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BC Home Sales Continue at Moderate Pace

Vancouver, BC – November 14, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 14.6 per cent to $2.7 billion in October compared to the same month last year. A total of 5,276 MLS® residential unit sales were recorded over the same period, down 10 per cent from October 2011. The average MLS® residential price was $508,292, down 5.1 per cent from a year ago.

"While consumer demand was stronger in October on a provincial basis, home sales continue to trend below last year’s level,” said Cameron Muir, BCREA Chief Economist. “Tighter mortgage credit regulation has moderated housing demand on the South Coast."

“However, an increase in residential sales was recorded in the Okanagan, Kootenay, Chilliwack and BC Northern board areas,” added Muir.

Year-to-date, BC residential sales dollar volume declined 18.2 per cent to $31.1 billion, compared to the same period last year. Residential unit sales declined 10.5 per cent to 59,946 units, while the average MLS® residential price was 8.6 per cent lower at $518,321.

 

Courtesy of BCREA for more info you can visit www.bcrea.bc.ca or email me at luckygill@shaw.ca

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Alot changed as GST was changed to a new term HST  -  what is really happening . How does HST affect buying a home ?

The answer to this question depends on what type of home you are buying.

Homes are divided into two types for HST

 Newly Constructed Homes (“New”) and Resale Homes (“Resale”).
New homes are those that have never been lived in and are being bought from the developer. These homes are the only homes that attract HST on the purchase price. However, there is a rebate available to Buyers purchasing the home as their principal residence.

The Rebate is available for all New homes under $525,000. After $525,000 you will still receive a rebate for $26,500 but all HST over this amount will be payable.

There is no HST on Resale homes 

 

For further information contact Lucky Gill - luckygill@shaw.ca

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