BC Returns To The PST On April 1, 2013

Posted by Jeff King on Feb 17, 2012

As taken from a VIREB release, BC Returns To The PST On April 1, 2013

The BC Provincial Government released a timetable for the elimination of the Harmonized Sales Tax (HST) in an announcement from Victoria this afternoon. The statement says in part the province will return to the use of the Provincial Sales Tax (PST) on April 1, 2013. The statement outlines a series of points including:

* B.C. new housing rebate threshold will be increased to $850,000, meaning more than 90 per cent of newly built homes will now be eligible for a provincial HST rebate of up to $42,500. It is important to note that the HST does not apply to resale housing.

* B.C.’s portion of the HST will continue to apply before April 1, 2013. Purchasers will be eligible for the new higher B.C. HST new housing rebate, of up to $42,500, and builders will continue to claim input tax credits.
* B.C.’s portion of the HST will no longer apply to newly built homes where construction begins on or after April 1, 2013. Builders will once again pay seven per cent PST on their building materials. On average, about two per cent of the home’s final price will again be embedded PST.

For the full review visit the Government News Room here.

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Get Paid Sell Your Home

Posted by Jeff King on Feb 10, 2012

Well, now I think I’ve heard it all.  Maybe not.  But getting paid to sell your home is new to me, especially when it’s the bank paying you to do it.  Now I hate the term “delinquent”. unless of course you’re purposefully avoiding paying your mortgage, as people for one reason or another fall into unfortuneate circumstance landing them in financial turmoil.  But, should you be behind in your mortgage payments wouldn’t it be nice for the bank to offer you money to sell than to foreclose?  I think so.

According to an article in CNN Money written by Les Christie@CNNMoney  today, some US banks are doing just that.  People are getting paid up to $35,000 USD to sell their house before foreclosure.  The idea to help people out from under their financial strain is a good one in my books.  Showing some compassion (to deserving folks) and helping a home owner in a desperate situation can be a “win/win” for both parties.  The homeowner can use the money to move forward, pay down other debt and regroup finances alleviating stress and giving him/her the ability to focus on moving forward with some pride. In return for the banks act of kindness, the homeowner will maintain the home during the sale process helping to yeild the maximum sale price helping the bank recoup their losses or if it all works out, break even! Win Win!

Maybe Canadian Banks together with CMHC can come up with a similar program to help those that fall into the “unfortuneate circumstance” category. If you’ve hear of this happening in Canada, let me know!

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Nanaimo Real Estate Update

Posted by Jeff King on Feb 8, 2012

Well, we’re through the first week of February and it certainly feels like spring is coming early!  The local market looks as if it saw its shadow this week with only 94 new listings.  There still seems to be some price adjusting though from last month as sellers jockey for position trying to attract the few buyers that are actually willing to take the plunge.  The big dissappointment…only 1 Sale, and, it was a lot, listed for $145K and sold for $128K.

Why, might you ask, is the market slow?  Well, I have to admit the phone is starting to ring more and the number of requests for more information has increased from last month.  However, the big hurdle I hear is the uncertainty laying in the back of the minds of buyers.  Many still think the prices will go lower.

There still remains some confusion on what the market is going to look like over the next while.  According to Cameron Muir, Chief Economist for BCREA (British Columbia Real Estate Association), “Modest economic growth at home and abroad is expected to limit growth in consumer demand both this year and in 2013.”  Although the BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 2.1 per cent I believe with the aging population and slow economic growth with wages only increasing about 2% the growth will be minimimal.

With the hope that a strong demand in the bond market will keep mortgage interest rates at or near record lows for most of 2012, home prices in most BC markets are forecast to experience little change over the next 24 months as the supply of homes for sale more closely matches consumer demand.  To read more of Cameron Muir’s report, follow this link  http://www.bcrea.bc.ca/news-and-publications/news-room/news-releases/housing-forecast-news-release

Anyone have a crystal ball?

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Nanaimo Real Estate For Sale By Owner

Posted by Jeff King on Feb 5, 2012

If you own Nanaimo Real Estate and you are trying to sell it on your own, I applaud you.  A lot of my past business has come from For Sale By Owners or FSBO’s as we say in the business.  I’ve heard all the stories of successes and not so successful.  Feel free to use any of the information on this site to your benefit.  If I can be of assistance as to pricing or marketing tips.  Give me a call at 250-751-4902.  I would be more than happy to stop by and give you an evaluation on your property and tell you what the market is really doing.

Nanaimo Real Estate Statistics can be found here and you can email me your questions to jeff@jeffkinghomes.com.  I would be happy to discuss you placing your home for sale on my website to help you out.  All you have to do is call me for details.  There ARE benefits from advertising you home on my website!

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Not From Here

Posted by Jeff King on Feb 2, 2012

I’m Not From Here… If you’re not from Nanaimo and you’re a relocated professional between the ages of 20 and 50 then there’s a place for you to meet other professionals.

They host Happy Hour events monthly around the city and if you would like to meet some of these people, contact the group organizer, Laurie Kersten and get added to her mail list.

Laurie can be reached by phone at 250.585.2499 an email Lauriekersten@shaw.ca. Contact here, get out and meet other people like yourself, not from here! You can visit her website http://www.imnotfromhere.com/DesktopDefault.aspx.