rebate. If your clients construct or substantially renovate a residential property to rent to tenants, your clients are eligible for a rebate up to $42,500 on units priced up to $850,000. There is a flat rebate of $42,500 for units priced above $850,000.

The first use of the home must be by a renter of the unit or as a primary residence by the owner for at least one year. Eligible units include:
• a detached, attached, condominium apartment or duplexes, with or without a legal secondary suite;
• a mobile or float home;
• units in a multiple unit building including long-term care residential facilities; or
• the land component of a single-unit or multiple-unit housing, where the land is leased or is a housing cooperative.

If your clients buy a new apartment which is not their principal residence and they don’t rent it, for example, if strata bylaws prohibit rentals, or your clients buy a new apartment to use on weekends, the unit is not eligible for the New Rental Housing Rebate.

But, if you have clients who buy a new rental apartment building so long as they rent all of the units, they will be eligible for a New Rental Housing Rebate for each unit up to a maximum rebate of $42,500 per unit.

If your clients build or substantially renovate rental property, they will be required to self-assess and pay the HST on or after April 2012 and before April 1, 2013.

Important Dates:

• November 18, 2009 – Date the transition rules from PST to HST came into effect.
• July 1, 2010 – Date the HST came into effect in BC.
• April 1, 2012 – Date the HST to PST transitional rules come into effect. The enhanced HST rebate comes into effect.
• April 1, 2013 – HST end date. GST on new homes is back in effect.

For More Information:

• Please visit: www.pstinbc.ca
• Please read: www.pstinbc.ca/media/2012_housing_rules_FEB.pdf
• Please phone the Canada Revenue Agency HST ruling line at: 1.800.959.8287

Sources:

• BC Ministry of Finance, Tax Information Notice. HST Notice #12, February 17, 2012.
• Canada Revenue Agency, HST ruling line at 1.800.959.8287

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

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).

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.

For More Information:

INCOME TAXATION BRANCH

Ministry of Finance

Province of British Columbia

Telephone: (250) 387-3332 or 1 (877) 387-3332

Email: ITBTaxQuestions@gov.bc.ca

Tim Hill - 604.319.4700 - www.RoyalCityRealty.ca - timhill@royallepage.ca - Royal LePage Coronation West

I am writing this blog today with informaon on another new development in New Westminster that is yet to be launched to the public! Below is a little inside information for you on pricing, promotions and launch information.

01 Floor Plan - 1 bedroom - 630 sf - Starting at $261,900 - http://ow.ly/8XAcC

02 Floor Plan - 1 bedroom - 625 sf - Starting at $277,900 - http://ow.ly/8XAdS

03 Floor Plan - 2 bedroom - 847 sf - Starting at $377,900 - http://ow.ly/8XAf4

04 Floor Plan - 2 bedroom - 839 sf - Starting at $393,900 - http://ow.ly/8XAfH

05 Floor Plan - 1 bedroom - 652 sf - Starting at $286,900 - http://ow.ly/8XAgh

06 Floor Plan - 2 bedroom - 880 sf - Starting  at $363,900 - http://ow.ly/8XAh1

TH01 Floor Plan - 2 bedroom - 1070 sf - Priced at $349,900 - http://ow.ly/8Z0y7

TH02 thru TH08 Floor Plans - 3 bedroom - 1181 to 1321 sf - Priced between $404,900-$429,900 - http://ow.ly/8Z0y7

There are two promotions available only to the first 30 purchasers in Northbank.

1) The first 30 homes that are sold in this development will receive a $3000 discount on 1 bedroom homes and a $5000 discount on 2 bedroom homes.

2) The first 30 purchasers will also only be required to put a total of 10% deposit prior to completion whereas the remaining purchasers will be subject to a 20% total deposit.

The deposit structure for this development is $5000 upon purchase, 5% of the purchase price (less initial $5000 deposit) due within 7 calendar days of vendor acceptance, 5% of purchase price due within 10 days of receipt of the Amendment to the Disclosure Statement and 5% of the purchase price due 60 days after the receipt of the Amendment to the Disclosure Statement.

Estimated completion of this development is 18 months or late 2013, but it is possible they will run closer to 24 months putting the completion into early 2014. There is a total of 100 apartment's, 8 town houses and 1 commercial unit in this development totaling 109 strata lot's.

As one of Ballenas VIP Realtors they allowed me to do a private preview today and that is how I received this first hand information. The sales manager has also given me permission to bring clients through this week as they are going to begin selling to their VIP List as soon as the Developer's Disclosure Statement is finalized. This is likely to be in the next few days. The official grand opening to the general public will be at the end of February so if you think this new development may be of interest to you I urge you to get in contact with me as soon as possible. I would be happy to set up a private viewing for you which will allow you to view the display kitchen, floor plans and the scale building schematic up close. By doing this, you will also be given an opportunity to purchase the homes in Northbank before they are released to the general public! Please feel free to contact me if you have any questions or concerns.

Tim Hill - Real Estate Advisor

Royal LePage Coronation West Realty

Direct: 604.319.4700

Email: timhill@royallepage.ca

www.RoyalCityRealty.ca