Steve Baldwin

REALTOR®

Working with you EVERY Step of the Way! 

Cell: 604.317.7810 |

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This week we saw some significant changes in the Federal Budget that will or may directly relate or impact you, your clients or family members who currently own or are planning to buy a home in the near future. This information has been obtained from the Government of Canada Dept of Finance site. The information will or may answer your own, family or client inquiries.  A few Realtors i work with have already had discussions with clients that were trying to understand what this budget actually means to them!

Home Renovation Tax Credit

To stimulate economic growth and encourage Canadians to invest in improvements to their homes, Budget 2009 proposes to introduce a temporary Home Renovation Tax Credit (HRTC). The HRTC will provide meaningful tax relief to help Canadian homeowners make improvements to their property while promoting broad-based economic activity. The design elements of the HRTC are described below.

Design of the Credit

Individuals will be able to claim a 15-per-cent non-refundable tax credit for eligible expenditures made in respect of eligible dwellings.

The credit will apply to expenditures in excess of $1,000, but not more than $10,000, resulting in a maximum credit of $1,350 ($9,000 x 15%).

Eligibility Period

The credit will apply only to the 2009 taxation year. Expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, will be eligible for the credit. The credit will, however, not be available in respect of expenditures for work performed or goods acquired in that period if the expenditure is made pursuant to an agreement entered into before January 28, 2009. Individuals may claim this credit (including in respect of expenditures made in January 2010) in their 2009 income tax returns.

Eligible Individuals

Eligibility for the HRTC will be family-based. For this purpose, a family will generally be considered to consist of an individual, and where applicable, the individual’s spouse or common-law partner, and their children who were, throughout 2009, under the age of 18 years.

Family members will be subject to a single limit based on their pooled expenditures.

While it is anticipated that in most cases one family member will claim the whole of the credit, any unused portion may be claimed by one or more of the other family members as a credit against that person’s tax otherwise payable.

Two or more families that share ownership of an eligible dwelling will each be eligible for their own credit. Each family’s credit will be determined by their respective eligible expenditures in excess of $1,000, but not more than $10,000.

Eligible Dwellings

Individuals will be able to claim the HRTC on eligible expenditures made at any time after January 27, 2009 and before February 1, 2010 in respect of dwellings that are eligible at any time during that period to be their principal residence or that of one or more of their other family members under the existing tax law.

In general, a housing unit is considered to be eligible to be an individual’s principal residence where it is owned by the individual and ordinarily inhabited by the individual, the individual’s spouse or common-law partner or their children.

In the case of condominiums and co-operative housing corporations, the credit will be available for eligible expenditures incurred to renovate the unit that is eligible to be the individual’s principal residence as well as the individual’s share of the cost of eligible expenditures incurred in respect of common areas.

Individuals who earn business or rental income from part of their principal residence will be allowed to claim the credit for the full amount of expenditures made in respect of the personal-use areas of the residence. For expenditures made in respect of common areas or that benefit the housing unit as a whole (such as re-shingling a roof), the administrative practices ordinarily followed by the Canada Revenue Agency (CRA) to determine how business or rental income and expenditures are allocated as between personal use and income-earning use will apply in establishing the amount qualifying for the credit.

Eligible Expenditures

Expenditures will qualify for the HRTC if they are incurred in relation to a renovation or alteration of an eligible dwelling (including land that forms part of the eligible dwelling) provided that the renovation or alteration is of an enduring nature and is integral to the eligible dwelling. Such expenditures would include the cost of labour and professional services, building materials, fixtures, equipment rentals, and permits.

The following expenditures will not be eligible for the credit:

·        The cost of routine repairs and maintenance normally performed on an annual or more frequent basis.

·        Expenditures for appliances and audio-visual electronics.

·        Financing costs associated with a renovation (e.g. mortgage interest costs).

Alterations or other items, such as furniture or draperies, and other indirect expenditures for items that retain a value independent of the renovation, such as the purchase of construction equipment (e.g. tools) will not be considered integral to the dwelling and therefore will not qualify for the credit.

The HRTC will not be reduced by any other tax credits or grants to which a taxpayer is entitled under other government programs. For instance, in the case of an individual who makes an eligible expenditure that also qualifies for the Medical Expense Tax Credit (METC), the individual will be permitted to claim both the HRTC and the METC in respect of that expenditure.

