COST SAVING Programs for Home/Property Buyers & Owners
Wise real estate decisions are made when you have a clear understanding of your personal financial circumstances. When assessing your situation, it is important to know there is a broad range of cost-saving programs available to help you.
Top Grants and Rebates (updated July 2014) - PDF
50 Ways to Green Your Home and Save $$$ (updated December 2013) - PDF
Home Buyers' Plan
First-Time Home Buyers' Tax Credit
This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation.It’s calculated by multiplying the lowest personal income tax rate for the year by $5,000.Canada Revenue Agency
New home buyers can apply for a rebate of the 5% GST if the purchase price is $350,000 or less. The rebate is up 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.
Canada Revenue Agency
GST-New housing rebate
BC Property Transfer Tax (PTT)
Home buyers in BC pay a provincial Property Transfer Tax (PPT) when they buy a home. The tax is charged at a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder.First-time home buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $475,000. There is a proportional exemption for between $475,000 and $500,000. At $500,000 and above the rebate is nil. BC Ministry of Finance
Property Transfer Tax
Qualifying home owners aged 55+ may be eligible to defer property taxes.
Qualifying low-income home owners who financially support children under age 18 may be eligible to defer property taxes.BC Ministry of Finance
Property tax deferment programs
and enter ‘Property tax deferment’ in the search box or contact your municipal tax office.
Reduces property taxes for home owners with an assessed value of up to $1,100,000. The basic grant gives home owners:
• an additional grant of $200 to rural homeowners elsewhere in the province
• an additional grant of $275 to seniors aged 65+, those who are permanently disabled and verterans of certain warsBC Ministry of Finance
Home Owner Grant
Or contact your local municiple tax office.
A program jointly funded by federal and provincial governments provides up to $20,000 to help eligible low-income seniors and disabled home owners and landlords to finance modifications to their homes to make them accessible and safer.
1-800-407-7757 ext 7055
Many Metro Vancouver municipalities offer rain barrels for sale, often at a discount for their residents:
Burnaby - $70
Coquitlam - $72
Richmond - $30Other municipalities have similar offers.For information:Burnaby
RichmondLocal Government water conservation incentives
Visit your municipality’s website and enter ‘toilet rebate' to see if there is a program.
Your municipality may provide a program for voluntary water metering so that you pay only for the amount of water you use. Delta, Richmond and Surrey have programs and other municipalities may soon follow.
Visit your municipality’s website and enter ‘water meter’ to see if there is a program.
Fridge buy-back: $30 to turn in spare fridges in working condition.
The Power Smart Partner program partners BC Hydro with BC’s largest commercial, government and institutional customers (who spend $200,000 or more/year on Hydro). Customers gain access to a wide range of energy management programs, tools and incentives.
Launched June 2, 2014, the PSX program partners BC Hydro with BC’s largest commercial, government and institutional customers (who spend $200,000 or more/year on Hydro). The program provides incentives for various technologies, including lighting, cooking and refridgeration appliances.
Rebates for home owners include:
• $300 rebate for buying an EnerChoice® fireplace
• up to $1,000 off an ENERGY STAR® water heater
• $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR® heating system
For commercial buildings, provides:
• a rebate of up to $45,000 for the purchase of an energy efficient boiler
• up to $15,000 for the purchase of a high-efficiency water heater
• funding towards a new construction energy study
BC Hydro and FortisBC offer free energy assessments and energy saving products to low-income customers. Qualified contractors will install upgrades ranging in value from $300 to $5,000 depending on the need of the home.
BC Hydro and FortisBC offer low-income customers a free energy saving kit containing products to help save energy and money.
BC Hydro and FortisBC offer home owners rebates for various upgrades and improvements, including insulation, draftproofing, space heating systems, water heating systems and ventilation.These improvements can reduce the average residential customer’s energy bill by 30%. There is a bonus offer for completing three or more of certain upgrades. Total value of available rebates is almost $6,000 per household.
RBC's Energy Saver Mortgage
Home owners who have a home energy audit within 90 days of receiving a RBC Energy Saver Mortgage may qualify for a rebate of $300.
Offers home buyers a special rate on qualifying green properties.
Offers home owners up to $20,000 at prime + 1% for up to 10 years for green renovations.
Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy savings renovations.
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