Leah & Jamie Real Estate Team

05/29/2025

First time Home Buyer? Government announces new rules for GST rebate.

To be considered a “first-time home buyer” for the purposes of the FTHB GST Rebate, an individual would generally need to meet the following conditions:

be at least 18 years of age;
be either a Canadian citizen or a permanent resident of Canada; and
not have lived in a home, whether in or outside Canada, that they owned or that their spouse or common-law partner owned in the calendar year or in the four preceding calendar years.
Together with the existing GST/HST New Housing Rebate (where that rebate is applicable), the FTHB GST Rebate would provide for a rebate of 100% of the GST on new homes valued up to $1 million.

The FTHB GST Rebate would be phased out in a linear manner for new homes valued between $1 million and $1.5 million. For example, under the linear phase-out, a home valued at $1.25 million would be eligible for a 50% GST rebate (a rebate of up to $25,000).

No FTHB GST Rebate would be available for new homes valued at or above $1.5 million.

03/12/2025

02/13/2025

02/08/2025

This beauty is looking for a Valentine. Come see us today 1-4pm 23960 Abernethy Way Maple Ridge to meet your new dream home.

01/02/2025

As of January 1, 2025, the BC Home Flipping Tax is now in effect. REALTORS® need to know this new tax is distinct from the existing federal property flipping tax and specifically targets short-term property sales within British Columbia.

Here’s how it works:
• The tax applies to income from sales of residential properties, presale contracts, or assignments owned for less than 730 days (two years). This includes properties bought before January 1, 2025, if they are sold on or after that date and owned for less than two years.
• The rate is 20 per cent for sales within the first 365 days of ownership, gradually decreasing until it is eliminated at 730 days.
• This tax applies to any person or entity (individual, corporation, partnership, or trust) selling property within BC, regardless of residency.
• Exemptions include certain primary residences, though exemptions are subject to specific conditions and filing requirements.

12/07/2024

Here is something worth a share that I saw in the Tri-Cities newspaper.

Repair Café

Take your broken household items to the Repair Café where volunteers will fix your wares for free. The café runs from 10 a.m. to 2 p.m. at the Port Coquitlam public works yard (1737 Broadway St.). Donations are accepted.