Archive for October, 2007
GST cut to 5%
October 31st, 2007 Categories: Vancouver Real Estate
What do you think about the tax cuts in Harper’s budget last night?
GST has been cut to 5% effective January 1, 2008, which will help housing affordability as the GST is charged on all new homes. The reduction is applicable to homewoners who purchase after October 31, 2007 and take possession after January 1, 2008. As well, if you purchase before October 30,2007 and take possession after January l, 2008, you can apply to the Canada Revenue Agency for a transitional rebate that reflects the reduction to 5%.
In addition, Canada’s economy grew at 0.2% pace in August, faster than the market forecast for a 0.l% gain. In the July-august period, the economy expanded at a 2% annualized pace in the compared to the 3.4% average of the second quarter, setting up for a more moderate 3rd quarter, following 6 months of robust expansion. The employment cost index for the 3rd quarter showed that the index advanced 0.8% in the quarter and 3.3% relative to a year ago. Wages and salaries grew 0.8%
Also in the budget - the government will lower the corporate income tax t0 19.5% next year, l% point more than planned, from just over 22% today and further cuts going forward to 2011. These massive tax cuts and higher energy prices have brought an investment climate to Canada that is of historical proportions.
Effective this year, personal taxes for the lowest income tax bracket will be cut by half a percentage point to 15% and personal exemption rates for all taxpayers will be raised to C$9,600. Because the two personal income tax cuts are retroactive to 2007, the measures will give instant tax relief to many workers as employers adjust to the new rates. The cuts are thought to help protect the world’s 8th largest economy from the effects of a US slowdown and a surging canadian dollar.
The Loonie soared on the above news, exceeding a 47 year high to $1.0610 against the U.S. $
I think the budget will bode well for the Canadian economy, more companies will be moving to Canada and creating jobs. Our economy will grow and this will all be positive for real estate.
What do you think of Harper’s budget? Are the cuts good for you? Will the GST reduction and lower income taxes help you to buy a new home ?
Now all we need is a reduction in the 50% capital gains tax!!
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Halloween
October 27th, 2007 Categories: Real Estate News
Are you partaking in a neighbourhood event for the spookiest weekend of the year and are you dressing up?
I’m going as a pirate this year.
Some people think halloween for adults is like candies for kids!
Thought i’d share some neighbourhood events with you.
Capers is featuring a spook-taculor hunting on october 31st, all day, at Robson and Kits store. Joine the ghosts!
Malone’s on Cornwall is having a cash costume contest on october 27th
Darb’s Pub features Marshmallow Madness on october 27th
Vancouver Maritime Museum haunted ship on october 28th
Kits Community Centre is having a Halloween Howl on october 27th for ages 0-10
Earthsave Halloween Youth Vegan Potluck Party 6.30-10pm, 2150 Maple
Let us know what you think if you attended any of the above events, or share your great finds with us, so we can pass them on.
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Building Better communities: Real Estate Foundation Grants
October 26th, 2007 Categories: Vancouver Real Estate
Are you familiar with the REF?
“The Real Estate Foundation is a philanthropic organization created in 1985 by an amendment to the Real Estate Act. It is continued under the new Real Estate Services Act, which came into force January 1, 2005. Under the Act, the Foundation’s purposes are: “to undertake and carry out real estate public and professional education, real estate law reform, real estate research and other projects intended for the public or professional good in relation to real estate activities.” (Part 7, Division 1)
The Real Estate Foundation enjoys wide latitude to interpret and execute its mandate as broadly set out in the Real Estate Services Act. The Board of Governors has established the Foundation’s mission, as follows:
“to support sustainable real estate and land use practices for the benefit of British Columbians.”
The Real Estate Foundation provides both project funding and endowment grants to non-profit organizations. Endowment grants are available only to organizations with charitable status (federal tax number). Project funding is granted to help an organization attain particular goals in a specified time period.”
In September, the Real Estate Foundation of BC awarded a total of $1,353,400 to fund projects that support everything from special needs housing to sustainable growth initiatives.
British Columbia Institute of T echnology’s School of Construction and the Environment received $500,000 toward a province-wide program called “Endowment for the Adoption of Green Value Strategies in Development.”
Port Alberni’s Kakawis Family Development Centre Society was awarded a grant of $250,000 to assist with construction of a residential addictions treatment centre.
An $181,000 grant was awarded to the John Howard Society of the Central and South Okanagan to help with the creation of Bedford Place, a supportive housing complex for ex-offenders.
The Nicola Watershed Community Round Table was given $75,000 for research and community consultation to assist with water use management planning.
The City of Williams Lake will be helped with a $20,000 grant to support a community plan that endeavours to integrate sustainable planning.
For a full list of the latest grant approvals, and more information about the Foundation, go to www.realestatefoundation.com .
If you visit their website you’ll know more about what the Foundation is about.
REBGV
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Power Smart Month - October
October 25th, 2007 Categories: Real Estate News
Do you partake in Power Smart? Tell us about it.
Do you know you can get discounts on Energy Star Lighting? We did this in our condo and it saves money on our hydro bill.
BC Hydro will pay you $30 to pick up your old fridge or freezer.
You can save money on PowerSmart windows.
For more info, visit http://www.bchydro.com/powersmart
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Reduce Greenhouse Emissions at Home
October 25th, 2007 Categories: Real Estate News
Real estate sales and home ownership contribute to the economic unit social climate across BC. But real estate can also reduce greenhouse gas emissions.
BCREA, REBGV and Canadian Home Builders Association BC have responded to Minister Taylor’s question of how tax incentives could be used to encourage consumers to reduce greenhouse gas emissions by 33% by 2020 while maintaining a strong and competitive tax system, through a unique provincial pre-budget proposal to the Standing Committee on Finance and Government Services.
