News: Vancouver Real Estate Market

Budget Announces Tax Credit for First-Time Home Buyers

Yesterday, the provincial government announced a one-time refundable income tax credit first-time home buyers who purchase a newly constructed home, effective yesterday, February 21, 2012 through to March 31, 2013.


The credit is calculated as five per cent of the purchase price of the home up to a maximum of $10000, and includes detached houses, duplexes, townhouses, condos, mobile homes, floating homes and cooperative housing units where the HST is now payable. Only one credit can be claimed per home and the credit will be reduced for high income individuals and families.


Full details are available here.


No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.