March 2008 Newsletter

Welcome to Squamish Rocks Realtors E-News letter
New Foundations

Property Transfer [Purchase] Tax

First Time Home Buyers' Program

You pay PPT each time you register [completion or closing] a property at the land title office. Purchasing your first home may qualify you for an exemption from PPT

Requirements as a Purchaser

- Canadian Citizen

- Lived in BC for 12 consecutive months before registering the property or filed 2 income tax returns as a BC resident 6 years before date of registration.

- Never owned an interest in a principal residence anywhere in the world at any time

- Never received a first time Buyersí exemption or refund.

Requirements for the Property

- Purchase price doesn't exceed $375,000

- Land is between 0.5 -1.24 acres or smaller.

- Property to be your principal residence.

If you do not meet some of these requirements you still may qualify for a partial exemption

Financing

- The borrowed amount is at least 70% of the purchase price.

- Term of at least 1 year.

- The mortgage is activated within 7 days of the date of the property being registered.

www.sbr.gov.bc.ca/documents_library/brochures/FirstTimeHomeBuyer.pdf

Will the US Economy Impact Our Real Estate Market?

[Cameron Muir, BC Real estate Association Chief Economist.]

No. As opposed to the lax lending practices for the US Canada's mortgage lending standards and practices are rigorous, don't encompass sub prime loans or loans for more than the amount of the home value.

The weak Us housing market impacts the demand for our forest products. The BC forest sector will have troubles that may trickle down to the BC consumer. Overall Cameron Muir is optimistic.

"We have high employment and rising wages and a growing economy. Home sales should remain strong for 2008"

Bank of Canada Lowers Prime to 3.34%

The economic growth thru the 4 quarters was in line with expectations. Overall, the Canadian economy remained above its production capacity at year end. [Stated from the Bank Of Canada]

Community News

On Tuesday March 1, council heard the results of a study of the Second Home Ownership project in Squamish. The study found that there are a small number of second home ownership properties. 72-75% of all current properties in Squamish fall under full time resident which leaves 25% as rental and or second home ownership.

Pacific Blue consultant Sandra Bicego says that secondary vacation homes will likely rise as baby boomers set their sites on an investment that they enjoy into retiring. It is becoming normal for people in their 50's to purchase a second home. Sandra also states that the real estate value in Squamish remains lower than homes in Vancouver and Whistler.

Market update 2007

Median Sale Prices /Attached $ 337,000

Median Sale Price /Detached $ 465,000

Home Selling Tips

Simple Bathroom Make Over in a Day

1. Pick a Design Style

2. Personalize With Paint

3. Freshen Up - replace the old shower curtain with a new fabric one.

4. Install a New Vanity - replace your existing ones or simply paint the doors for a quick simple make over.

5. Add a Classy Mirror

6. Install new hardware - new bathroom faucets, Change your drawer pulls, knobs, towel bars, faucets, showerheads and even your framed artwork.

7. Add Accessories - such as toothbrush cup holders, soap dishes and bathroom cup

8. Lighten up - Change out the fluorescent lighting and swap with halogen, which is the closest to natural sunlight

9. Finish your look with co coordinating finishes and paint colors