Built Green is a nationally based sustainability program, driven by the construction industry, that establishes standards for building new homes. The goal is to reduce a home’s overall environmental impact by producing homes that are more energy efficient. A Built Green home saves 2.5 tonnes in greenhouse gas emissions each year and improves interior home air quality. The program sets out criteria for achieving each of three certification levels: Bronze, Silver and Gold. CHBABC joined the program in 2005 forming built Green BC.
On average, a certified Gold home costs between 4-6% more than a convential house. CHBABC confirms that 400 Built Green homes were constructed last year and another 300 will be built this year. BCREA supports the idea of a pilot program to encourage the purchase of Built Green homes through a provincial tax incentive.
BCREA, REBGV and CHBABC are examining how buyers of Built Green homes could be exempted from paying the full Property Transfer Tax. Although the real estate profession looks forward to the PTT being eliminated or significantly reduced for all homebuyers, this pilot program would provide an opportunity for government and the real estate and construction sectors to evaluate the impact of tax incentives on consumer choice, affordability and environmental stewardship. Tax incentives for current homeowners who renovate their homes and achieve Built Green ratings could also be considered.
The program will be good for our economy, our environment and our neighbourhoods.
For more information visit www.realtorlink.ca, www.chbabc.org and www.env.gov.bc.ca/air/climate
Do you live in a Built Green home? If so, would you share your experience with us? Do you have a Green idea for your neighbourhood?
REBGV
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Available on October 20th
October 10th, 2007 Categories: Kitsilano, Vancouver Real Estate
Three rare newly-developed properties in Kitsilano’s beautiful Point Grey will become available October 20th. Fitting in with their historically resonant design, these suites are in an exclusive Vancouver location. Described as “semi-waterfront townhomes on West 1st. Only a picturesque Park between you and the Sea and nothing between you and the View.”
The first suite, at 3202 W 1st, a 3 bedroom plus den at 1414 square feet, is listed at $1,468,000.
The second, at 3206 W. 1st, is a 2 bedroom plus den at 1434 square feet, also listed at $1,468,000.
The third, at 3208 W 1st, is a 1 bedroom 423 square foot suite, at $498,000.
As you can see from the photo, the project is still under construction, but should be ready for the Oct. 20th completion date. 
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Kitsilano’s North of 4th Avenue Lifestyle
October 8th, 2007 Categories: Kitsilano, Vancouver Real Estate
I just sold a 2 bedroom condo in the Sandpebble, which is one of Kits special buildings! Only 6 units! Beautifully updated, freshly painted, with new carpets. 2 bedrooms/2 bathrooms, gourmet kitchen with eating area, gas fireplace, large balcony. Plus the home has a 10 year warranty.
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Almost Kitsilano
October 8th, 2007 Categories: Kitsilano, Vancouver Real Estate
I just sold this Fairview condo at 701 - 2201 Pine Street with ever-changing views of the Burrard inlet and the mountains beyond. This tastefully renovated 2 bedroom, 2 baths plus den is loaded with modern features: Cozy hardwood floor thru-out, open-plan.
Above: Living room, building exterior. Below: View from suite.
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Kitsilano’s The Vine
October 8th, 2007 Categories: Kitsilano, Vancouver Real Estate
Assignment of Contracts
Due for possession December 1st, in Kitsilano’s newest building: The Vine at 2228 W. Broadway
Don’t miss this rare opportunity at The Vine in Kits! Just steps to Kits Beach, community centre/rink, transit. Complex includes London Drugs, IGA Marketplace. Enjoy the relaxing Kitsilano lifestyle. Quality concrete construction & exquisite details, stylish finishings including granite countertops, quality appliances. Easy access to downtown, skytrain and new RAV line.
List Prices start at $398,000 for a corner studio facing Connaught Park, and 1 bedroom and flex room for $420,000, with other open floor plans listed at $425,000, and $449,000.
Also available at The Vine in Kits, 2 bedroom, 2 bath, with great floor plan, and large outdoor space, 1 of the best units in the building, all the upgrades, stainless steel appliances, hardwood floors, 8′5 ceiling, granite counters. List price $569,000.
And another smart 2 bedroom, 2 bath + flex space floor plan featuring the 8′5 ceilings & stylish finishings throughout at $579,000.
Or at the same list price of $579,000, one of the few units with beautiful private fenced outdoor patio. 2 bedrooms + 2 full baths, 1 flex room (storage), and 1 enclosed balcony. The outdoor patio is also connected to the rooftop garden. Very unique.
Call Maggie when you’re ready to buy or sell your Kits condo.
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Coal Harbour Statistics for September 2007
October 8th, 2007 Categories: Coal Harbour, Vancouver Real Estate
Listings
In September we saw 118 listings in Coal Harbour (vs. 129 in August). The least expensive of the l bedrooms is 1331 W. Georgia at $340,000 for 530 square feet.
The least expensive 2 bedroom is also at 1331 W Georgia, at 948 square feet, listed at $519,000.
Sales
September saw 14 sales (vs. 24 in August) Lowest sold was for $365,000 for 509 sq.ft. The highest sold was at $2,450,000 for 1916 sq.ft.
September’s Average Days on Market: 33
In Coal Harbour last month, 0 sales were under $300,000; 3 were under $500,000; 7 in the $500,000 to $1,000,000 range; 2 were from $1-2,000,000, and 2 were from $2-3,000,000, none over $3,000,000.
Of these, 2 sold at list price and 2 sold over list price.
And for the sake of comparison, July 2007 saw 28 sales and August 2007 had 24 sales.
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