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I have listed a new property at 160 JUNE AVE in NANAIMO.
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On February 21, BC Minister of Finance Kevin Falcon released the 2012-2013 provincial budget.

With a theme of fiscal discipline, this budget doesn’t offer a lot of new spending. In addition to some hikes in fees for MSP and ICBC, the government plans to raise more than $700 million in the next three years by selling government-owned properties that aren’t needed now or in the foreseeable future. Minister Falcon projects budget surpluses for 2013-2014 ($154 million) and 2014-2015 ($250 million)—government forecasts continue to be conservative, with growth forecasts coming in below the consensus of the independent economic forecast council, of which BCREA Chief Economist Cameron Muir is a member. Jobs, health and education were emphasized throughout the minister’s speech.

Here are the new pieces relevant to the real estate sector:

• Property Transfer Tax


o BC First-Time New Home Buyers’ bonus – Pending approval by the legislature, a temporary (Feb. 21, 2012-Mar. 31, 2013), refundable income tax credit of up to $10,000 will be available to first-time buyers of newly-built homes. 


o Fact sheet: 
www.bcbudget.gov.bc.ca/2012/homebuyers/2012_First_Time_Home_Buyers_Fact_Sheet.pdf

 

o Web page:  www.sbr.gov.bc.ca/individuals/Income_Taxes/Personal_Income_Tax/tax_credits/fthb_bonus.htm 
This is a win for BCREA and member boards, and this measure should be considered with the HST relief measures announced on Feb. 17. While it’s difficult to determine the stimulus effect this bonus will have, and it remains to be seen whether financial institutions will create financing products that take the tax credit into account, this is an indication that the minister has heard organized real estate’s concerns.


o New General Refund Provision Introduced – Bill 21 (introduced on Feb. 21) proposes amending the Property Transfer Tax Act to provide the administrator with authority to refund an amount paid under the Act in circumstances where there was no legal obligation for the tax to be paid (in effect upon Royal Assent).


o Re-registration of Certain Life Estates Exempted – Bill 21 proposes amending the Property Transfer Tax Act to provide an exemption for the re-registration of a life estate following the registration of a mortgage. The exemption only applies if the re-registration of the life estate involves the same owner, the same life estate holder, the same property and the same terms as the initial life estate (in effect upon Royal Assent).

• Home Owner Grant Act


o Low-Income Veteran’s Supplement Introduced – Bill 21 proposes amendments to enact this measure, as announced on Nov. 10, 2011, effective for the 2012 and future tax years. This supplement is for qualifying low-income veterans under the age of 65 who have served in the Canadian Forces as officers or non-commissioned 
members. Tax Information Sheet:www.sbr.gov.bc.ca/documents_library/brochures/Info_Sheet_2012-01.pdf


o Home Owner Grant Extended for Individuals Moving into a Residential Facility – Effective for the 2012 and future tax years, the Act is amended to allow qualifying homeowners who have moved into a residential facility to apply for the Home Owner Grant for one additional year. The grant can only be claimed on the home that they continue to own and that qualified in the previous year. Tax Bulletin (see p. 7) :www.sbr.gov.bc.ca/documents_library/bulletins/hog_001.pdf


• BC Seniors’ Home Renovation Tax Credit – Pending approval by the legislature, effective for the 2012 and future tax years, the credit will be a new refundable personal income tax credit to assist with the cost of permanent home renovations that provide individuals age 65 and over with increased independence, allowing them the flexibility to remain in their own homes longer. The maximum credit will be $1,000 annually calculated as 10 per cent of eligible expenditures. The credit will be available to individuals who incur eligible expenditures on or after April 1, 2012. The credit can be claimed by seniors, whether they own their home or rent, and by individuals who share a home with a senior relative. Web page:
www.sbr.gov.bc.ca/individuals/Income_Taxes/Personal_Income_Tax/tax_credits/seniors_home_reno.htm

• Taxation (Rural Area) Act


o Exemption for Property Held in Trust for a First Nation Clarified – Effective for the 2012 and future tax years, Bill 21 proposes amendments to the Act to clarify that the exemption for property held in trust for a First Nation only applies with respect to property held by the Crown.

