RSS

Top 25 Grants and Rebates for Property Buyers and Owners in BC

 

1. Home Buyers’ Plan

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time. Canada Revenue Agency

www.cra.gc.ca. Enter ‘Home Buyers’ Plan’ in the search box | 1.800.959.8287

  

2. GST Rebate on New Homes

New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. Canada Revenue Agency

www.cra.gc.ca. Enter ‘RC4028’ in the search box | 1.800.959.8287

  

3. BC New Housing Rebate (HST)

Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7%) of the 12% HST paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250.

www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate  1.800.959.8287

  
4. BC New Rental Housing Rebate (HST)

Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit.

www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate | 1.800.959.8287

 

5. BC Property Transfer Tax (PTT) First Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $425,000. There is a proportional exemption for homes priced up to $450,000. BC Ministry of Small Business and Revenue

www.rev.gov.bc.ca/rpt | 250.387.0604

  
6. First-Time Home Buyers’ Tax Credit (HBTC)

This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2010) x $5,000. For the 2010 tax year, the maximum credit is $750. Canada Revenue Agency

www.cra.gc.ca/hbtc | 1.800.959.8281

 

7. BC Home Owner Grant

Reduces school property taxes by up to $570 on properties with an assessed value up to $1,150,000. For 2011, the basic grant is reduced by $5 for each $1,000 of value over $1,150,000, and eliminated on homes assessed at $1,264,000. An additional grant reduces property tax by a further $275 for a total of $845 for seniors, veterans and the disabled. This is reduced by $5 for each $1,000 of assessed value over $1,150,000 and eliminated on homes assessed at $1,319,000+. BC Ministry of Small Business and Revenue

www.rev.gov.bc.ca/hog or contact your municipal tax office.
  
8. BC Property Tax Deferment Programs

Property Tax Deferment Program for Seniors.

Qualifying home owners aged 55+ may be eligible to defer property taxes.

Financial Hardship Property Tax Deferment Program.

Qualifying low-income home owners may be eligible to defer property taxes.

Property Tax Deferment Program for Families with Children.

Qualifying low income home owners who financially support children under age 18 may be eligible to defer property taxes.

BC Ministry of Small Business and Revenue

www.sbr.gov.bc.ca and enter ‘Property tax deferment’ in the search box or contact your municipal tax office.

 

9. Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants

This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and owners creating secondary and garden suites.

www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_001.cfm | 1.800.668.2642 | 604.873.7408

 

10. CMHC Mortgage Loan Insurance Premium Refund

Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient mortgage or make energy saving renovations.

www.cmhc.ca/en/co/moloin/moloin_008.cfm#reno | 604.731.5733

 

11. Energy Saving Mortgages

Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage, may qualify for a rebate of $300 to their RBC account.

www.rbcroyalbank.com/products/mortgages/energy-saver-mortgage.html | 1.800.769.2511

 

12. Low Interest Renovation Loans

Financial institutions offer ‘green’ loans for home owners making energy efficient upgrades. Vancity’s Bright Ideas personal loan offers home owners up to $20,000 at prime + 1% for up to 10 years for ‘green’ renovations. RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 renovation on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution.

www.vancity.com/Loans/BrightIdeas and www.rbcroyalbank.com and in the search box enter ‘energy saver loan’.

 
13. LiveSmart BC: Efficiency Incentive Program

Home owners improving the energy efficiency of their homes may qualify for cash incentives through this provincial program provided in partnership with Terasen Gas, BC Hydro, and FortisBC. Rebates are for energy efficient products which replace gas and oil furnaces, pumps, water heaters, wood stoves, insulation, windows, doors, skylights and more. The LiveSmart BC program also covers $150 of the cost of a home energy assessment, directly to the service provider.

www.livesmartbc.ca/rebates | 1.866.430.8765

  
14. BC Residential Energy Credit

Home owners and residential landlords buying heating fuel receive a BC government point-of-sale rebate on utility bills equal to the provincial component of the HST.

www.sbr.gov.bc.ca/documents_library/notices/HST_Notice_010.pdf or go to Google and in the search box type in ‘Residential Energy Credit rebate program.’ It is the first item. | 1.877.388.4440

 

15. BC Hydro Appliance Rebates

Mail-in rebates of $25 - $50 for purchasers of ENERGY STAR clothes washers, refrigerators, dishwashers, or freezers

until March 31, 2011, or when funding for the program is exhausted. www.bchydro.com/rebates_savings/appliance_rebates.html | 1.800.224.9376

 

16. BC Hydro Fridge Buy-Back Program

This ongoing program rebates BC Hydro customers $30 to turn in spare fridges in working condition.

www.bchydro.com/rebates_savings/fridge_buy_back.html | 604.881.4357

 

17. BC Hydro Windows Rebate Program

Pay no HST when you buy ENERGY STAR high-performance windows and doors. This offer is available

until March 31, 2011.

www.bchydro.com/rebates_savings/windows_offers/current_offers.

html | 604.759.2759 for a free in-home estimate.

