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The information is coming out quickly on this.  Here a couple of key points to know:

 

  1. Of course, this only applies to newly built or substantially renovated homes.
  2. This only applies to offers accepted on or after February 21, 2012.  If you already have an accepted offer, you do not qualify.
  3. The savings is equivalent to 5% of the home price, up to a maximum savings of $10,000.
  4. If the combined annual income of the couple of single purchaser exceeds $150,000, the savings starts to get smaller.
  5. The savings are not at time of purchase, but will be in the form a tax refund when you file your annual taxes.

If you have more questions, please click here to read the details straight from the government.  As well, feel free to give us a call.

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It has been a GREAT week for those looking to buy new homes.  Earlier, we learned that the HST rebate was boosted, reducing the price of new homes over $525,000.  

 

Now, we learn that the goverment has a great surprise for first time home buyers as well.

 

Effective immediately, and continuing until March 31, 2013, first time home buyers can save an additional $10,000 when they buy a newly built home.  We understand that this will be implemented through and income tax credit.  Of course, first time home buyers are also eligible to waive the property transfer tax in many cases.

 

It is obvious that our government understands that real estate transactions are a huge driver for our economy.  Not only does every sale generate a lot of tax revenue, but each sale also creates jobs, spurs spending on new furniture, renovations, and more. 

 

We'll have more details on the implementation of this new program as they become available.

(h) (r)

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We have a new listing at 6878 Mark LANE in VICTORIA.
 
More than just a gorgeous and affordable waterfront home, live here and enjoy easy access to the ocean with your own PRIVATE WHARF AND DOCK. Tie up the ski boat, go prawning, fish from your dock, or kayak through this quiet rural community. This is the active waterfront life that we all dream about! Inside, this three level home offers open plan living with broad ocean views from every principal room, a great kitchen, and tasteful updates throughout. Whether you are wowing your friends on your huge waterfront deck, or sitting quietly by the fire listening to the waves on the shore, this true west coast retreat is a special offering that offers so much more than the average waterfront home.
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It was another positive week in the market with an increasing pace of sales for both houses and condos.  Although prices are still down, the pace of sales and the number of days that it takes to sell a home are both going in the right direction.  I tend to think that if demand stays high, we could even see some slight appreciation in prices.  But, lets not jump the gun on that one!

 

It is important to point out that the new HST transition rules are great news for new home buyers.  In short, any new home selling for more than $525,000 now attracts less HST and should be cheaper.  Homes priced at under $525,000 are not affected.  The tax savings are incremental, with new properties valued at $850,000 and higher seeing a tax reduction of $16,250.  Even better, these transition rules give tax certainty and tell us that new properties cost the same today as they will after the HST disappears completely.  Considering that developers have been hurting lately, this is probably the best time of all to buy as I’m sure any developer would like a few quick sales!

 

Over the last 30 days, 227 single family houses were sold, up by 29 houses from last week.  The median price is up $10,500 to $530,500. The average house was on the market for 32 days.

 

In the same time period, 135 condos were sold, up by 5 condos from last week.  The median price is down $15,950 to $264,000. The average condo was on the market for 60 days.

 

There are now 1,649 houses for sale, up by 30 from last week.  Condo inventory has risen by 2 to 884 suites.

