BC $10,000 First Time Home Buyer Bonus

The BC First-Time New Home Buyers’ Bonus is a one-time bonus payment worth up to $10,000 for first-time new home buyers in BC. Please see the attached link for additional information on the Ministry of Finance website. B.C. First Time New Home Buyers Bonus An eligible new home includes new homes (i.e., newly constructed and [...]

New BC HST Rebate – Effective April 1, 2012

Effective April 1, 2012, buyers may be eligible for a provincial enhanced New Housing Rebate if they buy, as their primary residence, a home (as currently defined) priced up to $850,000. The current threshold is $525,000. In addition, buyers may also be eligible for a provincial New Housing Rebate if  they buy a secondary vacation [...]

Rate Discussion: Variable or Fixed?

Vancouver Sun Report – With mortgage rates low and more likely to go up than down, some borrowers may want to think long and hard about whether they want a long and hard fixed rate mortgage. Statistics show that 88 per cent of the time, a variable mortgage is cheaper than a fixed-rate mortgage, but [...]

BC HST Rebate Summary

HST Rules and Rebate- BC Effective July 1, 2010, British Columbia will be combining the GST and PST taxes into one Harmonized Sales Tax (HST). The implementation of the HST will not change the taxation on mortgage insurance premiums. However, the HST will be applicable on new construction homes and may be eligible for the HST [...]

HST Rebate after July 1st 2010 – BC New Home Purchase

As of July 1, 2010, HST 12% tax will be charged on the entire purchase price of new home or condo (5% federal + 7% provincial), less any appicable rebate as follows.  Please CLICK ON IMAGE TO ENLARGE.

CMHC Canadian Mortgage Rule Change Summary

In summary, talk with your realtor about buying a home ASAP.  Make sure you get a ‘live mortgage commitment’ dated before April 19th 2010. The new imposed rules will affect how much you are qualified for. 1. 20% minimum down payment for rental properties (used to be 5%) 2. Maximum refinancing reduced from 95% loan [...]

FAQ: April 19th Canada New Mortgage Rules

Question: When are these new rules to take effect? Answer: These are scheduled to April 19th to all mortgage loans insured by CMHC, Genworth or AIG. Question: Will the new rental rules also apply to 2nd homes? Answer: Second home still qualifies as a single unit non-owner occupied in the new regulations. Basically the 20% [...]

Who Can Claim GST Rebate in BC?

Generally, if you build/extensively renovate, or buy a newly constructed home, you can claim the GST portion of the purchase back.  The rebate reduces the GST by 36% for homes valued at $350,000 or less. The rebate is straight line decreased from price of $350,000 to maximum $450,000. Note: This tax rebate is NOT just [...]

BC Title Related Questions (FAQs)

Q. I am a First Time Home Buyer (FTHB), and my husband is not.  We are buying a home together and how can we maximize the benefits to minimize our property transfer tax? A.  Ideally, the easiest way is to get the bank to agree that the husband is going to be a guarantor on [...]

Difference between Guarantor and Co-signer (Part II)

The difference between ‘co-signer’ and ‘guarantor’ is still a constantly asked question.   Click here to see the previous popular posting (Part I).   Here are other frequently asked questions about  Title and Ownership: Q. Guarantor and Cosigner (on title), any liability difference? A:  From mortgage perspective, there is no difference since both pledge personal convenent to [...]