Kelowna Real Estate

2013 Property Assessments - Values Remain Stable

By Jaime Briggs, Kelowna Real Estate January 2, 2013 This information just released from BC Assessment: More than 150,000 property owners throughout the Central Okanagan, and North Okanagan-Shuswap regions can expect to receive their 2013 assessment notices in the next few days. Most homes in the OMREB region are remaining stable in value compared to last year's assessment roll. Home owners in the North Okanagan and Shuswap can expect modest changes in the 0% to -5% range, while commercial and industrial properties will see changes ranging from +5% to -5%. Most homes and commercial/industrial properties in the Central Okanagan can expect changes ranging from -5% to +5%. North Okanagan-Shuswap: Overall, the assessment roll decreased from $27,387,550,091 last year to $26,391,682,576 this year -- including $354,569,677 for subdivisions, rezoning and new construction. Please note that the North Okanagan Assessment region includes the Shuswap and Revelstoke. Click here for detailed media release and backgrounder. Central Okanagan: Overall, the assessment roll decreased from $40,748,380,318 last year to $40,599,516,028 this year -- including $280,572,573 for subdivisions, rezoning and new construction. Clickhere for detailed media release and backgrounder. Property owners who feel that their property assessment does not reflect market value as of July 1, 2012 or see incorrect information on their notice, should contact the BC Assessment office as indicated on their notice as soon as possible in January. More Info Online: Please visit www.bcassessment.ca for more information about the 2013 Assessment Roll including lists of 2013's top most valuable residential properties across the province. Property owners can also contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322). Special for 2013: Property owners can also visit the website for an online customer service survey, available until January 31. Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn. Read More...

BC FIRST TIME HOME BUYER BONUS - $10,000 Cash Back Rebate before April 1, 2013

By Jaime Briggs, Kelowna Real Estate Are you a First Time Home Buyer? Do you want to get $10,000 CASH BACK when you buy your FIRST, brand NEW home? The April 1st, 2013 deadline will be fast approaching! Here's some great information and video by Spagnuolo &Co. that answers all your questions. http://youtu.be/NDOuEx2C8iU November 7, 2012 BC FIRST-TIME NEW HOME BUYERS' BONUS WHAT IS IT? - A one-time payment worth up to $10,000 for BC residents who are first-time home buyers and who purchase an eligible new home. WHAT IS A BC RESIDENT? - If you file a 2011 BC resident personal income tax return, or if you move to BC after Dec. 31, 2011, or you file a 2012 BC resident personal income tax return (you will not be eligible for the bonus if you move to BC after Dec. 31, 2012) WHO IS A FIRST TIME HOME BUYER? - An individual who has never previously owned a primary residence anywhere in the world. If multiple buyers, each must be a first-time home buyer (unlike PTT). Primary residence - generally a house that you own, jointly or otherwise, that you intend to live in on a permanent basis. WHAT IS AN ELIGIBLE PROPERTY? - An eligible new home includes NEW homes (i.e. newly constructed and substantially renovated homes) that are purchased from a builder and that are owner-built. OTHER CONDITIONS: - Contract of purchase and sale is entered into on or after February 21, 2012; - HST is payable on the home; - no one else has claimed a bonus in respect of the home; - construction of the home is complete, or the home is occupied, before April 1, 2013 - How much is the Bonus - equal to 5% of the purchase price of the home (or in the case of owner-built homes, 5% of the land and construction costs subject to HST) to a maximum of $10,000. - Bonus will be reduced if income is too high: - for individuals, bonus reduced by $.20 for every $ in net income over $150,000 (bonus is reduced to zero at $200,000 net income), - for couples, bonus reduced by $.10 for every $ in family net income over $150,000 (bonus is reduced to zero at $250,000 family net income). - The builder sent in my BC HST New Housing Rebate. Am I still entitled to the bonus? Yes, so long as you meet all the other eligibility requirements. - Is the bonus taxable? No. The bonus is a refundable personal income tax credit, meaning it will not be added to your income on your tax return. Also, click here to see the full video presentation with more details: http://youtu.be/NDOuEx2C8iU For more information contact: Tony Spagnuolo Spagnuolo & Company Real Estate Lawyers #300-906 Roderick Avenue Coquitlam, BC V3K 1R1 Direct Phone: 604-777-7406 Fax: 604-527-8976 Read More...

Bank of Canada Interest Rate Announcement - October 23, 2012

By Jaime Briggs, Kelowna Real Estate October 23rd, 2012 Bank of Canada Interest Rate Announcement - October 23, 2012 The Bank of Canada once again opted to hold its target for the overnight rate at 1 per cent this morning. Interest rates have been held constant for over two years, the longest such period since the 1950's. The Bank somewhat tempered its bias for higher future interest rates, including a softer statement regarding the appropriateness of a gradual withdrawal of monetary stimulus as excess supply in the economy is absorbed. In a bit of a surprise, the Bank actually raised its forecast for the growth in the Canadian economy this year to 2.2 per cent, but kept its 2013 forecast at 2.3 per cent growth. The Bank judges that at that pace of growth, the Canadian economy will return to full capacity by the end of 2013. It is our view that monetary policy at the Bank of Canada will continue to be constrained by external events in the global economy and household debt growth at home. While the Bank's preference for tighter policy is clear, it is difficult to make a case for higher interest rates when core inflation is below the Bank's 2 per cent target and already slow economic growth is threatened by global uncertainty. Therefore, we are forecasting that the Bank of Canada will hold its target overnight rate at 1 per cent until mid-to-late 2013 when, conditioned on an improved global economic outlook, it may test the water with a 25 basis point rate increase. Read More...

The New Provincial Government HST Transition Rules for New Home Sales

Finally! The Province announced the HST Transition rules today as the Province transitions back to the PST/ GST system on April 1, 2013. Used Residential Homes (resales) are, of course, and remain, exempt from HST. Read More...