Great news if you are a first time home buyer!

Great news if you are a first time home buyer!
Effective April 1, 2012, you may be eligible for a provincial enhanced New Housing Rebate if you buy, as their primary residence, priced up to $850,000:

• a new home together with land;
• a new home together with leased land; 

• a new mobile home or float home;

• a new home bought through shares in a housing cooperative; or

 • a new home constructed or substantially renovated (morethan 90%) by the owner builder. 
You may also be eligible for a provincial New Housing Rebate if you buy a secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000.
Buyers of new homes will be eligible for a rebate of 71.43% of the provincial portion of the HST paid on the new home up to a maximum rebate of $42,500. Homes priced at more than $850,000 will be eligible for a flat rebate of $42,500.
If you would like more details about the rebate, please contact me as there are many different scenarios depending on when you plan to purchase and when you get the keys.
HST is payable GST/HST generally becomes payable on the earlier of the day on which ownership is transferred to the recipient and the day on which possession of the property is transferred to the recipient.
Note: This information is current to today, February 21, 2012 and has been verified with the Canada Revenue Agency, HST Branch. The information could change depending on HST rulings to come.