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JANUARY 27/2011

…Take a look at the taxes, first. “If (government) is serious about reducing the consumer debt, they should look at mitigating the tax load that all levels of government place on new homes.”…[3]

New lending rules prompt questions on new-home tax If the government really wants to reduce Canadian consumer debt, it should look at reducing the tax load on new homes.

Greater Vancouver Home Builders’ Association president and CEO Peter Simpson says it would be a good idea for government to review new-home taxes, after Finance Minister Jim Flaherty introduced more new lending rules on Canadian mortgages last week – the third time he has done so in three years.

Simpson notes a 2009 Canada Mortgage and Housing Corporation study conducted before the HST was introduced shows purchasers in a Metro Vancouver municipality pay the highest percentage

of government-imposed charges on a median-priced home.

An example in the CMHC study highlights that a $567,207 new home in Surrey means the homeowner pays $108,050 in continued on page 3

Sunset views in new White Rock homes

L

iving in White Rock means more than just purchasing a home here. It’s about buying into a coveted seaside community that celebrates its unique, village-like flavour in a dynamic, yet close-knit way. It’s about being part of a place where you belong. And the beaches and views? Beautiful bonuses.

TRICIA LESLIE

Sandy beaches, stunning sunsets and fair weather.

It can be hard to find a new home in the seaside city of White Rock, where the beaches and views are just some of the advantages of living in such a vibrant, close-knit community.

With a population of 18,250, the oceanside city’s property values have “steadily increased due to White Rock’s attractive setting and amenities,” according to the city’s website.

But one new home development gives homebuyers the chance to own a new condominium home with a White Rock address and enviable views for reasonable prices: Regency Court.

“We are the only new woodframe construction in White Rock,” notes real estate agent Stewart Peddemors.

Featuring four-storey lowrise woodframe construction, the stylish homes are designed with creative, open floorplans that maximize the living space in every unit.

Located on Roper Avenue between Merklin and Best streets, the chic col-

15389 Roper Ave., White Rock

TMC Development’s Regency Court offers new homes in White Rock, a city that boasts a close-knit, seaside lifestyle. Martin Knowles and Brian Giebelhaus photos

lection of condos offers a central location right in the heart of White Rock.

And the developer of the new homes lives right in the neighbourhood.

TMC Development, a company that has built and sold more than 1,200 homes in B.C. over the past 33 years, is building Regency Court.

TMC’s owner is a master European builder who lives with his wife and continued on page 3

Regency Court

Luxury Living in the Heart of White Rock

Just completed... only 21 available!

• Hardwood Floors • Ceramic Tile • Granite Counters

• Granite Backsplash • Stainless Appliances • Crown Moulding

• Riobel Faucets • Electric Fireplace • Air Conditioning

$279,000

Starting at including net HST

Stewart Peddemors Cell: 604 329-6759

Office: 604 541-4888 www.stewartpeddemors.com

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New Local Home January 27 , 2011

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For information call 604.871.4126 or visit polyhomes.com

*Ask sales staff for details.

Polygon Tyneridge Homes North Ltd. Polygon Tyneridge Homes South Ltd.

New Local Home January 27, 2011

‘‘

There’s at least four fingers in the tax pie and only one taxpayer.”

First-timers: get on the house hunt

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counter culture: granite still reigns

continued from page 1

taxes, fees and levies (and that’s GST only) – 19.05 per cent of the total sale price of the home.

Vaughan, Ont. came in second at 18.86 per cent, while the lowest in the country was Whitehorse, Yukon at 4.7 per cent.

“If (government) is serious about reducing the consumer debt load, they should look at mitigating the tax load that all levels of government – federal, provincial, regional and municipal – place on new homes,” says Simpson.

“People should live within their means.

First-time homebuyers should buy what they can afford and existing homeowners should be responsible when dipPeter Simpson ping into their home equity for other purchases,” he says, and adds the new rules will probably have a greater impact in this region than anywhere else in Canada, as “we have the country’s highest home prices.”

In fact, home prices reached a recordhigh of $505,178 for an average home in B.C. in 2010, according to the B.C. Real Estate Association.

