Monthly Archives: March 2011

HST Rebate Calculator | Vancouver Real Estate

Looking for GST Rebate Calculator for Real Estate in BC?

Misconceptions and the Need for an HST Calculator for New Homes and Presales in Vancouver!

When the Harmonized Sales Tax (HST) replaced British Columbia’s Provincial Sales Tax (PST) and the Federal Goods and Services Tax (GST) July 1st, 2010 there was a LOT of confusion among those interested in Vancouver Real Estate to say the least!

One of the greatest misconceptions about the HST was that the Harmonized Sales Tax was payable on all real estate transactions in BC.

Fortunately, HST is only payable on new properties in British Columbia.

I speak to a lot of people about Presales in Vancouver and a constant question I hear is “Do I have to pay the full 12% on any new property or presale in Vancouver?” to which I answer “No, there is an HST Rebate in BC.” The next question is a toughie and is always “How much is the HST Rebate on new property in BC?” which until recently I would answer with “I don’t know exactly, best to ask your accountant…” Not anymore!

I found this great Net Harmonized Sales Tax (HST) and Net Property Transfer Tax Calculator that actually calculates the NET taxes payable on a new home purchase here in BC.

This tool calculates the HST rebate as well as the First Time Home Buyers Exemption for BC Property Transfer Tax. Remember, I am not an accountant and I am NOT giving tax advice. Confirm all tax details and calculations with your accountant.

How Much HST will be payable on New Properties in Vancouver?  Continue Reading…

3333 Main Vancouver Presale Condo PRICING & Floor Plans!

3333 Main Presale in Mount Pleasant Mike Stewart from Mike Stewart on Vimeo

3333 Main Street in Mount Pleasant a Vancouver Presale Condo!

*** PLEASE NOTE *** 3333 Main Street is NOW COMPLETE!

Check Out all the Active Real Estate Listings at 3333 Main Street Here!

3333 Main is residential condominium, formerly a presale condo located on Main Street between East 17th Avenue and East 18th Avenue in the Mount Pleasant neighbourhood of Vancouver, BC, Canada formerly a Ford dealership. This 5 level concrete and wood frame construction condo development by Bastion has 98 residential units with 7 Townhomes facing the lane. The underground parking garage and the first level is concrete with commercial units facing Main Street. Above the first floor is wood frame construction with poured concrete floors for privacy.

How much are the Condos and the Presale Deposits at 3333 Main?   Continue Reading…

1st Time Home Buyer Tips Vancouver 8 | Contract of Purchase and Sale| Price!

Contract of Purchase & Sale Explanation for First Time Vancouver Home Buyers

Episode 7 of the First Time Home Buyers Guide was an overview of the Contract of Purchase and Sale. Now we’ll start going through the offer in detail starting with price!

Section 1 – Price!

Many first time home buyers think a real estate offer to buy property in Vancouver is a simple document that only is about price.

The widely held perception is that an offer has how much the Buyer is willing to pay and if the Seller accepts the Buyers price its a done deal. Not quite, as I will explain.

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How Much?  Continue Reading…

Vancouver Real Estate Affordability & March 18 2011 Mortgage Rule Changes

March 18 2011 Department of Finance Mortgage Rule Changes and Real Estate Affordability in Vancouver

We’ve been discussing mortgages a lot lately because they have such a huge impact on Vancouver Real Estate Market.

In previous posts we explained the March 18, 2011 Mortgage changes Canada’s Department of Finance enacted.

Today we’re going to talk about how these changes to Canada’s mortgage rules will affect the affordability of residential real estate here in Vancouver.

Jessi Johnson a Vancouver Mortgage Broker did some calculations to give a better idea of the impact from these changes.

Rising Rates & Shortened Amortizations Affect Vancouver Housing Affordability?

  Continue Reading…

Kits 360 Vancouver | Kitsilano Presale Condo Tentative PRICING!

Kits 360 Vancouver a Kitsilano Presale by Mike Stewart Realtor from Mike Stewart on Vimeo.

Kits 360 Vancouver A New Presale in Kitsilano!

Kits 360 is a new Vancouver Presale Condo located at 1777 West 7th Avenue at Burrard Street in Kitsilano. Rennie Marketing will be the project marketer for this condo development which will be located on land  formerly occupied by Burrard Acura. 5th Avenue Cinemas are 2 blocks away and there are lots of great restaurants and shops within walking distance on West 4th Avenue, Broadway, and Burrard.

When will Kits360 be Completed?

Kits 360 will have 254 condos with construction scheduled to begin May 2011 and a tentative completion of this residential condo building for the Fall of 2013.

Will Kits 360 Have Beautiful Vancouver Views?

Yes! Kits360 will be the tallest building in the area and should have great views. From upper floor condos there should be English Bay Water and North Shore Mountain views to the West and Downtown Vancouver City Views and North Shore Mountain Views to the North.

Pricing for Kits 360?  Continue Reading…

March 18 Mortgage Changes & Vancouver Real Estate 2 of 3 Maximum Refinancing Reduced to 85% Loan To Value

March 18, 2011 Department of Finance Mortgage Changes Part 2 of 3 – Reduced Refinancing Maximum Loan to Value

In January 2011, Canada’s Department of Finance announced a series of changes to the lending rules for Mortgages that will come into effect in on March 18, 2011 and April 13, 2011.

In part 1 of 3, Jessi Johnson and I discussed how the new rules shortened the maximum amortization from 35 years to 30 years for high ratio mortgages. In part 2 of this series Jessi Johnson will explain the changes to the refinancing rules.

Call in Jessi Johnson, Mortgage Specialist!

Like I always do, when I don’t know the answer, I call in the expert and this case, Jessi Johnson a Vancouver Mortgage Broker has been kind enough to meet with me and explain the new rules.

What does Loan to Value (LTV) mean?  Continue Reading…