If you are a first-time home buyer and haven’t yet heard, the BC government has just launched a new program to help you buy your first home. This coincides with several other programs in place already, to help first-time buyers acquire their first property. If you are a first-time buyer looking to enter the property market in Whistler, these programs can be immensely helpful. I am happy to answer any questions you may have about any of these programs, and can connect you with the information and professionals to ensure you receive your maximum entitlements as a first-time buyer.
BC Home Owner Mortgage and Equity Partnership Program
This newly introduced program launched on January 16th, 2017 and involves the BC government matching a home buyers deposit of up to 5 percent or $37,500. This means if you’re looking to buy a $400,000 property and have saved a $20,000 down payment, the government will pitch in an additional $20,000 in the way of a 5 year, interest and payment free loan. There are certain eligibility requirements but in general this loan will be available for three years and is expected to help approx. 40,000 new buyers enter the market during this time.
First-time Home Buyers Program
The first-time home buyers program helps reduce or eliminate property transfer tax on a home buyer’s first property. Property transfer tax is calculated as one percent on the first $200K, two percent on the balance between $200K and two million, and three percent on anything over two million. This is a substantial savings amount and benefit for those looking to enter the property market. Applicants and the property must meet certain requirements, for example, this program is only available for properties under $500K.
First-time Home Buyers Tax Credit
This tax credit is available for first-time home buyers during the financial year when they purchase their home. The tax credit is applied for on the Federal Tax Return on line 369. If a couple purchase their first home only one person is able to claim the credit on their tax return. A maximum amount of $5000 may be claimed.
GST Rebate on New Homes
This rebate program is available to all buyers who are purchasing a new or substantially renovated home. As long as the property is under $450K, and is to be used as a principle residence a rebate should be granted. There is a maximum rebate amount of $6300 with homes under $350K attracting the full rebate, while properties between $350K and $450K eligible for a partial rebate.
If you are considering buying in Whistler make sure to contact me today. I can fill you in on the specific eligibility requirements for each first-time buyer’s program, and walk you through the process of buying your first-home. There is plenty to know and understand when buying a property and it can be overwhelming when it’s your first time. Let me take the guess-work and uncertainty out of the process by representing you every step of the way, contact me today.