 

18. BC Hydro Mail-in Rebates/Savings Coupons

To save energy, BC Hydro offers rebates including 10 % off an ENERGY STAR cordless phone. Check for new offers and for deadlines.

www.bchydro.com/rebates_savings/coupons.html | 1.800.224.9376

 

19. Fortis BC (formerly Terasen Gas) Rebate Program

A range of rebates for home owners include a $50 rebate for upgrading a water heater, $150 rebate on an Ener-Choice fireplace (both good

until March 31, 2011) and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system (good until February 29, 2012). http://www.fortisbc.com/NaturalGas/Homes/Offers/Pages/Residential-Water-Heater-Program.aspx| 1.888.224.2710

 
20. Terasen Gas Efficient Boiler Program

For commercial buildings, provides a cash rebate of up to 75% of the purchase price of an energy efficient boiler, for new construction or retrofits.

http://www.fortisbc.com/NaturalGas/Business/Offers/Pages/default.aspx. | 1.888.477.0777

 

21. City of Vancouver Solar Homes Pilot

This rebate of $3,000 (about 50% of the cost) is for a Vancouver home owner upgrading to a solar hot water system from a gas system. Offered by the City of Vancouver, SolarBC, Terasen Gas and Offsetters on a first come, first served basis

until March 2011 or until the City reaches its target of 30 solar homes. www.vancouver.ca/sustainability/SolarHomes.htm | 604.873.7748

 

22. City of Vancouver Rain Barrel Subsidy Program

The City of Vancouver provides a subsidy of 50% of the cost of a rain barrel for Vancouver residents. With the subsidy, the rain barrel costs $75. Buy your rain barrel at the Transfer Station at 377 W. North Kent Ave., Vancouver, BC. Limit of two per resident. Bring proof of residency.

www.vancouver.ca and in the search box enter ‘rain barrel program.’ 604.736.2250. Other municipalities have similar offers.

 

23. Vancity Green Building Grant

In partnership with the Real Estate Foundation of BC, Vancity provides grants up to $50,000 each to qualifying charities, not-for-profit organizations and co-operatives for projects which focus on building renovations/retrofits, regulatory changes that advance green building development, and education to increase the use of practical green building strategies.

www.vancity.com/MyCommunity/NotForProfit/Grants/ActingOnClimateChange GreenBuildingGrant | 604.877.7000

 

24. Local Government Water Conservation Incentives

Your municipality may provide grants and incentives to residents to help save water. For example, the City of Coquitlam offers residents a $100 rebate and the City of North Vancouver, District of North Vancouver, and District of West Vancouver offer a $50 rebate when residents install a low-flush toilet. Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.

 

25. Local Government Water Meter Programs

Your municipality may provide a program for voluntary water metering, so that you pay only for the amount of water that you use. Delta, Richmond and Surrey have programs and other municipalities may soon follow. Visit your municipality’s website and enter ‘water meter’ to find out if there is a program.
 
 
 

Read

New Mortgage Standards to Begin April 19th.

Tuesday, February 16, 2010 - Globe an Mail Report on Business

 
Finance Minister Jim Flaherty today unveiled new mortgage standards aimed at stopping housing speculators and ensuring homebuyers can adequately juggle their debts when interest rates inevitably rise. Mr. Flaherty stressed that Canada's real estate market is healthy, and that the new rules, which take effect April 19, would stop “negative trends” from development. Ottawa moved in three areas:
  
New qualifying standards will mean borrowers must be able to handle a five-year, fixed-rate mortgage, even though they may opt for a shorter term and lower rate. The government said this test will help homebuyers prepare for higher rates. As it now stands at the major banks, borrowers are income-tested for a three-year fixed rate. Craig Alexander, Toronto-Dominion Bank's deputy chief economist, said in a research note that the change could influence about 25 per cent of all new mortgages. That does not mean those buyers wouldn't still buy, but they may have to lower their expectations as to the size of the homes they want, Mr. Alexander said. Based on a 5-per-cent down payment and a national average home price of $337,000, a buyer would need about $9,200 more in annual income to qualify under the changes, Mr. Alexander said. At $200,000 and 5 per cent down, that would fall to $5,500.
  
