Prices are continuing to climb and there does not seem to be any shortage of people wanting to buy homes in the beautiful Fraser Valley. The market is still very active, albeit slightly slower than the last two years, which had incredible numbers of homes flying off the market.
All in all, we will see a more balanced market this year. Houses will take a bit longer to sell than they would have last year, and there will be much fewer bidding wars. This will allow Buyers to take their time to look at a fair number of homes before making their decision. What a relief!
Last year if Buyers thought a home was close to meeting their needs, they had to rush to put in an offer before it got snatched up by someone else. Bidding wars were not uncommon, when homes were priced well, and it was a very strong Sellers market indeed, with a shortage of inventory compared to the number of people looking to buy.
Working with a REALTOR® is still your best bet of getting the best price for a home you have to sell, or getting the best price and terms on the home you want to buy. REALTORS® are knowledgeable about market value, so they can price your home correctly and ensure that they use their marketing expertise to gain the maximum exposure of your property. They also will put their negotiation and contract skills to work for you, to ensure that your best interests are served.
If I can be of any help to you, please do not hesitate to give me a call.
604-820-7733.
Cyndi Polovina
Monday, March 26, 2007
Thursday, March 1, 2007
Great News for First-Time Buyers!
New Threshold for Property Transfer Tax Increases Housing Affordability
The Property Transfer Tax (PTT), a B.C. government tax collected on the purchase of a home sale, can add thousands of dollars to what buyers need to pull out of their pockets to complete on their purchase.
The government recognized the burden this put on first-time buyers, who already needed to save a significant amount of money for a down-payment and closing fees. Therefore there was an exemption available to first-time buyers, who would be exempt from the PTT if they bought a home with a value equal to, or less than, the threshold.
Immediately prior to February 21, 2007, the exemption thresholds for first-time buyers was $325,000 in the Capital, Greater Vancouver and Fraser Valley Regional Districts and $265,000 for the rest of the province.
Last September, the B.C. Real Estate Association recommended the government develop a phased three-year plan leading to elimination of the Property Transfer Tax (PTT) by 2009, beginning with an update of the tax exemption thresholds for first-time buyers to $375,000, province wide.
The government has adopted the latter part of that recommendation word for word, and the new $375,000 PTT exemption threshold for first-time buyers came into effect on February 21, 2007. The amount applies to all areas of the province, replacing the former threshold.
This is an important change since home prices have been steadily rising, and $325,000.00 doesn't buy what it used to. With the threshold now at $375,000.00, first-time buyers have a much greater selection of properties to choose from that still allow them this important tax-saving exemption. Great news for first-time buyers!
The Property Transfer Tax (PTT), a B.C. government tax collected on the purchase of a home sale, can add thousands of dollars to what buyers need to pull out of their pockets to complete on their purchase.
The government recognized the burden this put on first-time buyers, who already needed to save a significant amount of money for a down-payment and closing fees. Therefore there was an exemption available to first-time buyers, who would be exempt from the PTT if they bought a home with a value equal to, or less than, the threshold.
Immediately prior to February 21, 2007, the exemption thresholds for first-time buyers was $325,000 in the Capital, Greater Vancouver and Fraser Valley Regional Districts and $265,000 for the rest of the province.
Last September, the B.C. Real Estate Association recommended the government develop a phased three-year plan leading to elimination of the Property Transfer Tax (PTT) by 2009, beginning with an update of the tax exemption thresholds for first-time buyers to $375,000, province wide.
The government has adopted the latter part of that recommendation word for word, and the new $375,000 PTT exemption threshold for first-time buyers came into effect on February 21, 2007. The amount applies to all areas of the province, replacing the former threshold.
This is an important change since home prices have been steadily rising, and $325,000.00 doesn't buy what it used to. With the threshold now at $375,000.00, first-time buyers have a much greater selection of properties to choose from that still allow them this important tax-saving exemption. Great news for first-time buyers!
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