February 23, 2012
You may have heard about the newly introduced B.C. First-Time New Home Buyers’ Bonus that will be in effect until March 31, 2013 and is worth up to $10,000.
What it means is that first-time buyers of NEW homes (such as South Surrey White Rock’s new townhomes at Pier 16) will receive a one-time refundable personal tax credit equal to 5% of the purchase price of the home to a maximum of $10,000.
Outlying municipalities like Langley, Surrey or Pitt Meadows, where homes are more affordable than in Vancouver, will fare better as the tax credit will make a bigger difference for these buyers as it’s a bigger percentage of the purchase price.
The bonus is being seen as an extra incentive for new home buyers to get off the fence and buy their first home.