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If you have clients who will be buying a new home in the next few months or over the next two years, then you need to know about the 2% BC Transition Tax.


The 2% BC Transition Tax applies to the full price of a new home, which is 10% of more complete, where ownership or possession is on or after April 1, 2013, but before April 1, 2015. The 5% GST also applies to the full price of a new home, where ownership or possession is on or after April 1, 2013.
It is a new tax that comes into effect on April 1, 2013. It will apply to the sale of new residential homes that are 10% or more complete as of April 1, 2013. The 2% BC Transition Tax will end on March 31, 2015.

 

With the end of the HST and the return to the PST/GST system, the BC government chose to introduce the 2% BC Transition Tax as a way, in their words, “to ensure the equitable application of tax for purchasers of new residential homes currently under the HST system” and after April 1, 2013 when the province returns to GST on new residential homes. The government also wishes to replace some of the revenue lost through the return to the PST.

 

BC’s portion of the HST will no longer apply to newly built homes where construction begins on or after April 1, 2013. Builders will once again pay 7% PST on their building materials (construction inputs). The provincial government asserts that on average, about 2% of the home’s final price is embedded PST that builders pay on their building materials.

 

The Transition Tax rebate for builders (sellers) recognizes that the builder will not be able to claim input tax credits on the PST paid on building materials acquired after March 31, 2013. The rebate is available where both of the following conditions are met:

  • The 2% BC Transition Tax applies to the sale of new housing; and

  • Construction or substantial renovation is at least 10%, but not more than 90%, complete before April 1, 2013.

The Transition Tax rebate for sellers of new housing will be calculated on the degree of completion of the housing as of April 1, 2013:

 

 

The 2% BC Transition Tax does NOT apply to:

  • the sale of vacant land, whether the GST would apply or not;

  • the sale of new commercial units; or

  • REALTOR® commissions.

     

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Please visit our Open House at 1419 11TH AVE W in Vancouver.
Open House on Saturday, March 2, 2013 2:00 pm - 4:00 pm
LARGEST UNIT IN THE COMPLEX!! Welcome to W11th built by Quigg. This 2 bedroom, 3 bathroom, and den home is spread over 1900 ft2 and comes with high end appliances, brand new flooring and fresh paint ready to move in. High ceilings, private courtyard and roof top deck. Ideal location with restaurants, shopping, and Granville Island steps away. Open House Feb 23 1-4pm Feb 24 2-4pm
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When you think of creative architecture you may not always imagine buildings that are 40 stories tall or larger. The North side of the Granville Bridge is finally being developed and the new construction project has some inspirational design concepts. Once complete it will be the fourth tallest building in the GVRD.

 

 

Check out more at:

http://www.designboom.com/architecture/big-architects-beach-howe-tower-vancouver/

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The Pacific Point building downtown Vancouver, more accurately in Yaletown is getting completely renovated. When more and more buildings are going up in the Vancouver downtown and Olympic Village areas the general size of suites are decreasing every year.

 

This project is not just the exterior but the complete exterior, mechanical and even new plumbing. The 20 year old building is getting a much needed face-lift and will bring new life the Yaletown "small" condo mentality. These generous sizes and fantastic layouts will suit new and experienced buyers for years to come!

 

The building is being purchased by BOSA Properties, which is a very well renowned developer for creating quality and modern projects.

 

 

Check out more at:

http://www.vancitybuzz.com/2013/02/vancouvers-condo-king-brings-yaletown-building-back-to-life/

