The Rebate

At this point those of us who have been paying attention to the new HST regulations would know that it is only new homes to which the HST will apply. I repeat, resale homes are NOT subject to the HST. However, there is a rebate of up to $26,250 available for new home purchases. See below for the eligible purchases:

• New homes with land
• New homes with leased land
• New mobile homes or float homes
• New home purchased through shares in housing co-op
• Homes newly constructed, or substantially renovated (90% or more) by owner/builder.

For these purchases, a rebate of 71.43%, or 7% of the 12%, of HST paid on the purchase is available up to a maximum amount of $26,250. NOTE: THESE ONLY APPLY TO PRIMARY RESIDENCES. If this is a vacation property or second home the eligibility does not apply.

Presales

The two key dates for presales are 11/18/2009 and 7/1/2010.

• If your agreement was signed before 11/18, and if you take possession either before or after 7/1, you will not be required to pay the HST. You also won’t be eligible for the HST rebate. You may, however, be eligible for the GST rebate offered.
• If your agreement was signed after 11/18, and if you take possession after 7/1, you are required to pay the HST. You may also be eligible for the HST rebate.

Leased Land

• If you have purchased your primary home or duplex together with leased land from a builder, you may be eligible for a rebate of up to $26,250.

Vacant Land

• If you have purchased from an individual that is not a builder, who has never used it for business purposes, you are exempt from the HST.
• If you have purchased a lot that has been subdivided into 3 or more lots, you are subject to the 5% GST if your possession date is before July 1st, even if the title transfers on or after July 1st. If you take possession on or after July 1st, you are subject to the HST.

Building?

This is where things get really complicated…

• If the majority of your construction (that is, again, 90% or more) on or after July 1st, you will be subject to the HST.
• If you newly construct or substantially renovate a residential property to rent it out, you may be eligible for the rebate of 71.43% of the provincial portion of the HST to a maximum of $26,250 per unit priced up to $525,000. If the unit is worth more than $525,000, there will be a flat rebate of $26,250.
  (To qualify for this rebate, the first use of the housing would be occupancy/use by renter or by builder as primary residence for a minimum of 1 year)

–> Eligible units:

1. Detached, attached or condo with or without legal secondary suite
2. Mobile or float home
3. Units in a multi-unit building (this includes long-term care residential facilities)
4. Land component of a single-unit or multi-unit building where the land is leased or is a co-op.

New Rental Apartment Buildings

• If you’ve bought a new rental building and have rented out all of the units, you would be eligible for a rebate of up to $26,250 per unit.
• If you’ve renovated or built a rental property, you must self-assess the value and pay the GST before July 1st, and HST on or after July 1st.

Rental of Land

Rebates are also available for landlords who make an exempt rental of land for residential use (ex. rent out a residential lot, or site in a mobile home park).

• You must self-assess the land and pay HST under the self-supply or change-in-use rules. Rebate is 71.43% of the provincial component of the HST paid up to a maximum of $8,663 (33% x 26,250) for each lot/site.

Residential Landlords

As a general rule of thumb, if you pay GST now, the HST will apply.

• Maintenance costs, including electricity, TV and other services provided to tenants.
• You will not be able to claim input tax credits
• You will not be allowed to recover the HST from tenants; owning residential rentals is an exempt activity and landlords cannot register for GST/HST.

Parking Spaces

• If you rent one…yep, HST applies.

How the HST will affect the buying/renovating process

• Applies to home renovations
• Appliances, insulation, windows and doors
• Residential utility costs, such as hydro, cable, telephone, electricity…but EXCLUDING natural gas.
• Closing costs including appraisals and inspections
• Moving costs
• REALTOR fees or commissions

Questions? Get in touch. amy@vancouverpowersearch.com

Icon 2 is definitely one of my favorite buildings in Yaletown so far. Unlike it’s sister building Icon 1, Icon 2 is a low-rise building with only 11 stories. This building is perfect for just about anyone who has a healthy social appetite and loves the outdoors; it’s located right on the Yaletown seawall in front of the northern shores of False Creek, next to the George Wainborn park and very close to David Lam park as well. It’s also only blocks away from Yaletown’s social district; which means, although most units come with parking, you won’t be in need of a car very often, which means you’re officially eco-friendly!