Expenditures will not be eligible if the related goods or services are provided by a person not dealing at arm’s length with the individual, unless that person is registered for Goods and Services Tax/Harmonized Sales Tax purposes under the Excise Tax Act. Any eligible expenditure claimed for the HRTC must be supported by receipts.

Home Buyers’ Plan

The Home Buyers’ Plan (HBP) allows first-time home buyers to withdraw amounts from a Registered Retirement Savings Plan (RRSP) to purchase or build a home without having to pay tax on the withdrawal. Budget 2009 proposes to increase the HBP withdrawal limit to $25,000 from $20,000.

For HBP purposes, an individual is generally considered to be a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year in which the HBP withdrawal is made or in any of the four preceding calendar years. Special rules apply to facilitate the acquisition of a home that is more accessible or better suited for the personal needs and care of an individual who is eligible for the disability tax credit, even if the first-time home-buyer requirement is not met. These rules will also be modified to provide the same $25,000 withdrawal limit.

Withdrawn funds must generally be used to acquire a home before October of the year following the year of withdrawal. Amounts withdrawn under the HBP are repayable in instalments over a period not exceeding 15 years. To the extent that a scheduled repayment for a year is not made, it is added to the participant’s income for the year. A special rule denies an RRSP deduction for contributions withdrawn under the HBP within 90 days of being contributed.

This increase in the HBP withdrawal limit will apply to the 2009 and subsequent calendar years in respect of withdrawals made after January 27, 2009.

First-Time Home Buyers’ Tax Credit

Budget 2009 proposes to introduce a new non-refundable tax credit based on an amount of $5,000 for first-time home buyers who acquire a qualifying home after January 27, 2009 (i.e. the closing is after that date). The credit for a taxation year will be calculated by reference to the lowest personal income tax rate for the year and is claimable for the taxation year in which the home is acquired.

An individual will be considered a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years. A qualifying home is one that is currently eligible for the Home Buyers’ Plan that the individual or individual’s spouse or common-law partner intends to occupy as the principal place of residence not later than one year after its acquisition.

Budget 2009 also proposes that the credit be available for certain acquisitions of a home by or for the benefit of an individual who is eligible for the disability tax credit (DTC). In particular, the credit will be available in respect of a home acquired after January 27, 2009 (i.e. the closing is after that date) by an individual who is eligible for the DTC, or by an individual for the benefit of a related individual who is DTC-eligible, if the home is acquired to enable the DTC-eligible individual to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person.

For the purpose of this credit, a "DTCeligible" individual is an individual in respect of whom an amount is deductible under the DTC for the taxation year in which the agreement to acquire the home is entered into, or would be deductible if costs for an attendant or care in a nursing home were not claimed for Medical Expense Tax Credit purposes by or on behalf of that person. Where the home is acquired by or for the benefit of a DTC-eligible individual, the home must be intended to be the principal place of residence of that individual no later than one year after its acquisition.

The credit may be claimed by the individual who acquires the home or by that individual’s spouse or common-law partner. For the purpose of this credit, a home is considered to be acquired by an individual only if the individual’s interest in the home is registered in accordance with the applicable land registration system.

Any unused portion of an individual’s First-Time Home Buyers’ Tax Credit may be claimed by the individual’s spouse or common-law partner. Where more than one individual is entitled to the First-Time Home Buyers’ Tax Credit (for example, where two individuals jointly buy a home), the total amount of the credits claimable for the year by those individuals shall not exceed the maximum amount of the credit that would be claimable for the year by any one of those individuals.

For more Federal Budget info........

 

 
Jason Pender
Mortgage Agent
604-725-4872
jason.pender@rbc.com
 
 
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 'Now is time to buy undervalued property as financial blowout will be done by next September'
 
 
 

The city's most famous realtor is predicting that the current property slowdown in home sales won't last long, and that now is the time to buy undervalued property.

Bob Rennie told The Province Friday that low mortgage rates, which have dipped below five per cent, make it a great time to buy.

"I think there's some really good buys out there," he said. "You've got to look at interest rates, and take advantage of them." The financial and corporate blowouts will be done by next September, he predicted, arguing that developers have reacted quickly to the downturn and are now eager for an upturn.

