Limited First Time Buyer New Home $10k Bonus
The BC government announced, on Feb 21, 2012, a one time cash bonus that can be received by 1st time Buyers on new home purchases (with qualification criteria to a maximum of $10,000). While this bonus is still subject to be legislated, this is a huge benefit to those getting into our expensive marketplace. With some banks offering 5 year closed mortgages at 2.99%, the Property Transfer Tax Exemption for qualified first time Buyers in place, and some developers absorbing the net HST, this is a huge windfall to jump into home ownership. With the details yet to be released, there is mention of a time deadline for eligible purchases that must complete by March 31, 2013. For example, on a new apartment priced at $300,000, the savings could be as much as $35,000 (7% HST absorbed by developer; PTT exemption; $10,000 bonus). If you are still renting, you might want to talk to your mortgage broker and real estate agent to see how you can benefit. Time is ticking…
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