Home Programs

INDEX

top

Home Programs

 Home Buyers’ Plan

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.

top

 Home Buyers’ 2016 Tax Credit 

You can claim $5,000 for the purchase of a qualifying home in 2016 if both of the following apply:

  • you or your spouse or common-law partner acquired a qualifying home; and
  • you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer).

top

 New Housing GST Rebate

New home buyers can apply for a rebate of the 5% GST if the purchase price is $350,000 or less. The rebate is equal 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. There is no rebate for homes priced at $450,000 and above.

top

 BC Home Owner Mortgage and Equity Partnership

BC Home Owner Mortgage and Equity Partnership (BC HOME Partnership) assists residents of British Columbia who are eligible first-time homebuyers by providing repayable down payment assistance loans of up to $37,500.

top

 First Time Home Buyers’ Program 

You are charged property transfer tax when you make changes to a property’s title.  The tax is charged at a rate of 1% on the first $200,000, 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and 3% on the portion of the fair market value greater than $2,000,000.

First-time home buyers may be exempt from paying the PTT. There is a proportional exemption for homes up to $500,000, saving buyers up to $8,000. Partial exemptions up to $525,000.

top

 New Built Home Exemption

You are charged property transfer tax when you make changes to a property’s title.  The tax is charged at a rate of 1% on the first $200,000, 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and 3% on the portion of the fair market value greater than $2,000,000.

New homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $750,000, saving buyers up to $13,000. Partial exemptions on newly built homes priced $750,000 to $800,000.

top

Defer Your Property Taxes

Once you receive your property tax notice, you may be able to apply for a low interest loan to pay your current year property taxes on your principal residence. There are two programs you may qualify for:

  • 55 or older during the current year, a surviving spouse of any age or a person with disabilities
  • Families with Children Program

top

BC Home Owners Grant

The home owner grant reduces the amount of property tax you pay for your principal residence.

If your property has an assessed or partitioned value of $1,600,000 or less, the home owner grant may reduce your taxes up to $570 or, if it’s located in a northern and rural area, up to $770.

top

Energy Programs

 BC Hydro Energy Programs

Free Product Install And Advice
If you live in an income-qualifying household you could be eligible for some free help to improve the comfort and efficiency of your home through the Energy Conservation Assistance Program. Program details

Free Energy Saving Kit
BC Hydro’s free energy saving kit can help you make your home more comfortable and energy-efficient. It includes simple, energy-saving products that you can install yourself. The products will help you seal up drafts in your home, save on your lighting costs, and reduce your home’s water use. Program details

Home Renovation Rebates
BC Hydro offer a variety of rebatesfor making eligible upgrades to improve your home’s energy efficiency and comfort all year round up to $5,300 per household. Program details

Track Your Electricity Use
Keep on top of your electricity use with our online electricity tracking tools. By using the tools and checking back regularly, you’ll gain a better understanding of how things such as seasonal changes, your everyday habits, vacations, and family gatherings in your home affect your electricity use. You can then use this information to make changes to reduce the amount of electricity you’re using. Program details

Energy-Saving Incentives For Businesses
Provides financial incentives to organizations that replace inefficient technologies with energy efficient technologies. Program details

top

 Fortis BC Energy Programs

Rebates & offers
Whether you’re upgrading appliances, building new or renovating, Fortis BC has rebates on high-efficiency appliances, equipment and more. Apply for rebates

Rental apartment buildings
More than 80 per cent of BC’s rental apartment buildings are older than 35 years and may not be as energy efficient as they could be. With a few simple changes to your building, you can save money, energy and water. Program details

FREE energy evaluation and upgrades
Improve the comfort and efficiency of your home, free of charge. The Energy Conservation Assistance Program (ECAP) provides income-qualified1 residential customers with a free home energy evaluation, energy-saving products and advice. Program details

Home renovations
Your home renovation can be a little easier with our rebates on a variety of high-efficiency upgrades. Not only will you reduce your ongoing energy costs, you’ll also improve the comfort of your home. Program details

top

CMHC Green Home

Energy-efficient homes can be linked to increased comfort and healthier living while improving energy efficiency reduces greenhouse gas emissions and lowers the cost of owning and maintaining your home.

CMHC Green Home offers a premium refund of up to 25% to borrowers who either buy, build or renovate for energy efficiency using CMHC-insured financing. Program details

Mortgage Insurers

top

 CMHC

For over 65 years, CMHC has helped millions of Canadians meet their housing needs. CMHC provides mortgage loan insurance that enables you to buy a home sooner with a minimum down payment of 5%.

top

 Genworth

Genworth’s online resource, Homeownership.ca, helps Canadians build their knowledge of the homebuying process and make their homeownership experience an informed and responsible one.

top

 Canada Guaranty

Canada Guaranty has a wide selection of mortgage insurance products to meet your needs today and into the future. Let Canada Guaranty help you make your dream of homeownership a reality.

top