Tom Ikonomou Kamloops Real Estate

Canada’s housing market is healthy, and is more likely in for a “soft landing.” KLUMP, CANADIAN BUSINESS

Tom Ikonomou, e-PRO® Best-West Realty Lt — Fri, 09 Mar 2012 04:20:00 GMT

This article appeared on the Canadian Business website on March 7th, 2012 and was written by Sunny Freeman of the Canadian Press.

The number of Canadian homes sold this year will outpace 2011 while prices will hold steady in most parts of the country, the country’s largest real estate association said Monday in a rosy revision to its 2012 outlook.

The Canadian Real Estate Association said the number of home sales will grow by 0.3 per cent this year to 458,800 from 457,305 units in 2011, largely due to the continuation of low borrowing rates.

The national average price is forecast to dip by 1.1 per cent in 2012 to $359,100 but that’s due to a drop-off in multi-million dollar sales activity in Vancouver —Canada’s most expensive real estate market..

Prices are expected to remain around current levels in most parts of the country, CREA said.

The most recent forecasts reversed those CREA gave in November, when it expected home sales to fall by 0.5 per cent this year, and the national average home price to hold steady at $362,700.

The revisions come at a time when central banks in Canada and the United States are keeping their key lending rates low to counter the economic drag caused by the European debt crisis.

“Risks to the Canadian economic outlook remain elevated owing to the European sovereign debt quagmire, but the continuation of low interest rates is the silver lining,” CREA chief economist Gregory Klump said.

“So long as the European debt crisis is contained and a global economic recession avoided, low interest rates will support Canadian home sales and prices.”

CIBC economist Benjamin Tal said the new CREA forecast is much more in line with what he is projecting, and if anything it is “a best case scenario” forecast, with his bias being toward an expectation of more significant price declines.

“This is basically a stagnating housing market,” Tal said.

“This is not a housing market that is going to be on fire. This is a housing market that you’ll see activity moderating and prices actually going down.”

CREA expects Alberta, Saskatchewan, and Nova Scotia will drive the sales growth this year, offsetting weakness in British Columbia, Ontario, and New Brunswick.

In Vancouver, prices are already falling from sky high levels a year ago, especially in the once bustling condominium market, and prices elsewhere in country are not rising significantly to offset those big declines, Tal noted.

By contrast, sales and prices are still moving higher in Toronto, with sales up 16 per cent from last February and prices up 11 per cent.

However, a stagnating market is “exactly what we need to see” over the next few years to avoid a housing bubble that could burst, Tal noted.

“I think even real estate agents will tell you that another year of crazy activity with house prices rising by 10 per cent would not be good for their business from a long-term perspective.”

Sales are now expected to pull back by 0.3 per cent to 457,200 units in 2013, with prices rising 0.9 per cent to a national average of $362,300, CREA said.

Ontario is expected to weigh down the national results, as it is the only province not expected to make “modest gains,” CREA said.

The outlook would put national sales activity on par with the 10-year average for annual activity, the agency noted.

The Bank of Canada and some economists have warned that Canadians are piling on too much mortgage debt while interest rates are low, and some may no longer be able to afford their homes when interest rates rise.

One paper issued by the central bank suggested that home prices have been influenced not only by low mortgage rates but also on expectations that values will keep rising.

Meanwhile, CREA’s Klump has steadfastly declared Canada’s housing market is healthy, and is more likely in for what he calls a “soft landing.”

“Recent trends are reassuring, but interest rates remaining low for longer will doubtless keep the Canadian housing market under scrutiny for signs of overheating,” Klump said.

Tal believes that if there is a reacceleration of activity, the federal government would step in again with new mortgage rules to curb activity. Meanwhile, the central bank is unlikely to raise interest rates to soften the market because it is too broad of a tool that could hit other sectors hard.

“The real measure of intelligence is what you do when you don’t know what to do,” Tal said.

“And what you do when you don’ you don’t take chances so this fog of uncertainty will prevent it from switching policy any time soon.”

Kamloops BC H.S.T Rebate FAQ's

Tom Ikonomou, e-PRO® Best-West Realty Lt — Sun, 26 Feb 2012 04:04:00 GMT

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Enhanced BC HST New Housing Rebate
Last updated: February 24, 2012

On February 17, 2012, BC Minister of Finance Kevin 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 $525,000. 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 effective from April 1, 2012 to March 31, 2013.

The province is expected to return to a Provincial Sales Tax/Goods and Services Tax system on April 1, 2013. The BC HST new housing rebate program will end on April 1, 2013, as the HST will no longer be in effect on and after that date.

