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SEE WHAT MY CLIENTS HAVE TO SAY
- B MIf you're needing a realtor in Downtown Vancouver, I can't say enough great things about working with Amanda Helou! In my opinion she is the best realtor in Yaletown area, she was incredibly thorough and really took the time to listen to all of my needs for my new condo. Amanda helped me find the perfect place, just a short walk from the sea wall, which was exactly what I wanted, amongst all my other requirements. The entire process was smooth and Amanda made everything feel so easy. If you're looking for someone who’s knowledgeable in all areas of Downtown Vancouver, attentive, personable and wonderful to work with, I highly recommend giving Amanda a call!
- S. LynnWe couldn’t have asked for a better realtor than Amanda! Her dedication to finding a home that suited not only us but also our two large bully breed dogs was unmatched. She was persistent in finding homes that checked all of our boxes and made sure we felt confident in our decision. Amanda’s market knowledge, combined with her caring approach, made us feel like we were in great hands throughout the entire process. If you’re looking for someone who goes the extra mile to ensure your home fits your unique needs, Amanda is the perfect choice. Thank you, Amanda, for your hard work, patience, and unwavering support. We’re so grateful for all you’ve done to help us find the perfect home!
- Sandy YuI had the pleasure to work with Amanda and I have to say she truly work in the best interest for her clients. Amanda is very detail orientated and it is always an open book with her so there are no surprises. The purchasing and selling of homes have many steps in between and Amanda has helped to make sure nothing is missed so we can have a smooth completion date. I highly recommend her to anyone looking to sell or buy real estate.
- Mandy OlexsonAmanda is an exceptional realtor. I can see how. deeply she cares for her clients. She is quick to respond, professional, knowledgeable, positive and fun. She was very transparent and made the the entire process as smooth as possible for a real estate transaction. I would 100% recommend her. If I wasn’t a realtor myself I would be using her!
- Cyrile OngWe had an outstanding experience with Amanda. Her communication throughout the process was exceptional, keeping us informed every step of the way. Beyond her professionalism, she was emotionally supportive, caring, and incredibly gentle, making the entire experience smooth and stress-free. We highly recommend her to anyone looking to buy or sell a home!
- Alvera PucilowskiI cannot say enough about Amanda. To describe her I would say she is on the ball, always quick to respond, if she doesn't know the answer she will go out of her way to find an answer for you. Always ensuring the strictest standards of integrity and professionalism. She listens to your needs and wants and goes that extra mile to find you your dream home. I would 100% recommend using Amanda Helou as your realtor - she will not let you down! - Thank you so much Amanda!
REAL ESTATE NEWS IN GREATER VANCOUVER
What is Property Transfer Tax in British Columbia
What is Property Transfer Tax? Property Transfer Tax (PTT) is a provincial levy in British Columbia imposed on real estate transactions when property ownership changes hands. Governed by the British Columbia Property Transfer Tax Act, this tax stands as a crucial element in the province's revenue generation. For those engaging in real estate transactions, understanding the implications of PTT is essential. The amount of property transfer tax is calculated based on the fair market value of the property, encompassing both land and improvements, on the day it is officially registered with the Land Title Office. It's important to note that exemptions may apply, and certain pre-sold strata units might also have different considerations. It's crucial to differentiate property transfer tax from annual property taxes. While PTT is a one-time tax incurred during a property transaction, annual property taxes are paid regularly to the municipal or rural tax office. These annual taxes contribute to funding local services and initiatives in the respective area. In essence, Property Transfer Tax is a significant financial aspect that buyers need to factor into their considerations when navigating real estate transactions in British Columbia. Who Pays Property Transfer Tax? Property Transfer Tax (PTT) in British Columbia is paid by the buyer involved in a real estate transaction. The rationale behind placing this responsibility on the buyer stems from the idea that they are the party directly benefiting from the acquisition of the property. By assigning the tax burden to the buyer, the government ensures that the financial implications of the property transfer are primarily borne by the party gaining ownership. The buyer, as the new property owner, is considered the primary beneficiary of the transaction. As they acquire a valuable asset and potentially stand to gain from the property's appreciation over time, it is deemed fair and equitable for them to contribute to the provincial revenue through the Property Transfer Tax. This approach aligns with the broader principle in taxation where the burden is often placed on the party receiving economic benefits. In the context of real estate transactions, the buyer's payment of Property Transfer Tax serves as a financial contribution to the overall revenue pool that supports public services and infrastructure in the province. How Much is Property Transfer Tax? In order to calculate the potential property transfer tax on a home, you will need to complete a few small calculations to get to the final ptt payable. The general property transfer