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Geoff Jarman Personal Real Estate Corporation

Your LOCAL BURNABY REAL ESTATE AGENT!

(604) 313-7280

   A PRESALE allows the buyer to put only 20 to 25% down payment on the purchase price and then wait until the building is finished and thus enjoy the gain in value over time while the building is being built without paying a mortgage, property taxes and building maintenance fees. Buildings usually take around 3 years to build so when you take possession with the excellent past record of Vancouver Real Estate (CLICK to see  HPI graph and  MEDIAN Price graph), the value has increased and you can sell a brand new building with a brand new warranty on the building and not a 3 year old building if you decide to sell over renting.

  Vancouver is a very desireable and safe city. It borders the Pacific Ocean and Mountains and unlike other major cities, lots of the locals live in or near the downtown core with all its seaside boardwalks, bike lanes, first class selection of stores and restaurants, sporting events and cultural activities at your doorstep!  When you compare prices to other desirable, major cities all over the world, our prices are of very good value and have room to go up!

 

  Our main buyers by far are the very wealthy Chinese and they like buying new or very new buildings in downtown Vancouver so being able to enjoy a gain over the 3 years and then being able to sell the suite new or near new is ideal! On my staff, I have a Chinese and a Korean realtor, so that my assistants are able to communicate to all the Chinese buyers who do not speak English. Foreigners love Vancouver because of its mild weather, its nature and it is safer than the United States as our gun laws are stricter. The Chinese community has been established in Vancouver for many years now with many ethnic restaurants, shops, television, newspapers, malls etc.! There are 4 different airlines flying out 10 times per week direct to China from Vancouver! In addition, the Chinese stock market has performed so badly recently that they are looking to Vancouver to park their money into Vancouver Real Estate, and now even more with the cheap Canadian dollar!!

 

   If you decide to hold the suite longer, Vancouver has excellent rental rates and low vacancy for renting and thus gives the investor excellent revenue to offset your mortgage where mortgage interest rates in Canada are under 3%! Plus rental rates are increasing every year!

 

An added bonus is that the Canadian dollar is at one of its lowest values which translates in giving the foreign investor a huge currency advantage and makes the investment a bargain when looking at it from a global scale!

 

Tax perspective:

If you are a foreign investor talk to your local tax accountant to determine how your country treats foreign investment capital gain. Most countries try to ensure that you are not double taxed, meaning taxed twice by Canada and your country. Canada will only tax half the gain at the prevailing tax rate corresponding to the amount of gain.

Tax rates will be a sliding scale and if half the gain is over $200,000 the tax rate will be under 50% but over 40%. As the gain drops so does your tax rate. The lowest rate should not be less than 35% on half the gain. Remember, the tax is only on half the gain in Canada. Speak to your tax account for exact tax rates at each corresponding gain as I am not a foreign tax accountant. There will be a withholding tax on the gain for foreign investors but it will be released and the amount of days will be confirmed by the tax accountant.

 

When buying a property there is a property purchase tax of 1% on the 1st $200,000 of the purchase price and 2% on the balance of the purchase price. When buying new only, the purchaser must pay a one-time tax of 5% on the purchase price (GST).

If you wish to avoid these two taxes you can sell your suite before it is ready to move in and before you have to pay more than the down payment by assigning the suite to another buyer. You still pay Real Estate fees but no property purchase tax and no G.S.T. The builder usually charges a fee of 1.5% of the purchase price to allow the buyer to do so. We call this an assignment as you are assigning to another buyer before the builder allows possession of the property by the initial buyer.

 

My Real Estate Selling Fees are 7% on the 1st $100,000 of the selling price and 2.5% on the balance of the selling price plus a tax of 5% on the fees only when selling. There are no Real Estate fees when you are buying.

 

I am ranked in the top 1% in sales of 12,500 Greater Vancouver Realtors® for 16 consecutive years and ranked in the top 10% of 12,500 Greater Vancouver Realtors® over 22 consecutive years!* I feel my production and experience is World Class and you will not be disappointed! I ensure my clients get the best selection at the best price possible with no high pressure sales tactics!

  

If you have any questions, please feel free to give me a call at (604) 313-7280 or go to my contact page .

 

Written By Geoff Jarman, B. Comm.

 

For GEOFF JARMAN

Personal Real Estate Corporation

Sutton West Coast Realty

*This representation is based in whole or in part on data generated from 1991 to present by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy. This communication is not intended to cause or induce breach of an existing agency agreement.

 

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Burnaby's 2011 SALES TREND IN REVIEW

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GEOFF JARMAN Personal Real Estate Corporation
Cell:(604) 313-7280
Office:(604) 415-9800
Fax:(604) 777-5099
Email:info@jarmanrealestate.com
Sutton Grp-West Coast Realty
#102 - 403 North Road
Coquitlam, B.C.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.