"Supply is really going to quickly show that the tap's been turned off," said Rennie. "I think we'll come out of this in 2010." For sellers, Rennie suggested that it's better to sit tight.

"If you don't have to sell, wait till the market stabilizes," he said. "If you want to give yours away and buy a good buy in this market, that's another decision." B.C.'s property developers remained optimistic Friday at the annual Urban Development Institute forecast lunch, predicting a market turnaround in the late fall.

More than 1,100 of them packed into a Vancouver hotel to hear from the experts where the property market is headed in 2009.

Veteran property developer Michael Audain predicted the current lower prices won't remain so for long.

Sales volumes of homes will pick up in the spring, Audain suggested. Prices will rise, too, he said, although he couldn't say when.

"Today, the Vancouver housing market is in a cyclical correction characterized by low volume and weak prices," said the founder of Polygon Homes.

"I do not believe it is a housing recession. The problem we face in Vancouver is primarily a serious loss of consumer confidence." Audain stressed B.C.'s fundamental value as a desirable place to live in the world.

"The year ahead will pose great challenges for us," he told developers. "But for homebuyers, it should be a year of remarkable opportunity." Fellow Vancouver developer Rob Macdonald noted that the 2010 Winter Olympics will soon be advertised in the world's media.

"We need to make the best of this Olympic opportu-nity," said Macdonald. "We want to be the place where people travel and invest." Prices should firm up from last year's declines, he said, and will start to go back up.

"We are going to see a pent-up demand forming over the next 12 months," he said.

B.C. residential sales fell 31 per cent last year, to their lowest level since 2000, and December sales were off 49 per cent.

"I expect that, while the economy is going to be weaker in 2009, real-estate sales will be higher than 2008," said Cameron Muir, chief economist with the B.C. Real Estate Association.

"While we've seen prices decline, the rate of decline has been slowing. If that trend continues, home prices should firm up over the next couple of months." Muir said the oversupply of available homes is pushing prices downward, but that could redress in the spring, paving the way for higher home prices.

"Homes today are more affordable than any time in the last two years, and affordability is a tremendous signal for potential homebuyers who've been sitting on the fence," he said.

CMHC regional economist Carol Frketich sees a slower economy in 2009, and she predicts Greater Vancouver home prices will fall about 10 per cent this year, with an average price of $535,000, compared with last year's $593,767.

"In 2009, the outlook is not rosy, but things will improve," said Frketich. "Things will improve in 2010, but the housing market could lag the economic growth."
 
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What Is Home Staging?

The art of preparing your home to sell by enhancing your property.

From outside curb appeal to inside storage solutions, furniture and art placement, organizing, cleaning, de-cluttering and the colours on the wall... these ALL help create a positive first impression. Potential buyers can easily imagine living in your home.

Home Staging Prepares Your Home To Sell

When you get ready to sell your home - it becomes a product. This product has strengths & weaknesses as well as competition. To compete, you MUST be priced right and look better than any other product.

Competition can be from new homes and professionally designed display suites to a number of resale properties in a similar price range. Home staging allows the seller to gain a competitive edge in the market place.

Most people cannot visualize what a home COULD look like if upgrades and repairs are needed. They want fresh paint, small repairs completed, lawn maintained - not having to do this when they move in - this is a strong selling feature!!

Coldwell Banker tracked 2,772 homes. The non-staged homes were on the market an average of 30 days getting an average of 1.3% above selling... The staged homes were on the market an average of 14 days getting an average of 6.3% above selling... 

Real Estate Home Staging Works! 

 

Compliments of: Ready Set Show Staging Inc.

 

604-984-7469

www.readysetshowhomestaging.com

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When is the best time to sell?

Conventional wisdom is that spring is the best time to sell a home.
This is when gardens are in bloom, the sun is shining and most homes show well. Although weather considerations do come in to play, the best time to sell depends on various other factors as well.

Sellers usually do well when there is not a lot of competition from other listings. Buyers tend to be pickier when there is a lot of inventory to choose from.

Although a lot of competition isn't great for a seller, a little competition is not necessarily bad. This gives buyers an opportunity to compare one house against another that is similarly priced. It can be difficult for buyers to make a decision when they don't have the opportunity to make a comparison.

