Here are 7 commuting strategies to consider for February 2010:

• Take transit

  VANOC's transportation plan will see greatly expanded transit services, including additional local transit buses, SkyTrain cars, extra Westcoast Express trips and express bus routes.

• Carpool

  Start planning ahead. Carpool with your coworkers or neighbours, or register for ride sharing at Jack Bell RideShare and find the perfect carpool partner. Visit www.ride-share.com.

• Work from home

  If you work near one of the game venues, or downtown Vancouver, make arrangements with your company to telecommute.

• Work flexible hours

  If your job allows it, consider going into work and leaving work earlier or later than usual to avoid peak travel times. Peak travel times in Metro Vancouver are 7am - 9am and 4pm - 6pm.

• Ride your bike

  It isn't only healthier for the environment; it's good for you too. And with the recent opening of the Central Valley Greenway, a 24-kilometre stretch of designated bike and pedestrian paths that run from Science World to the New Westminster Quay, there are more options for biking than ever. City bike routes are available at www.vancouver.ca/cycling.

• Walk this way

  It may not take as long as you think to walk to and from work. Most people can easily walk half a kilometre in 5 minutes. You might even consider jogging to work!

• Plan a vacation during the 2010 Winter Games

  If you're planning a getaway this winter, consider timing it with the 2010 Winter Games.

courtesy of BCAA

What the HST means for Home Buyers

The British Columbia Real Estate Association and its members are concerned that home buyers and sellers, particularly buyers of new homes, will bear most of the burden associated with the proposed Harmonized Sales Tax (HST).

The bottom line is that the proposed HST will increase the cost of buying and selling all property and it will have a much greater impact on the purchase of newly-built homes. Almost 60 per cent of the average family's household income is required to cover home ownership costs. If the HST is implemented as planned, they'll be paying even more.

The 411on the HST

On July 1, 2010, the HST combines the 7% PST and the 5% GST into one harmonized 12% tax.

The proposed HST will apply to the same goods and services as the GST, with some limited exceptions. A rule of thumb is if you now pay the 5% GST on goods and services, you will pay the 12% HST on the same goods and services. The PST will be eliminated on July 1, 2010.

There will be a limited number of exemptions to the HST, including point-of-sale rebates similar to current PST exemptions. These are not paid at the time of purchase and will include basic groceries, gasoline, and children’s clothing and footwear.

There have been media reports indicating some goods and services previously exempt from the PST will be taxed under the HST as of July 1, 2010. These include home renovations, energy-efficient appliances and doors and windows, professional services, work safety equipment, home heating fuel, telephone, internet, cable, newspapers, magazines, bicycles, taxi fares and restaurant meals.

The government has not yet released specific details. We’ll keep you up to date as information becomes available.

The HST and home buyers

New Homes

The harmonized sales tax (HST) will combine the 7% provincial sales tax (PST) with the 5% federal GST into one 12% harmonized sales tax (HST) as of July 1, 2010.

Right now, a buyer of a new home pays a 5% GST. Qualifying home buyers can apply for a rebate of 36% of the GST paid on the first $350,000 of the new home price, and a partial rebate for a new home price of $350,000 to $450,000.

When the HST is in force next summer, a buyer will pay a 12% HST on a new home. A buyer of a home priced at $400,000 or less will receive a rebate of 5% to a maximum of $20,000. A buyer of a new home priced at more than $400,000 will receive a flat rebate of $20,000.

• Today, a buyer of new home priced at $600,000 will pay $630,000, which includes the 5% GST ($30,000).
• After July 1, 2010, that same home will cost a buyer $638,824. This includes the 12% HST ($70,588) minus the $20,000 rebate and minus the embedded 2% PST ($11,765) that builders will be able to claim as new input tax credits, the value of which may be passed onto the buyer.
  

"The factors contributing to last month's sales are completely different than they were in 2005," explained Board President Paul Penner. "Low interest rates, home prices that are lower than last year by about 6 per cent, and a surge of first-time home buyers that came back to the market in late spring have created the right conditions for a 'move-up' market.

"In July, 37 per cent of Fraser Valley buyers were first-timers. In June, it was one third. That volume creates a significant ripple effect, as the sellers of those homes buy up."

Penner said that despite seeing an increase in new listings over the last few months, current demand has led to a shortage of inventory in certain markets. "Whether you're buying or selling, it's important to tap into local housing market expertise. Your REALTOR® will be able to explain why some properties are attracting multiple offers, while others aren't moving."

The Fraser Valley Board's MLS® showed 9,510 active listings at the end of July, a decrease of 22.7 per cent compared to the record high of 12,299 listings available in July of last year. It received 14.3 per cent fewer new listings in July; 3,207 compared to the 3,742 new listings received during the same month last year.

The benchmark price measures the value of a 'typical' Fraser Valley home as determined by the MLSLink® Housing Price Index (HPI). The HPI benchmark price of a detached home in July was $477,420, a decrease of 5.6 per cent compared to July 2008. In the last three months, the HPI benchmark price of a detached home has increased by 3.7 per cent.

The HPI benchmark price of Fraser Valley townhouses decreased 6.9 per cent from $327,604 in July 2008 to $304,940 in July 2009, and in the last three months has increased by 3.3 per cent. The benchmark price of apartments also decreased year-over-year by 8 per cent, going from $254,510 in July of last year to $234,178 in July 2009, and has increased by 1.7 per cent in the last three months.

The Fraser Valley Real Estate Board is an association of 2,923 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.