Monday, February 25, 2013

The 2% BC Transition Tax on new homes is coming April 1, 2013

It is a new tax that comes into effect on April 1, 2013. It will apply to the sale of new residential homes that are 10% or more complete as of April 1, 2013. The 2% BC Transition Tax will end on March 31, 2015.

The 2% BC Transition Tax applies to the full price of a new home, which is 10% of more complete, where ownership or possession is on or after April 1, 2013, but before April 1, 2015. The 5% GST also applies to the full price of a new home, where ownership or possession is on or after April 1, 2013.

With the end of the HST and the return to the PST/GST system, the BC government chose to introduce the 2% BC Transition Tax as a way, in their words, “to ensure the equitable application of tax for purchasers of new residential homes currently under the HST system” and after April 1, 2013 when the province returns to GST on new residential homes. The government also wishes to replace some of the revenue lost through the return to the PST. BC’s portion of the HST will no longer apply to newly built homes where construction begins on or after April 1, 2013.

Builders will once again pay 7% PST on their building materials (construction inputs). The provincial government asserts that on average, about 2% of the home’s final price is embedded PST that builders pay on their building materials.

The Transition Tax rebate for builders (sellers) recognizes that the builder will not be able to claim input tax credits on the PST paid on building materials acquired after March 31, 2013. The rebate is available where both of the following conditions are met:

  • The 2% BC Transition Tax applies to the sale of new housing; and
  • Construction or substantial renovation is at least 10%, but not more than 90%, complete before April 1, 2013.

The Transition Tax rebate for sellers of new housing will be calculated on the degree of completion of the housing as of April 1, 2013:

Degree of construction complete as of April 1, 2013 Transition Tax Rebate as a % of Consideration or Fair Market Value
Less than 10% Not Applicable
10% < and < 25% 1.5%
25% < and < 50% 1.0%
50% < and < 75% 0.5%
75% < and < 90% 0.2%
90% or greater 0.0%

The 2% BC Transition Tax does NOT apply to:

  • the sale of vacant land, whether the GST would apply or not;
  • the sale of new commercial units; or
  • REALTOR® commissions.

Thursday, February 21, 2013

Pacific Point Condos - Bosa's new development in Yaletown

New Developments - Pacific Point
Bosa's new development in Yaletown

Luxury Reinvented

Situated adjacent to the seawall and David Lam Park, Pacific Point represents the finest of seaside city living. With spectacular views of False Creek and unparalleled access to the city's most refined amenities, Pacific Point makes every day seem like a five star holiday.

At Pacific Point condominiums, Bosa Development has mastered the art of reinvention. It’s an art found in infusing beauty and comfort into 214 suites, while still respecting the integrity of a structure built more than 20 years ago.

Walking through the grand doors you feel the change surrounding you: double heigh lobby,marbled walls, round glass column tiles and walnut panels, concierge, continued Walnut and glass tile in the elevators and building’s every hallway.

The suites themselves contain a hint of the past: the apartments are spacious, with solariums that can be adapted into dens, office spaces, or eating nooks, and generous storage spaces. Both of these features are hallmarks of apartment design from the time of construction, that rarely found in new homes today. Many suites feature unparalleled views overlooking False Creek, George Wainborn Park, David Lam Park, English Bay and city skyline. Stylish interior design is done by Cristina Oberti, including two designer schemes: Latte and Grey.

Luxurios Interiors

All suites have been modernized for comfort. Bosa Development has placed comfortable broadloom in the bedrooms and wide-plank laminate flooring throughout the suite. Every suite has been furnished with imported Italian Armony Cucine cabinets with soft-close doors for both kitchen and bathrooms, laminate wood flooring throughout, porcelain tiles, custom roller blinds and polished quartz countertops.

Kitchens feature quartz slab backsplash, stainless steel appliance package ingluding: Bosch, Kitchenaid and Panasonic, and contemporary undermount sink. Bathrooms have been remodeled with porcelain tiles, low flow Kohler toilets wit soft closing seats,luxurious soaker tub, enclosed glass shower in select suites, energy efficient Kohler lowflow/pressure showerheads, andundermount sinks.

Amenities

Pacific Point amenities include the following: swimming pool, hot tub and sauna, fitness studio and yoga room, his and hers change rooms and a common lounge featuring a pool table.

Peace of Mind

Features like secure access enterphone system, gated underground parkade, hard-wired smoke detectors and concierge are giving owners solid peace of mind. The inner workings have been upgraded to ensure safety and stability, with Bosa Development’s 2-5-10-year warranty—the same guarantee that buyers of new construction would get.

Pricing

Buyers can expect a deposit structure of $10,000 upon writing and balance of 10% within 7 days. Strata fees will aprroximately amount to $0.39/sf.

 

CITY AND WATER VIEW HOMES (2ND TO 21ST FLOOR)

 

TYPE SIZE RANGE PRICE RANGE
1 Bedroom + den 732 - 755 sf High $300,000's - High $500,000's
Jr. 2 Bedroom + den 925 - 935sf Low $500,000's - Low $700,000's
2 Bedroom + den 1066 - 1288sf Low $600,000's - Mid $900,000's

 

SIGNATURE VIEW HOMES (22ND TO 28TH FLOOR)

 

TYPE SIZE RANGE PRICE RANGE
Jr. 1 Bedroom 448 - 457sf High $300,000's - Mid $400,000's
1 Bedroom + den 702 - 779sf Mid $500,000's - Mid $600,000's
Jr. 2 Bedroom + den 925 - 935sf Low $700,000's - High $700,000's
Penthouses   Available upon request

 

Most homes include 1 parking stall and 1 storage locker, with the exception of select Jr. 1bedroom and 1 bedroom + den homes.

Previewing

BOSA will start public previewing this Saturday February 23, 2013 and if you would like to get the chance to view these condos and write an offer on one of them, please contact me directly at 604.771.6415 or email at sanjin.cvetkovic@century21.ca

Floorplans

View floorplans HERE

Photos