Click here to view the embedded video.

Icon 2 Low-down

Location: 633 Kinghorne Mews, Vancouver (Yaletown)
Year built: 2006
Architect: Peter Busby
Stories: 11
Units: 52

Features & Amenities

• “Club Oasis”
• 80 foot indoor pool
• Whirlpool
• Fully equipped fitness facility
• Shower facilities & steam room
• Lobby & lounge
• 24 hour concierge service
• Massage & spa room
• Hollywood style theatre
• Meeting room
• Billiards room
• Landscaped courtyard garden
• Multi-purpose room with kitchen

The Icon 2 amenities are shared with the Icon 1 building and also the Silver Sea building across Kinghorne.

For more information on units currently available in Icon 2, get in touch! Amy: 778 855 0841 or amy@vancouverpowersearch.com.

We’ve been working to prepare for this event for the past 7 years…and despite the controversial glitches in the beginning of the event Canada managed to pull it together and emerged victorious at the final US vs Canada hockey game for the goal medal. We ended up winning 14 gold medals, the most gold medals ever won by the Olympic host country.

Several events were held in the Downtown core of Vancouver, including live concerts, light shows, ziplining down Robson Street (which supposedly had a 7 hour wait), and parties virtually everywhere; Granville Street, Vancouver’s main nightlife strip, was just packed during the night hours. Several pavilions were open showcasing the different provinces in Canada and the different countries participating in the games.

I myself visited Downtown a few times during the games, but the most memorable visit had to be after the Closing Ceremonies…walking down Granville was an experience for sure, and it made me so proud to live in this country with such patriotic residents. People dressed in red and white were walking down the streets high-fiving random people in opposing traffic, screaming and cheering and having a blast…all without getting into trouble! There was security probably every few feet but not a single fight could be spotted. At least by us.

It’s not often which we get to experience such a magnificent event in your own city! Hopefully you’ll enjoy the video, which shows a little bit of the Downtown mayhem, both day and night.

Click here to view the embedded video.

Click here to view the embedded video.

It’s because of this misconception that some listing agents write things such as “priced under assessed value” etc in their marketing remarks, and in turn, partially because of those marketing remarks properties priced under assessed value have been deemed good deals. This is not necessarily true.

ASSESSED VALUE is a valuation placed on property by a public tax assessor (in BC it’s a provincial crown corporation called BC Assessment) for purposes of taxation. Tax authorities, for example the City of Vancouver, then apply their own tax rates to the assessments provided.

FAIR MARKET VALUE is the price that a knowledgable, willing and unpressured buyer is willing to pay to an owner who is willing and is under no obligation to sell their property. Prior to listing a property, the listing agent typically will pull up comparable properties that sold in the last 3-6 months, depending on what they find. They then guide the seller as to how to price their property. The agreed upon price between a buyer and seller effectively becomes the fair market value of that property. This is also why you should take a look at comparable sold listings prior to making an offer; it’s a great way to determine whether the subject property is priced accurately.

Have any questions? Feel free to reach me or my partner Laura at any time.

Amy Kizaki
Team Leader
Vancouver PowerSearch

778 855 0841 direct
604 209 3674 Laura direct
amy@vancouverpowersearch.com
laura@vancouverpowersearch.com

Coal Harbour is located on the southern shores of the Burrard Inlet and is home to one of Vancouver’s more prestigious marinas, Coal Harbour marina (which is also one of the two marinas that will accommodate larger boats with 330′ slips.

The boundaries of Coal Harbour are Georgia Street, Denman Street, Burrard Street, and the waterfront.  Here you will find condominium units in newer highrise buildings, many with fantastic views of the Burrard Inlet, North Shore Mountains, Stanley Park and the marina. Studios start right on the $300,000 mark, one bedrooms in the mid $300,000′s and two bedroom units start in the higher $500,000 range.

The seawall starts in Coal Harbour and trails along the edges of Stanley Park back to the West End community. The Downtown waterfront is home to the new green-built, state of the art convention centre, a close to $900 million dollar project which will be the meeting grounds for the 2010 Olympic staff. Trendy furniture boutiques, yacht sale broekrages and seafood-type restaurants also line the seawall.

Click here to view the embedded video.

