Are you a first time buyer who is considering the purchase of a new home? If you are, but (like many others) have been hesitant to “buy new” because of the extra costs associated with the Harmonized Sales Tax (HST), there may now be a solution to your problem.
As we all know, voters in BC turfed this hated tax after a referendum held in the summer of 2011. While everyone waits for the tax to disappear, sales of certain items (like new homes) have stalled. In an effort to ease the pinch on the homebuilding industry, the BC government intends (subject to approval by the legislature) to implement a BC First-Time New Home Buyers’ Bonus. This temporary program is meant to improve sales of new homes until the HST is repealed.
Are You Eligible for the BC First Time New Home Buyers’ Bonus?
You are if you meet these criteria:
· You must buy or build an eligible new home in BC;
· You, or you and your spouse or common-law partner have never previously owned a primary residence;