What are the qualifications to be exempt from the Property Transfer Tax?

As a first time home buyer, you are exempt from paying the property transfer tax.  There are certain requirements that you must meet in order to qualify.  They are stated below:

• You must be a Canadian citizen or permanent resident of Canada.
• You must be the purchasing a principal residence.
• You must not have previously owned an interest in real estate anywhere in the world.
• You must have resided in the province of B.C. for at least one year (12 consecutive months) immediately prior to the application to register the purchase of the principal residence.
• The maximum purchase price that will qualify for the exemption in Vancouver is $425,000 (A partial exemption is available for homes between $425,000.00 and $450,000.00).
• The term of your mortgage must be at least one year.
• The purchaser must occupy the property as their principal residence within 92 days of completion.
• The purchaser must continue to occupy the property as their principal residence for at least 1 year from the date the transfer was registered.
• For more information on this and the first time home buyers program, please visit http://www.sbr.gov.bc.ca/documents_library/brochures/FirstTimeHomeBuyer.pdf

Do you have more questions about first time home buyers?  If so, please contact Leilani!

How do I increase the value of my vancouver condo?

Before my clients sell their property, they often ask me the question, “If I were to do 3 things to my vancouver condo to increase the value of it for resale what would they be?

Most of my clients don’t realize that there isn’t much that you need to do when you sell your home:  Below are 3 cost effective ways to increase the value of your home before putting it on the market:

1)Paint-A new coat of paint is a cost effective and easy way to increase the value of your home.  Most potential purchasers (especially first time home buyers) often want to do as little work as possible when they move into their home.  A neutral color of beiges, tans, and browns seem to be the most desirable colors of yaletown and downtown condos.  These colors seem to appeal to a large audience probably because they are easy to work with. 

2)Floors-In Vancouver, having hardwood floors is worth more than having carpet.  Hardwood or Laminate flooring is easier to clean and more attractive in condo living.  It often makes the space look larger and more modern.  Laminate  and hardwood flooring can range from $2/sqft to $8/sqft. 

3)Declutter-  Moving as much of your personal items into storage including your pictures is always important.  When a potential purchaser walks into a home, they automatically imagine the home as if it were their own.   With staging and decluttering companies like http://www.chandeliershomestaging.com, it is easy to make your space appear larger and more desirable for the potential purchaser.  Sometimes it is easy as rearranging your furniture and adding a few small items to your home.