Check out this alternative look ath the Harmonized Sales Tax (HST) in BC: http://www.century21.ca/michael.hughes/Blog/A_different_look_at_the_HST_Harmonized_Sales_Tax_in_BC
let me know what you think.
Wednesday, August 26, 2009
Friday, August 7, 2009
New HST Harmonized Sales Tax information regarding Real Estate
Here is a great bit of information regarding the new HST, Enjoy the read!
HARMONIZED SALES TAX
On July 23, 2009, Premier Gordon Campbell and Finance Minister Colin Hansen announced that, effective July 1, 2010, BC will adopt a Harmonized Sales Tax (HST), combining the seven per cent Provincial Sales Tax (PST) with the five per cent federal Goods and Services Tax (GST) for a single sales tax rate of 12 per cent.
An additional seven per cent tax will be charged on a variety of real estate related services, including commissions, appraisals and other services that are currently exempt, as well as adding thousands of dollars in additional costs to new home purchases.
Looking to offset the increase in costs, the Government of BC plans to offer a partial rebate of the provincial portion of the HST for new housing to ensure that new homes up to $400,000 will bear no more tax than under the current PST system, while homes above $400,000 will receive a flat rebate of about $20,000.
What does this mean for REALTORS®?
As proposed, the HST will increase the cost of buying or selling a home and becomes essentially an additional tax on home ownership. Under the HST, REALTOR® commissions will be subject to a 12 per cent tax, replacing the five per cent GST now charged. New home sales over $400,000 will be dramatically impacted, as buyers will now have to pay an additional seven per cent tax (even with the $20,000 flat rebate). This will act as a disincentive to buyers of new homes in the short term.
Next Steps
Although no consultation occurred before the announcement, BCREA is working on recommendations to keep the impact of the HST as neutral as possible with respect to housing attainability. BCREA President John Tillie is preparing an opinion editorial for publication in the Vancouver Sun on Wednesday, July 29.
More information will be available once the BCREA Board of Directors, staff and member boards have had a chance to review and analyze potential strategies.
Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.
Copyright © British Columbia Real Estate Association
1420 – 701 Georgia Street West
PO Box 10123, Pacific Centre
Vancouver, BC V7Y 1C6
Phone: 604.683.7702Fax: 604.683.8601
www.bcrea.bc.ca bcrea@bcrea.bc.ca
HARMONIZED SALES TAX
On July 23, 2009, Premier Gordon Campbell and Finance Minister Colin Hansen announced that, effective July 1, 2010, BC will adopt a Harmonized Sales Tax (HST), combining the seven per cent Provincial Sales Tax (PST) with the five per cent federal Goods and Services Tax (GST) for a single sales tax rate of 12 per cent.
An additional seven per cent tax will be charged on a variety of real estate related services, including commissions, appraisals and other services that are currently exempt, as well as adding thousands of dollars in additional costs to new home purchases.
Looking to offset the increase in costs, the Government of BC plans to offer a partial rebate of the provincial portion of the HST for new housing to ensure that new homes up to $400,000 will bear no more tax than under the current PST system, while homes above $400,000 will receive a flat rebate of about $20,000.
What does this mean for REALTORS®?
As proposed, the HST will increase the cost of buying or selling a home and becomes essentially an additional tax on home ownership. Under the HST, REALTOR® commissions will be subject to a 12 per cent tax, replacing the five per cent GST now charged. New home sales over $400,000 will be dramatically impacted, as buyers will now have to pay an additional seven per cent tax (even with the $20,000 flat rebate). This will act as a disincentive to buyers of new homes in the short term.
Next Steps
Although no consultation occurred before the announcement, BCREA is working on recommendations to keep the impact of the HST as neutral as possible with respect to housing attainability. BCREA President John Tillie is preparing an opinion editorial for publication in the Vancouver Sun on Wednesday, July 29.
More information will be available once the BCREA Board of Directors, staff and member boards have had a chance to review and analyze potential strategies.
Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.
Copyright © British Columbia Real Estate Association
1420 – 701 Georgia Street West
PO Box 10123, Pacific Centre
Vancouver, BC V7Y 1C6
Phone: 604.683.7702Fax: 604.683.8601
www.bcrea.bc.ca bcrea@bcrea.bc.ca
Tuesday, June 30, 2009
Great article about a Lake View Home For Sale
The following article was written about this lake front home for sale at 8160 Okanagan Landing Road. Enjoy!
The Art of Living (Well)
-Johanna Ward
B.C.’s Okanagan Valley is renowned worldwide for its relaxed outdoor lifestyle – visitors and residents alike flock to the region to enjoy warm sunny summers, world-class vineyards and golf courses, sailing and swimming, while the mild winters attract skiers and snowboarders to the powder-filled local mountains. Centrally located a few hours from Vancouver, this friendly, laid-back region is fast becoming a top destination.
This appeal has led to a period of growth and evolution in the real estate market, with new homes and condominiums cropping up across the region. A grass-roots movement to encourage harmony between buildings and their surroundings has taken root, and the result has been a flowering of innovative architecture throughout the valley.
A stunning new residence near Vernon that has recently come onto the market is a shining example of this trend. Already attracting attention from buyers, agents and architects alike, this two-story lifestyle residence nestled into the hillside overlooking Lake Okanagan seems at first glance to be a part of its surroundings.
Built in 2008 and boasting over 2,000 feet of living space, this spectacular three-bedroom family home offers lake and mountain views from every window, and every modern amenity available. Reached by a private driveway, the structure’s modern design welcomes visitors with its warm ochre stucco and green hillside backdrop.
