New listings near downtown St. John’s 37 Golf Ave

July 30, 2010 · Filed Under First Time Buyers, New MLS Listings, St. John's Investments, St. John's MLS listings and St. John's Real Estate · Comment 

Great Location near downtown St. John’s.  37 Golf Ave – $159,900 Spacious 5 bedroom home with two bathrooms located within walking distance to Mun and close to St. Clare’s Hospital. Large deep lot. Main floor laundry. Hot Water Radiation heat. Mostly new vinyl windows. 125 Amp Breaker Panel. Off street parking. Great Investment property.  MLS:157071 Call Fraser or Stephen Winters for more information.

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House for Sale in West End St. John’s – 24 Barachois Street

June 9, 2010 · Filed Under First Time Buyers and St. John's MLS listings · Comment 

**SALE PENDING** Fraser and Stephen Winters have just listed 24 Barachois Street.  Located in the west end of St. John’s, this 2 + 1 bedroom end unit has MANY upgrades. It is freshly painted from top to bottom. Has new flooring throughout entire home.  New lighting fixtures installed throughout.  Even has a new hot water boiler.  There is nothing to do but move right in.  Excellent home for a first time buyer or used as an investment property.  Close to the Village mall. Vinyl windows and vinyl siding. $35 a month condo fee. MLS: 155060 Asking price is $174,900

For a virtual tour of 24 Barachois Street click here

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26 Laurier Street – New Home for Sale in St. John’s East End

June 2, 2010 · Filed Under First Time Buyers, New MLS Listings, St. John's East End and St. John's MLS listings · Comment 

**SALE PENDING** Fraser and Stephen Winters have just listed 26 Laurier Street.  Located in a great neighborhood in the East End of St. John’s.  Extremely well cared for 3 bedroom bungalow with numerous upgrades. Hardwood and ceramic floors throughout main floor. Large eat-in country style kitchen with plenty of cupboard space. Formal living room with a propane fireplace and custom mantel with granite. Main floor bathroom completely upgraded. Vinyl windows and premium vinyl siding complete with rigid insulation underneath & band saw pine trims. In the basement you will find a recently completed recroom with plenty of space for entertaining or for the children to play in. There is a convenient spare room that can be used as a 4th bedroom or office and a new 3 piece bathroom. Recently installed Venmar HRV. The grounds are nicely landscaped with a fully fenced backyard, 12×16 patio and mature trees. 12×12 wired shed. Asking price is $274,900  MLS:154760

For a virtual tour and interior photos of 26 Laurier Street click here

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First Quarter Newfoundland MLS Trends 2010

April 7, 2010 · Filed Under CMHC Reports, First Time Buyers, Market Trends and St. John's Real Estate · Comment 

Canada Mortgage and Housing have released the First Quarter 2010 MLS Trends – Newfoundland and Labrador issue.  Below are the key points in the release.

Record MLS® Residential Sales during First Quarter

  • „„MLS® sales increased 25.8% to a record 784 compared to 2009’s first quarter sales of 623 „„January, February and March MLS® sales were 240, 234 and 310, respectively.
  • „„First quarter average MLS® residential house price climbed nearly 18% to $230,376 compared to $195,517 during the first quarter of 2009.

Market Conditions Fluctuated

  • „„There were approximately 1,850 new residential listings during the first quarter compared to 1,500 during the same period in 2009 „„Active listings or inventory averaged 1,500 from January to March and around the same during Q1 of 2009.
  • The sales-to-active listings ratio dipped into buyers territory, but hit 18.9% in March and averaged 17.3% during the quarter versus 13.8% in the first quarter of 2009

Active Listings Remain Low

  • „„Despite the surge in new listings, record first quarter sales caused active residential listings to remain relatively low
  • „„Active listings for January, February and March were 1,369, 1,503 and 1,644, respectively
  • „„Although inventory was similar to 2009’s first quarter level, the 25.8% increase in sales resulted in balanced market conditions during most of the quarter

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St. John’s Property Assessment and Property Tax Information

April 6, 2010 · Filed Under First Time Buyers, St. John's Investments, St. John's Real Estate and St. John's Relocation · Comment 

The St. John’s Property assessment is the estimated value of a property (land and building) utilized for municipal taxation purposes.  The “Assessment Act 2006” is the Legislative authority governing assessment and taxation in the City. The assessment value can at times be similar to fair market value, however with the fast changing St. John’s Real Estate market the two values can be greatly different in figures.

