Archived blog posts for : May 2011 : page 2

Is the market picking up again!

Posted on May 7, 2011 by Leong & Roozendaal (Re/Max Camosun)

I am really looking forward to my Monday morning update this week. We have been extremely busy both buying and selling for our clients, with a TON of new deals. I hope that this means that everyone is busy - not just us! Stay tuned for Monday....

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Unemployment down in Greater Victoria

Posted on May 7, 2011 by Leong & Roozendaal (Re/Max Camosun)

There is some more good news today for Victoria. Not only is unemployment down, but the number of available workers in Victoria has grown. Simply put, this is a double-whammy of good news! More workers are coming to town, and the number of new jobs being created is taking care of them - and more.

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NEW LISTING at 339 Farview RD in VICTORIA

Posted on May 5, 2011 by Mark Roozendaal (Re/Max Camosun)

Property Photo: 339 Farview RD in VICTORIA

We have a new listing at 339 Farview RD in VICTORIA.

See details here

This quiet cul-de-sac home has everything that your family is looking for! Offered for the first time in 21 years, here you will find a lovingly maintained home with many recent upgrades including a newer roof, efficient vinyl windows, a gas furnace, and an upgraded kitchen featuring a gas range. Even the layout is perfect with lots of room on the main level, including 2 family rooms, plus 3 bedrooms up, including an ensuite in the master. Outside, the detached garage / workshop and true RV parking is a real bonus for the active family. Located on a quiet cul-de-sac, convenient to shopping, schools, and transportation, this warm & cozy home is in move-in condition and ready for the next family.

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SOLD! Another happy client at 1728 Mayneview Terr in North Saanich

Posted on May 5, 2011 by Mark Roozendaal (Re/Max Camosun)

We have just sold another property at 1728 Mayneview Terr in North Saanich. We would love to sell your property, just give us a call.

See details here

Magnificent Ocean View Home with luxurious interior and views from every room, crown molding, wood floors, level entry, security system, central vac., cozy kitchen with granite counters, cork flooring and updated appliances adjacent to the family room and sewing/laundry/mud room. Patios with views off family room, large master suite and studio. A garden that just might send shivers up and down your spine and views that will knock your socks off - no matter where you're from. An additional family room, studio, two bedrooms and lots of storage in the finished "walk-out" lower level. This home is a must see

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Looking for an HST rebate on a real estate purchase? - Make sure you qualify!

Posted on May 4, 2011 by Leong & Roozendaal (Re/Max Camosun)

MULLIN DEMEO ELECTRONIC LEGAL UPDATE

April 29, 2011

With the introduction of the Harmonized Sales Tax (the 'HST') in 2010, the amount of tax payable on certain HST qualifying real estate transactions increased substantially. To help offset some of these costs, the British Columbia government introduced the British Columbia New Housing Rebate (the 'BC Rebate'), in addition to the already-existing Federal GST/HST New Housing Rebate (the 'Federal Rebate'). The BC Rebate and the Federal Rebate both provide an assignable rebate to qualifying purchasers of new or substantially renovated real estate. A recent Tax Court of Canada clarified the circumstances in which a purchaser qualifies for the BC and Federal Rebates.

In Goyer v. The Queen, the appellant Debbie Goyer and two other individuals collectively purchased a vacant lot, entered into a construction mortgage with a lender, and built a new home on the property. As a result, the three purchasers were required to self-assess for GST. At that time, the appellant was living in the new home, but the two other purchasers were not. When self-assessing for HST, the appellant applied to receive the Federal Rebate based on the fact that she was occupying the new home as her primary place of residence, and included the two other owners' names on said application as well. The application was denied by the Canada Revenue Agency, on the grounds that two of the owners and applicants were not occupying the property as their primary place of residence. The Tax Court ultimately upheld this ruling, arguing that to receive the benefit of the Federal Rebate, all applicants must be occupying the home as their primary place of residence, or be one a class of people defined as a relation of that individual (i.e. spouse, child etc).

