The BC First Time New Home Buyer Bonus helps make owning your own home a little more affordable. If you’re a first-time home buyer in the market for a newly-built home, you can now get up to $10,000 back from the BC government.
If you are a first-time homebuyer purchasing a newly-built home before March 31, 2013, you can get an income tax credit worth up to $10,000.
The credit works out to 5% of the home’s purchase price, up to a maximum of $10,000. In other words, any newly-built home worth $200,000 or more qualifies for the full amount.
The BC First Time New Home Buyer Bonus is designed to help families starting out, especially those with lower incomes. That’s why it is gradually phased out for people earning more than $150,000 a year.
BC is striving to help first-time home buyers start a new life with their family and a $10,000 credit is just one more way we can help.