HOME SELLER TIP:
The best time to list is to be ahead of the wave of competition.  The highest activity level of the year is in the months of March through June and considering it takes approximately 5 to 9 days for a new listing to be in full market play, the ideal time to list your home is early to mid February.


Mid- to late-winter can be a good time to sell. Inventory of homes for sale dwindles in December as people focus on the holidays. This is especially true after the recent increase in listings last fall. People who market their homes early in the year often find little competition from other sellers.

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Finding your way home
 

When you're buying a home, the location is just as important as the home itself. It impacts your quality of life and the resale value of your home. Most REALTORS® agree that the first step in home-hunting should be narrowing your search to a specific neighbourhood.

First, look at your lifestyle and future plans. Will you need schools or public transit nearby? What about green spaces or recreational facilities? What's the maximum daily commute you're willing to make? Think about your family and friends – do you want to live close to them?

Once you've determined your needs, Steve can source information about different neighbourhoods, pricing trends and community information.

Spend time researching neighbourhoods that interest you. Talk to the residents and merchants. Go for a walk in the local park. Have coffee in the cafés and try out one or two restaurants. Read the community newspaper to get an idea of community activities, issues and concerns.

Also, consider these issues:
 

Zoning and community planning.

Find out what plans are in store for your neighbourhood – perhaps there are some new developments, infrastructure or zoning changes. You can get zoning by-laws and a copy of the community or neighbourhood plan from the local city hall.
 

Safety and noise.

Visit the community at different times of the day and night to determine safety and noise levels in the area. Will you feel comfortable walking at night? Will the noise keep you awake? Check with the local police department for statistics on break-ins and other crimes.
 

Schools.

Drop by the local schools and ask about class sizes, programs, activities and parental involvement. If schools are crowded, find out if there are plans for expansion. Even if you don't have children, the quality of local schools affects the value of your home.

With Steve’s assistance and your own research efforts, you're sure to end up in a neighbourhood that's right for you.

 

http://www.realtylink.org/

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Launch of New Website! www.stevebaldwin.ca

 

On January 1, 2009 Steve launched his new Web Site. In addition to new features and ease of navigation Steve had added a “Virtual Real Estate Office” for the exclusive use of his Preferred Clients those who sign up for this free service.

 

Better than MLS.ca®, Realtor.ca® and other real estate websites.

 

Try my new Draw & Search Google Maps!

It’s fun and easy. Now you can zoom right down to just 1 block if you want to look for specific listing types and prices and you can even save those listings into your Favorites file and add comments. There is NO limit to the number of different searches you can save. No more limitations to just sub areas for your property searches as provided by other public websites.

 

Virtual Real Estate Office

 

In addition to this great tool you can also experience the power of my Virtual Real Estate Office. Once you sign up for a Virtual Office it will greatly enhance your property search experience. There is NO obligation and here’s what you get to do in exchange:

 

ü  -View listings up to 2 days before the rest of the public sees them.

ü  -See the list Date & Days on the Market.

ü  -View over 300% more Listing Data than on other real estate websites.

ü  -Email notify yourself of any new listings or price changes that match your buying criteria.

 

The new website is intended to add value to your home buying experience! Steve is always a phone call away and will continue to provide you with the highest level of personal service.

 

Working with you EVERY Step of the Way!

 

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Winter Selling Basics

-         Keep your house warm. The colder weather outside during the winter months can actually come as a benefit to sellers because buyers will feel comfortable as they walk into your warm, inviting home. If you have a fireplace it is a good idea to turn it on as well.

-         Make sure it’s easy to reach your house! If the front entrance is covered in ice or snow, not only will buyers have a hard time getting into your home, it will also become less appealing when they envision having to clean the driveway every morning.

-         Set up timers. Having the lights on will make the house appear warm and welcoming from the street to potential buyers driving by (this includes exterior lights).

-         Make sure to have your open houses earlier in the afternoon, possibly 12:00-3:00pm, when it’s still light out.

-         An additional benefit that the winter season brings is a larger view from your home. When the leaves have fallen off the trees, it opens up the outlook and may create an even better view than you have in the summer.

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