We all know its not easy owning a home. It's true home ownership is the most significant way Canadians build financial security, but it can be an expensive and tough road. we wanted to share with you some of the ways you can recoup costs and save money both for those looking to get into the market and for those who already own their own homes.
2. NEWLY BUILT HOME EXEMPTION
The newly built home exemption reduces or eliminates the amount of property transfer tax you pay when you purchase a newly built home.
A newly built home includes:
• A house constructed and affixed on a parcel of vacant land
• A new apartment in a newly built condominium building
• A manufactured home that is placed and affixed on a parcel of vacant land
• An already constructed house that is removed from one parcel of land and affixed to another parcel of vacant land, as long as the house hasn’t been occupied since it was placed on the new parcel of vacant land
• A house resulting from the division of an existing improvement affixed to a parcel of land that was also subdivided, as long as this house hasn’t been occupied since the subdivision of the parcel
• A house converted from an existing improvement on the land. The previous improvement couldn’t have been used as residential (e.g. a warehouse converted into apartments)
Learn more here
There are also additional programs if you are:
• A senior
• A veteran
• A person with a disability
• Living with a spouse or relative with a disability
• A spouse or relative of a deceased owner who would have qualified for the additional grant
4. CMHC FIRST TIME HOME BUYERS INCENTIVE
By obtaining the Incentive, the borrower may not have to save as much of a down payment to be able to afford the payments associated with the mortgage.
The effect of the larger down payment is a smaller mortgage, and, ultimately, lower monthly costs.
The homebuyer will have to repay the Incentive based on the market value of the home at the time of repayment equal to the percentage (for example, 5% or 10%) of the original home value used to determine the Incentive, up to a maximum repayment amount.
Learn more here
6. HBP HOME BUYERS PLAN
The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $35,000 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.
Learn more
7. GST/HST NEW HOUSING REBATE
You may qualify for a rebate of part of the GST or HST that you paid on the purchase price or cost of building your new house, on the cost of substantially renovating or building a major addition onto your existing house, or on converting a non-residential property into a house.
Learn More
8. GREENER HOMES GRANT AND LOAN
9. CLEANBC BETTER HOMES AND HOME RENOVATION REBATE PROGRAM
The CleanBC Better Homes and Home Renovation Rebate Programs, administered by BC Hydro, FortisBC and the Province of BC, provides rebates for improving your home’s energy efficiency through select upgrades.
Learn more here
10. REBATES FOR HOME RENOVATIONS
Get up to $10,000 in rebates for making energy efficiency upgrades.
Renovations that make your home more energy efficient can help you save on your monthly energy bills, and they'll make your home more comfortable. In partnership with CleanBC, our Home Renovation Rebate Program offers several energy savings rebates for homes in B.C.
11. RESIDENTIAL REBATES AND FREE PROGRAMS
From Energy kits, to EV chargers, windows, heat pumps, insulation, lightbulbs, product rebates, and more!
12. TOWN OF OLIVER HOME ENERGY EFFICIENCY
Town of Oliver and RDOS are helping home owners make their homes more energy efficient.
Once you have reviewed your home and neighbourhood, don’t miss the change to get a free custom energy report designed to help you plan for and implement effective, cost-saving, energy solutions. This pilot service is free and takes less than 5 minutes to complete.
Learn more
After all we can all stand to save a bit of money!
1. FIRST TIME HOME OWNERS PROPERTY TRANSFER TAX PROGRAM
The first time home buyers' program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home.
If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.
Learn more here.
Or call 1-888-355-2700
The first time home buyers' program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home.
If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.
Learn more here.
Or call 1-888-355-2700
2. NEWLY BUILT HOME EXEMPTION
The newly built home exemption reduces or eliminates the amount of property transfer tax you pay when you purchase a newly built home.
A newly built home includes:
• A house constructed and affixed on a parcel of vacant land
• A new apartment in a newly built condominium building
• A manufactured home that is placed and affixed on a parcel of vacant land
• An already constructed house that is removed from one parcel of land and affixed to another parcel of vacant land, as long as the house hasn’t been occupied since it was placed on the new parcel of vacant land
• A house resulting from the division of an existing improvement affixed to a parcel of land that was also subdivided, as long as this house hasn’t been occupied since the subdivision of the parcel
• A house converted from an existing improvement on the land. The previous improvement couldn’t have been used as residential (e.g. a warehouse converted into apartments)
Learn more here
or call 1-888-355-2700
3. BC HOME OWNERS GRANT
The home owner grant reduces the amount of property taxes you pay each year on your principal residence.
