First Time Home Buyer Programs Vancouver
Thinking that the first time home buyer programs Vancouver had was only applicable for first time buyers either to live/invest – then you’re mistaken. We’ve already covered the programs found specifically nationwide and within British Columbia.
In this article – we’ll show you where you can save money as being a home owner on a yearly basis which your wallet will thank you later for.
This is just a quick summary of the programs available. Click on the title for details and the eligibility requirements for each and how to apply. Like any smart homeowner, you want to see what grants or loan programs that may be readily available to you.
CMHC Mortgage Loan Insurance Premium Refund
This program provides home buyers with CMHC mortgage insurance, a 10 per cent premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations. A great option and most sought after info on the first time home buyer programs Vancouver for anyone who supports environmentally conscious actions and wanting to reap the benefits of it.
Home Adaptations for Independence (HAFI)
A program jointly sponsored by the provincial and federal governments provides up to $20,000 to help eligible low-income seniors and disabled home owners and landlords finance modifications to their homes to make them accessible and safer.
BC Seniors’ Home Renovation Tax Credit
This credit assists eligible seniors 65 and older with the cost of eligible permanent home renovations to a principal residence to improve accessibility. The maximum refundable credit is $1,000 per tax year and is calculated as 10 per cent of the qualifying renovation expense (maximum $10,000).
Energy saving mortgages
Some financial institutions offer special mortgages to home buyers/owners making homes energy efficient. For example, home owners may qualify for a BMO Eco Smart Mortgage™ or a TD Canada Trust rural property mortgage. Visit your financial institution and ask whether they have any similar program
Low interest green renovation loans
Financial institutions offer loans to home owners making energy efficient upgrades. For example, there’s Vancity’s Home Energy Loan which offers up to $50,000 and RBC’s Energy Saver loan which offers one per cent off the interest rate for a fixed rate installment loan over $5,000 or a $100 rebate on a home energy audit on a fixed rate installment loan over $5,000. Visit your financial institution.
This plan is a new $679 million program of the BC Government that provides a range of incentives including up to $6,000 for buyers of electric vehicles, and $2,000 to replace a fossil fuel heating system.
There are incentives offered to households and businesses for installing high-efficiency heating equipment and building envelope improvements. A partnership of BC Hydro, Fortis BC, and BC Housing.
BC Hydro and FortisBC rebates to improve a home’s efficiency
BC Hydro and FortisBC offer a wide range of rebates for heat pumps, insulation, draft-proofing, hot water heaters, and a $300 bonus offer for making two eligible upgrades within 18 months.
FortisBC new home energy rebate offer
FortisBC and BC Hydro customers can receive rebates when building ENERGY STAR new homes or installing high-efficiency natural gas fireplaces.
BC Hydro and FortisBC offer home owners rebates for upgrades and improvements, including insulation, space and water heating systems, and ventilation to reduce your energy bill. They also include a bonus offer for completing three or more upgrades. Total value of available rebates: up to $10,000.
BC Hydro Power Smart and participating municipalities offer $100 mail-in rebates to home owners buying ENERGY STAR clothes dryers and refrigerators.
BC Hydro Power smart appliance rebates
Clothes washers: $50 rebate; refrigerators − up to $100 rebate; clothes dryers up to $100 rebate.
This BC government program gives eligible low- and middle-income families a tax credit of up to $400 in 2019 and up to $500 starting in July 2021 to offset BC’s carbon tax.
As you can see, there are numerous grants for the first time home buyer programs Vancouver and homeowners as well. So, start saving, you’ll see those cost rolling back to you. This article is constantly updated for any new changes so feel free to come back anytime to get an updated version.