New Housing Relief Measures Effective Today
Prince George, B.C. – Several new housing relief measures take effect today in British Columbia.
* The B.C. new housing HST rebate threshold increases to $850,000. British Columbians buying a new home as a primary residence may be eligible for a rebate of the provincial portion of HST up to $42,500, based on this higher threshold. More than 90 per cent of newly built homes are below this threshold. The HST does not apply to resale housing.
* Purchasers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital regional districts may be eligible to claim a provincial grant of up to $42,500 based on a threshold price of $850,000.
* A new B.C. Seniors’ Home Renovation Tax Credit of up to $1,000 annually will be available to help with the cost of permanent home renovations that provide British Columbians aged 65 and over with increased independence, allowing them the flexibility to remain in their own homes longer. The credit can be claimed by seniors, whether they own their home or rent, and by individuals who share a home with a senior relative.
First-time buyers of newly built homes may also be eligible to receive the temporary B.C. First-Time New Home Buyers’ Bonus of up to $10,000.
More information: www.pstinbc.ca/buying_goods/new-home-purchase-grant
Comments
Isn’t that nice, relief for those who can afford to buy a new or a second home. How about some breaks for those of us who can’t afford to buy a home!?
More breaks will not change the fact that some people will never be able to afford a home.
That is not the fault of government or their responsibility. Look at the U.S. where everyone thought they deserved to own their own home.
This government is out of touch. It is giving tax breaks to their friends to buy “summer homes” while young families can’t ever imagine owning a home.
Memo to self: Life definitively is not fair.
To be reaffirmed constantly.
Time to face the facts, some people will never be able to own a home. It’s nobody’s fault but their own. I have always said “If someone wants something bad enough, they will work their asses off to obtain it”
Looks to me like some people just don’t want it bad enough.
Anyone can own a home. The problem is everyone wants something that is nicer than they can afford. I bought my first home in 1999 while working as a receptionist. It is very modest 3 bedrooms and 1100 sq ft. We now have three children (2 of whom share a bedroom….gasp), I am a stay at home mom. Our mortgage payment is less than what most people pay for rent in an apartment and our home will be paid for in 4 years, i will be 40 years old and my oldest child will be 12. Would I like a bigger house, a newer house, a nicer house? Who wouldn’t. But I am also smart enough to know that all that will come at too much of a sacrifice for my liking.
Anyone can own a home. I’m proof of that.
Well in ten years wages haven’t gone up, but the price of a house has gone up at least 250%, and soon interest rates will be going up as well.
The idea that anyone today could buy their first home anywhere in the Lower Mainland, Okanogan, or the Island just by working harder is becoming laughable.
We have generational have and have nots… its anyone’s guess how far this imbalance will go. Those just starting out in this world don’t have a hope IMO.
In the Philippines they don’t charge interest on a mortgage, its worked into the price of the home, one needs 25% down and can only finance for three years. If a foreigner wants into the market they are limited to condo’s and 60% of the condo units in said development must be owned by Filipino nationals. The result is some of the nicest most affordable housing anywhere. $25,000 would get you a brand new home that would cost upwards of a half million here in Canada.
Markets there are not speculated on by foreigners, life time mortgages, and fluctuating interest rates. The result is anyone willing to work hard and save a modest down payment can own an affordable home.
Canada however has a market driven by an ever dropping interest rate making mega mortgages seem affordable with the life time terms offered, and speculated on further by unlimited off shore money laundering through Canadian real estate. The locals in places like Vancouver don’t stand a chance of buying a home in the city they grew up in.
Comments for this article are closed.