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Four Incentives You Should Know About


Blog by | March 13th, 2011


Four Incentives You Should Know About


The Vancouver Sun recently ran an article on incentives for homeowners. Here are four every home buyer and landlord should know about:

BC NEW RENTAL HOUSING REBATE (HST)
Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit. www.hstinbc.ca/making_your_choice/ faqs/new_housing_rebate/

CMHC MORTGAGE LOAN INSURANCE PREMIUM REFUND
Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient mortgage or make energy saving renovations. For more information: www.cmhc.ca/en/co/ moloin/moloin_008.cfm#reno

LOW INTEREST RENOVATION LOANS
Financial institutions offer 'green' loans for home owners making energy efficient upgrades. Vancity's Bright Ideas personal loan offers home owners up to $20,000 at prime + 1% for up to 10 years for 'green' renovations. RBC's Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 renovation on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution or go to: www.vancity.com/Loans/BrightIdeas/ or www.rbcroyalbank.com/ and in the search box enter 'energy saver loan'.

BC RESIDENTIAL ENERGY CREDIT
Home owners and residential landlords buying heating fuel receive a BC government point-of-sale rebate on utility bills equal to the provincial component of the HST. For more information: www.sbr.gov.bc.ca/documents_library/notices/HST_ Notice_010.pdf