Thursday, December 13, 2012

Check out Richmond's Premiere Luxury Property Home for Sale



SOLD 2820 River Road, Richmond, BC, V7C 1A1, Canada

RICHMOND BC HOMES
GREATER VANCOUVER BC REAL ESTATE FOR SALE
House | Townhouse | Apartments/Condos | Real Estate
Richmond | Vancouver | Ladner | Tsawwassen 

Thank you for visiting our video. We specialize in the purchase and sale of residential housing in Richmond, British Columbia. Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please contact us or take your time exploring my channel and make use of the resources available to you.

Please visit:
http://www.michaelcowling.com or
http://www.michaelcowling.com/2820-river-road-richmond-bc/
for more information.
Call Michael Cowling at 604-276-2335 or email him at mc@michaelcowling.com for showings.

Property Information:
Sub Area: Terra Nova
MLS® No. V982072
Bedrooms: 5
Bathrooms: 6
Total sq.ft.: 6,215
Lot Size sq.ft.: 13,765

Description:
Peacefully nestled in a bird sanctuary at the mouth of the ocean and the river with panoramic views in Richmond's most prestigious location. This stunning home's open plan offers water, mountain and garden views from virtually every room of the house. 18-25 foot ceilings and large custom wood and curved glass windows enhance this experience even further as does the beautiful indoor waterfall garden. The 2 spacious gourmet kitchens are a cooking lover's dream. The top floor is dedicated to a private master bedroom with its own sitting area and a spacious bath featuring a steam, curved glass shower which easily fits two. The media room, which boasts a top of the line sound system throughout the home as well as a movie theatre, sits adjacent to the games room. Lutron home works lighting makes keeping the home bright a breeze. A spacious office ushers in business guests upon arrival. This 6215 square feet of living space home further features 5 bedrooms, 4 full and 2 half baths, impeccable tropical gardens with magnolias and palm trees, timed underground sprinkler system, 2268 square feet of outdoor decks, an outdoor hot tub and 4 car garage. A truly artistic entertainment home! 
--------------------------------------------------------------------------------­­----------
RE/MAX Michael Cowling And Associates Realty
Serving Richmond, Vancouver, Ladner, and Tsawwassen
http://www.michaelcowling.com

FOLLOW me on FACEBOOK
http://www.facebook.com/michaelcowlingrealty

FOLLOW me on TWITTER
https://twitter.com/#!/MichaelCowling

Thursday, December 6, 2012

Greater Vancouver residential property sale and listing activity below 10-year averages in November


Over the past six months, the Greater Vancouver housing market has seen a reduction in the number of homes listed for sale, a gradual moderation in home prices and a decrease in property sales compared to historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,686 on the region’s Multiple Listing Service® (MLS®) in November, a 28.6 per cent decline compared to the 2,360 sales in November 2011 and a 12.7 per cent decline compared to the 1,931 home sales in October 2012.

November sales were 30.3 per cent below the 10-year November sales average of 2,420.

Home sellers appear more inclined to remove their properties from the market today rather than lower prices to sell their properties. On the other hand, buyers appear to be expecting prices to moderate.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,758 in November. This represents a 14.4 per cent decline compared to November 2011 when 3,222 properties were listed for sale on the MLS® and a 36.2 per cent decline compared to the 4,323 new listings in October 2012.

New listings were 12.9 per cent below the 10-year November average of 3,168.

At 15,689, the total number of residential property listings on the MLS® increased 13 per cent from this time last year and declined 9.7 per cent compared to October 2012. Total listings in the region have declined by nearly 3,000 properties since reaching a peak of 18,493 in June.

The region’s sales-to-active-listings ratio was unchanged from October at 11 per cent.

Home prices in Greater Vancouver have generally declined, the amount depends on property type, municipality and neighbourhood.

Richmond
Sales of detached properties on the MLS® in November 2012 reached 76, a decrease of 24.75 per cent from the 101 detached sales recorded in November 2011, and a 52.5 per cent decrease from the 160 units sold in November 2010.

Attached property sales in November 2012 totalled 50, a 34.21 per cent decrease compared to the 76 sales in November 2011, and a 38.27 per cent decrease from the 81 attached properties sold in November 2010.

Sales of apartment properties reached 81 in November 2012, a 14.73 per cent decrease compared to the 95 sales in November 2011, and a decrease of 46 per cent compared to the 150 sales in November 2010.

Source Real Estate Board of Greater Vancouver

Wednesday, December 5, 2012

Information about the HST/PST new housing transitional rules


October 24, 2012 (Revised)

The province will transition back to the Provincial Sales Tax (PST), which will replace the Harmonized Sales Tax (HST), on April 1, 2013. Until then, the province has transitional rules for new homes which took effect on April 1, 2012.