As a result, if a buyer wants to be able to claim the benefit of either of these rebates, or is contractually obligated to assign one of these rebates to the seller, the buyer needs to be certain that they will qualify for the rebates, prior to entering into a contract to purchase the property.

This discussion of a recent interpretation of the qualifying rules for the BC and Federal New Housing Rebates is intended only as a brief introduction to the subject. Mullin DeMeo are not tax advisers, and we strongly recommend that individuals consult tax professionals when considering the tax implications of their real estate transactions.

Should you have any questions or concerns with respect to this or any other aspect of real estate law, please contact Mullin DeMeo at lawyers@mdlawcorp.com, or (250) 477-3327.

Thank you for your time,

Mullin DeMeo

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SOLD! Another happy client at 1073 Davie St in Victoria

Posted on May 3, 2011 by Mark Roozendaal (Re/Max Camosun)

We have just sold another property at 1073 Davie St in Victoria. We would love to sell your property, just give us a call.

See details here

Wonderful value in this lovely 1/2 of a side by side duplex. Built in 1955 with the original character left, refinished hardwood floors and coved ceilings. Features full height basement with additional room for development, garage and off street parking. Lovely back deck and yard. Steps to Oak Bay Avenue. An affordable home in the Margaret Jenkins school district.

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SOLD! Another happy client at 2006 Runnymede Ave in Victoria

Posted on May 3, 2011 by Mark Roozendaal (Re/Max Camosun)

We have just sold another property at 2006 Runnymede Ave in Victoria. We would love to sell your property, just give us a call.

See details here

Located on a on a quiet South Oak Bay street on a totally secluded lot that feels like you are on an acreage you will find this spacious split level family home. Features include wood floors, living room with fireplace, dining room, kitchen with eating area, 4 bedrooms, 3 bathrooms, family room with a wood stove and a double garage. Terrific value here with approximately .32 of an acre in an amazing private location. An ideal opportunity for someone looking to expand the current residence, perhaps build a new home or just move in and enjoy.South Oak Bay living where you can stroll to the ocean and to the lively Oak Bay Village with its cafes, art galleries and shops. Convenient to bus routes, schools and amenities.

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The Victoria Market Rebounds With Increased Sales Volume

Posted on May 2, 2011 by Leong & Roozendaal (Re/Max Camosun)

For the last four weeks I’ve been concerned with the decreasing volume of sales, week after week, in both the single family home and condo market. At the same time it seemed that sellers were digging in their heels, holding the line on prices, at the expense of possible sales. This week, the results are the opposite. Sales volume for both houses and condos has increased. Condo prices rose slightly, while house prices dropped a fraction.

Over the last 30 days, 273 single family houses were sold, up by 26 houses from last week. The median price is down $2,600 to $557,400. The average house was on the market for 28 days.

In the same time period, 153 condos were sold, up by 13 condos from last week. The median price is down $10,000 to $310,000. The average condo was on the market for 39 days.

There are now 2,000 houses for sale, down by 11 from last week. Condo inventory has fallen by 9 to 1012 suites. Inventory is relatively high right now so this drop is very good news for sellers.

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SOLD! Another happy client at 301 1540 Dallas RD in VICTORIA

Posted on May 1, 2011 by Mark Roozendaal (Re/Max Camosun)

Property Photo: 301 1540 Dallas RD in VICTORIA

We have just sold another property at 301 1540 Dallas RD in VICTORIA. We would love to sell your property, just give us a call.

See details here

Located right on the waterfront at Ross Bay, the panoramic ocean and mountain views from this 55+ condo are breathtaking. Inside, this very large 2 bedroom suite offers more than just great views with its own insuite laundry, separate dining room, and sunny South West corner location. As well, this friendly 11 unit building has just being upgraded and features new glass balcony railings and, very soon, a complete new coat of paint - everything already paid for so you can just move in and enjoy. All in all, this is a well cared for building in a great location, right on the waterfront and just a short walk to Fairfield Village for shopping, dining, and more.

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