First-time home buyers will now receive an income tax credit of $10,000 when they purchase newly built homes. The bonus begins phasing out for individuals and families earning a net income of $150,000 and is eliminated completely for individuals earning $200,000 net (and families earning $250,000 net).

In our opinion it is a much need break to first-time home buyers!

The HST changes on new housing will also be in effect starting April 1, 2012. There will be transitional rules between now and April 1, 2013 (when the HST should bid adios completely), but the previous maximum of $26,250 rebate has increased to $42, 500 on homes above $850,000. Homes below $850,000 will be subject to significant HST rebates as well, but depending on when you buy and when the home is complete the rules will vary. 

Contact us if you'd like more information or see: www.pstinbc.ca

Happy Home Hunting,

The Axfords