Interest Rates on the Rise

[joel]

The HST New Home Rebate is up to 450k.

[Duncan]

[nature boy]

**edit

i've actually been posting too slow haha.
yeah, i thought the rebate was only for new houses from the hst

unless you're talking about the interest free $25k from your rrsp thing...

[Duncan]

the land transfer tax is removable for first time home owners

[nature boy]

man there are a lot of rules to this game.

how much is land transfer tax anyway?

[Duncan]

could be quite a bit... a few thousand dollars...

British Columbia
Property Purchase Tax
Up to $200,000 X 1% of total property value
From $200,000 up X 2% of total property value

[Duncan]

so you buy a $300k home, will cost you like $4k

[nature boy]

4k over the great grand scheme of things isn't overly huge.
i wonder if buying then renting it for a couple years would be more cost effective. i guess you'd have to crunch more numbers.

[Duncan]

[joel]

duncan why don't you buy a place and rent it out to your bro and his roomies... you could probably easily skirt around the primary residence if your bro is living there...

not sure about proof of residence for the property transfer tax, but for the new home rebate, all i needed was one of the following: home or car insurance in the address of the residence, or an electric serivce request for the primary residence under my name.

[Duncan]

it's an idea i'm throwing around in my head but i think keian wants to move out sooner than i'm willing to buy...

[joel]

like most fees, it typically is just tacked on to the mortgage, you don't pay anything upfront besides the downpayment.

[joel]

I know sam&grace have talked to me joyce about getting a bigger place together with them, kinda like what larks&cars have done i guess...

which i don't mind so much if it makes things financially easier on all of us... but me and joyce just think it's just a ploy to get free baby-sitting service out of us j/k...

[Duncan]

really? i thought the property transfer fee is payable upfront? my bad...

[jeSteR]