- Contrary to some of the language in the announcement, it is not a tax credit applied on your income tax return. It is paid out separately.
- However, it is not paid at time of closing so will not be available to form part of the down payment. Once the paperwork becomes available, eligible buyers will send away the completed forms and wait for their money.
- It is only available to first time home buyers. The homeowner and their spouse or common law partner cannot have previously owned a home anywhere in the world.
- It is based on 5% of the purchase price up to a maximum of $10,000 but is reduced for those whose incomes are over $150,000.
Here is a link to the basic literature:
And here is a link to Frequently Asked Questions on the government web site:
If your are thinking about buying your first home in or around Langley, please feel free to call or email me, I'd be honoured to help.