With the HST upon us fairly soon, here is some legal information courtesy of Spagnuolo & Co Real Estate Lawyers.
HARMONIZED SALES TAX
HOW IT APPLIES TO RESIDENTIAL REAL ESTATE
On July 23, 2009, British Columbia announced its plans to implement a Harmonized Sales Tax ("H.S.T.") for B.C. effective July 1, 2010. The H.S.T. is a combination of the 7% Provincial Sales Tax ("P.S.T.") with the 5% federal Goods and Services Tax ("G.S.T.") for a single sales tax rate of 12%.
For consumers, goods and services (with some exceptions) will be subject to the H.S.T. in the same manner as they are currently subject to GST. This applies to real estate as well.
For both used and new homes, there are some extra costs for buyers or sellers but these are for the services required to...
Posted on January 24, 2010 by Don McNeill
Not sure if this a Cuda or Challenger but it seems that it requires some tlc.
This rat rod with Alberta plate cruised by me heading east on the #1.
Back in the garage. A freinds hot rod that threw a rod out the block awaits a fresh engine.
For immediate release: January 5, 2010
YEAR OF THE REAL ESTATE REBOUND FOR
(Surrey, BC) – Results from Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) in
December reflect the real estate story of 2009: recovery.
“In 12 months, we went from the worst January in 20 years to the third best December,” said Paul Penner, President of the Board. “Home buyers took Boxing Day shopping to new levels with some Fraser Valley REALTORS® showing multiple homes per day between Christmas and New Years.”
According to Penner, a significant portion of the 148 per cent increase in activity in December’s sales,
1,260 compared to 508 in December 2008, can be attributed to first-time home buyers confident with the current economic conditions and taking advantage of all-time low interest...
Posted on August 29, 2009 by Don McNeill
Posted in Abbotsford Real Estate
JULY REAL ESTATE SALES REACH RECORD LEVELS IN FRASER VALLEY
August 5, 2009
SURREY, BC – Fraser Valley saw the highest number of real estate transactions ever recorded for the month of July. There were 2,089 sales processed on the Fraser Valley Real Estate Board's Multiple Listings Service® (MLS®), an increase of 62.3 per cent compared to 1,284 sales in July of last year. The previous highest July was in 2005, with 2,051 sales.
"The factors contributing to last month's sales are completely different than they were in 2005," explained Board President Paul Penner. "Low interest rates, home prices that are lower than last year by about 6 per cent, and a surge of first-time home buyers that came back to the market in late spring have created the right conditions for a...