Recent Posts
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February 17, 2012
Breeze Goes On Sale Today.
Breeze is the newest part of Adera's collection and it goes on sale this weekend. This development is located close to absolutely everything you need. Just a block away from the large Walmart and about 2 blocks from the shops at Morgan Crossing where you'll find everything you need. See floorplans, pictures and more info here. Breeze by Adera.
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February 17, 2012
New HST/PST Housing Transitional Rules
With the HST voted out in 2011, the real estate community has been eager to find out what will happen to HST charged on new homes in between now and when PST/GST comes back on April 1, 2013. The concern has been that some buyers are holding back on making their purchase because they're waiting for the transition back to GST in order to save money. To leviate peoples concerns, the government has set the following rules in place.
- The BC New Housing Rebate threshold will increase to $850,000 from $525,000, so that more than 90% of newly built homes will now be eligible for a provincial HST rebate effective April 1, 2012.
- The maximum rebate will increase to $42,500 from $26,250 effective April 1, 2012.
- Buyers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000 will now be eligible to claim a provincial grant of up to $42,500 effective April 1, 2012.
- For newly built homes where construction begins before April 1, 2013, but ownership and possession occur after, purchasers will not pay the 7% provincial portion of the HST. Instead, purchasers will pay a temporary, transitional provincial tax of 2% on the full house price.
The temporary housing transition measures will be in place until March 31, 2015. The tax only applies to homes where construction begins before the transition date and ownership and possession occur after.
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February 07, 2012
White Rock/South Surrey Market Update - January 2012
What a change from last year! Detached houses are doing well this year compared to last. The average price has bounced back up by 17.2% from last year this time. Townhouses are doing well too with a 10.9% increase. Condos have taken a 5.4% dip from last year this time but looking at how sales for condos were compared to the previous month, there was an increase of 16.9%! That's great news for condo owners in White Rock because we haven't seen an increase like that for a few years now.
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January 17, 2012
Interest Rates To Remain The Same - What Does This Mean To You?
The Bank of Canada has annouced that they will hold the prime rate. How does this affect our real estate market? Since they are holding the rate it suggests that they don't expect big growth in Canada and therefore want to encourage growth. With the rates remaining low more people can afford to buy and we can expect the buyer's market, which is apparent in many markets, to trend towards a more balanced market.
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January 17, 2012
White Rock/South Surrey Market Update - October 2011
Looking back to a year ago this time, condos, houses and townhouses have increased in value on average. Looking to the previous month, houses and townhouses have increased on average by 6.6% and 4.6% respectively. Condos on average though have gone down by 14.8% from September to October. If you're curious about how your home is worth send me an email or fill in the contact form here.
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January 17, 2012
White Rock/South Surrey Market Update - November 2011
Looking at the month on November 2011 compared to October, the number of sales have gone down for detached houses, townhouses and condos. While sales have gone down the average price of houses and townhouses have increased by 2.7% and 0.9% respectively and have gone down by 4.8% for condos. This puts the average price of detached house in White Rock/South Surrey to just over $1,000,000.