The grant is available to homeowners who pay property taxes to a municipality, or to the province if they live in a rural area.
Learn More
3. BC HOME OWNERS GRANT
The home owner grant reduces the amount of property taxes you pay each year on your principal residence.
The grant is available to homeowners who pay property taxes to a municipality, or to the province if they live in a rural area.
Learn More
1-888-355-2700
There are also additional programs if you are:
• A senior
• A veteran
• A person with a disability
• Living with a spouse or relative with a disability
• A spouse or relative of a deceased owner who would have qualified for the additional grant
4. CMHC FIRST TIME HOME BUYERS INCENTIVE
By obtaining the Incentive, the borrower may not have to save as much of a down payment to be able to afford the payments associated with the mortgage.
The effect of the larger down payment is a smaller mortgage, and, ultimately, lower monthly costs.
The homebuyer will have to repay the Incentive based on the market value of the home at the time of repayment equal to the percentage (for example, 5% or 10%) of the original home value used to determine the Incentive, up to a maximum repayment amount.
Learn more here
5. HOME BUYERS TAX CREDIT FROM GOV OF CANADA
on your tax return: Line 31270 – Home buyers' amount
Note: Line 31270 was line 369 before tax year 2019.
You can claim up to $10,000 for the purchase of a qualifying home in 2022 if both of the following apply:
• You (or your spouse or common-law partner) acquired a qualifying home
• You did not live in another home inside or outside Canada that you (or your spouse or common-law partner) owned in the year of acquisition or in any of the four preceding years (first-time home buyer)
You can claim up to $5,000 for the purchase of a qualifying home in 2021 or earlier if you meet the conditions
Learn more
on your tax return: Line 31270 – Home buyers' amount
Note: Line 31270 was line 369 before tax year 2019.
You can claim up to $10,000 for the purchase of a qualifying home in 2022 if both of the following apply:
• You (or your spouse or common-law partner) acquired a qualifying home
• You did not live in another home inside or outside Canada that you (or your spouse or common-law partner) owned in the year of acquisition or in any of the four preceding years (first-time home buyer)
You can claim up to $5,000 for the purchase of a qualifying home in 2021 or earlier if you meet the conditions
Learn more
6. HBP HOME BUYERS PLAN
The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $35,000 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.
Learn more
7. GST/HST NEW HOUSING REBATE
You may qualify for a rebate of part of the GST or HST that you paid on the purchase price or cost of building your new house, on the cost of substantially renovating or building a major addition onto your existing house, or on converting a non-residential property into a house.
Learn More
8. GREENER HOMES GRANT AND LOAN
Major home retrofits through grants and interest-free loans to make your home more energy-efficient.
Learn more here
Learn more here
9. CLEANBC BETTER HOMES AND HOME RENOVATION REBATE PROGRAM
The CleanBC Better Homes and Home Renovation Rebate Programs, administered by BC Hydro, FortisBC and the Province of BC, provides rebates for improving your home’s energy efficiency through select upgrades.
Learn more here
10. REBATES FOR HOME RENOVATIONS
Get up to $10,000 in rebates for making energy efficiency upgrades.
Renovations that make your home more energy efficient can help you save on your monthly energy bills, and they'll make your home more comfortable. In partnership with CleanBC, our Home Renovation Rebate Program offers several energy savings rebates for homes in B.C.
11. RESIDENTIAL REBATES AND FREE PROGRAMS
From Energy kits, to EV chargers, windows, heat pumps, insulation, lightbulbs, product rebates, and more!
Learn More here:
*Pro Tip you can apply through the Canada Greener Homes Grant AND the Powersmart program to increase your rebate! Both programs have their own criteria so be sure to read through the eligibility for both.
*Pro Tip you can apply through the Canada Greener Homes Grant AND the Powersmart program to increase your rebate! Both programs have their own criteria so be sure to read through the eligibility for both.
12. TOWN OF OLIVER HOME ENERGY EFFICIENCY
Town of Oliver and RDOS are helping home owners make their homes more energy efficient.
Once you have reviewed your home and neighbourhood, don’t miss the change to get a free custom energy report designed to help you plan for and implement effective, cost-saving, energy solutions. This pilot service is free and takes less than 5 minutes to complete.
Learn more
13. WORK WITH A PROFESSIONAL REALTOR
We help our client's save money all the time!
- We have superior local market knowledge
- We are experienced negotiators (licensed since 2009 &2010)
- We save you time, energy and stress along with money from making a costly mistake
Call Katie and Sara Today!
