Nancy Donen Macdonald Realty Ltd.

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Geat news for first time buyers.


Budget 2017—BCREA News Release

Vancouver, BC – February 22, 2017- the British Columbia Real Estate Association (BCREA) welcomes the latest:

an increase in the Property Transfer Tax exemption threshold for first-time buyers, announced in Budget 2017. The increase, to $500,000 from $475,000, takes effect today.

 
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Inexpensive ways to increase your home's curb appeal:

 

1.  Mow the lawn and ensure your hedges and garden areas are tidy.

 

2.  Clear away cobwebs.

 

3.  Clean up fallen leaves on your front lawn, the bouvlevard and the road in front of your house.

 

4.  Sweep your front entrance and include a few lovely pots of colourful Mum's at the front door or hung from your porch's ceiling to give a warm and inviting appeal.

 

5.  Enusre that all your front light bulb fixtures are working. Consider adding extra landscape lighting as a front yard accent.

 

6.  Consider changing your outdoor light fixtures if needed.  

 

7.  Paint your front door, trim or shutters to give your home a fresh first impression.

 

8.  Upgrade your mailbox, modernizing its features while matching your home's aesthetic.

 

9.  Install new house numbers. They'll look sharp and make it easier for propective buyers to locate your home.

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The Provincial Government recently announced changes to the exemption limits for First Time Home Buyer Exemption.

Prior to the change, the First Time Home Buyer Exemption was capped in the Lower Mainland at $425,000.00 and there was a sliding scale between $425,000.00 and $450,000.00   The new cap effective Feb. 19, 2014 is $475,000.00 and there is a sliding scale between $475,000.00 and $500,000.00.

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What is it...you may ask?

 

Japanese Knotweed is an invasive plant species native to Asia.  It's now growing out of control in parts of the province, including areas of the Lower Mainland, Whistler and Squamish.  Not only can this plant cause considerable damage to homes and surrounding properties, it is also a major threat to our environment and native vegetation.  The Government of BC recently classified Japanese Knotweed as one of the "noxious provincial weeds" that are regulated under the 2011 BC Weed Control Act.   Under this act, an owner has a duty to control noxious weeds growing or located on their land and premises.  It is also considered an offence if an owner knowingly fails to do so.

Once in place, Japanese Knotweed is extremely hard to control and eliminate.  The only way to get rid of it permanently is with herbicide that should be injected into its stem.

Some municipalities, such as the Districts of North Vancouver and West Vancouver have local strategies in place to deal with invasive species such as Japanese knotweed.  

For more information contact:

INVASIVE SPECIES COUNCIL OF METRO VANCOUVER (ISCMV) at 604 880 8358; website: http://www.iscmv.ca/

Sea-to-Sky Corridor Invasive Species Council at 604 935 7665; website: www.ssic.info

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Home Buyer's Plan:

Did you know that qualified 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 RRSPs may be eligible to use the program a second time.

 

First-time Home Buyer's Tax Credit:

This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or housing corporation shares.  The calculation: multiple the lowest personal income tax rate for the year (15% in 2012) x $5,000.  For the 2013 tax year, the maximum credit is $750.

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On Monday, April 1, the Harmonized Sales Tax (HST) will be replaced by the federal Goods and Services Tax (GST) and the BC Provincial Sales Tax (PST).

What this means to you:


As we move back to the GST and PST tax structure, it’s important to remember that:

  • sales tax on a new home will be reduced to 5% GST plus 2% BC Transition Tax (total 7%) from the current 12%; and
  • tax on real estate commissions will be reduced to 5% from the current 12%.

These reduced tax rates apply to all transactions that are payable on or after April 1.

 use the previous version.

 

 
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