From the City of St. John’s website  “the City’s assessments are calculated on the basis of a property’s market value as of a specific point in time, referred to as the “base date”. The presently applicable “base date” on which your assessment is calculated is January 1st, 2008. In other words, the market value of your property on that date is presently utilized to calculate your municipal taxes for 2010.”

To find out the assessment value of a home in St. John’s visit the Property Assessment Search

Annual residential property taxes for St. John’s are calculated at a rate of 10.1 mils, or 1.01 % of a property’s total assessment (for the year 2010).  A property with a total assessed value of $100,000. would be charged an annual property tax of $1010.00, calculated as follows:

Assessed Value of St. John’s Home = $100,000.
Multiplied by the Mil Rate = .0101 (10.1 Mils)
Annual Property Tax for 2010 = $1010.00

Don’t forget to include your water taxes. Water taxes for St. John’s are a flat rate of $520. (multiplied by 2 if you have a 2-apt home)

So a $100,000 property would have a total property tax of $1530 for the year or $127.50 per month.

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Tax Deductible Moving Expenses

March 25, 2010 · Filed Under First Time Buyers and St. John's Relocation · Comment 

There are a number of people who transfer jobs and relocate to and from Newfoundland and never realize  that there are tax benefits involved with moving expenses.

If you are preparing to move, it’s best to be informed, so below I have included a quick summary of tax deductible moving expenses provided from the Canada Revenue Agencies website.

Eligible moving expenses include:

  • transportation and storage costs (such as packing, hauling, in-transit storage, and insurance) for household effects, including items such as boats and trailers; traveling expenses, including vehicle expenses, meals, and accommodation, to move you and members of your household to your new residence
  • costs for up to 15 days for meals and temporary accommodation near either residence for you and the members of your household
  • the cost of canceling a lease for your old residence, except any rental payment for the period during which you occupied the residence.

When your old residence is sold as a result of your move, eligible moving expenses also include:

  • legal or notarial fees for the purchase of the new residence, as well as any taxes paid (other than GST/HST or property taxes) for the transfer or registration of title to the new residence, if you or your spouse or common-law partner sold the old residence
  • the cost of selling your old residence, including advertising, notarial or legal fees, real estate  commission, and mortgage penalty when the mortgage is paid off before maturity.

Moving expenses that you cannot deduct include:

  • expenses for work done to make your home more sale-able
  • any loss from the sale of your home
  • the value of items movers refused to take, such as plants
  • frozen food, ammunition, paint, and cleaning products
  • expenses for job hunting in another city (such as traveling expenses)
  • expenses to clean or repair a rented residence to meet the landlord’s standards;
  • expenses to replace personal-use items such as tool sheds, firewood, drapes, and carpets
  • mail-forwarding costs (such as with Canada Post);
  • costs of transformers or adaptors for household appliances;
  • costs incurred in the sale of your old home if you delayed selling for investment purposes or until the real estate market improved
  • costs for vehicle inspections and/or emissions tests

Be sure to check out Canada Revenues website for updated information, and speak with your accountant.

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First Time Home Buyers’ Tax Credit

March 24, 2010 · Filed Under First Time Buyers · Comment 

What is the home buyers’ tax credit (HBTC)?

The HBTC is a non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009.  This means the actual closing must be after this date.

The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750.

Beginning with the 2009 personal income tax return, line 369 is incorporated into the Schedule 1, Federal Tax to allow you to claim the credit in the year in which you acquired the qualifying home.

Who is eligible for the HBTC?

Taken directly from the Canada Revenue website

You will qualify for the HBTC if:

  • you or your spouse or common-law partner acquired a qualifying home; and
  • you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years.

If you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first-time home buyer.  However, the home must be acquired to enable the person with the disability to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person.

What is a qualifying home?

A qualifying home is a housing unit located in Canada acquired after January 27, 2009. This includes existing homes and those being constructed. Single-family homes, semi‑detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings all qualify.  A share in a co‑operative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify.

Also, you must intend to occupy the home or you must intend that the related person with a disability occupy the home as a principal place of residence no later than one year after it is acquired.

If I buy a house, can my spouse or common-law partner claim the HBTC?

Either one of you can claim the credit or you can share the credit. However, the total of your combined claims cannot exceed $750.

My friend and I intend to jointly purchase a home, and we both meet the conditions for the HBTC. Can we both claim the credit?

Either one of you can claim the credit or you can share the credit. However, the total of your combined claims cannot exceed $750.

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