First-time Buyers may be eligible for up to $10,000 in tax credits when purchasing newly built homes...
All of these changes add up to very good news for 1st time home buyers who were planning on purchasing a newly built home and may change the mind of some who were thinking of purchasing an existing home now that their are these new incentives.
On February 21st the BC Government announced a temporary New Home Buyers Bonus on eligible purchases. For complete details please click on the attached link to the BC Government posting.
Higher HST Rebates for consumers and HST to PST transition rules...
On February 17th, the BC Minister of Finance, Kevin Falcon released HST transition rules and tax relief measures for the home building industry and its customers. Tax relief measures include:
Effective April 1, 2012, the HST rebate threshold on new homes increases to $850,000 from $525,000. The maximum rebate rises to $42,500 from $26,250.
Measures are also in place for the secondary/recreational home industry outside of the Greater Vancouver and Capital Regional Districts, where the HST rebate threshold rises to $850,000 from $0, also effective April 1, 2012.
For more information about the new rebates, go to http://www.pstinbc.ca and click on "New Housing Rules".
The following is a link to our Home, Mortgage and Lending Advice Centre.
If you have any family, friends or co-workers who are thinking about buying a home, please feel free to share my contact information and introduce them to me. I am delighted to help walk them through these new changes that could save them thousands of dollars.