Top 24 grants and rebates for property buyers and owners
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.
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.
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.
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.
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.
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.
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+.
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.
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.
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.
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.
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.
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 FortisBC and BC Hydro. 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.
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.
15. BC Hydro Appliance Rebates
Mail-in rebates for purchasers of ENERGY STAR® clothes washers, refrigerators, dishwashers, or freezers.
16. BC Hydro Fridge Buy-Back Program
This ongoing program rebates BC Hydro customers $30 to turn in spare fridges in working condition.
17. BC Hydro Windows Rebate Program
Pay no HST when you buy ENERGY STAR® high-performance windows and doors. Call 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.
19. FortisBC Rebate Programs
A range of rebates for home owners include a $50 rebate for upgrading a hot water tank, $150 rebate on an EnerChoice fireplace and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR® heating system (each good to December 31, 2011).
20. FortisBC 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.
21. 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.
22. Local government rain barrel programs
Many local municipalities sell rain barrels and downspout kits to help you collect water for watering your garden or washing your vehicle(s). Contact your local municipality’s Engineering department for information.
23. Local government water conservation incentives
Your municipality may provide grants and incentives to residents to help save water. For example, the City of Abbotsford, District of Mission and Township of Langley offer rebates for low-flow toilets. Some municipalities sell indoor and outdoor water saving kits. For more information, contact the municipal Engineering departments.
24. 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. For example, Delta and Surrey have programs and other municipalities may soon follow. Visit your municipality’s website and search “water meter” to find out if there is a program.
Source: Adapted from the Real Estate Board of Greater Vancouver
Now you can finally live the quiet, safe, country lifestyle you have always wanted without paying a small fortune or being stuck far away from everything. This big, beautiful, heritage style family home offers a bright, open & flowing layout with generous living space for everyone in your family. Mom will love the fabulous country kitchen with adjoining family room and big sundeck. Dad will love the huge den/office and big 2 car garage/shop plus the lane access and RV parking. The kids will love their new big bedrooms and all the fun they will have in the huge games & recreation areas downstairs, which is also roughed in for a second kitchen. The whole family will love the big, private, fenced yard with beautiful patio and optional pool and hot tub. The home was built with top quality materials by a Master Builder and is well maintained and in move in condition. It sits on a larger lot on a quiet, no-thru traffic street in the lovely & historic community of Huntingdon Village. Although the neighborhood has a peaceful, country feel, it offers quick highway access and is located within a few minutes of the University, arena, top rated schools, border, shops and everything the city has to offer.
The Fraser Valley Real Estate Board reports an increase in listing activity and steady sales for the first month of 2011.
Deanna Horn, president of the Board says, “In addition to an influx of new inventory in January, our REALTORS® had more inquiries and increased traffic at open houses boding well for a solid spring market in the Fraser Valley.”
There were 834 sales processed on the Board’s Multiple Listing Service® (MLS®) in January, a decrease of 15 per cent compared to the 981 sales processed in January 2010 and a 7 per cent decrease compared to the 895 sales in December.
Although the Board received 11 per cent fewer new listings in January than it did during the same month last year, it saw the typical post-holiday surge in new properties coming on stream. The Board received 2,632 new listings last month, an increase of 138 per cent compared to the 1,104 listings received in December taking the number of active listings to 7,724 at the end of January, 4 per cent more than were available during January 2010.
Horn adds, “The market typically picks up at this time of year as also evidenced by the decrease in the average number of days to sell for single family homes and townhomes in January.
“In terms of prices, overall they’re holding steady, however we are seeing variability depending on the community and property type.”
The benchmark price for Fraser Valley detached homes in January was $505,618, down 0.1 per cent compared to December and 0.9 per cent higher compared to $500,931 in January 2010.
The benchmark price of Fraser Valley townhouses in January was $317,414, a 1.4 per cent decrease compared to December and a 0.1 per cent decrease compared to January 2010 when it was $317,719. Year-over-year, the benchmark price of apartments decreased 2.6 per cent going from $243,470 in January 2010 to $237,171 last month and decreased 1.2 per cent compared to December 2010.
The average number of days to sell for detached homes in January was 62.2, down from 67.9 in December. Townhouses on average sold in 57.7 days last month, down almost nine days compared to December, however apartments took on average 14.6 days longer to sell, going from 65.6 in December to 80.2 days in January.
(Surrey, BC) – Stable property sales and a steady erosion of inventory for the last seven months of 2010 have brought equilibrium to Fraser Valley’s real estate market.
“Our market was a bit of a rollercoaster in 2010 with buyers appearing earlier than expected in the year, tapering in the summer and returning in the fall. As consumers regained their confidence in the overall economy, we saw a normalization of the market with sales at or slightly below average, inventory dropping and modest changes in home prices.”
A total of 895 sales were processed on the Board’s Multiple Listing Service® (MLS®) in December, a decrease of 17 per cent compared to November and a decrease of 29 per cent compared to 1,260 sales in December of last year. The Board’s 10-year average for December sales in the last decade is 1,020.
In terms of listings, the Board finished 2010 with 8,139 active listings, 10 per cent fewer than in November and an increase of 25 per cent compared to the 6,534 properties available in December 2009. December’s inventory represents a 28 per cent drop from 2010’s peak of 11,411 active listings reached in May.
“If there’s one lesson buyers and sellers can take from our market in 2010, it’s to recognize there are real differences in home values based on their type and location making it prudent to have your REALTOR® show you comparisons specific to your property type and neighbourhood. For example, benchmark prices of condominiums in North Surrey have decreased by 3.8 per cent in the last year while benchmark prices of detached homes in west Abbotsford have increased by 4 per cent.”