• Land Tax Deferment Act


o Fire Insurance Requirement Removed for Homeowners with Sufficient Equity – Homeowners must have a minimum amount of equity in their property to be eligible to defer their property taxes under the province’s property tax deferment program. Currently, homeowners must also have fire insurance on their home to be eligible for the program. Effective for the 2012 and future tax years, the Act is amended to remove the fire insurance requirement and to replace it with a more general requirement. In calculating whether the homeowner has a minimum amount of equity in the property, the calculation will now exclude uninsured improvements to the property.


o Eligibility of Leaseholders to Defer Tax Clarified – The property tax deferment program is intended to apply to property owners who have sufficient equity in their property to secure the deferred taxes. Some leaseholders on Crown or municipal land have qualified to defer taxes in the past. The Act is amended to clarify that beginning in 2012 no new leaseholders will be eligible to defer taxes. Any leaseholders who currently defer taxes will be grandparented and will not be affected by this change.


o About the Property Tax Deferment program: 
www.sbr.gov.bc.ca/individuals/Property_Taxes/Property_Tax_Deferment/about.htm

• The LiveSmart program was mentioned in the minister’s speech as a component of the Climate Action Plan that would continue to move forward, though details are lacking. The program supports homeowners making energy-efficient home renovations. Website:
www.livesmartbc.ca.

Government budget documents are available online here: www.bcbudget.gov.bc.ca/2012.

Norma Miller
Policy Analyst
British Columbia Real Estate Association 
1420 – 701 Georgia Street West | PO Box 10123, Pacific Centre | Vancouver, BC  V7Y 1C6
604.742.2789 | 
nmiller@bcrea.bc.ca