Note: This information is current to October 24, 2012 and has been verified with the Canada Revenue Agency, GST/HST Rulings Branch. However, we have been advised that the information could change depending on HST rulings to come.

Enhanced New Housing Rebate
Effective April 1, 2012, your clients may be eligible for a provincial enhanced New Housing Rebate if they buy, as their primary residence, priced up to $850,000:
•   a new home together with land;
•   a new home together with leased land;
•   a new mobile home or float home;
•   a new home bought through shares in a housing cooperative; or
•   a new home constructed or substantially renovated (more than 90%) by the owner builder.

Your clients may also be eligible for a grant (BC Ministry of Fiance administered rebate) if they buy or build a secondary vacation or recreational home outside the Greater Vancouver and Capital Regional Districts.

Buyers of new homes will be eligible for a rebate of 71.43% of the provincial portion of the HST paid on the new home up to a maxi­mum rebate of $42,500. Homes priced at more than $850,000 will be eligible for a flat rebate of $42,500.

The GST/HST generally becomes payable on the earlier of the day on which ownership is transferred to the recipient and the day on which possession of the property is transferred to the recipient. (This is the day the tax is payable).

Presales
Agreements signed before April 1, 2012, with possession before April 1, 2012
If your client bought a presale residential property and they had an agreement dated before April 1, 2012 and they took ownership or possession before April 1, 2012, they would have paid the 12% HST and been eligible for a rebate of up to $26,250 on homes priced to a maximum of $525,000. Homes priced at more than $525,000 were eligible for a flat rebate of $26,250.

Agreements signed before April 1, 2012, with possession before April 1, 2013
If your client buys a presale residential property and they have an agreement dated before April 1, 2012 and they take ownership or possession before April 1, 2013, they will pay the 12% HST and be eligible for a rebate of up to $42,500 on homes priced to a maximum of $850,000. Homes priced at more than $850,000 are eligible for a flat rebate of $42,500.

Agreements signed before April 1, 2012, with possession on or after April 1, 2013, but before April 1, 2015
If your client buys a presale residential property and they have an agreement dated before April 1, 2012 and they take ownership or possession on or after April 1, 2013, they will not pay the 7% provincial portion of the HST. Instead, buyers will pay both the 5% GST and the 2% BC Transition Tax on the full home price. This 2% reflects an embedded PST builders pay on materials. If ownership and possession is on or after April 1, 2015 then the 2% tax is not applicable.

Agreements signed on or after April 1, 2012 and before April 1, 2013, with possession before
April 1, 2013
If your client buys a presale residential property and they have an agreement dated on or after April 1, 2012 and before April 1, 2013, and they take ownership and possession before April 1, 2013, they will pay the 12% HST and be eligible for a rebate of up to $42,500 on homes priced to a maximum of $850,000. Homes priced at more than $850,000 are eligible for a flat rebate of $42,500.

Agreements signed on or after April 1, 2012, with possession on or after April 1, 2013, but before
April 1, 2015
If your client buys a presale residential property and they have an agreement dated on or after April 1, 2012, but the construction of the home commenced before April 1, 2013, and they take ownership and possession on or after April 1, 2013, they will not pay the 7% provincial portion of the HST. Instead, buyers will pay both the 5% GST and the 2% BC Transition Tax on the full home price until before April 1, 2015. This 2% reflects an embedded PST builders pay on materials. If ownership and possession is on or after April 1, 2015 then the 2% tax is not applicable.

Presales and Completed New Homes for Sale
Agreements signed on or after April 1, 2013, with possession on or after April 1, 2013, but before
April 1, 2015
If your client buys a presale or completed new residential property and they have an agreement dated on or after April 1, 2013, and they take ownership and possession on or after April 1, 2013, they will have to pay the 5% GST.  They will also have to pay the 2% BC  Transition Tax on the full home price, if the construction  or substantial renovation of the new home is 10% or more completed as of April 1, 2013.  If ownership and possession is on or after April 1, 2015 then the 2% tax is not applicable.  This 2% reflects an embedded PST builders pay on materials.

The 12% HST will generally cease to apply to sales of real property (including residential real property) if ownership and possession of the property transfer on or after April 1, 2013.
The PST will not apply to sales of real property. However, the PST will apply to certain types of housing which, at the time of purchase are tangible personal property (e.g. a mobile home purchased without land) and where possession transfers on or after April 1, 2013. The PST will also apply to construction inputs that are used to improve real property on or after April 1, 2013.

