New Housing rebate

On July 1st 2010, the provincial New Housing rebate will kick in. What this means for Buyers of *new homes that are used as their primary residence may be eligible for a rebate of 71.43% of provincial portion (7%) of the HST paid on a new home capped at $26,250. New homes purchased for over $525,000 will be eligible for flat rebate of $26,250. The federal GST New Housing rebate is currently 36% of the tax paid on the first $350,000 of the homes purchase price. The GST rebate is phased out for homes priced between $350,000 and $450,000.

Example:  Home price     Fed. GST rebate (now)       Provincial New Housing rebate (July1 2010)     Total rebate

                     $350,000         $6,300                                      $17,500                                                                       $23,800

                     $525,000         $0                                              $26,250                                                                        $26,250 

*a new home with land, a new home with leased land, a new mobile home or float home, a new home purchased through shares in a housing cooperative, a home constructed or substantially renovated(over 90%) by an owner builder. For more Vancouver real estate or condo info contact Kerry Stimpson CENTURY 21 In Town

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