Blog › April 2013

New Listing 3120 Phillips Ave, Burnaby, British Columbia


V1004512 - 3120 Phillips Ave, Burnaby, British Columbia, CANADAView my new listing for sale at 3120 Phillips Ave, Burnaby and currently listed at 999999.

Priced $139K below assessed value. A complete designer based reno with materials, colours and concepts to rival magazine show homes. Main floor has a bar area, fireplace, 20' vaulted ceiling in the living room and a 450 sq ft deck. Main bedrooms have 13' vaulted ceilings, bathroom with frameless shower, designer vanity. Gourmet kitchen, wall mount oven/microwave, tiled backsplash leading to a 150 sq ft deck by French doors. Loft style master bedroom, dressing area, private deck. Master bathroom is like a spa with jetted tub, frameless shower. Hot water heat, new boiler. Potential suite, separate entrance, laundry room. Near SFU, Skytrain, school catchment is Seaforth and Burnaby Mountain. A must see!

BC Real Estate Association March 2013 Market Overview


The British Columbia Real Estate Association (BCREA) reports that a total of  5,661 residential sales were recorded by the Multiple Listing Service (MLS) in BC during March, up 6.6 per cent from February on a seasonally adjusted basis, but down 17.7 per cent compared to March 2012.

Total sales dollar volume was down 18.5 per cent to $3.06 billion. The average MLS residential price in the province was $540,662, up 2 per cent from February, but down 1 per cent from a year ago.

"BC home sales in March posted the largest seasonally adjusted month-to-month increase since January 2011," said Cameron Muir, BCREA Chief Economist. "However, home sales per capita continue to remain near a cyclical low, suggesting that pent-up demand may be beginning to grow in the housing market."

Year-to-date, BC residential sales dollar volume declined 22.1 per cent to $7.2 billion, compared to the same period last year. Residential unit sales dipped 18.8 per cent 13,572 units, while the average MLS residential price was down 4.0 per cent at $530,435.

BCREA Economist Cameron Muir has more details on the March housing market:

 

For the full report go to http://www.bcrea.bc.ca/docs/news-2013/2013-03.pdf

 



GST/HST Transition info


Spagnuolo & Company Real Estate Lawyers recently ran a twitterchat to answer some FAQs about the HST/GST transition. I have copied the transcript for you to read here.  There is also some great information on the REBGV website, and I have a calculator here for 2% transitional tax for developments 10% or more complete by April 1 and before April 1st. 

#SpagChat - Twitter Chat on HST/GST Transition

March 27, 2013 @ 1:00pm

Tonyspagnuolo hi all, let's get going; i'm going 2 type few things 2 start, but fire away with q's; #spagchat -12:58 PM Mar 27th, 2013

Tonyspagnuolo of course, will pop out for espresso between questions LOL #spagchat -12:59 PM Mar 27th, 2013

Tonyspagnuolo BC 1st time home buyer bonus gone after tmrw, deals must close or possession granted today or tmrw #spagchat -1:00 PM Mar 27th, 2013

livingmain How does the 2% transition tax apply? #SpagChat -1:00 PM Mar 27th, 2013

Tonyspagnuolo also in the "duh" category....HST goes away Monday, but LTO closed fri and mon, so goes away for land deals tmrw #spagchat -1:00 PM Mar 27th, 2013

Tonyspagnuolo HST changes to GST, and transition tax comes in at 2% on some deals #spagchat -1:01 PM Mar 27th, 2013

Tonyspagnuolo trans tax applies if construction of prop at least 10% complete as of april 1, and deal closes between apr 1/13 and apr 1/2015 #spagchat -1:02 PM Mar 27th, 2013

Tonyspagnuolo if construction not 10% complete as of apr 1, 2013, or deal closes after april 1, 2015, no trans tax #spagchat -1:03 PM Mar 27th, 2013

Tonyspagnuolo not sure how 10% will be determined, likely developer will retain architect or quantity suvrveyor #spagchat -1:04 PM Mar 27th, 2013