Refinancing homes will now be limited to 90 per cent of the value of a property, down from 95 per cent. That means property owners won't be able to draw equity back down to the 5 per cent down payment level, Mr. Alexander noted. The government said this will help make owning a home a more effective way to save. “The impact of this change should be quite limited,” according to Mr. Alexander. “Less than one-third of refinancing is done by individuals with mortgage loans in the range of 90 per cent to 95 per cent of the value of the property. On the margin, it will act as a small negative for consumer purchases (largely on durable goods) that are financed through mortgage refinancing - but the amount will be small.”
  

A minimum down payment of 20 per cent will be required for government-backed insurance on properties not lived in by their owners, up from 5 per cent. “This measure is likely aimed at tempering speculative buying of real estate by reducing the leverage available to buyers,” Mr. Alexander said. “It will, however, also impact individuals buying real estate for investment purposes more generally, including those looking for rental properties. In rough ballpark terms, the change might impact about 5 per cent to 15 per cent of new mortgage originations.”

Scotia Capital economist Derek Holt, noting that the market alone would have cooled things down, said the biggest move that could affect prices is the one on qualifying, which would kick out many potential buyers. “The mortgage rule changes raise the odds of lower house prices into the back half of 2010 and into 2011,” Mr. Holt said. “… I think house prices were going to fall because of market mechanisms, but today's rule changes add further pressure in that regard.”

Eric Lascelles, TD Securities chief economics and rates strategist, projected “some extreme volatility” in the housing market in the short term as home buyers rush to beat the April 19 date. After that, he said, activity could “crater” because so many buyers moved up their purchases. Over all, Mr. Lascelles said, “the economic implications of this rule change are unlikely to be severe, and we expect the housing market to slow its ascent without crashing back down to earth.”

Read

Mercer's 2009 Quality of Living Survey Highlights

 
April 28, 2009 - Mercer's 2009 Quality of Living Survey ranks Vancouver as tied fourth with Auckland, New Zealand as one of the top cities worldwide for quality of living. The survey was updated in late April 2009.
 
In the top cities ranked by region, Vancouver, BC was rated first in the Americas over Toronto, Ottawa, Montreal, and Calgary. Not one american city placed in the top five of the Americas.
 
Research for Mercer’s Quality of Living Reports is carried out by means of a detailed questionnaire with pre-defined criteria and a specific scoring system. Researchers and consultants in Mercer offices worldwide analyse the data which is then cross-checked against various sources by Mercer's experts.
 
This year’s ranking also identifies the cities with the best infrastructure based on electricity supply, water availability, telephone and mail services, public transport provision, traffic congestion and the range of international flights from local airports.
 
Mercer’s Quality of Living ranking covers 215 cities and is conducted to help governments and major companies place employees on international assignments. The quality of living rankings are based on a point-scoring index, which sees Vienna score 108.6, and Baghdad 14.4. Cities are ranked against New York as the base city with an index score of 100.
 
In 2008, the quality of living in many regions has been affected. This is demonstrated by serious political turmoil, increasing unrest and instability, health and climatic concerns. The global financial crisis has intensified in 2008, becoming an area of increasing international concern.
 
