February 2011

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There are ways that property owners and home buyers can save money. On February 25th, 2011 the Vancouver Sun created a list of the Top 25 Grants and Rebates which I have adapted to only include those available in the Kamloops area.

1. HOME BUYERS’ PLAN

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time. For more information click here. Enter ‘Home Buyers’ Plan’ in the search box.

2. GST REBATE ON NEW HOMES

New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. For more information click here.  Enter ‘RC4028′ in the search box.

3. BC NEW HOUSING REBATE (HST)

Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7%) of the 12% HST paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250. For more information click here.

4. BC NEW RENTAL HOUSING REBATE (HST)

Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit. Click here for more info.

5. BC PROPERTY TRANSFER TAX (PTT) FIRST TIME HOME BUYERS’ PROGRAM

Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000. For more information click here.

6. FIRST-TIME HOME BUYERS’ TAX CREDIT (HBTC)

This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2010) x $5,000. For the 2010 tax year, the maximum credit is $750. For more information click here.

7. BC HOME OWNER GRANT

Reduces school property taxes by up to $570 on properties with an assessed value up to $1,150,000. For 2011, the basic grant is reduced by $5 for each $1,000 of value over $1,150,000, and eliminated on homes assessed at $1,264,000. An additional grant reduces property tax by a further $275 for a total of $845 for seniors, veterans and the disabled. This is reduced by $5 for each $1,000 of assessed value over $1,150,000 and eliminated on homes assessed at $1,319,000+. For more information click here.

8. BC PROPERTY TAX DEFERMENT PROGRAMS

Property Tax Deferment Program for Seniors. Qualifying home owners aged 55+ may be eligible to defer property taxes. Financial Hardship Property Tax Deferment Program. Qualifying low-income home owners may be eligible to defer property taxes. Property Tax Deferment Program for Families with Children. Qualifying low income home owners who financially support children under age 18 may be eligible to defer property taxes. For more information click here and enter ‘Property tax deferment’ in the search box or contact your municipal tax office.

9. CANADA MORTGAGE AND HOUSING (CMHC) RESIDENTIAL REHABILITATION ASSISTANCE PROGRAM (RRAP) GRANTS.

This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and owners creating secondary and garden suites. For more information click here.

10. CMHC MORTGAGE LOAN INSURANCE PREMIUM REFUND

Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient mortgage or make energy saving renovations. For more information click here.

11. ENERGY SAVING MORTGAGES

Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy SaverT Mortgage, may qualify for a rebate of $300 to their RBC account. For more information click here.

12. LOW INTEREST RENOVATION LOANS

Financial institutions offer ‘green’ loans for home owners making energy efficient upgrades. Vancity’s Bright Ideas personal loan offers home owners up to $20,000 at prime + 1% for up to 10 years for ‘green’ renovations. RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 renovation on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution.

13. LIVESMART BC: EFFICIENCY INCENTIVE PROGRAM

Home owners improving the energy efficiency of their homes may qualify for cash incentives through this provincial program provided in partnership with Terasen Gas, BC Hydro, and FortisBC. Rebates are for energy efficient products which replace gas and oil furnaces, pumps, water heaters, wood stoves, insulation, windows, doors, skylights and more. The LiveSmart BC program also covers $150 of the cost of a home energy assessment, directly to the service provider. For more information click here.

14. BC RESIDENTIAL ENERGY CREDIT

Home owners and residential landlords buying heating fuel receive a BC government point-of-sale rebate on utility bills equal to the provincial component of the HST.

15. BC HYDRO APPLIANCE REBATES

Mail-in rebates of $25 – $50 for purchasers of ENERGY STAR clothes washers, refrigerators, dishwashers, or freezers until March 31, 2011, or when funding for the program is exhausted. For more information click here.

16. BC HYDRO FRIDGE BUY-BACK PROGRAM

This ongoing program rebates BC Hydro customers $30 to turn in spare fridges in working condition. For more information click here.

17. BC HYDRO WINDOWS REBATE PROGRAM

Pay no HST when you buy ENERGY STAR high-performance windows and doors. This offer is available until March 31, 2011.

18. BC HYDRO MAIL-IN REBATES/ SAVINGS COUPONS

To save energy, BC Hydro offers rebates including 10% off an ENERGY STAR cordless phone. Check for new offers and for deadlines. For more information click here.

19. TERASEN GAS REBATE PROGRAM

A range of rebates for home owners include a $50 rebate for upgrading a water heater, $150 rebate on an Ener-Choice fireplace (both good to March 31, 2011) and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system (good to Feb. 29, 2012). For more information click here and in the search box enter ‘rebates’.

20. TERASEN GAS EFFICIENT BOILER PROGRAM

For commercial buildings, provides a cash rebate of up to 75% of the purchase price of an energy efficient boiler, for new construction or retrofits. For more information click here and in the search box enter ‘gas efficient boiler program.