Visit BCREA Online: www.bcrea.bc.ca | www.twitter.com/bcrea 

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I have listed a new property at 20 658 ALDERWOOD DRIVE in LADYSMITH.
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Please visit our Open House at 1188 STUART PLACE in LADYSMITH.
OPEN HOUSE: Sunday, February 26th from 1pm to 3:30pm!
No HST!!!! No strata fees!!! Perfect for young families or first time home buyers. This recently renovated half-duplex features high-end laminate and tiled floors, a new kitchen, newer windows, new carpet on stairs (with a new railing), new rear balcony, newer appliances, new lighting fixtures, and much more. Lots of storage. Fireplace in living room makes for comfy living. Includes window coverings. Fully fenced yard. New roof Jan 2012. Walking distance to schools. A short drive or bike ride to downtown Ladysmith. 10 - 15 minutes to BC Ferries or the airport. 15 - 20 minutes to Nanaimo. 25 minutes to Duncan! On a cul-de-sac. Lots of parking available. Low taxes. Why rent when you can own this property for 30% less? Ownership from $870/month with 5% down! Special financing available! Make an appointment to view today! **NOT in the Ladysmith area? No problem - call us and we can set up a live video tour/showing via Skype or Facetime on your computer, ipad, or smart phone.
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I have listed a new property at 327 MYRTLE CRES in NANAIMO.
NO HST!! Immediate possession available!! One of the best deals in Nanaimo! This double wide 3 bedroom/2 bathroom mobile home is set in a quiet well kept mobile home park. Pets and kids allowed. Features include a large open kitchen with dining area, sizeable living room with vaulted ceilings, generous sized bedrooms, new roof and skylights, and a laundry/utility room. Lots of sun exposure keeps this unit sunny and bright. Lots of parking available (including secure storage area in park for RVs and boats). Private yard with deck makes for wonderful summer afternoons. A short drive to south end shopping or to downtown. Easy access to ferries and airport. Perfect for young family or retirees.
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I have listed a new property at 2744 MARVELLE PLACE in NANAIMO.
Like new 2 bed, 2 bath plus den home in the Diver Lake area. This 1,505 sqft rancher features an open concept living space with a large kitchen with stainless steel appliances and a beautifully glass tiled backsplash. Vaulted ceilings in the living room with custom audio throughout the home makes for great entertaining. Hardwood flooring almost throughout the home and slate tile in the entranceway, bathroom and ensuite. The large master bedroom has a spacious walk in closet and 3 piece ensuite with heated tile for those cold mornings. Outside features stone trim detailing, double garage and a wonderfully landscaped yard with plenty of plants, shrubs and rock work. An underground sprinkler system keeps your lawn green during the warmer months. Hunter Douglas window coverings, security system and a fully fenced yard. This home is a must see.
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I have listed a new property at 733 1600 STROULGER ROAD in NANOOSE BAY.
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I have listed a new property at 735 1600 STROULGER ROAD in NANOOSE BAY.
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Please visit our Open House at 212 CILAIRE DRIVE in NANAIMO.
OPEN HOUSE: Saturday, February 18th from 1:30pm to 3:30pm!
NO HST! This totally renovated home is located in the desirable Cilaire neighbourhood just off of Departure Bay. Updates include: totally new kitchen with brand new cabinets and solid granite counter tops; 3 all-new bathrooms, expanded Master Bedroom; new windows, new light fixtures, new hardwood flooring and carpet; some new exterior siding. Shows like new! Other features include a massive rear deck accessible from the Master Bedroom; a well manicured rear yard with fruit trees; a massive crawl space with easy access for storage; a newer gas furnace; newer roof; RV and boat parking. Newly paved road in front of house (est April 2011) thanks to the City. Walking distance to school, Departure Bay Beach, shopping at Brooks Landing, and bus routes. Perfect home for retirees or young families. This home is move-in ready. Make an appointment today!
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Please visit our Open House at 654 ALDERWOOD DRIVE in LADYSMITH.
OPEN HOUSE: Sunday, February 19th from 12pm to 2pm!
No HST! Shows like new! This affordable rancher is perfectly suited to first-time buyers, young couples, or seniors. Recently renovated with new flooring, new modern paint colours,new light fixtures, and updated high-end stainless steel appliances. Features include a large bright living room/ kitchen/ dining area; a sizeable master bedroom with ensuite; a huge rear deck for soaking up the summer sunshine; a partly covered front porch perfect for bbq's and general lounging; a lengthy car port with storage locker; two additional yard storage sheds (one is a wired 16 x 8 workshop); and lots of extra parking space for boats or RVs. Very private yard. Heated crawlspace. This is a freehold property with no pad fees. Low taxes. Located on a quiet dead-end street in North Ladysmith. Easy access to the airport, BC Ferries, downtown Ladysmith, and all schools. Trolly bus stop nearby. Own for $1200 or less a month with 5% down. Make an appointment to view today!
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Please visit our Open House at 20 1310 SPRUSTON ROAD in NANAIMO.
OPEN HOUSE: Sunday, February 19th from 2:30pm to 4pm!