Want to know more about Coal Harbour real estate or would like to see some listings? Call or email us. Amy or Laura at 778 855 0841 or 604 209 3674!

amy@vancouverpowersearch.com
laura@vancouverpowersearch.com

Here’s the low-down on the Home Renovation Tax Credit.

What is it? : It’s a federal non-refundable tax credit based on eligible expenses for improvements to your house, condo or cottage exceeding $1,000 but not more than $10,000.

Click here to view the embedded video.

Maximum credit: $1,350.
Valid period: Purchases made before February 1, 2010.

Eligible expenses must be of an enduring nature and integral to your property (no, new TVs or lawn mowers don’t count, sorry).

Be sure to get your contracts in writing, and keep your receipts. Claim the credit on your 2009 income tax return at the time of filing.

Examples of Eligible Expenses:

• Kitchen, bathroom, basement renovations
• New windows, doors, flooring
• Major remodels such as building an addition, garage, deck, shed or fence
• A new furnace, woodstove, fireplace, water softener, water heater
• A new driveway or resurfacing a driveway, re-shingling a roof, or painting of a house
• Landscaping- new sod, perennial shrubs and flowers, trees, etc
• Swimming pools (must be permanent, in and above ground)
• Fixtures- blinds, shades, shutters, awnings, lights, fans, etc
• Associated costs such as permits, professional services, equipment rentals, and incidental expenses

Examples of Non-eligible Expenses

• Furniture, appliances, tools, and audio and visual electronics
• Routine repairs, maintenance and cleaning (eg. furnace cleaning, snow removal, lawn care, pool cleaning, house cleaning)
• Financing costs

For more information on the tax credit, call 1-877-959-1CRA or visit www.actionplan.gc.ca.

Hope that you’ve all had a fantastic holiday season and a great New Years! 2010 is going to be an exciting year for Vancouver and we wish you all the best as well!

Just blocks away from the neighborhood is one of the city’s most populous beaches, English Bay. The close-by commercial corridors, Robson, Denman and Davie are also a 5 minute walk from the residential area and thus makes it a great home for those who like a more quiet lifestyle without the hustle and bustle of Downtown Vancouver.

Condos here can be found starting in the higher $200,000′s and lower $300,000′s. Buildings here tend to be older as most of the highrises are developed closer to Coal Harbour, Yaletown and Downtown, and thus provide more space compared to the new construction units with some of them being in the 300 sqft’s.

Several locally owned eateries call the West End home, including several Sushi places, Greek places and Gelato shops. The area is quite ecclectic as well and funky boutiques are seen one after another. My recommendations for eats? Try Stepho’s Greek Taverna on Davie Street (expect a lineup, my trick is to order take-out to avoid them), Tanpopo’s on Denman for all you can eat sushi, or Samurai’s on Davie, a little hole-in-the-wall type place with AMAZING food!

Click here to view the embedded video.

For more information on West End real estate and Vancouver real estate, contact me directly at 778.855.0841 or email me at amy@vancouverpowersearch.com!

The subject condo is a approx. 560 sqft, one bedroom condo unit located in the TV Towers2 building on Vancouver’s main shopping drag, Robson Street. The unit had been sitting on the market for over a month, which for a unit in that location, in that price range, should’ve been snapped up within a couple of weeks at most. According to the listing agent of the listing they’ve had many buyers come through and all say the same thing: “Where does everything go?”

The layout of the unit is somewhat disfunctional, it’s open but has many angles. The kitchen is an open one with not much counterspace; the “flex space”, or storage room looks like it should be a utility closet, and the bedroom looks so small vacant that it’s almost impossible to envision a bed fitting in there.

Click here to view the embedded video.

The transformation was amazing; the small little space suddenly made sense, and the unit felt much homier, cozy and urban. At the open house that was held that weekend (the work was done on Friday) the listing agent found her audience saying the exact opposite of what they had been saying before; many commented on “how big” the unit was! Take a look at some before and after pictures below.

And the burning question…did the condo sell? Well, we haven’t gotten an update from the listing agent to date, but last we heard (which was right after the open house) they were working on getting an offer accepted!

