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REAL ESTATE
Friday, February 25, 2011 • COMOX VALLEY RECORD
5700 Island Hwy N. Courtenay
www.comoxvalleyrecord.com
HST HOW IT AFFECTS YOUR HOME PURCHASE
5006 Willis Way, Courtenay
The Harmonized Sales Tax (HST) came into effect on July 1. The provincial and federal governments combined the 7% provincial sales tax (PST) and the 5% federal Goods and Services Tax (GST) into the 12% HST. Some of the transition rules can be quite confusing, so talk to your REALTOR® about the specifics of your situation. In the meantime, we hope the following will help you understand the basics of what is, and what is not, subject to the new tax and how it affects your home purchase. First and foremost, it is important to note that the HST applies to new homes. It does not apply to resale homes.
$695,000
NOW $649,000 Custom built home on 1.36 acres, close to Small Hobby Farm 4 bdrms, master on the main plus a separate Huband School. This family home has large suite. Horse friendly barn, riding ring & rail rooms, 3 bdrms plus a den, formal living & fencing, plus a huge workshop & double car dining and wood heated family home. garage. Enjoy the virtual tour for more.
1069 19th Street, Courtenay
New Housing Rebate You may be eligible for a provincial New Housing Rebate if you buy, as your primary residence: • a new home together with land; • a new home purchased through shares in a • a new home together with leased land; housing cooperative; or • a new mobile home or float home; • a home constructed or substantially renovated (more than 90%) by the owner-builder. Buyers of new homes are eligible for a rebate of 71.43% of the provincial portion (7% of the HST’s 12%) of the HST paid on the new home up to a maximum rebate of $26,250. Homes priced at more than $525,000 are eligible for a flat rebate of $26,250. This rebate is limited to primary residences. Recreational property not used as a primary residence does not qualify.
3678 Island Hwy. Courtenay
If you buy a presale property and the agreement is dated on or before November 18, 2009 and you take ownership or possession after July 1, 2010, you will not pay the HST and will not be eligible for a New Housing Rebate. You will pay the GST. If the agreement is dated after November 18, 2009 and you take ownership or possession after July 1, 2010, you will pay the HST and may be eligible for the New Housing Rebate.
$359,000 This 2 bdrm, 2 bath rancher is centrally located and on a .36 of an acre lot that is zoned R2. It is very well maintained, enjoys a sunroom, separate dining & great kitchen as well as a large living room.
Buying either a new or a resale home • home renovations; • energy efficient appliances, insulation, windows and doors; • heating and electricity bills, telephone, cable; • closing costs such as appraisals and inspections;
$848,000 1 acre of waterfront, with a large 5 bedroom, 4 bath rancher with walk out fully finished basement. Amazingly quiet and private. Enjoy panoramic views from large windows and expansive decks.
• moving costs; and • REALTOR® fees or commissions – note that the HST will apply to REALTOR® services performed on or after July 1, 2010. If 90% or more of the services were performed before July 1, 2010, the HST will not apply.
The HST is not the PTT The Property Transfer Tax (PTT) is a separate provincial tax on all property transfers. The rate is 1% on the first $200,000 and 2% on the remainder of the fair market value of the property (usually the property price) before the GST/HST is applied.
Marianne Woodrow
This article was prepared on behalf of the REALTORS® of the Vancouver Island Real Estate Board for the information and benefit of consumers. Visit www.vireb.com for more information.
Coast Realty Group (Comox Valley) Ltd. coastrealty.com 250-897-3999 Toll Free 1-800-715-3999 mwoodrow@island.net 625 England Ave., Courtenay
WEEKLY FEATURE
CONDO OPPORTUNITY Desirable Comox location for this mountain view condo. 2 bdr, 872 sqft, fully applianced including insuite laundry. Nice feature is insuite storage. Bright unit, with kitchen nook as well as dining area. Next to bus transportation and short walk to Quality Foods, Tim Hortons, Shoppers Drug Mart & TD/Canada Trust.
NEW G ! N LISTI
Asking: $171,900
RE WHE L I V E WO R K ! YO U
H WA S M T.
RURAL GROCERY STORE Great location in desirable Bates Beach area, 3.5 km from the nearest competition. Lower floor offers both a convenience store as well as a bakery. Upstairs is a 3 bdrm suite, 350m from the ocean on a 1/2 acre lot including dbl. garage/workshop. WOW!
Asking $399,000
I N GT
NEW G ! N LISTI
TIN ! N TOW
COMMERCIAL STRATA!
BE YOUR OWN BOSS
Great opportunity to own commercial space or lease out as investment. Located on Rosewall in the desirable 'Tin Town' area, this unit is very well priced with possible conversion to add residential component on the mezzanine level.
Extra large unit with 1348 finished living area, located opposite the Air Park for great beach walks. Fair price for all this living. Cats, no dogs.
Asking $230,000
Asking $52,000
ON
SENIORS' M.H. PARK
SKIIN AND SKIOUT
Asking $191,000
Asking $39,900
ROB’S CONDO CORNER
NEW G ! N LISTI
Best price in Deer Lodge right at the base of the ski run. 2 bdrms, 2 baths with lock off so you can rent them out as two separate 1 bdr units. Fully furnished, gorgeous mountain view, secured underground parking.
Established for 17 years in the same location, this turnkey operation includes equipment, inventory and full client lists.
INVESTOR ALERT!! 2 Bedroom condo, 883 sqft, available immediately. Including 5 appliances, gas stove. Rented for $775/mo, leased to Feb 1, 2011. Well managed building with onsite caretaker.
Asking $109,900
#102 - 1290 Alpine Rd. #203 - 123 Back Rd. #105 - 123 Back Rd. #109C - 698 Aspen Rd. 2351C Rosewall Cresc.
2 BDRM ........ $191,000 2 BDRM ............ SOLD! 2 BDRM ........ $109,900 2 BDRM ........ $171,900 COMM. ......... $230,000
FOR MORE INFO GO TO:
www.robphillips.ca