The following questions and answers are intended to provide clarity at a high level. For advice about specific transactions and situations, BCREA suggests individuals seek legal and/or accounting advice, as appropriate.

For more information, see the Ministry of Finance HST Notice #12 at www.pstinbc.ca/media/2012_housing_rules.pdf.

As details are finalized, this page will be updated with the latest information.

How does the current BC HST new housing rebate work?

Currently, buyers of new homes to be used as primary residences are entitled to a 71.43% rebate on the 7% provincial portion of the HST that is levied on the purchase price of new homes. However, once the purchase price of a new home exceeds $525,000, the rebate is fixed at $26,250 and is not applied to the portion of the purchase price above $525,000.

How will the current BC HST new housing rebate change?

As of April 1, 2012 (and ending March 31, 2013), the rebate will increase for qualifying buyers of new homes that are priced up to $850,000 instead of the previous $525,000. Accordingly, the eligible maximum rebate will increase to $42,500 from $26,250. Qualifying buyers of new homes priced above $850,000 will receive the maximum rebate of $42,500, and the rebate will not apply to HST the purchaser paid on the portion of the purchase price above $850,000.

	Purchase price	BC HST new housing rebate (ends Mar. 31, 2012)	Enhanced BC HST new housing rebate (Apr. 1, 2012- Mar. 31, 2013)
Example 1	$625,000	$26,250	$31,250
Example 2	$850,000	$26,250	$42,500
Example 3	$1,200,000	$26,250	$42,500

Is the April 1, 2012 date based on the contract/offer date or the completion date? That is, when does the HST become payable?

On the sale of newly-constructed homes, the HST becomes payable (assuming it is not paid on an earlier date) on the earlier of the following dates:

· when the seller transfers ownership (also known as the completion date)

· when the seller transfers possession (also known as the possession date)

It doesn’t matter what date the parties entered into the contract or removed subjects. Provided the HST becomes payable between April 1, 2012 and March 31, 2013 buyers can be eligible for the enhanced BC HST new housing rebate.

Example 1

A Contract of Purchase and Sale is entered into on December 15, 2011, the seller transfers ownership on March 15, 2012 and the buyer takes possession on April 2, 2012.

The buyer does not qualify for the enhanced BC HST new housing rebate.

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How will the current BC HST new housing rebate change?

	Purchase price	BC HST new housing rebate (ends Mar. 31, 2012)	Enhanced BC HST new housing rebate (Apr. 1, 2012- Mar. 31, 2013)
Example 1	$625,000	$26,250	$31,250
Example 2	$850,000	$26,250	$42,500
Example 3	$1,200,000	$26,250	$42,500

Is the April 1, 2012 date based on the contract/offer date or the completion date? That is, when does the HST become payable?

On the sale of newly-constructed homes, the HST becomes payable (assuming it is not paid on an earlier date) on the earlier of the following dates:

· when the seller transfers ownership (also known as the completion date)

· when the seller transfers possession (also known as the possession date)

Example 1

A Contract of Purchase and Sale is entered into on December 15, 2011, the seller transfers ownership on March 15, 2012 and the buyer takes possession on April 2, 2012.

The buyer does not qualify for the enhanced BC HST new housing rebate.

Example 2

A Contract of Purchase and Sale is entered into on December 15, 2011, the seller transfers ownership on April 6, 2012 and the buyer takes possession on April 15, 2012.

The buyer qualifies for the enhanced BC HST new housing rebate.

Is there a problem with changing the dates in the contract so the buyer can take advantage of the enhanced BC HST new housing rebate?

Buyers who wish to approach sellers about taking advantage of the higher rebate by extending the completion and possession date(s) should be mindful of the rules surrounding the re-opening of the contract.

When does the HST become payable when the transaction involves a strata unit?

The only difference for stratas is where the strata plan hasn’t been registered by the date possession is transferred. HST is payable on the earlier of the following dates:

· when the seller transfers ownership (also known as the completion date)

· 60 days following the date the strata plan is registered

Who is responsible for paying the HST? The builder or the buyer?

As was the case prior to the new transition rules, the buyer is responsible for paying the HST, and the seller is responsible for collecting and remitting it to the Canada Revenue Agency

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Example 1

A Contract of Purchase and Sale is entered into on December 15, 2011, the seller transfers ownership on March 15, 2012 and the buyer takes possession on April 2, 2012.

The buyer does not qualify for the enhanced BC HST new housing rebate.

Example 2

A Contract of Purchase and Sale is entered into on December 15, 2011, the seller transfers ownership on April 6, 2012 and the buyer takes possession on April 15, 2012.

The buyer qualifies for the enhanced BC HST new housing rebate.

