Canada Day, HST, and Vancouver Real EstateVancouver Canada Day Celebrations

Vancouver Canada Day Celebrations

Canada Day.  A time for celebration.  Each year, Vancouver hosts some of the country’s best Canada Day parties.  If you want to attend public celebrations this year, the festivities across Vancouver will last from dawn until well after dusk.  Start the day off right with a Truly Canadian Pancake Breakfast at Granville Island, beginning at 8am.  Live jazz and street performers entertain on Granville Island throughout the day, and later on a South Asian festival provides more food and entertainment, lasting until 11pm.  Canada Place hosts downtown Vancouver’s largest Canada celebration, featuring a street festival and parade.  The entertainment includes live music from four concert stages, and culminates with the Canada Day Parade at 7pm.  From 10:30-11pm the Burrard Inlet Fireworks Show tops off what is sure to be an outstanding day, and can be viewed from various vantage points throughout the city, including Canada Place, the North Shore, and Spanish Banks.

Vancouver Real Estate and the BC HST

For many BC residents, however, this Canada Day will not signify cause for celebration: July 1st 2010 marks the day the dreaded HST will come into effect.  While the BC Harmonized Sales Tax holds innumerable drawbacks, especially for Vancouver homebuyers, there are some misconceptions that make the outlook for Vancouver Real Estate appear bleaker than it is.  The Vancouver Sun reports that the HST does not apply to existing homes, and various rebates ensure that purchasers of new homes priced below the “rebate threshold” of $525,000 will pay no more tax than they would under GST.  The Vancouver Sun also notes that even those homes priced above $525,000 will not be subject to the full 12% HST.  Regardless, this news is small comfort for many Vancouver real estate investors and home buyers.  Already, Vancouver is one of the most expensive cities in which to live.  Additionally, the HST will also apply to other costs associated with real estate, such as strata fees and renovations.  The standard of living is so high, however, and the city so beautiful, that Vancouver residents will continue to buy homes and settle down in the city they love.  Your Vancouver realtor can help you choose a home to match your needs, and explain how the HST will affect your home purchase. 

 Affordable Vancouver Real Estate

There are many affordable homes within the downtown Vancouver area whose prices will not be greatly affected by the change in tax structure, yet will retain their appeal in regards to location and quality.  Buildings like the Meridian Cove at 2201 Pine St. in the Fairview area of Vancouver are minutes from downtown Vancouver via the Burrard or Granville St. bridges.  A recent listing in the Meridian Cove is priced at $410,000, within the HST rebate threshold and reasonable for such a central area.  The fitness centre and indoor saltwater pool and hot tub featured in the building – along with large balconies off the suites with wide vistas of downtown Vancouver and the North Shore Mountains – add to the appeal of the Meridian Cove. 

 

Although the implementation of the HST will put a damper on the celebrations of many this Canada Day, we must remember that living in a city such as Vancouver and a country like Canada is often cause for celebration regardless, and often the good outweighs the bad.

Canada Day Fireworks in Vancouver

 

Meridian Cove 2201 Pine St. Vancouver

  

For more information on Vancouver real estate listings, please contact experienced Vancouver realtor Jules Seaman.

 

Jules Seaman
421 Pacific St.
Vancouver, BC V6Z 2P5
604-780-4102 cell
604-685-5951 off
604-685-2807 fax

www.BuyVancouverRealEstate.com

http://vancouver-real-estate-bc.ca/index.html

http://www.century21.ca/en/jules.seaman

http://vancouver-real-estate-bc.ca/blog.html

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