Deirdre Love Nanaimo REALTOR®

Here is a wonderful family home on a quiet, dead-end street in one of Nanaimo’s best neighbourhoods. The large entry has a cathedral ceiling and a curved staircase. French doors lead into a generous living room with a vaulted cedar ceiling, a wood burning fireplace and an arched feature window. From the separate dining room another French door leads into the kitchen, nook and family room. From the family room a patio door leads you out to a low deck and a fenced yard. Upstairs you will find 4 bedrooms. The large master bedroom and upper deck have a great ocean view and a spacious ensuite bathroom. This home has most its original 1989 finishes- it is in need of updating and is priced accordingly. If you are looking for a great home for your family and are willing to build equity by doing your own updating, this could be your chance to buy in North Nanaimo at a great price. (All measurements are approximate and should be verified if important.)

Have you signed that Charter for Compassion? Check it out at charterforcompassion.org

On March 21 Karen Armstrong will be speaking at the Vancouver Board of Trade luncheon on the topic of Compassion in Commerce. I’m going to attend. Anyone want to join me?

Tuesday Feb. 20 the B.C. Provincial Government announced a new income tax bonus of up to $10,000 for first time home buyers who purchase a new home. Effect from Feb.21/12 to March 31/13 this bonus will be prorated according to household income and the price of the home, but the levels are pretty reasonable. For example a couple who’s total income is $150,000/yr or less who is buying a home that is over $200,000 will receive the whole $10,000. Of course there are other requirement such as residency. This is good news for builders and for buyers.

So here’s the list of reasons why this is good time for First Time Home Buyers to jump into the housing market:

1. Great low mortgage rates

2. If buying new – up to $10,000 provincial tax rebate

3. Federal tax refund of up to $750

To see more details go to the B.C. Government press release.

NOTE: This any other HST rebate decisions are subject to legislative approval.

This week we learned that the the reign of the HST in B.C. will end April 1, 2013. At that time we will convert back to the 7% PST. In the meantime new rules have been implemented to help with the transition period.

Here are the key elements that I have gleaned from the press releases:

1. Previously the top threshold for receiving any HST rebate was $525,000. At that price you could receive a $26,250 rebate. Beginning April 1,2012, with the transitional rules, the threshold has been raised to $850,000 with a maximum rebate of $42,500.

2. These rebates are now available for 2nd homes.

3. After April 1, 2013, buyers will pay a 2% transitional tax on homes built before April 1, 2013.

This government site on New Home Purchases attempts to explain the rules for the transition from the HST to the PST.

This morning I viewed this super cool house on the corner of McGirr and Icarus in North Nanaimo. This place is semi-waterfront, meaning across the street from the waterfront homes. It was built in 1983 and has ALL the original finishes, so this is a project house. The house has great bones, an interesting floor plan, a great location and a great price: $485,00. If you are into renovating you could create a masterpiece here.  As my friend John says, “This house has a lot of lift potential”.

Interested? Call me to set up a viewing – Deirdre Love with RE/MAX of Nanaimo 250-802-9810