Need to sell? Call Laura at 604.209.3674 or laura@vancouverpowersearch.com. And if you’re looking for a decorator, call Hanan at 604.209.5423 or visit www.aurainteriors.ca.

Photographer: Morgan Beall at Morgan_Beall@Vancity.com

Before Staging

Bathroom

Living Areas

Bedroom

Flex Space

Kitchen

Living Area

Bathroom

Flex Space

Bathroom Deco

Living Room

Kitchen

After Staging

The North Vancouver Tour with Christina and Amy Part I takes you on a journey starting at the oldest neighbourhood, the Lonsdale Quay in Lower Lonsdale, then heading north west over to Edgemont Village. From here the tour continues up to the Capilano Suspension Bridge and then even higher up the hill to the landing at Grouse Mountain.

Click here to view the embedded video.

The Lonsdale Quay is home to over 90 speciality shops and services, some which include fresh locally grown produce, popular fish market, international cuisine, soup shop, homemade Italian goods, fresh cut flowers, aromatherapy shop, locally owned and operated boutiques, a kids play area and even a hotel and spa.

There are a number of new developments currently underway or recently completed in the Lower Lonsdale area of North Vancouver just walking distance to the Quay. Although already established, this area is very up and coming with a mix of young professionals, empty nesters, couples and singles alike. The new developments on the waterfront are very modern comprised mostly of glass and steel mirroring buildings of downtown Vancouver. It proves to be a door step for those commuting to Downtown Vancouver and only takes a 15 minute relaxing seabus ride across the water to get you there. The view of the ocean and mountains is absolutely breathtaking and this is quickly becoming one of the most popular areas to live in North Vancouver.

Edgemont Village is a community hub in North Vancouverwhere a large number of young families live. The village is only a few blocks long but has a number of quaint owner owned and operated stores, boutiques, hair dresser and barber, galleria, home decorative stores, fresh fish and chocolate shop. The feel here is relaxed and artsy, great for those who are looking for a neighbourhood atmosphere and small town charm.

Next was off to Capilano Suspension Bridge, one of Vancouver’s first tourist attractions. Take a look at the view and watch Christina and Amy cross the 137 meter bridge! Take advantage of the great rates for residents or come and visit on your next trip to Vancouver.

Grouse Mountain is a major draw for residents and tourists. There are so many activities and sights to see for people of all ages. During the summer months you can take a ride up the gondola to check out the gray wolves and brown bears at the wildlife refuge,  grab a bite to eat overlooking the entire city, go hiking on the Grouse Grind, go ziplining for those adventurous people, mountain paragliding, or take a mountain helijet. In the winter take advantage of snowshoeing, ice skating, sleigh rides, sno-limo, or enjoy scenic and educational performances at Theatre in the Sky. Many residents in the area go hiking in the nearby trails, Vancouver is home to some of the most active and environmentally friendly people in Canada. Grouse Mountain recently raised the Quiet Revolution on top of the mountain which gives independant,  wholly sustainable energy helping to produce 20-25% for the mountain.

If you require any further information about these different sub regions in North Vancouver, Contact Us.

Remember, this is part one of the North Vancouver video blogs that will be published online. Check back to see the North Vancouver Tour Part II which will include Lynn Valley and Deep Cove.

Click here to view the embedded video.

Granville Island was originally a heavy industrial site before it’s transformation in the late 1970’s. It is now one of the most successful redevelopment sites in North America with over 10 million visitors annually.

Granville Island is a huge supporter of local Vancouver businesses. At the main attraction, the Public Market, you will find local organic produce, one of a kind art pieces and fresh baked goods, just to name a few.  As well, Granville Island is the heart of Vancouver’s art community as it is home to theatre, galleries and fine arts education.

Most of the real estate on and surrounding Granville Island is owned by the city, which makes the title to land leasehold. What this means is that the government owns the land and that you are leasing the land from the city and would own the improvements to the land. With this type of ownership in Real Estate there is usually a monthly lease fee associated with the property. As a result, property prices are significantly lower than a property that has a Freehold title. Please feel free to contact me if you would like to discuss Real Estate leaseholds in further detail.

Laura Howren @ Blu Realty
604.209.3674
laura@vancouverpowersearch.com

Whether you are a local or a tourist, Granville Island is a must see. Enjoy the Granville Island video tour!