Link (Story removed)

 Brocklehurst Kamloops BC Real Estate 867 Lolo StreetBeautifully updated modern Santa Fe style Brock home in a cul-de-sac. 1 bedroom inlaw suite, basement could be a 2 bedroom. Recent updates include kitchen, all appliances, bathrooms, flooring, all windows, roof 5 years old, furnace, hot water tank, electrical, plumbing, paint inside & out, internal & external doors, soffits, gutters, landscaping – new patios (3), pond with waterfall & so much more. The master bedroom has a huge 6×12 walk-in closet & large jetted tub. There is a private deck off of the master. All tile flooring throughout. Basement suite all done as well. Shared laundry. Seller currently runs a dog grooming business. Shed in yard & drive through access for a potential shop. Huge lot! There isn’t anything left to update!

Click here to view more pictures of this home.

To view all homes for sale in Kamloops click here.

On Saturday, February 26th and Sunday, February 27th, 2011 open houses will be held in Aberdeen, Batchelor Heights and Pineview Valley.

Pineview Valley Kamloops Real Estate 1927 Englemann Crt Saturday, February 26th, 2011: 11:00-12:30 1927 Englemann Court, Pineview Valley, $439,900

Beautiful two-storey home located in a quite cul-de-sac in Pineveiw Valley. The main floor features Acadian Walnut hardwood floors, vaulted ceilings, slate fire place, and a bright dining room. more

Batchelor Heights Open House 5-930 Stagecoach Drive Saturday, February 26th, 2011: 1:00-3:00: 5-930 Stagecoach Drive, Batchelor Heights $339,900

Stunning three bedroom and den townhome with TONS of custom upgrades. Located in the desirable Ridge at Saddleback development and perfect for first time home buyer or retiree. Many of the upgrades include.. more

west highlands kamloops aberdeen real estate 2249 linfield  Sunday, February 27th, 2011: 1:00-3:00: 2249 Linfield Drive, Aberdeen, $429,900

This brand new view home is located in Aberdeen’s newest subdivision Aberdeen Highlands. It is located right beside a golf course and elementary school. more

Click here to view more pictures of this home.

To view all homes for sale in Kamloops click here.

This report was released by the British Columbia Real Estate Association on February 23rd, 2011.

Vancouver, BC – February 23, 2011. The British Columbia Real Estate Association (BCREA) released its Housing Forecast for the first quarter of 2011 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 8 per cent from 74,640 units in 2010 to 80,900 units this year, and increase another 4 per cent to 83,950 units in 2012.

“British Columbia housing markets are returning to  normalcy after two years of volatility,” said Cameron Muir, BCREA Chief Economist. “Employment and population growth will fuel consumer demand over the next two years. However, higher mortgage interest rates and tighter credit conditions for low equity home buyers will limit home sales to below the ten-year average of 87,600 units.”

“Total active residential listings in the province declined 14 per cent since last spring. However, the inventory of homes for sale is expected to edge higher as the number of new listings to the market advances during the first two quarters of 2011,” added Muir. “Regional market differences continue in the province, with Vancouver trending into a seller’s market, while the Okanagan, Kootenay and Kamloops markets trend from a buyer’s market toward balanced conditions.”

The average MLS® residential price is forecast to increase 2 per cent to $517,000 this year and remain relatively unchanged in 2012, albeit declining by 0.4 per cent to $515,400.

This article appeared on The Daily Commercial News and Construction Record on February 21st, 2011.

Canada’s national housing agency says the pace of new-home construction will stabilize in 2011 and 2012 after trending lower at the end of last year.

Canada Mortgage and Housing Corp. predicts between 157,000 and 192,000 new housing units will be built this year, with the number remaining virtually the same in 2012. In its first quarter housing market outlook, released Feb. 17 it said economic growth and lower unemployment will prop up the need for new homes.

“This, in conjunction with relatively low mortgage rates, will continue to support demand for new homes. Housing starts will remain in line with long-term demographic fundamentals over the course of 2011 and 2012,’’ Bob Dugan, chief economist for CMHC said.

Dugan said listing prices are expected to keep pace with increases in inflation.

The corporation said sales of existing homes should be in the range of 398,000 and 485,000 this year.

In its January figures, CMHC said Canada was on track to build 170,400 units of housing this year, about 10 per cent less than in 2010.

The housing market was unusually active in late 2009 and early 2010 due to a catch-up from the recessionary levels in late 2008 and early 2009 and historically low interest rates that kept the cost of borrowing low.

The real estate market kicked off last year on a tear as buyers rushed into the market in advance of higher interest rates, new mortgage rules and a new harmonized tax regime in two provinces.

Link

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