Downtown Vancouver Updates - Page 291

SpongeG · #**5801** Posted **Mar 6, 2010, 2:51 AM**

i can see it behind the blue building with the tree

Hed Kandi · #**5802** Posted **Mar 6, 2010, 7:59 PM**

..

Locked In · #**5803** Posted **Mar 8, 2010, 8:58 PM**

Emery Barnes park extension update - my photo, March 8:

SpongeG · #**5804** Posted **Mar 8, 2010, 10:32 PM**

looking good

deasine · #**5805** Posted **Mar 9, 2010, 2:11 AM**

Wow. There's a lot more work done since the last time I was there. I wish that stupid plaza on Davie and Seymore was gone as well.

wrenegade · #**5806** Posted **Mar 9, 2010, 2:38 AM**

Ya when is that dry cleaner place being knocked down and added to the park? This year sometime?

Yume-sama · #**5807** Posted **Mar 11, 2010, 1:11 AM**

I'm trying to find some information for a friend, and yes, I should know this because I paid it 2 years ago... but does anyone know what the taxes are, exactly, on new constructed condo purchases?

Let's say the price is $500,000... does Vancouver have a luxury tax like Alberta

? Thanks! I didn't know where else to ask.

hrhsheba · #**5808** Posted **Mar 11, 2010, 2:53 AM**

The property purchase transfer tax (applicable to all purchases) is 1% on the first $200,000 and 2% on everything thereafter. There are certain exemptions and reductions for first time buyers but I can't comment on that as I haven't been a first timer (at pretty much anything) for a really, really long time.

Yume-sama · #**5809** Posted **Mar 11, 2010, 3:08 AM**

But there is still GST on top of that? No PST / HST?

delboy · #**5810** Posted **Mar 11, 2010, 3:32 AM**

Quote:

Originally Posted by Yume-sama

But there is still GST on top of that? No PST / HST?

gst only on new builds - hst no in effect till july sometime

vancityrox · #**5811** Posted **Mar 11, 2010, 3:45 AM**

is anyone seeing the lighting at Science World right now? Its amazing! I hope the keep it like this! Why didnt they do this durin the Olympics!

Prometheus · #**5812** Posted **Mar 11, 2010, 3:50 AM**

Quote:

Originally Posted by vancityrox

is anyone seeing the lighting at Science World right now? Its amazing! I hope the keep it like this! Why didnt they do this durin the Olympics!

Can you take a photo?

vancityrox · #**5813** Posted **Mar 11, 2010, 3:53 AM**

photo wont do justice..... but i dont no how to upload videos

Waders · #**5814** Posted **Mar 11, 2010, 4:20 AM**

Quote:

Originally Posted by Yume-sama

But there is still GST on top of that? No PST / HST?

Info. related to Property Transfer Tax: http://www.sbr.gov.bc.ca/individuals/Property_taxes/Property_Transfer_tax/ptt.htm

Please also note that even though HST only comes into effect on July 1 2010, HST General Transitional Rules applies for purchase made between May 1 and June 30.

Quote:

Overall, the HST would apply to goods and services purchased on or after July 1, 2010. In addition, the HST would generally apply to prepayments starting on May 1, 2010, for goods or services that would be provided on or after July 1, 2010.

Source: http://www.sbr.gov.bc.ca/business/Consumer_Taxes/Harmonized_Sales_Tax/hst.html#2

Yume-sama · #**5815** Posted **Mar 11, 2010, 4:24 AM**

Hmm. They can't actually charge HST on houses, can they? Won't that kind of make things... unattainable?

SpongeG · #**5816** Posted **Mar 11, 2010, 4:31 AM**

thats why there is gonna be a mad rush to buy big ticket items soon

jlousa · #**5817** Posted **Mar 11, 2010, 4:38 AM**

HST only applies to new homes, not used homes which make up over 95% of the market. To help offset the HST there are credits applicable. It would probably help if you gave a specific example and I could run the numbers for you.
A good real estate lawyer can save you a bundle, and for someone like you it might not be a bad idea to consult one.

Waders · #**5818** Posted **Mar 11, 2010, 4:40 AM**

HST and expected interest rate increase in July are reasons why there is a Spring rush of sales in housing market.
Source: http://www.vancouversun.com/business/mortgage+rules+pushing+sales/2611014/story.html

Yume-sama · #**5819** Posted **Mar 11, 2010, 4:44 AM**

Quote:

Originally Posted by SpongeG

thats why there is gonna be a mad rush to buy big ticket items soon

Don't most items already get charged GST & PST? Nothing will really change.

People with smarts will still buy expensive jewelry, etc., in Alberta.

Quote:

Originally Posted by jlousa

HST only applies to new homes, not used homes which make up over 95% of the market. To help offset the HST there are credits applicable. It would probably help if you gave a specific example and I could run the numbers for you.
A good real estate lawyer can save you a bundle, and for someone like you it might not be a bad idea to consult one.

A friend of mine is looking to buy in a building now, with completion date in 2011 or 12. If he buys now, no HST?

Even though taxes aren't paid until completion...

jlousa · #**5820** Posted **Mar 11, 2010, 4:46 AM**

Quote:

Originally Posted by SpongeG

thats why there is gonna be a mad rush to buy big ticket items soon

I keep hearing this, but only from misinformed people. What money is one going to save by buying the big ticket items before the HST kicks in?
Buy a $2000 TV today and pay 5% GST and 7%PST for a total of $2240, or buy is in Aug for $2000 and pay 12% HST for a total of $2240. Don't see any savings.
You would only save money if you were able to buy a brand new home today instead of waiting until August, but if you buy a presale the taxes are payable upon completion so you won't escape the HST.