SpagnuoloLaw Had this question come in prior to today - how will govt confirm 10% complete status? #SpagChat -1:04 PM Mar 27th, 2013

Tonyspagnuolo on side note, land title servers are down, can't close deals for at least an hour, just what we need at month end #spagchat -1:04 PM Mar 27th, 2013

Tonyspagnuolo most projects easy to determine if 10% comp, some may need certification (architect or quantity server????) #spagchat -1:06 PM Mar 27th, 2013

SpagnuoloLaw Have also had questions on the rebates? Does someone have to be a resident of Canada to claim the rebate? #SpagChat -1:07 PM Mar 27th, 2013

Tonyspagnuolo do not need to be a resident, but they r not eligible fr home owner rebate if they do not live here; may get investor rebate tho #spagchat -1:10 PM Mar 27th, 2013

Tonyspagnuolo same rules apply for rebates w/ HST and GST; same investor and home owner rebates, of course diff thresholds #spagchat -1:11 PM Mar 27th, 2013

Tonyspagnuolo w/ GST, no rebate for homes over $450,000, full rebate (36% of GST paid) for homes under $350,000 #spagchat -1:12 PM Mar 27th, 2013

SpagnuoloLaw also have had questions about realtor commission - how is that affected after April 1? #SpagChat -1:15 PM Mar 27th, 2013

Tonyspagnuolo 4 homes /b/ 350 and 450, use our calculators on our APP and/or website; #spagchat -1:15 PM Mar 27th, 2013

Tonyspagnuolo download our APP in the app store for iphone and android #spagchat -1:16 PM Mar 27th, 2013

Tonyspagnuolo re commish; dropping to 5% for deals that close tues or later (april 2 or later); still 12% for deals closing today and tmrw #spagchat -1:17 PM Mar 27th, 2013

RealtorBenjamin RT @SpagnuoloLaw: Less than 10 minutes until #SpagChat begins Get yourself settled & ready. Tony is ready to answer all of your questions! -1:17 PM Mar 27th, 2013

RealtorBenjamin RT @Tonyspagnuolo: w/ GST, no rebate for homes over $450,000, full rebate (36% of GST paid) for homes under $350,000 #spagchat -1:19 PM Mar 27th, 2013

hbev If new condo was to close before Apr. 1, then is delayed till after, is the formula 5%GST PLUS a new 2% tax? #spagchat -1:21 PM Mar 27th, 2013

Tonyspagnuolo @sdd thx 4 introducing me to tweetchat, great way 2 give advice to people spread out all over and have espresso at same time #spagchat -1:22 PM Mar 27th, 2013

sdd @Tonyspagnuolo I'm drinking a coffee as I follow along too. #SpagChat -1:24 PM Mar 27th, 2013

hbev Avocado and toast here! :-) #spagchat -1:25 PM Mar 27th, 2013

sdd @hbev Sounds weird but try Avacado, Peanut Butter & Hot Sauce on a toasted bagel. So good! #SpagChat -1:30 PM Mar 27th, 2013

hbev Mine sounds weird, eh? #spagchat -1:31 PM Mar 27th, 2013

Tonyspagnuolo if closing delayed til aft apr 1, GST applies not HST; hopefully not a first time buyer tho cuz first time bonus gone after apr 1 #spagchat -1:31 PM Mar 27th, 2013

Tonyspagnuolo will be 5% GST and 2% transition tax for closings next week #spagchat -1:32 PM Mar 27th, 2013

hbev Really? Is there something to replace that? Also, how can they just make up a new tax like that? #spagchat -1:33 PM Mar 27th, 2013

Tonyspagnuolo @sdd @hbev maybe we should do a cooking show next time..... #spagchat -1:33 PM Mar 27th, 2013

Tonyspagnuolo govt makes up new taxes all the time....called a cash grab #spagchat -1:33 PM Mar 27th, 2013

hbev How long does the 2% tax last? #spagchat -1:34 PM Mar 27th, 2013

sdd @Tonyspagnuolo I didn't have 1 client take advantage of first time buyers bonus. #SpagChat -1:35 PM Mar 27th, 2013

