On the heels of  last week’s positive announcement by government providing certainty and increased relief from HST for new home buyers, today the BC Government announced another incentive for new home buyers in British Columbia. BC First Time Home Buyers are eligible for an income tax credit bonus effective February 1, 2012 to March 31, 2013 calculated at 5% of purchase price, up to a maximum of $10,000.

On top of this incentive, new homes on Callumwood Lane at Woodland Creek are Built Green Gold certified and exceed an Energuide Rating of 80 qualifying them for additional financial incentives from CMHC and Genworth Financial.

Details for the new program are as follow:

ELIGIBLE FIRST-TIME NEW HOME BUYER

You will qualify as a first-time new home buyer if:

• You purchase or build an eligible new home located in B.C.;
• You, or for couples, you and your spouse or common law partner, have never previously owned a primary residence;
• You file a 2011 B.C. resident personal income tax return, or if you move to B.C. after December 31, 2011, you file a 2012 B.C. resident personal income tax return (you will not be eligible for the bonus if you move to B.C. after December 31, 2012);
• You are eligible for the B.C. HST New Housing Rebate; and
• You intend to live in the home as your primary residence.

ELIGIBLE NEW HOME

An eligible new home includes new homes (i.e., newly constructed and substantially renovated homes) that are purchased from a builder and that are owner-built. The bonus will be available in respect of new homes purchased from a builder where:

• A written agreement of purchase and sale is entered into on or after February 21, 2012;
• HST is payable on the home (e.g., HST will generally be payable if ownership or possession of the home transfers before April 1, 2013 – see further details below); and
• No one else has claimed a bonus in respect of the home.

Learn how to take advantage of this opportunity by contacting our sales team at Woodland Creek.

Full details of the First Time Buyers Grant are available at this link.

 

Totangi Properties is the developer of the Sooke, BC Real Estate development, Woodland Creek – an award winning community of affordable, new homes for sale that use geo-thermal heating and cooling and are Built Green certified. Follow us on twitter at @woodland_creek and facebook at facebook.com/woodlandcreeksookebc.