In a move that’s sure to spur the home building industry in BC, Finance Minister Kevin Falcon announced on Friday that the BC new housing rebate threshold will be increased to $850,000.
Right now, only homes up to $525,000 qualify for the rebate program, but the increase will make 90% of newly-built homes eligible.
The move is intended to ensure fairness and equity as BC transitions back to PST, so whether a newly constructed house is built fully or partially under HST people will pay an equal amount of tax.
“The relief measures announced today are a boost to home buyers purchasing either a new primary residence or a secondary home. At the same time, they help an important job-creator in all parts of the province,” explained Finance Minister Kevin Falcon.
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