Is there a problem with changing the dates in the contract so the buyer can take advantage of the enhanced BC HST new housing rebate?

When does the HST become payable when the transaction involves a strata unit?

The only difference for stratas is where the strata plan hasn’t been registered by the date possession is transferred. HST is payable on the earlier of the following dates:

· when the seller transfers ownership (also known as the completion date)

· 60 days following the date the strata plan is registered

Who is responsible for paying the HST? The builder or the buyer?

As was the case prior to the new transition rules, the buyer is responsible for paying the HST, and the seller is responsible for collecting and remitting it to the Canada Revenue Agency.

Are there any changes to which transactions qualify for the enhanced BC HST new housing rebate?

No. The enhanced BC HST new housing and new rental housing rebates will be subject to the same eligibility conditions as the existing HST rebates and will be administered by the Canada Revenue Agency (CRA).

The enhanced HST rebate threshold will be available with respect to newly-constructed homes purchased or built as a place of primary residence, or for the purpose of renting to residential tenants for a period of at least one year, where HST becomes payable on or after April 1, 2012 and before April 1, 2013.

HST is not payable on the purchase price of existing homes.

Are there any changes to the process for obtaining the rebate?

As with the current rebates, the buyer will be entitled to receive the enhanced rebate either by filing a rebate application directly with the CRA, or by assigning their right to the rebate to the seller who in turn will pay or credit the enhanced rebate amount at the time of purchase (in which case the buyer must assign the rebate to the seller and the seller files the rebate application).

Only one rebate application can be sent to the CRA with respect to a home, either from the seller or the buyer, so the parties must be clear on who is taking responsibility for submitting the application.

Example

The contract for the purchase of a new home was entered into before the enhanced rebate was announced, though the purchase now qualifies for the enhanced BC HST new housing rebate. The purchase price includes HST if the buyer assigns the BC HST new housing rebate to the builder. Who is entitled to the enhanced rebate?

If the parties negotiated a Contract of Purchase and Sale where the purchase price included HST and the buyer assigned the HST rebate to the builder, then the builder would bear the risk and/or get the benefit of any future increase or decrease to the HST rate and/or rebate. The builder is not required to reduce the purchase price to account for the enhanced HST rebate.

In these circumstances, the parties must look to the specific terms of the contract.

Remember the days when Home ownership was affordable?

Tom Ikonomou, e-PRO® Best-West Realty Lt — Fri, 27 Nov 2009 18:14:00 GMT

We may never see a time like this again for home ownership opportunities. Sellers are more motivated to sell and interest rates are at all time lows. A perfect match for first time homeowners. 908 Holt is one of the few properties on the market that promises to provide affordable single family living.

For more information and a personal viewing, call direct at (250) 318-0479

http://www.forsalebytom.com/Kamloops/British_Columbia/Homes/Brocklehurst/Agent/Listing_5768792.html

Kamloops B.C House for sale - A true family home! Call Your REALTOR® today!

Tom Ikonomou, e-PRO® Best-West Realty Lt — Fri, 27 Nov 2009 17:46:00 GMT

A true family home! Solid built 2294 sf, 4 bedroom, 2 bath, located minutes from school & Millenium Trail. Features: sundeck, wired shop, garden shed & fruit trees. Basement has suite potential. Updates include: roof, retaining wall, 4 pc bath & flooring.

http://www.forsalebytom.com/Kamloops/British_Columbia/Homes/Westmount/Agent/Listing_6324870.html

Price Reduced on 4836 Birch Lane in Barriere

Tom Ikonomou, e-PRO® Best-West Realty Lt — Mon, 16 Nov 2009 02:11:00 GMT

Barriere, Thompson Okanagan - Announcing 4836 Birch Lane, a 5,674 sq. ft., 6 bath, 7 bdrm 2 story "Cape Cod with Victorian Interior detail". Now $589,900 -

Quality country living! This 7 bdrm, 6 bath home has it all! Located on 5 acres, (fncd & x-fncd) there are 4 separate fields w/2 corrals & walking distance to downtown & schools. This beautiful Cape Cod home is finished w/oak flrs in the foyer, Victorian decor & ceramic tiles in the kit. Features incl soaker tub, hot tub, sauna, billiards room, C/vac, outdoor wood furnace, (low heating costs). 2 separate B&B suites, high end appl, 1 bdrm bsmt suite, lge sun room w/ heated concrete flr & boasts an indoor pool complete w/heated concrete walks. Lots of revenue as an investment or to help purchase your castle in the country. Property is set up for a hobby farm which includes an 18x24 barn w/loft, 2 barns, hay shed, new grain shelter, bi-friendly heating boiler & so much more! Call L.B. for all the exciting details today!