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I have listed a new property at 1419 11TH AVE W in Vancouver.
LARGEST UNIT IN THE COMPLEX!! Welcome to W11th built by Quigg. This 2 bedroom, 3 bathroom, and den home is spread over 1900 ft2 and comes with high end appliances, brand new flooring and fresh paint ready to move in. High ceilings, private courtyard and roof top deck. Ideal location with restaurants, shopping, and Granville Island steps away. Open House Feb 23 1-4pm Feb 24 2-4pm
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Please visit our Open House at 1419 11TH AVE W in Vancouver.
Open House on Saturday, February 23, 2013 2:00 pm - 4:00 pm
LARGEST UNIT IN THE COMPLEX!! Welcome to W11th built by Quigg. This 2 bedroom, 3 bathroom, and den home is spread over 1900 ft2 and comes with high end appliances, brand new flooring and fresh paint ready to move in. High ceilings, private courtyard and roof top deck. Ideal location with restaurants, shopping, and Granville Island steps away. Open House Feb 23 1-4pm Feb 24 2-4pm
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Please visit our Open House at 1419 11TH AVE W in Vancouver.
Open House on Sunday, February 17, 2013 2:00 pm - 4:00 pm
Welcome to West 11th!! Rare town home in very chic South Granville ready to move in! Over 1900sqft of living on 4 levels. Contemporary finishes with top of the line, Sub Zero & Miele appliances, generous sized principal rooms and granite counters. This comes with brand new flooring, fresh paint and 10ft ceilings! Steps to shopping, restaurants, and Granville Island. Call today for a private viewing of this unique opportunity!
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Please visit our Open House at 1419 11TH AVE W in Vancouver.
Open House on Saturday, February 16, 2013 2:00 pm - 4:00 pm
Welcome to West 11th!! Rare town home in very chic South Granville ready to move in! Over 1900sqft of living on 4 levels. Contemporary finishes with top of the line, Sub Zero & Miele appliances, generous sized principal rooms and granite counters. This comes with brand new flooring, fresh paint and 10ft ceilings! Steps to shopping, restaurants, and Granville Island. Call today for a private viewing of this unique opportunity!
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Please visit our Open House at 1419 11TH AVE W in Vancouver.
Open House on Friday, February 15, 2013 2:00 pm - 4:00 pm
Welcome to West 11th!! Rare town home in very chic South Granville ready to move in! Over 1900sqft of living on 4 levels. Contemporary finishes with top of the line, Sub Zero & Miele appliances, generous sized principal rooms and granite counters. This comes with brand new flooring, fresh paint and 10ft ceilings! Steps to shopping, restaurants, and Granville Island. Call today for a private viewing of this unique opportunity!
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It appears that it is still a buyers market and that instead of sellers selling their properties a price that they expected they are removing them from the market for a more desirable market in the future. This is creating more downward pressure in the sales to active listing ratio and only encouraging more of a buyers market. If you do not have to sell then perhaps holding onto your property is a good idea.

 

Things to consider: condos/apartments and townhomes are still retaining their value and are seeing more movement than their detatched counterparts. 

 

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Please visit our Open House at 1419 11TH AVE W in Vancouver.
Open House on Saturday, February 9, 2013 2:00 pm - 4:00 pm
Welcome to West 11th!! Rare town home in very chic South Granville ready to move in! Over 1900sqft of living on 4 levels. Contemporary finishes with top of the line, Sub Zero & Miele appliances, generous sized principal rooms and granite counters. This comes with brand new flooring, fresh paint and 10ft ceilings! Steps to shopping, restaurants, and Granville Island. Call today for a private viewing of this unique opportunity!
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Emily Carr Art Insitute is moving its doors from the legendary Granville Island over to Great Northern way. This unusual and exciting move is due to increased capacity and cost at the new location over near the VCC-Clark Skytrain  Station. This will throw the area into higher demand due to the fact that Skytrain Station will likely see a much higher demand on users that will be attending the new location as well as other schools that are springing up in the area.

 

As for the Real Estate, its hard to say but a very well known art university increasing its size, creating a new environment and moving into a suburban district should change the layout quite drastically. With VCC already in the area the demand for student housing is expected to increase.

 

Read more here and see what is to happen with the 150,000sqft of vacant school space.

http://www.vancouversun.com/Emily+Carr+move/7858754/story.html

 

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