Click here to take a virtual tour
As you enter through the front door, you are embraced by the open-concept layout, blending functionality and beauty in perfect harmony. A modern gourmet kitchen features every amenity, from granite-topped counters and top-of-the-line appliances to a breakfast bar and high-efficiency stainless hood exhaust.
The family chef can chat with guests or family members in the open living and family rooms overarched by a vaulted ceiling and floodlit by double-height, high-efficiency windows. A traditional fireplace divides the kitchen from the central living area, making it a perfect gathering place for cool winter evenings, while the adjacent dining room offers unrestricted views of the nearby lake.
The great room opens onto a large covered terrace, which acts as an extension of the home and overlooks beautiful Lake Okanagan. The terrace flows into a fully landscaped yard, featuring a large barbecue area and is ideal for family dinners or entertaining friends. The yard also features a putting green where golfers can hone their short game, and a large six-person hot tub, the perfect place to sit and watch the sun set while sipping chilled white wine from one of the area’s many vineyards.
The large master suite is located on the ground floor, and features a walk-in closet and luxurious en-suite bathroom with a separate double shower and soaker tub. Upstairs, there are two more large bedrooms, each with their own private deck, and another luxury bath. A family media room completes the second floor, and provides a great place for children and visitors alike to relax undisturbed, watch television, or listen to music on the built-in sound system.
The home’s structural wiring is set up to accommodate high-speed Internet, cable, and a security system, and can readily be transformed into a “smart” house, if desired. High efficiency heating and cooling systems keep energy use to a minimum, and the tankless, on-demand hot water system means the home’s environmental impact is kept to a minimum. The house also features a high-efficiency washer-dryer in the roomy utility room and low-consumption lighting.
An unexpected amenity is the “flex room” found off the covered parking area. Reached by a separate entrance, this large room offers a huge range of potential – gym, home office, or studio. A heated crawl space provides additional storage.
This residence’s private and secluded location belies its proximity to nearby amenities – boating and sailing enthusiasts can be at the Vernon Yacht Club in just a few minutes, the Rise Golf Course is nearby, and hiking, swimming and other recreation is close by at Paddlewheel Park and Kin Beach.
For more information on this unique property, or to arrange a tour, please contact Brell or Michael @ 250-549-2103
-Johanna Ward
B.C.’s Okanagan Valley is renowned worldwide for its relaxed outdoor lifestyle – visitors and residents alike flock to the region to enjoy warm sunny summers, world-class vineyards and golf courses, sailing and swimming, while the mild winters attract skiers and snowboarders to the powder-filled local mountains. Centrally located a few hours from Vancouver, this friendly, laid-back region is fast becoming a top destination.
This appeal has led to a period of growth and evolution in the real estate market, with new homes and condominiums cropping up across the region. A grass-roots movement to encourage harmony between buildings and their surroundings has taken root, and the result has been a flowering of innovative architecture throughout the valley.
A stunning new residence near Vernon that has recently come onto the market is a shining example of this trend. Already attracting attention from buyers, agents and architects alike, this two-story lifestyle residence nestled into the hillside overlooking Lake Okanagan seems at first glance to be a part of its surroundings.
Built in 2008 and boasting over 2,000 feet of living space, this spectacular three-bedroom family home offers lake and mountain views from every window, and every modern amenity available. Reached by a private driveway, the structure’s modern design welcomes visitors with its warm ochre stucco and green hillside backdrop.
Click here to take a virtual tourAs you enter through the front door, you are embraced by the open-concept layout, blending functionality and beauty in perfect harmony. A modern gourmet kitchen features every amenity, from granite-topped counters and top-of-the-line appliances to a breakfast bar and high-efficiency stainless hood exhaust.
The family chef can chat with guests or family members in the open living and family rooms overarched by a vaulted ceiling and floodlit by double-height, high-efficiency windows. A traditional fireplace divides the kitchen from the central living area, making it a perfect gathering place for cool winter evenings, while the adjacent dining room offers unrestricted views of the nearby lake.
The great room opens onto a large covered terrace, which acts as an extension of the home and overlooks beautiful Lake Okanagan. The terrace flows into a fully landscaped yard, featuring a large barbecue area and is ideal for family dinners or entertaining friends. The yard also features a putting green where golfers can hone their short game, and a large six-person hot tub, the perfect place to sit and watch the sun set while sipping chilled white wine from one of the area’s many vineyards.
The large master suite is located on the ground floor, and features a walk-in closet and luxurious en-suite bathroom with a separate double shower and soaker tub. Upstairs, there are two more large bedrooms, each with their own private deck, and another luxury bath. A family media room completes the second floor, and provides a great place for children and visitors alike to relax undisturbed, watch television, or listen to music on the built-in sound system.The home’s structural wiring is set up to accommodate high-speed Internet, cable, and a security system, and can readily be transformed into a “smart” house, if desired. High efficiency heating and cooling systems keep energy use to a minimum, and the tankless, on-demand hot water system means the home’s environmental impact is kept to a minimum. The house also features a high-efficiency washer-dryer in the roomy utility room and low-consumption lighting.
An unexpected amenity is the “flex room” found off the covered parking area. Reached by a separate entrance, this large room offers a huge range of potential – gym, home office, or studio. A heated crawl space provides additional storage.
This residence’s private and secluded location belies its proximity to nearby amenities – boating and sailing enthusiasts can be at the Vernon Yacht Club in just a few minutes, the Rise Golf Course is nearby, and hiking, swimming and other recreation is close by at Paddlewheel Park and Kin Beach.
For more information on this unique property, or to arrange a tour, please contact Brell or Michael @ 250-549-2103
Written by: http://www.johannaward.com/
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