Jessica Prasad

Property Transfer Tax:

When a residence is purchased, a Property Transfer Tax (PTT) is applied. The tax is calculated at 1% of the first $200,000 and 2% on whatever the remainder. In British Columbia, the First-Time Buyers Program offers an exemption to the PTT, which is the fair market value of the residency is $425,000 or less. In all regions, there is also a proportional exemption for first-time buyers of homes with a fair market value up to $25,000 above the threshold. This means that in the Greater Vancouver area, homes valued up to $450,000 are charged a pro-rated PTT. Prepaid Property Taxes of Utility Bills: You will have to reimburse the sellers for any prepaid property taxes or utilities.

Mortgage Loan Insurance and Application Fee: If you get a high-ratio mortgage, you will have to buy mortgage loan insurance from CMHC or a private company or your choice. If you qualify for a 5% down payment, CMHC charges an insurance fee that equals 2.75% of the mortgage. If you put down 10% or 15%, your insurance fees will decrease to 2% and 1.75% respectively. The insurance premium usually gets added to you mortgage.

Survey Fee:

Your lender may require an up-to-date survey of the property. If the seller didn’t provide you with one, than you will to have to pay for one to get done.

GST:

Now that H.S.T. is eliminated, we are back to the old G.S.T. rules, along with the Transitional Tax. How does G.S.T. apply to used residential housing? It does not. Used residential housing is not subject to G.S.T. How does G.S.T. apply to new residential housing? G.S.T. is payable on the purchase price of newly constructed or substantially renovated residential homes. Substantially renovated is defined in the legislation as the removal or replacement of most of the house construction components except for the foundation, external walls, interior supporting walls, floor, roof and staircase. What is the tax rate for G.S.T.? 5%, subject to any rebates.

Where can I obtain more G.S.T. information?

www.rev.gov.B.C..ca and/or phone Ministry of Finance at 1-877-388-4440

www.cra-arc.gc.ca/gncy/hrmnztn and/or phone the C.C.R.A. line 1-800-959 5525 or 1-800-959 8287

“Draw Your Dream House”

www.ilovehomes.ca Coloring Contest

Coloring Contest Instructions:

ONE ENTRY PER CHILD. Open to children in Preschool - 5th grade. First and second place prizes will be awarded for each grade level. By entering the contest you are giving us permission to display your work at www.ilovehomes.ca , our facebook page and for any other appropriate future use without additional consent.

Email me for the PDF info@ilovehomes.ca or text pic to 778.241.8946 or Bring your entry to the office to:

Jessica Prasad

Sutton Group West Coast Realty

102-403 North Road

Coquitlam, BC

V3K 3V9

All entries must be received by June 30, 2013 to be considered.

Name:_____________________________________________________________________________

School: __________________________________________________Grade: ___________________

Address: ___________________________________________________________________________

City: ___________________________Province:____________________ Postal Code: ___________

Email: ___________________________________________________ Phone: ___________________

Note: You need not be present to win. Registration for this event is not required to participate in or win the “Draw Your Dream House” Coloring Contest.

Winners will be announced on June 30, 2013.

For more information, or to register, please contact Jessica at (778) 241-8946 or info@ilovehomes.ca or check out our website at www.ilovehomes.ca

Return on renovation costs: How much will you get back?

Projects that can increase -- or decrease -- the value of your home.

Percentage recovered upon resale
Kitchen upgrade: 75% to 100%
Bathroom upgrade: 75% to 100%
Interior painting: 50% to 100%
Roof replacement: 50% to 80%
Replacement of furnace or heating system: 50% to 80%
Expansion (addition of family room): 50% to 75%
Doors and windows: 50% to 75%
Deck: 50% to 75%
Installation of hardwood floor: 50% to 75%
Construction of a garage: 50% to 75%
Fireplace (wood or gas) 50% to 75%
Central air conditioning: 50% to 75%
Finished basement: 50% to 75%
Wood fence: 25% to 50%
Interlocking paving stones on driveway: 25% to 50%
Landscaping: 25% to 50%
Asphalt driveway: 20% to 50%
Pool: 10% to 40%
Skylights: 0% to 25%

information provided by: www.styleathome.com