Hani Faraj - Buyer Package March 27
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First-Time Home <strong>Buyer</strong>s<br />
B. New Built Homes<br />
The Newly Built Home Exemption is available to all buyers of new or substantially<br />
renovated homes (new developments, pre-sales, etc.). This rebate is available for homes that<br />
are the principle place of residence (non-investment) and which are under $450K. <strong>Buyer</strong>s<br />
can apply for a rebate of 5 percent on homes $350K or less, the rebate is equal to 36 percent<br />
of GST to a maximum rebate of $6300. There is a proportional rebate for homes between<br />
$350K and $450K. It is also available if you bought a new mobile, modular or floating home.<br />
Also, if you bought a share in a co-operative housing corporation or if your home was destroyed<br />
by a fire and rebuilt. This rebate will help you with the federal portion of the GST/<br />
HST you will have to pay.<br />
First-Time Home <strong>Buyer</strong> Down Payment Program & Guidelines<br />
Through the B.C. HOME Partnership program, the Province is helping first-time<br />
home buyers by contributing to the amount they have already saved for a down payment on<br />
a loan, that is interest-free and payment-free for the first five years. The loan will be registered<br />
on your property title as a second mortgage. The home must remain the homebuyer’s<br />
principal residence for the first five years to keep the loan's interest- and payment-free over<br />
the period. After this point, homeowners will make monthly payments at current interest<br />
rates for 20 years. The loan can be repaid in full without penalty at any time, but the full<br />
amount must be repaid when the home is sold or transferred to another owner.
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