| It is all about sentiment....
Countries around the world are meeting to figure out the best moves for their respective economies. Our governments' plan is to spend our way out of recession by injecting capital in companies & programs that will create immediate jobs. In addition, the Bank of Canada has vowed to keep lending rates low for a year while keeping a watchful eye on our rising dollar. We are told by our finance minister that Canadian banks are well capitalized & we should weather this recession better than most G7 Countries.
In the midst of this effort from different arms of the government to keep us a float, we may be tempted to entertain our worst fears as we watch Real Estate values consistently decrease to reflect our present market conditions. These so called market conditions are being manipulated by a sense of doom & gloom, making it a market guided by mood & sentiment instead of one guided by fundamentals.
Nonetheless, let us consider that Nanaimo fundamentally remains a beautiful place to live, work & play. Our weather, our landscape, our geographical location, our lifestyle & economics together with our employee owned pulp mill & newly appointed university are not insignificant facts. Unfortunately, sentiment rules the markets today.
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Nanaimo Sales Statistics
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• Single Family Homes 17% decrease in inventory for sale 12% decrease in inventory sold
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• Condos 70% decrease in inventory for sale 26% decrease in inventory sold
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| • Townhouses 34% decrease in inventory for sale 12% increase in inventory sold |
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• Vacant Lots 31% decrease in inventory for sale 12% decrease in inventory sold
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Qualicum/Parksville Statistics click here
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Home Renovation
Tax Credit
This tax credit will only be available for the 2009 tax year and applies to eligible expenditures of more than $1,000, but not more than $10,000, resulting in a maximum credit of $1,350 ($9,000 x 15%). The variety of expenditures that qualify for the tax credit is wide. Among them:
- Renovating your kitchen, bathroom or basement.
- Painting your house.
- Installing new carpeting or flooring.
- Replacing your heating/air conditioning system.
- Upgrading the insulation in your home.
- Resurfacing your driveway or replacing your lawn with new sod.
Just about any job that permanently improves your home or cottage - or any combination of jobs that improves either or both - qualifies for the credit.
Buying furniture, a big-screen TV, cleaning your carpets, buying tools or performing regular maintenance on your home won't get you the tax credit, however.
For more information on the Home Renovation Tax Credit click here
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First-Time Home Buyer's Tax Credit
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What is it?
It is non-refundable tax credit for first-time home buyers. For 2009, the tax credit will be $750.
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Who is eligible?
An individual will qualify if they aquire a qualifying home and neither the individual nor their spouse or common-law partner owned and lived in another home in the year of purchase or the previous four years (2004-2009).
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How will I claim the credit?
Beginning with the 2009 personal income tax return, a new line will be incorporated to allow you to claim the credit.
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Where can I get more information?
The CRA encourages taxpayers to check their website often - click here
All new forms, policies, and guidelines will be posted there as they become available.
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Introducing....
Neighbourhood Market Watch and Monthly Recipe Cards
June
Berry Fruit Salad
for the recipe and more details
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