To read the entire report, go to http://www.mercer.com/qualityofliving.
Read
Categories:   2008 vancouver | 2009 Budget | 2009 market | 2009 Real Estate Market | 2010 real estate market | animation | banning | BC Property Assessments | BC Property Transfer Tax | BC; British Columbia | Best Real Estate Agent | book illustrator | Brentwood Park | Brentwood Park, Burnaby North | Brentwood Park, Burnaby North Real Estate | Burnaby East Real Estate | Burnaby North | Burnaby North Real Estate | Burnaby South | Burnaby South Real Estate | buy | buyer | Buyers | buying | canadian real estate market | Capitol Hill BN | Capitol Hill BN, Burnaby North Real Estate | cell phones | Central Pt Coquitlam, Port Coquitlam Real Estate | childrens books | Chilliwack | Class of the Titans | Clayton, Cloverdale | Coal Harbour, Vancouver West Real Estate | Collingwood VE | Collingwood VE, Vancouver East | Collingwood VE, Vancouver East Real Estate | condos | Consumer Savings | Coquitlam West, Coquitlam Real Estate | Deer Lake | Deer Lake Place | Deer Lake Place, Burnaby South | Deer Lake Place, Burnaby South Real Estate | Deer Lake, Burnaby South | Deer Lake, Burnaby South Real Estate | Downtown NW, New Westminster Real Estate | Downtown VE | Downtown VE, Vancouver East | Downtown VE, Vancouver East Real Estate | Downtown VW | Downtown VW, Vancouver West | Downtown VW, Vancouver West Real Estate | Downtown, Vancouver West Real Estate | driving | Dunbar, Vancouver West Real Estate | east side condos | eco-friendly | Edmonds BE | Edmonds BE, Burnaby East Real Estate | electrical | Fairview VW, Vancouver West Real Estate | False Creek, Vancouver West Real Estate | FINTRAC | first | First-time buyers | Fraser VE, Vancouver East Real Estate | Fraserview VE | Fraserview VE, Vancouver East | Fraserview VE, Vancouver East Real Estate | Fraserview, Vancouver East Real Estate | free reports | FSBO | George of the Jungle | Georgia Straight | GlenBrooke North, New Westminster Real Estate | Government Road, Burnaby North Real Estate | Grandview VE | Grandview VE, Vancouver East | Grandview VE, Vancouver East Real Estate | Grandview Woodland, Vancouver East Real Estate | grants | green | Hamilton, North Vancouver Real Estate | Hastings | Hastings East | Hastings East, Vancouver East | Hastings East, Vancouver East Real Estate | Hastings Sunrise, Vancouver East Real Estate | Hastings, Vancouver East | Hastings, Vancouver East Real Estate | Highgate, Burnaby South Real Estate | Home Inspections | Home owners | home renovations | Homeowners | houses | Housing | housing costs | housing forecast | HST | insulation | Killarney VE, Vancouver East Real Estate | Kip and Zara | Kitsilano | Kitsilano, Vancouver West | Kitsilano, Vancouver West Real Estate | Knob and Tube Wiring | Laura Stein | law | listings | Lyn Hart | Macdonald Realty | Macdonald Realty Ltd. | Main Street | Main, Vancouver East Real Estate | mar | market | market value | Meadow Brook, Coquitlam Real Estate | Mercer Report | Metrotown, Burnaby South Real Estate | Montecito, Burnaby North Real Estate | mor | mort | mortgage rates | mortgage rules | Mount Pleasant VE | Mount Pleasant VE, Vancouver East | Mount Pleasant VE, Vancouver East Real Estate | Mount Pleasant VW | Mount Pleasant VW, Vancouver West | Mount Pleasant VW, Vancouver West Real Estate | New Listings | New Westminster | New Westminster Real Estate | non resident buying and selling | North Shore Pt Moody, Port Moody Real Estate | Northlands, North Vancouver Real Estate | old houses | Open houses | outlook | Port Moody Centre, Port Moody Real Estate | Property Transfer Tax | public opens | Pucca | quality of living | Quay, New Westminster Real Estate | Queensborough, New Westminster Real Estate | quick sale | real | real estate | Real Estate Fees | real estate investors | real estate market | real estate market predictions | real estate market report | rebates | Renfrew VE | Renfrew VE, Vancouver East Real Estate | reports | Roche Point, North Vancouver Real Estate | sales | Sapperton | Sapperton, New Westminster | sel | sell | seller | sellers | selling your home | selling, home staging, real estate, interior design | Silver Valley, Maple Ridge Real Estate | South Marine, Vancouver East Real Estate | South Slope | South Slope, Burnaby South | South Slope, Burnaby South Real Estate | statistics | Studio B | Tax Credit | telemarketing | telephone soliciting | texting | Uptown NW | Uptown NW, New Westminster | Uptown NW, New Westminster Real Estate | vanc | Vancouver | vancouver condos | Vancouver East | Vancouver East Real Estate | Vancouver Heights, Burnaby North Real Estate | Vancouver Real Estate blog | Vancouver real estate market | Vancouver West | Vancouver West Real Estate | Victoria VE, Vancouver East Real Estate | West End NW, New Westminster Real Estate | West End VW | West End VW, Vancouver West | West End VW, Vancouver West Real Estate | Whalley, North Surrey Real Estate | Yaletown, Vancouver West Real Estate
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.