The new lending rules will come into effect March 18. They are: n Mortgage amortization periods will be reduced from 35 to 30 years. n The maximum amount Canadians can borrow to refinance their mortgages will be lowered from 90 per cent to 80 per cent of the value of their home. n The government will withdraw its insurance backing on lines of credit secured on homes, such as home equity lines of credit.

The new rules are intended to ensure Canadians don’t slip into unmanageable debt.

Simpson is pleased the new regulations don’t affect the down payment threshold on homes or current historically low mortgage rates, but emphasizes government-imposed fees are already extreme, and that first-time buyers will likely be the most affected.

“There’s at least four fingers in the tax pie and only one taxpayer,” he says. “My biggest piece of advice to homebuyers would be to go to a lending institution to get pre-approved for a mortgage and then look at homes in that price range, comfortable in the fact that they will be able to afford them.”

He notes the GVHBA is hosting its 17th annual First-Time Home Buyers Seminar on March 22, an event featuring a wealth of homebuying and mortgage information that typically attracts up to 850 prospective homebuyers (register at www.gvhba.org).

Local mortgage broker Jamie Moi agrees that first-time homebuyers will likely be the most affected by the new rules, and urges potential purchasers to get their applications for financing to a lender – now.

For example, Moi says, a young couple with a combined income of $100,000 and about $30,000 of debt who have saved $25,000 toward a home could increase their purchasing power by $25,000 if they place an offer on a home before March 18.

…off the front: “If you want the security of a new building with all the warranties in a great neighbourhood, definitely come by and check (Regency Court) out. It’s well worth the visit.”

Stewart Peddemors, White Rock real estate professional continued from page 1

family within walking distance of the new homes.

Comprised of a total of 56 units, the development is built to last with Hardie Plank siding and brick, gas-fired common hot water and double-glazed, energy-saving vinyl windows.

Inside, designer-chosen hardwood floors grace main living areas, while designer textured premium nylon carpet is in the bedrooms.

All windows have horizontal blinds and European-style baseboards are featured throughout.

Bedrooms come with an air conditioning unit, and main living areas and kitchens have crown mouldings.

Kitchens and bathrooms both boast granite countertops and Riobel faucets; kitchens also feature stainless steel appliances.

Spacious balconies complement each home as well.

“Every unit has a balcony,” says Peddemors.

The homes are attracting first-time homebuyers to those making their last buy, “and everything in between,” he adds.

Regency Court residents all have access to amenity space that includes a meeting room, an entertainment lounge, a guest suite, an electric bike/scooter room and storage lockers.

And that’s only inside. Outside, White Rock beckons with leisure activities starting with exploring the 1,500-foot-long pier and the 2.5-kilometre beach promenade that

connects East and West Beach. Lined with boutique shops, cafes, restaurants and other businesses, the Marine Drive ‘strip’ is always popular.

There are also ample opportunities for golfing, swimming, kayaking, windsurfing, crab fishing, beach combing, hiking, sailing, team sports or simply, strolling the local parks and trails.

“If you want the security of a new building with all the warranties in a great neighbourhood, definitely come by and check it out,” Peddemors says. “It’s well worth the visit.”

Many Regency Court homes have been sold, but the remaining homes start from $279,000 and some ocean views are still available. Visit www.regencycourt.net.

Home Hunting

Regency Court offers brand-new homes with stunning views and spacious balconies in an exceptional White Rock location. Martin Knowles photos

Sales Director: Lisa Farquharson • 604-575-5364 • lisaf@bcclassified.com Editor: Tricia Leslie • 604-575-5346 • editor@newlocalhome.com Writer: Maggie Calloway • maggiec@blackpress.ca Advertising Sales: Black Press National Sales • Helen Koch • 604-575-5811 • helenk@blackpress.ca Online Advertising: Black Press National Sales • Scott Elliott • 604-575-5826 • scottelliott@blackpress.ca Designer: Brad Smith • bsmith@blackpress.ca New Local Home is published once a week by Black Press Group Ltd. (Suite 309 - 5460 152 Street, Surrey, B.C. V3S 5J9) 350,000 copies are distributed free across Metro Vancouver. Reproduction in whole or part is prohibited.

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New Local Home January 27 , 2011