Dianne Moscrip, Associate Broker (Agent 9.15) RE/Max Advantage Realty

Buyer info...

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Looking for a NEW property? by AREA?

*First time buyer Government programs currently offered such as: 5% down, no money down, RRSPs for downpayments, Property Purchase Tax exemptions

*Buyer Tax Guide (read some tips for property transfer tax and GST)

*Calculate what square meters are when converted to square feet

*New Home Warranty protection information

*Not sure where you want to call home? View location<

*View the Real Estate weekly website and other home search websites

*Buyer Agency information

*Mortgage broker assistance

*Square meter to square feet converter

| are you pre-qualified at a local bank? If not, perhaps I could recommend some options. Do you know how much you can afford? Ask me and I can help you determine the amount of mortgage you qualify for, and also the home you can afford. See further down this page for Government programs for first-time buyers.

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Ensure you're protected with a New Home Warranty.
* Check the Homeowner Protection website for details: http://www.hpo.bc.ca/.
* Or refer to the 2-5-10 homeowner warranty insurance document located on the web at: http://www.hpo.bc.ca/PublicationsForms/InformationSheets/2-5-10%20Yr%20Hm%20War.pdf.

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If yes, check out this document at: http://www.hpo.bc.ca/Licensing/Owner-builder.htm

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Ask questions about different locations within the Lower Mainland and select one that best suits your needs. I can direct you to different internet sites for local communities.

| are you looking for a home? Townhouse? Apartment? Do you have a dog? Cat? Any special needs? Let me know and I can narrow down your search.

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http://diannemoscrip.net/—use this site to search for local listings. Then, send me an email and I can locate further details on the property you're interested in, and send it along by email or phone.

http://www.realtylink.org/ —use this site to search for real estate listings in your area, and then access the 'Calculate Mortgage' button to determine strata fees and taxes, where applicable, and get a better idea if you qualify for this property. Phone me to view any homes you see here.

http://www.mls.ca —view MLS listings in your desired area. Phone me to view any homes you see here.

http://www.rew.bc.ca/ —view Real Estate Weekly advertised listings in your area. Phone me to view any homes you see here.

http://www.diannemoscrip.com/ Use this site to create saved searches after identifying your search criteria and have my website regularly email you new listings that fit your criteria.

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| is this purchase an investment or are you planning on living in the apartment/home/townhome? This makes a difference on the homes I'll show you so it's best to determine the reason for your purchase ahead of time.

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Five per cent down
The federal government's Canada Mortgage and Housing Corporation has a program for first-time buyers. The First Home Loan Insurance Plan will insure mortgages up to $300,000 in the Greater Vancouver area if buyers are able to put five per cent down. Contact your financial institution for more information. For more information:
http://www.cmhc-schl.gc.ca/en/moinin/moinbuho/brhoowwire/index.cfm

No money down
Often the biggest obstacle for first-time buyers is saving a downpayment. Now there's a tool for buyers who qualify for a mortgage—they have steady employment, a good credit rating and can meet payments. It's a no down payment mortgage. Offered by the Royal Bank and Scotiabank, and soon the Bank of Montreal, the no down payment mortgage is insured by GR Mortgage Insurance.

RRSPs for down payments
Under the federal government's Home Buyers Plan buyers can use up to $20,000 worth of RRSPs toward a mortgage. Couples can use up to $40,000. Your financial institution will know about it. For information go to: http://www.ccra-adrc.gc.ca/E/pub/tg/rc4135/rc4135eq.html (Scroll down. It is there!)

Property transfer tax relief
New...just in....changes to the property transfer tax relief (as of today's date....Wednesday, February 20, 2008)

The Government has issued an amendment for the First Time Home Buyers requirements in regards to the Property Transfer Tax.
 
As of today's date (February 20, 2008), a first time home buyer can now qualify for a full exemption with a purchase price of less than $425,000.00 (previously $375,000.00).
 
A partial exemption is available if the purchase price is more than $425,000.00 but less than $450,000.00.
 
Also, there is no longer a requirement for any financing.  
 
For more information, please see:
 
http://www.sbr.gov.bc.ca/documents_library/bulletins/PTT_004.pdf

old requirements are still valid for purchasers not a first time home buyer.....as of Wednesday, February 20, 2008...When you buy a home, the provincial government charges a tax of 1 per cent of the first $200,000 (in the Greater Vancouver area) of the purchase price and 2 per cent of the remainder. But if you're a first-time buyer, you can purchase tax-free. There are some special stipulations if you are a first time home buyer. Refer to this online page for details: http://www.rev.gov.bc.ca/rpt/ptt/ptt.htm

First Time Home Buyers may qualify for exemption if:

o The purchase price (including net GST) is below $325,000 in the Lower Mainland and below $265,00 for the rest of BC. A partial rebate on purchases between $325,000 and $350,000 is available (see below).

o Each purchaser applying for exemption is a permanent resident of Canada or a Canadian citizen. Each purchaser must have resided in Canada for at least one year immediately prior to registration date

o Each purchaser has never owned an interest in a principal residence anywhere in the world.

o The amount borrowed must be at least 70% of the fair market value of the property. The amount borrowed does not include funds borrowed from relatives.

o During the first 12 months, the mortgage cannot be reduced by more than the greater of $13,000 (Greater Vancouver & Fraser Valley) and the amount that would reduce the mortgage to 70% of the fair market value.

o The mortgage term must be at least one year. If not, the full Property Transfer Tax is payable at the time of purchase and the rebate may be applied for after residing in the residence for 12 months.

o The purchaser must occupy the property within 92 days from the date of registration of the transfer in the Land Titles Office.

o The purchaser must reside in the property for a period of at least one year from the date of transfer.

o If one of the purchasers does not qualify for exemption and the other does, the amount of exemption will depend on the percentage of ownership registered. For example; Joe qualifies and owns 60% of the property, Sam does not qualify for the exemption and owns 40% of the property. They would qualify for 60% of the tax exemption.

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Vancouver, Burnaby, New Westminster, Coquitlam, Port Coquitlam, and Port Moody.

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