Effective April 1, 2012 there is now a rebate for new recreational and second homes when HST/GST applies. Seems it has been in effect since April but this is the first I have heard of it. This is fabulous for many buyers in Ucluelet and other recreational areas of BC.
The B.C. new housing rebate threshold has been increased to $850,000, meaning more than 90 per cent of newly built homes may now be eligible for a provincial HST rebate of up to $42,500.
It is important to note that the HST does not apply to resale housing.
Raising the B.C. HST rebate threshold to $850,000 is expected to save purchasers about $60 million in 2012-13.
The maximum value rises to $42,500 from $26,250, a 60 per cent increase.
To help support workers and communities in B.C. that depend on residential recreational development, purchasers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital regional districts priced up to $850,000 are now eligible to claim a provincial grant of up to $42,500 effective April 1, 2012. The Province is administering the grant for new secondary vacation and recreational homes.
Follow this link for more information: http://www.hstinbc.ca/buying_goods/buying_a_home/new_home_purchases
Kind Regards,
The Gray Team
