Tuesday Feb. 20 the B.C. Provincial Government announced a new income tax bonus of up to $10,000 for first time home buyers who purchase a new home. Effect from Feb.21/12 to March 31/13 this bonus will be prorated according to household income and the price of the home, but the levels are pretty reasonable. For example a couple who’s total income is $150,000/yr or less who is buying a home that is over $200,000 will receive the whole $10,000. Of course there are other requirement such as residency. This is good news for builders and for buyers.
So here’s the list of reasons why this is good time for First Time Home Buyers to jump into the housing market:
1. Great low mortgage rates
2. If buying new – up to $10,000 provincial tax rebate
3. Federal tax refund of up to $750
To see more details go to the B.C. Government press release.
NOTE: This any other HST rebate decisions are subject to legislative approval.