Agreements signed on or before November 18, 2009, or construction began before July 1, 2010, with possession on or after April 1, 2013 (Double-straddling, grandparented)
Special transitional rules apply if your client has bought a presale residential property and they have an agreement dated on or before November 18, 2009, or construction began before July 1, 2010 (the HST start date in BC) and for which ownership and possession transfer on or after April 1, 2013 (the HST end date in BC). This is known as a double-straddling home sale. In this situation, your client will pay both the 5% GST and the 2% BC Transition Tax.

Agreements signed after November 18, 2009, or construction began before July 1, 2010, with possession on or after April 1, 2013 (Double-straddling, non-grandparented)
Special transitional rules apply if your client has bought a presale residential property and they have an agreement dated after Novem­ber 18, 2009, and construction began before July 1, 2010 (the HST start date in BC) and for which ownership and possession transfer on or after April 1, 2013 (the HST end date in BC). This is known as a double-straddling home sale. In this situation, your client will pay both the 5% GST and the 2% BC Transition Tax. However, the 2% tax will not apply where construction was substantially completed before July 1, 2010 and the PST Transitional New Housing Rebate was not claimed by February 17, 2012.

Recreational Property
All the same rules apply to recreational property that apply to other residential property. Your clients may be eligible for a provincial grant if they buy or build a secondary vacation or recreational home outside the Metro Vancouver and Capital Regional Districts.

Vacant Land
HST paid on land
For owner-built homes where the HST was paid on the land, the owner may be eligible for a rebate on qualifying construction expenses (including land), up to a maximum of $42,500. There will be no phase-out of this rebate, such that owner-built homes with qualifying construction expenses over $850,000 will qualify for the maximum rebate of $42,500.

No HST paid on land
Where the HST was not paid on the land, the owner will be entitled to a new housing rebate on qualifying construction expenses only (which would not include land), up to a maximum rebate amount of $28,475 (for example 67% of $42,500).

Enhanced New Rental Housing Rebate
There is an enhanced provincial New Rental Housing Rebate. If your clients construct or substantially renovate a residential property to rent to tenants, your clients are eligible for a rebate up to $42,500 on units priced up to $850,000. There is a flat rebate of $42,500 for units priced above $850,000.
The first use of the home must be by a renter of the unit or as a primary residence by the owner for at least one year. Eligible units include:
•   a detached, attached, condominium apartment or duplexes, with or without a legal secondary suite;
•   a mobile or float home;
•   units in a multiple unit building including long-term care residential facilities; or
•   the land component of a single-unit or multiple-unit housing, where the land is leased or is a housing cooperative.

If your client buys a new apartment which is not their principal residence and they don’t rent it, for example, if strata bylaws prohibit rentals, or your clients buy a new apartment to use on weekends, the unit is not eligible for the New Rental Housing Rebate.

But, if you have a client who buys a new rental apartment building so long as they rent all of the units, they will be eligible for a New Rental Housing Rebate for each unit up to a maximum rebate of $42,500 per unit.

If your client builds or substantially renovates rental property, they will be required to self-assess and pay the HST on or after April 1, 2012 and before April 1, 2013.

Important Dates
•  November 18, 2009 – Date the transition rules from PST to HST came into effect.
•  July 1, 2010 – Date the HST came into effect in BC.
•  April 1, 2012 – Date the HST to PST transitional rules come into effect. The enhanced HST rebate comes into effect.
•  April 1, 2013 – HST end date. GST on new homes is back in effect, together with the 2% BC Transition Tax (where applicable).
•  April 1, 2015 – Date the 2% BC Transition Tax ends.

For More Information
•   Visit: www.pstinbc.ca
•   Read HST Notice #13 - Recreational Property: http://www.rev.gov.bc.ca/documents_library/notices/HST_Notice_013.pdf
•   Visit BCREA’s web site for HST/PST information at: http://www.bcrea.bc.ca/government-relations/hst-pst-resources
•   Phone the Canada Revenue Agency GST/HST ruling line at: 1.800.959.8287
•   Phone the BC Ministry of Finance with questions about the 2% BC Transition Tax at: 1.877.388.4440

If you have questions, please contact Harriet Permut, Manager, Government Relations at: hpermut@rebgv.org

Sources
•   BC Ministry of Finance, Tax Information Notice. HST Notice #12, February 17, 2012.
•   BC Ministry of Finance, Tax Information Notice. HST Notice #13, June 2012.
•   Canada Revenue Agency, HST ruling line at 1.800.959.8287

Source: Real Estate Board Of Greater Vancouver