tax rate is as follows: 1% of the fair market value up to and including $200,000 2% of the fair market value greater than $200,000 and up to and including $2,000,000 3% of the fair market value greater than $2,000,000 How Do You Calculate Property Transfer Tax? Let’s create a fictitious scenario in order to show how ptt is calculated. Bobby Buyer wants to purchase a $1.5 million house in Burnaby from Suzy Seller. Bobby Buyer needs to be aware that the property tax payable will be as follows: On the first $200,000 (1% of $200,000) 1% × $200,000 = $2,000 On the amount above $200,000 up to $2,000,000 (2% of $1,300,000 (remember to take the total price minus the first step which is $1,500,000 - $200,000)) 2% × $1,300,000 = $26,000 Total Property Transfer Tax owed: $2,000 + $26,000 = $28,000 Therefore in total, Bobby Buyer will need to pay a total Property Transfer Tax of $28,000 in order to complete the transaction and the transfer of title ownership from Suzy Sellers' name to his at the Land Title Office. If you're wanting further information on Propetty Transfer Tax, you can read more online here: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax
Read more6 Programs for First-Time Home Buyers
Buying your first home is a monumental step in anyone's life, and it’s a journey filled with excitement, anticipation, and a touch of anxiety. You're not just purchasing a property; you're investing in your future, your comfort, and your own little piece of the world. In British Columbia, this dream is within reach thanks to several incredible programs designed to help first-time home buyers make informed decisions and leverage all the available government programs and rebates. If you're a first-time home buyer, now is the time to explore these six essential programs that can make your dream of owning a home a beautiful reality. 1) First Homes Savings Account (FHSA): BC's First Home Savings Account is a flexible and tax-efficient way to save for your first home. You can contribute up to $8,000 annually, up to a maximum lifetime contribution of $40,000 towards your down payment. The best part? These contributions are tax-deductible (like an RRSP), and any capital gains and interest earned within the account are tax-free. This program complements the RRSP Home Buyers Plan beautifully, providing first-time buyers with multiple avenues to secure their new home. To qualify for the First Homes Savings Account, you must meet all of the following criteria: Be at least 18 years old and not more than 71 years old Be a resident of Canada Be a first-time home buyer How do you open your First Home Savings Account? Most major banks and credit unions are able to open a FHSA for you, and will require some basic information in order to begin the process, such as: Your social insurance number Your date of birth Any supporting documents your bank may need to certify that you are a qualifying individual Read more on the First Home Savings Account here 2) RRSP Home Buyers Plan (HBP): The Home Buyers Plan empowers first-time buyers to withdraw up to $35,000 per person, or $70,000 per couple, from their RRSP accounts to use as a down payment on a new home. It's a strategic way to leverage your retirement savings for a significant life investment, helping you to kickstart your journey to home ownership. To qualify for the RRSP Home Buyers Plan, you must meet all of the following criteria: You have to be a first-time home buyer You must have a written agreement to buy a qualifying home You have to be a resident of Canada throughout the period that starts when you make your first eligible withdrawal You must intend to live and occupy the qualifying home as your primary residence within one year after buying What’s great about this program is it can work in tandem with the First Home Savings Account (FHSA) for the same qualifying home, as long as you meet all of the conditions at the time of each withdrawal. However, it’s important to know that with the RRSP Home Buyers Plan, the funds taken from the account must be fully paid back within a 15-year period. This means if you withdraw the maximum contribution of $35,000 in 2023, then by 2038 you must put back the same amount. Read more on the RRSP Home Buyers Plan here 3) Newly Built Homes Exemption: If you're considering a presale or newly built home, you may be exempt from paying Property Transfer Tax (PTT) on properties valued up to $750,000. There are even partial exemptions for homes priced between $750,000 and $800,000. This exemption is an incredible opportunity for first-time home buyers to save considerably on their new home purchase. What constitutes a newly built home? A new apartment or condominium in a newly build condominium building or development A new house that is constructed and affixed on a parcel of vacant land A manufactured home that is affixed on a parcel of vacant land To qualify for the Newly Built Homes Exemption, you must meet all of the following criteria: Be an individual Be a Canadian citizen or permanent resident and the property must: Be located in B.C. Only be used as your principal residence Have a fair market value of $750,000 or less Be 0.5 hectares (1.24 acres) or smaller It is also possible for you to qualify for a partial exemption if the property: Has a fair market value of more than $750,000 and less than $800,000 Is larger than 0.5 hectares Has another building on the property other than the principal residence Read more on the Newly Built Homes Exemption here 4) First Time Home Buyers Income Tax Credit: This program provides a helping hand to first-time home buyers, offering the opportunity to claim up to $10,000 per household, resulting in a maximum tax credit of $1,500. This credit is applicable from 2022 onward, brings much-needed relief to your overall