Updated HST Information
The good news
Home buyers of new detached, attached and condominium apartment may be eligible for a New Housing Rebate if you buy, as your primary residence a:
* new home together with land
* new home together with leased land
* new mobile home or floating home
* home you buy through shares in a housing cooperative
* home constructed or substantially renovated (more than 90 per cent) by the owner who is the owner-builder
The maximum home price had been $400,000 to be eligible. In October 2009, the Real Estate Board asked the government to raise this amount to $700,000.
We heard the concerns from consumers and industry about how the HST might affect home buyers.
- Hon. Colin Hansen, Minister of Finance
The government compromised and has raised the threshold to $525,000 for a maximum rebate of $26,250. Homes costing more than $525,000 will also be eligible for a flat rebate of $26,250.
“We heard the concerns from consumers and industry about how the HST might affect home buyers, and this increase will move the threshold to above the average new home price in the province” said the Hon. Colin Hansen, Minister of Finance.
For information on how the HST will be applied to presales, vacant land and investment residential rental property, check back here.