Grant for Purchasers of New Residential Housing Used as a Secondary or Recreational Residence
The Province will provide a grant to purchasers of new residential housing purchased for use as a secondary or recreational residence where the provincial component of the HST becomes payable and is paid on such homes on or after April 1, 2012 and before April 1, 2013. The grant will be available with respect to newly constructed or substantially renovated homes where the home is located in a qualifying area of the province (outside the Capital Regional District and the Greater Vancouver Regional District) and is purchased or constructed for use as a secondary or recreational residence.
The grant will be equivalent to the B.C. new housing rebates provided with respect to purchases of new residential housing used as a primary residence. As a result, purchasers of new residential housing used as a secondary or recreational residence in qualifying areas with a purchase price of up to $850,000 will be entitled to receive a grant equal to 71.43 per cent of the provincial component of the HST paid up to a maximum of $42,500.
Purchasers of new residential housing used as a secondary or recreational residence in qualifying areas with a purchase price of $850,000 and above will be entitled to the maximum grant of $42,500.
Download the full report (PDF)
Lorne’s Take on Things
What does Lorne think?
Get in touch if you need help taking advantage of this grant.