Found 8 blog entries for January 2013.
B.C. First-Time New Home Buyers' BonusThe B.C. First-Time New Home Buyers’ Bonus is a one-time payment worth up to $10,000. B.C. residents who are first-time home buyers and who purchase an eligible new home on or after February 21, 2012 and before April 1, 2013 may be eligible for this bonus. A first-time home buyer is an individual who has never previously owned a primary residence anywhere in the world. A primary residence is generally a house that you own, jointly or otherwise, and that you intend to live in on a permanent basis. You may have more than one place of residence, but you are considered to have only one primary residence.
QualificationsYou may qualify for the bonus if you meet all of the following criteria:
- Existing home sales in the US unexpectedly slipped by 1.0% to 4.94 million annualized units in December 2012 from a revised 4.99 million (previously reported as 5.04 million) in November. Market expectations had been for sales to rise to 5.10 million in December.
- The drop in sales was outpaced by an 8.5% decline in the number of homes available for sale in December. With inventories falling faster than sales, the months’ supply of unsold homes declined to 4.4 from 4.8 in November. This marked the lowest months’ supply since May 2005.
- Consistent with tightening inventories as well as a declining share of distressed property sales, the median price of existing homes jumped by 11.5% on a
- File a 8288 form found at www.irs.gov
- Ask yourself these 3 questions- if yes to all these 3 questions- the Canadian seller MAY be exempt from paying the US Government 10% withholding tax
- Is the condo/home I am selling under $300,000 US?
- Is my condo/home a residential property?
- Is the buyer of my condo/home going to occupy as a primary/secondary owner? ( so, if the buyer is going to turn the home/condo into a rental- you now just lost your exemption)
Ron's candid thoughts:
While statistics indicate relative price stability, our experience continues to confirm that sellers in distress are competing for the relatively scarce ready, willing and able buyers. Increasingly while the average sale price shows only a few percentage points decline, what Buyers are actually getting for their money has changed significantly, particularly over the last six months since the mortgage rule changes. Having said that, I’m seeing an increasing sentiment of it being a good time to buy and on our team we experienced a flurry of activity finishing the year with a busy December even getting an offer together on Christmas Eve. Nationwide consumer sentiment seems to be generally optimistic according to reports from…
It’s a reality check for a lot of buyers in the market for what they could realistically affordGregory Klump, chief economist at the Canadian Real Estate Association, agrees there is little doubt the government has cast its eye at the first-time buyer. “They are the ones that generally take out…