• The BC New Housing Rebate threshold will increase to $850,000 from $525,000, so that more than 90 percent of newly built homes will now be eligible for a
provincial HST rebate effective April 1, 2012.
• The maximum rebate will increase to $42,500 from $26,250 effective April 1, 2012 .
• Buyers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000 will be eligible
to claim a provincial grant of up to $42,500 effective April 1, 2012.
• For newly built homes where construction begins before April 1, 2013, but ownership and possession occur after, purchasers will not pay the 7 per cent provincial portion of the HST. Instead, purchasers will pay the 5 per cent GST and may pay a temporary 2 per cent BC Transition Tax on the full price of the home. The BC Transition Tax
will help ensure that whenever purchasers buy a new home they will all pay a consistent and equitable amount of tax, whether the home is built:
• entirely under the HST;
• entirely under the PST; or
• partly under HST and partly under the PST.
The BC Transition Tax will be in place until March 31, 2015. The tax only applies to homes where construction is at least 10 per cent complete as of April 1, 2013. CLICK HERE
to read more