http://www.forsalebytom.com/Barriere/British_Columbia/Homes/Barriere/Agent/Listing_7250721.html

5 Valuable Tips to sell your Kamloops Home

Tom Ikonomou, e-PRO® Best-West Realty Lt — Sat, 03 Oct 2009 07:31:00 GMT

Here are 5 quick tips to sell your Kamloopst home quicker and for more money. Kamloops home buyers want to move in plug in the TV, put the drinks in the fridge, and put their feet up on the couch. Kamloops home buyers do not want to paint, remove wallpaper, redo the house. Buyers want the home "move in ready"

So here are my 5 tips to sell your Kamloops home quicker:

1. De-clutter - get all the knick knacks off the shelves, counter tops, refrigerator. Open up the rooms by getting rid of a few pieces of furniture. Most rooms should only have 3-4 pieces of furniture in them. Organize and straighten up your home. Store all your excess stuff at a storage locker or a friend’s house.

2. Deodorize - nothing kills a home sale quicker than bad smells. Smoke outside; repaint to get rid of the smell. Find the source of the odour and eliminate it. Some smells that offend home buyers. Pet odours, fishy smells, mildew smell, old person smell, curry, cigar or cigarette smoke. You may not smell it but may offend a buyer. Buy a Cinnamon, or chocolate chip cookie candle and burn it before showings. Don't over do it though. Don't go crazy and over spray smelly deodorizes.

3. De-personalize - Take down you personal and family pictures. If you have collections put them away. If you are country themed or ultra modern loosen them up. By appealing a larger number of home buyers you are more likely to sell your home quicker. The buyer may not like country.

4. Neutralize - Get rid of the flowered or vegetable wallpaper. Repaint that purple wall. Tear up that patterned carpeting or shag carpeting. Again you want the home to be move-in ready. So people do not have to do anything. A neutral color will appeal to a greater number of buyers than that dark red wall.

5. Update - Updated homes sell quicker. So if you are in the home and want to update the kitchen or bathroom. Do it. Enjoy it while you live there. This is a general rule: Most updates increase the value of the home. Sure you do not get it all the money back but it helps sell the house. An updated kitchen will sell twice as fast as a 20 year old kitchen.

These five Kamloopst home sales tips will help you sell your home quicker. Listen to your Kamloops REALTOR®. Your Kamloops REALTOR® knows what helps sell a home and every house is different. So they may have tips particular to your home. For more tips give me a call on my cell at (250) 318-0479 or email me at homes@forsalebytom.com

If you live in the Kamloops Real estate area I will be glad to walk through and tell you what you should do to get more money for your home. Thanks for visiting!

Whoever mentions the word HST is going down...ooops!

Tom Ikonomou, e-PRO® Best-West Realty Lt — Sun, 13 Sep 2009 06:29:00 GMT

Ok, so the government came up with a new tax now called HST (harmonized sales tax) and the whole country is apposed. So apposed that they are bringing down the conservatives. I'm not too educated on how this new tax will affect the economy however, one of the proposed exemptions will apply to new construction homes above $450K (correct me if I'm wrong) That means that homes currently under $450,000 will not be taxed. What's wrong with that? I have had many a buyer change their mind on buying a very nice home just on the notion that they would have to pay an additional 5% GST. Only time will tell how HST will impact the economy. I think we will see very soon.

If you or someone you know is thinking of buying or selling property in, Kamloops BC. - or if you would like more information please give Tom Ikonomou of BEST-WEST Realty a call at- 250-554-4511 or e-mail at homes@forsalebytom.com

Copyright © 2009 By Tom Ikonomou, All Rights Reserved. All photos by Tom Ikonomou. All information provided by this author is only an opinion, it is not guaranteed, may be based on information collected from several sources, and may be time sensitive. It is not necessarily representative of the opinions of BEST-WEST Realty Ltd..

Is now the time to buy?

Tom Ikonomou, e-PRO® Best-West Realty Lt — Tue, 10 Mar 2009 05:43:00 GMT

With interest rates approaching all time low's and the median reduced by 30%...There is one factor when it comes time to buying a house, that is "land" the real estate that holds it's value. When a property is assessed at $150,000 and you can purchase a home on it for $229,000 ... that's getting a home for $79,000 dollars. You cannot build a home for under $200,000 today. Many buyers wait for the headlines that say "NOW IS THE TIME TO BUY"? who would'nt?unfortunatly... by then it's too late and chance of building equity has reached a point of no return. Call me Today and let me show you the best priced houses on the market!