Tonyspagnuolo 2% lasts for homes closing between apr 1, 2013 and apr 1, 2015, for those homes that are 10% constructed as at apr 1, 2013 #spagchat -1:36 PM Mar 27th, 2013

Tonyspagnuolo @sdd we have had quite a few, it really helped people get off the fence and buy new homes; jobs in new const industry are so imp't #spagchat -1:37 PM Mar 27th, 2013

sdd @Tonyspagnuolo It's good that some were able to benefit. All my 1st timers bought resale. #SpagChat -1:39 PM Mar 27th, 2013

hbev So that's actually MORE than the HST, as the rebates got the number close to 5%! #spagchat -1:40 PM Mar 27th, 2013

Tonyspagnuolo @hbev not sure i know what you are asking #spagchat -1:43 PM Mar 27th, 2013

hbev I guess it's not a question. My client paying more now her condo closing after Apr.1 instead of Mar. 26th. Seems wrong! #spagchat -1:47 PM Mar 27th, 2013

Tonyspagnuolo from all that i have seen, there is no diff for homes under $850K with HST or GST plus 2% trans tax #spagchat -1:47 PM Mar 27th, 2013

Tonyspagnuolo @hbev dont think she is cuz of enhanced rebates; what is her purchase price? #spagchat -1:48 PM Mar 27th, 2013

hbev $132,000 #spagchat -1:49 PM Mar 27th, 2013

Tonyspagnuolo @hbev my initial reaction....where did she buy for 132K #spagchat -1:51 PM Mar 27th, 2013

hbev In Maple Ridge! A great deal! #spagchat -1:51 PM Mar 27th, 2013

Tonyspagnuolo @hbev 2cd thought, go to http://t.co/5fBLjtj0E7; there is no diff in what she will be paying #spagchat -1:51 PM Mar 27th, 2013

RealtorBenjamin @Tonyspagnuolo @hbev the transition tax makes it so it's even from present day closes and post april 1 2013 doesn't it? #spagchat -1:53 PM Mar 27th, 2013

hbev that link doesn't work.....just tried to click and put in a browser.. #spagchat -1:54 PM Mar 27th, 2013

Tonyspagnuolo http://t.co/1MZUacU4Cv #spagchat -1:55 PM Mar 27th, 2013

Tonyspagnuolo w/ trans tax no inc in price; in theory clients save 2% aft '15 but govt claims 2% inc in cost of const, so prices will rise by 2% #spagchat -1:58 PM Mar 27th, 2013

hbev Sneaky.... #spagchat -2:00 PM Mar 27th, 2013

Tonyspagnuolo getting near the end, any further q's???? #spagchat -2:01 PM Mar 27th, 2013

SpagnuoloLaw Any last minute questions for Tony? If not, transcript will be available tomorrow morning so you can refer back. #SpagChat -2:01 PM Mar 27th, 2013

Tonyspagnuolo if you have suggestions for future topics, let me know, might do title insurance next #spagchat -2:02 PM Mar 27th, 2013

hbev can I ask a title ins question? #spagchat -2:02 PM Mar 27th, 2013

Tonyspagnuolo bye for now #spagchat -2:02 PM Mar 27th, 2013

SpagnuoloLaw You can also call @ 310-HOME. We can't promise Tony won't be on a golf course somewhere, but 1 of our lawyers can answer your Q's! #SpagChat -2:03 PM Mar 27th, 2013

hbev Thanks Tony!! #spagchat -2:03 PM Mar 27th, 2013

SpagnuoloLaw @hbev - go ahead and email or call Tony. He'll be happy to answer for you! #SpagChat -2:04 PM Mar 27th, 2013

 

 



Recently Sold Listing 2136 W 51ST AV, Vancouver, BC


V992460 - 2136 W 51st Ave, Vancouver, British Columbia, CANADAI have just recently sold this listing at 2136 W 51st Ave, Vancouver.