Wednesday March 7, 2012

 

 

CADREB News

Grants & Rebates Not Enough

Sales down last month but spring beings new hope

Released by CADREB

 

 

REALTOR R with strong roots in Chilliwack will head up the Chilliwack and District Real Estate Board (CADREB) for the coming year.

 

Newly installed President Cynthia Admiraal is a long-time area resident and has been a member of CADREB for 19 years, the last 15 of them at Homelife Glenayre Realty Chilliwack Ltd. Real estate runs in the Admiraal family, with REALTOR R son Richard working alongside Cynthia.

 

"This will enable me to free up time for the demands of being president, as the local Board is an active one in advocating for its members and residents," she said.

Ms. Admiraal looks ahead to her new challenge with enthusiasm, and with the intention of continuing to move the Board in a forward-thinking direction by getting more members involved with various task force duties over the coming year.

"We have a wonderful group of members and an excellent Board of Directors," she added. "I look forward to working with them".

President-Elect Jesse Hildebrandt and Vice-President Jake Siemens will help lead Ms. Admiraal through the months ahead.

Home sales in Chilliwack and area were down from the previous year, with 133 sales last month compared to 174 in February of 2011. However, the Board is hopeful that the upcoming Spring market will be an active one, as there is currently a wide variety of listings available at competitive prices, and the recently announced Bonus may mean more BC first-time home buyers coming to Chilliwack.

Finance Minister Kevin Falcon announced the BC First-Time New Home Buyers' Bonus as part of Budget 2012. The bonus will be a temporary one-time credit for first-time buyers who purchase a newly constructed home, up to a maximum credit of $10,000.

 

The credit will be available on purchases of newly constructed homes where both the HST applies and where a written agreement of purchase and sale is entered into after Feb. 21, 2012. Application forms will be available later this year and will need to be completed and sent to the BC Ministry of Finance for processing. The bonus will be issued as a separate cheque from the Ministry of Finance.

He also announced the provincial government's intention to provide a grant for buyers of newly-constructed secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts. Applying to properties priced up to $850,000, the maximum grant available will be $42,500.

As well, Minister Falcon announced the provincial government's intention to enhance the existing BC Harmonized Sales Tax (HST) New Housing Rebate by increasing the threshold to $850,000 from $535,000. The higher threshold will mean a higher maximum rebate of $42,500, up from $26,250.

Pending approval by the BC legislature, these changes will be in effect from April 1, 2012 to March 31, 2013.

 

 

 

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