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Please visit our Open House at 3370 Hazelwood RD.
Open House on Sunday, February 26, 2012 13:00 - 16:00 -Show home at 3392 Merlin.
**Show home open Sat/Sun 1-4** The ?Coachwood? offers the ultimate in privacy and value with 9? ceilings, a spacious great room with real gas fireplace, and a large master with ensuite and walk in closet. The spacious 1 bed suite over the detached double garage gives you a lucrative mortgage helper without sacrificing privacy! ?Homes at Hazelwood? is a collection of 50 semi-custom 3-4 bedroom homes priced at $359,900 - $499,900 offering exceptional value with 9ft ceilings, gas fireplaces, gas barbecue outlets, and more. Choose your plan, your lot, customize, and move into your dream home in about four months. Constructed by Limona to Built Green BC standards to be a more efficient, cost effective, and healthy home. Price includes HST.
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Please visit our Open House at 11 4045 Rainbow ST in VICTORIA.
Open House on Saturday, February 25, 2012 13:00 - 16:00 **Open house is in Show Suite #3. Rainbow Hill is a community of 20 prestigious view Town homes.
** SHOW HOME OPEN SAT/SUN 1-4pm ** You have worked hard to get to the top, now you can live there! On one of the highest points in the city, Rainbow Hill is a community of 20 prestigious view homes created beyond expectations. Gaze through your 12 foot floor to ceiling windows and take in the panoramic city, mountain, and sunset views. Relax inside your modern town home with Geo-thermal heating and cooling, entertain in your custom Nygaard interior, or just relax on your view deck and take it all in. With spacious, no-step, main level living, plus an additional level for your media room & more, this is as good as it gets and is truly a must see for the discerning luxury home buyer. Photos are of Show Home. HST is included in the price.
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Please visit our Open House at 3362 Hazelwood RD.
Open House on Sunday, February 26, 2012 13:00 - 16:00
**Show Home Sat/Sun 1-4** The ?Arthur? offers a traditional layout with 3 bedrooms up and a rear garage. The large master boasts a walk in closet and full ensuite. The ground level features a great room with 9? ceilings, gas fireplace and spacious kitchen with island, only a step from your outdoor patio with gas hookup! ?Homes at Hazelwood? is a collection of 50 semi-custom 3-4 bedroom homes priced at $359,900 - $499,900 offering exceptional value with 9ft ceilings, real gas fireplaces, gas barbecue outlets, and more. Choose your plan, your lot, customize, and move into your dream home in about four months. Constructed by Limona to Built Green BC standards to be a more efficient, cost effective, and healthy home. Price includes HST.
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Please visit our Open House at 3350 Hazelwood RD.
Open House on Saturday, February 25, 2012 13:00 - 16:00 -Show home at 3392 Merlin
**Show Home Sat/Sun 1-4** The ?Bedford? offers timeless style with the master suite and all principal rooms on the main level. There are two additional bedrooms upstairs for family or guests. An optional, detached single or double garage is available on some lots. ?Homes at Hazelwood? is a collection of 50 semi-custom 3-4 bedroom homes priced at $359,900 - $499,900 offering exceptional value with 9ft ceilings, real gas fireplaces, gas barbecue outlets, and more. Choose your plan, your lot, customize, and move into your dream home in about four months. Constructed by Limona to Built Green BC standards to be a more efficient, cost effective, and healthy home. Price includes HST.
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We have just sold another property at 4041 Zinnia RD in VICTORIA.  We would love to sell your property, just give us a call.
 
 
Whether great views, lots of space for your family, or quiet & privacy are high on your list, you will find it all in this bright family home! Located at the end of a long driveway, off of a quiet side street, every principal room in this home maximizes the broad valley views over Panama Flats and the Colquitz River Park. Inside, the layout is both great for entertaining, and offers privacy for each member of the family with spacious rooms, four bedrooms on the same level, a double garage, AND a large workshop. Outside, the large decks and private hot tub make the quiet location and view even more enjoyable. All in all, this is a great family home in a desirable location priced well below BCAS value!
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Please visit our Open House at 3374 Hazelwood RD.
Open House on Saturday, February 25, 2012 13:00 - 16:00 -Showhome at 3392 Merlin Rd
**Show Home Sat/Sun 1-4** The ?Bridlewood? offers the best in affordability with 4 bedrooms, including a 1 bed legal suite on the no-step ground level ? great for a mortgage helper or extra family. Upstairs, the value continues with 9? ceilings, a great room with gas fireplace and an ensuite master? all at an amazing price. ?Homes at Hazelwood? is a collection of 50 semi-custom 3-4 bedroom homes priced at $359,900 - $499,900 offering exceptional value with 9ft ceilings, real gas fireplaces, gas barbecue outlets, and more. Choose your plan, your lot, customize, and move into your dream home in about four months. Constructed by Limona to Built Green BC standards to be a more efficient, cost effective, and healthy home. Price includes HST.
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