First Time Buyers – the Giveth and Taketh

First Time Buyer’s Wonder

As a first time buyer is it better to get your Vancouver home now or wait and buy after April 1, 2013?

Giveth and Taketh

It seems the government timing of things omnipotent will once more make a difference to your bank balance. It begins with the well publicized notion that they will make all happy and ‘taketh’ away the HST.

Great you may think until you discover that at the same time with the other hand that which they had ‘giveth’ unto you before – the First Time Buyer Bonus, will be ‘taketh’ away.

With all this ‘giveth’ and ‘taketh’ you as the first time buyer should know exactly how much you get to ‘keepeth’.

The Answer Is!

Rob Regan-Pollock over at Invis set out to determine the answer. Grabbing his calculator here is what he found and which I your Vancouver Realtor, ‘giveth’ to you.

Bang for Buck Bonus

B.C.’s First Time Buyer Bonus makes the difference.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

Not much of name... Says:
November 10th, 2012 at 11:12 am

The best way to avoid HST on RE purchases is simply to not buy new property.

Groundhog Says:
November 10th, 2012 at 2:21 pm

For $325,000 you’ll likely need to make monthly payments to a strata, no? Factor in property taxes too, and for many people cable/internet, heat, electricity, broken appliances, etc are all included in the rent price but need to be added to the monthly mortgage amount. Property taxes too.

Then ask yourself if a 0% change in prices after a credit fueled asset bubble collapses on itself is really realistic, and if the risk of ignoring history is really worth the temporarily good feeling received when friends and family commend you for taking the plunge.

November 10th, 2012 at 6:38 pm

@Not Much
yup that is true and staying out of the sun means no sunburn but where is the fun in that?

November 10th, 2012 at 6:41 pm

@groundhog
there comes a point where as a family you simply need a home and with that all that you speak of becomes meaningless.

MiniMe Says:
November 10th, 2012 at 10:58 pm

“there comes a point where as a family you simply need a home and with that all that you speak of becomes meaningless.”

That is the new “Buy now or you will be price out forever”.

However I don’t think that you addressed groundhog’s arguments as I don’t think that your article addressed any real issue. You just exercised your imagination…

thetamax8 Says:
November 10th, 2012 at 10:59 pm

Keep in mind this was a buy NOW vs. buy LATER comparison; with specific dates in mind.

It’s not exactly the same as a buy vs. rent indefinitely comparison where the opportunity cost of the down payment, ppty tax, strata fees etc. need to be taken into account.

As for the “family needs a home” ideal. I agree that families need room and shelter. If that means home ownership in a financially responsible way that’s great!

If owning a home means the family can keep up with the “Jones” and has 90% of their assets in their home, no monthly savings. I’d say they’re doing their family (i.e. their child) no favours…

November 11th, 2012 at 8:04 am

@minime
“That is the new “Buy now or you will be price out forever”.”

really? thought it was more an affirmation that a government benefit was about to expire.

“You just exercised your imagination”
no more than you!

November 11th, 2012 at 8:10 am

@thetamax8
so many choices –

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