Barry Klatt

855-623-6900
Barry Klatt
Office:855-623-6900

Why Sign Up?

  • Save your Listing Searches
  • Email Alerts on new Listings
  • See new listings sooner
  • Tag your Favourites for later

Already A Member?

RSS

Rebates coming for second homes!

A little more than $40,000 could be up for grabs when you purchase your recreational home in BC!

Good news for sure for real estate investors in the recreational market. Naturally there is a lot of new "unsold" recreational inventory around at the moment and this move by the BC government, while a little hard to understand is a welcome break for a sluggish real estate sector.

No rules in regards to the grant are available which actually refers to grants for second home purchases. The rules and regulations are expected to be published this month.

We do know it will be eligible for purchases of second homes up to $850,000 and is to be administered by the Province rather than CRA in relation to HST/GST rebates.

While it is a welcome break, it is curious in my mind why this would be administered as a grant/bonus. Years ago as the federal Conservatives toppled the long reigning Liberal government, there was talk of tax breaks/deferrals on capital gains for real estate investors. To me, this would appear to be a better long term strategy to assist with what is a very significant industry in our province.

For now however, we are dealing with a temporary grant program that will run from March this year to April next year with details coming as to what defines a second property and who is eligible for the rebate from the Province. We await with baited breath!
 
Ask me about how to start your search for investment properties in BC!

Comments:

No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Your email will not be published
Your Email: *
Comment: *
Please type the text as it appears above:
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.