Overall, the benchmark price for Fraser Valley detached homes in December was $506,145, an increase of 0.3 per cent compared to November and 1.7 per cent higher compared to $497,732 in December 2009.
The benchmark price of Fraser Valley townhouses in December was $322,054, an increase of 0.8 per cent compared to November and a 1.2 per cent increase compared to December 2009 when it was $318,174.
Year-over-year, the benchmarkprice of apartments increased 1.2 per cent going from $237,157 in December 2009 to $240,101 in December 2010 and 0.9 per cent lower compared to November 2010.
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(Surrey, BC) – For the fifth consecutive month, sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) have remained stable with November’s figures showing a modest increase over October.
“Consumers are responding to how prices have moderated in the last six months, in addition to the double dip in mortgage rates, Buyers are optimistic because of the improved economic conditions, which is why we’re seeing consistency in homes sales in the Fraser Valley.”
A total of 1,084 sales were processed on the Board’s MLS® in November, an increase of 7 per cent compared to 1,014 sales in October and a decrease of 29 per cent compared to 1,522 sales in November of last year.
The Board received the fewest number of new listings this year to date with 1,773 new properties coming on stream in November, a 17 per cent decrease from October and a 15 per cent decrease compared to November 2009. The Board finished November with 9,049 active listings, 5 per cent fewer than in October and an increase of 9 per cent compared to the 8,334 properties available in November 2009.
“It’s not unusual to see a dip in new listings at this time of year, however the level of homebuying interest, in particular for homes priced competitively, is stronger than we expected given we’re approaching the holiday season. That combination continues to have a stabilizing effect on home prices in the Fraser Valley.”
The benchmark price for Fraser Valley detached homes in November was $504,848, down 0.2 per cent compared to October and 1.4 per cent higher compared to $497,697 in November 2009.
The benchmark price of Fraser Valley townhouses in November was $319,623, a 0.2 per cent increase compared to October and a 1.2 per cent increase compared to November 2009 when it was $315,890.
Year-over-year, the benchmark price of apartments increased 2.7 per cent going from $235,842 in November 2009 to $242,276 last month and 0.7 per cent higher compared to October 2010.
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(Surrey, BC)–Fraser Valley’s real estate market moved towards balance in October as inventory continued to decrease and sales and prices remained stable.
A total of 1,014 sales were processed on the Fraser Valley Real Estate Board’s Multiple Listing Service® in October, a decrease of 3% compared to 1,044 sales in September and a decrease of 40% compared to 1,704 sales in October of last year.
“With help from near record low mortgage rates and a steady decrease in the supply of homes, we’re getting back to what I call a ‘normal’, balanced market. However, sellers should be aware that demand for homes is strong, yet selective. Buyers in the Fraser Valley recognize that selection, although dropping is still generous and they’re looking for properties priced competitively. Even with carrying costs remaining stable, the affordability threshold is a factor.”
The Board received 2,125 new listings last month, a 12% decrease from September and a 25% decrease compared to October 2009. The Board finished October with 9,561 active listings, 4% fewer than in September and an increase of 9% compared to the 8,807 properties available in October 2009.
“When supply and demand move into balance, prices can become a real ‘sticking point’underlining the importance of hiring a professional REALTOR® who knows your local market and can provide detailed comparisons to ensure your home is priced competitively.”
The benchmark price for Fraser Valley detached homes in October was $505,759, down 0.3% compared to September and 3% higher compared to $491,128 in October 2009.
The benchmark price of Fraser Valley townhouses in October was $319,058, a 0.9% decrease compared to September and a 2.2% increase compared to October 2009 when it was $312,339.
Year-over-year, the benchmark price of apartments increased 0.2% from $240,048 in October 2009 to $240,542 last month 0.4% higher compared to September 2010.
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(Surrey, BC) – After a slowdown in July and August, the Fraser Valley Real Estate Board (FVREB) saw a modest month-over-month increase in sales on its Multiple Listing Service (MLS®) in September and a decrease in overall inventory for the fourth month in a row.
“This is the beginning of the fall market. Our sales, while lower than a typical September, are up compared to the summer and the average days to sale for single detached homes decreased slightly compared to August.”
A total of 1,044 sales were processed on FVREB’s MLS® in September, an increase of 5% compared to 997 sales in August, however a decrease of 34% compared to 1,590 sales in September of last year. The Board received 2,411 new listings last month, a 15% increase from August, yet a 9% decrease compared to September 2009. The Board finished September with 9,959 active listings, 3% fewer than in August and an increase of 13% compared to the 8,799 properties available in September 2009.
“Although consumers have 13% fewer properties to look at in Fraser Valley than they did in May, it remains a buyers’ market with a healthy selection, near-record low interest rates and stable prices. “It’s important that both buyers and sellers recognize that as long as inventory levels continue to decline, there is less downward pressure on pricing.”
The benchmark price for Fraser Valley detached homes in September was $507,429, down 0.5% compared to August and 3.3% higher compared to $491,404 in September 2009. The benchmark price of Fraser Valley townhouses in September was $321,843, a 0.8% decrease compared to August and a 3.1% increase compared to September 2009 when it was $312,143. Year-over-year, the benchmark price of apartments decreased 0.3% going from $240,378 in September 2009 to $239,625 last month. It remained unchanged from the benchmark price in August.
(Surrey, BC)–Fraser Valley’s real estate market moved towards balance in October as inventory continued to decrease and sales and prices remained stable.
(Surrey, BC) – After a slowdown in July and August, the Fraser Valley Real Estate Board (FVREB) saw a modest month-over-month increase in sales on its Multiple Listing Service (MLS®) in September and a decrease in overall inventory for the fourth month in a row.