expenses when purchasing a qualifying home. To qualify for the First Time Home Buyers Income Tax Credit, both of the following must apply: You (or your spouse or common-law partner) acquired a qualifying home You did not live in another home inside or outside Canada that you (or your spouse or common-law partner) owned in the year of acquisition or in any of the four preceding years (first-time home buyer) Secondly, a qualifying home: Can be a single-family house, semi-detached house, townhouse, mobile home, condominium unit, or apartments in duplexes, triplexes, fourplexes, or apartment buildings. Must be registered in your or your spouse's or common-law partner's name Must be located in Canada Includes both existing homes and homes under construction You or a related person with a disability, must occupy the home as a principal place of residence no later thanone year after it is acquired. How do you get the First Time Home Buyers Income Tax Credit? In order to receive your income tax credit, you will enter $10,000 on line 31270 when completing your tax return. If you and your spouse or common-law partner are going to be splitting the claim, you just need to remember that the combined total cannot be more than $10,000. Read more on the First Time Home Buyers Income Tax Credit here 5) First Time Home Buyers Property Transfer Tax (PTT) Program: If your new home has a fair market value of $500,000 or less, you're in line for a full Property Transfer Tax exemption. This program could save you approximately $8,000 and makes acquiring your first home more achievable. To qualify for the First Time Home Buyers Property Transfer Tax exemption, at the time the property is registered you must: Be a Canadian citizen or permanent resident Have either: Lived in B.C. for at least 1 year immediately before the date you register the property Filed at least 2 income tax returns as a B.C. resident in the last 6 taxation years immediately before the registration date Have never owned a property that was your principal residence anywhere in the world, at any time Have never received a first-time home buyers' exemption or refund Secondly, the property must: Only be used as your principal residence Has a fair market value of $500,000 or less Be 0.5 hectares (1.24 acres) or smaller It is also possible for you to qualify for a partial exemption from the tax if the property: Has a fair market value less than $525,000 Is larger than 0.5 hectares Has another building on the property other than the principal residence Read more on the First Time Home Buyers Property Transfer Tax (PTT) Program here 6) GST/HST New Housing Rebate: When purchasing a presale or newly built home, you'll have to pay a 5% GST on the total purchase price. However, if your home's price tag is $350,000 or less, you can apply for a rebate, which could potentially save you up to $6,300. Even for homes priced between $350,000 and $400,000, a reduced rebate is available. This program aims to ease the financial burden on first-time buyers and encourage home ownership. Read more on the GST/HST New Housing Rebate here Final Thoughts on the 6 Programs for First-Time Home Buyers These six programs exemplify British Columbia's commitment to supporting first-time home buyers, with varying factors for each program. With a range of financial incentives and tax credits available, there's never been a better time to take the exciting step toward homeownership in this stunning province. Make your dream a reality and explore these programs to secure your first home in beautiful British Columbia.
Read moreBurnaby to Pioneer a Pre-Fab Housing Revolution
In an ambitious move toward redefining the landscape of housing development, the city of Burnaby, along with 10 other forward-thinking municipalities, is rethinking and focusing its efforts on a regional initiative to explore the integration of pre-fabricated housing. While there's a current acknowledgment that pre-fab structures might incur higher costs, the potential for mainstream adoption could trigger a transformative shift, bringing about cost reductions through economies of scale. The global stage provides compelling evidence of the viability of pre-fab housing. Countries like Sweden have embraced this innovative approach, with a staggering 84% of detached homes incorporating prefabricated elements. This Scandinavian nation stands as a world leader in prefabricated building, showcasing the durability, efficiency, and sustainability of this construction method. The Burnaby initiative positions pre-fab housing as a potential game-changer, envisaging a future where homes are built off-site and then seamlessly assembled on-site when ready. This turn to pre-fab housing aligns with a global trend pointing toward the future of living. The methodology not only streamlines the construction process but also contributes to enhanced quality control and reduced waste, presenting a compelling case for its long-term sustainability. Despite the current cost disparities, Burnaby's exploration into pre-fab housing signifies a commitment to addressing these challenges and harnessing the immense potential of this revolutionary approach. As economies of scale come into play and more municipalities embrace pre-fab techniques, the trajectory could see a considerable reduction in costs, making this innovative housing solution more accessible and commonplace. Burnaby's bold step might well be the catalyst for a broader shift toward a future where pre-fab living is the norm, fostering efficiency, sustainability, and a reimagined approach to housing development. Read the full article by Srushti Gangdev & Hana Mae Nassar here: https://vancouver.citynews.ca/2023/11/21/burnaby-housing-pre-fabricated-homes
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