** NO HST!! ** Family oriented park. Pets OK with approval. This unit is located between South Nanaimo and the airport in a sunny rural location! With low pad fees and positioned across from the community's small park - this double-wide mobile home is affordable living at it's best! Recent improvements include new siding, new windows, new carpet in living room, new lino in kitchen, some updated plumbing and electrical work, and a renovated covered deck. The living room in this unit is huge and could be sectioned off for a den or 4th bedroom. A large private fenced yard backs onto rural pasture land. Lots of parking available. Great price!
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Please visit our Open House at 1188 STUART PLACE in LADYSMITH.
OPEN HOUSE: Saturday, February 18th from 11am to 1pm!
No HST!!!! No strata fees!!! Perfect for young families or first time home buyers. This recently renovated half-duplex features high-end laminate and tiled floors, a new kitchen, newer windows, new carpet on stairs (with a new railing), new rear balcony, newer appliances, new lighting fixtures, and much more. Lots of storage. Fireplace in living room makes for comfy living. Includes window coverings. Fully fenced yard. New roof Jan 2012. Walking distance to schools. A short drive or bike ride to downtown Ladysmith. 10 - 15 minutes to BC Ferries or the airport. 15 - 20 minutes to Nanaimo. 25 minutes to Duncan! On a cul-de-sac. Lots of parking available. Low taxes. Why rent when you can own this property for 30% less? Ownership from $870/month with 5% down! Special financing available! Make an appointment to view today! **NOT in the Ladysmith area? No problem - call us and we can set up a live video tour/showing via Skype or Facetime on your computer, ipad, or smart phone.
Read Full Story
I have listed a new property at 639 KENNEDY STREET in NANAIMO.
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I have listed a new property at 639 KENNEDY STREET in NANAIMO.
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Please visit our Open House at 609 TAYLOR CRES in LADYSMITH.
OPEN HOUSE: Sunday, February 12th from 12pm - 2pm
NO HST! This south Ladysmith rancher is an excellent value for buyers looking for a level entry "no stairs" home. Located on a quiet cul-de-sac, this well cared for home features 1700 sq ft of living space with a bonus 7' crawlspace area that can be used for a workshop or for storage (with a door access from the side of the house). The interior is newly painted and features a large open kitchen/nook/family room with skylights, plenty of track lighting, a gas range, sliding glass pocket doors, and a gas fireplace; an open living room with a feature bay window and a dining area (with hutch bump out); the oversized master bedroom includes a massive walk-in closet and a 3 piece ensuite. Two more sizeable bedrooms, a laundry room, another bathroom, and an inviting front foyer round out this comfy home. Outside is a private back yard with a deck at the rear; in front includes a patio area and a well manicured front lawn with in-ground sprinkler. Lots of RV/boat parking on right side.
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Please visit our Open House at 212 CILAIRE DRIVE in NANAIMO.
OPEN HOUSE: Sunday, February 12th from 1pm - 4pm
NO HST! This totally renovated home is located in the desirable Cilaire neighbourhood just off of Departure Bay. Updates include: totally new kitchen with brand new cabinets and solid granite counter tops; 3 all-new bathrooms, expanded Master Bedroom; new windows, new light fixtures, new hardwood flooring and carpet; some new exterior siding. Shows like new! Other features include a massive rear deck accessible from the Master Bedroom; a well manicured rear yard with fruit trees; a massive crawl space with easy access for storage; a newer gas furnace; newer roof; RV and boat parking. Newly paved road in front of house (est April 2011) thanks to the City. Walking distance to school, Departure Bay Beach, shopping at Brooks Landing, and bus routes. Perfect home for retirees or young families. This home is move-in ready. Make an appointment today!
Read Full Story
Please visit our Open House at 1188 STUART PLACE in LADYSMITH.
OPEN HOUSE: Sunday, February 12th from 2:15pm - 4pm
No HST!!!! No strata fees!!! Perfect for young families or first time home buyers. This recently renovated half-duplex features high-end laminate and tiled floors, a new kitchen, newer windows, new carpet on stairs (with a new railing), new rear balcony, newer appliances, new lighting fixtures, and much more. Lots of storage. Fireplace in living room makes for comfy living. Includes window coverings. Fully fenced yard. New roof Jan 2012. Walking distance to schools. A short drive or bike ride to downtown Ladysmith. 10 - 15 minutes to BC Ferries or the airport. 15 - 20 minutes to Nanaimo. 25 minutes to Duncan! On a cul-de-sac. Lots of parking available. Low taxes. Why rent when you can own this property for 30% less? Ownership from $870/month with 5% down! Special financing available! Make an appointment to view today! **NOT in the Ladysmith area? No problem - call us and we can set up a live video tour/showing via Skype or Facetime on your computer, ipad, or smart phone.
Read Full Story
Please visit our Open House at 212 CILAIRE DRIVE in NANAIMO.
OPEN HOUSE: Sunday, Feb. 4th from 12pm to 4pm
NO HST! This totally renovated home is located in the desirable Cilaire neighbourhood just off of Departure Bay. Updates include: totally new kitchen with brand new cabinets and solid granite counter tops; 3 all-new bathrooms, expanded Master Bedroom; new windows, new light fixtures, new hardwood flooring and carpet; some new exterior siding. Shows like new! Other features include a massive rear deck accessible from the Master Bedroom; a well manicured rear yard with fruit trees; a massive crawl space with easy access for storage; a newer gas furnace; newer roof; RV and boat parking. Newly paved road in front of house (est April 2011) thanks to the City. Walking distance to school, Departure Bay Beach, shopping at Brooks Landing, and bus routes. Perfect home for retirees or young families. This home is move-in ready. Make an appointment today!
Read Full Story
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