Are you purchasing a new build property and getting an insured mortgage? There may be a cash-back opportunity for you!

 

Insurers are offering a 25% refund on default insurance premiums for buyers who purchase new builds meeting current Energy Efficient certification and have an insured mortgage. This rebate is particularly beneficial given the new 30-year amortization rule starting August 1st, which applies to first-time homebuyers (FTHB) purchasing new builds. However, the program is open to any buyer of a new, energy-efficient build with an insured mortgage, not just FTHB.

 

Here is the information on 30 year amortizations for FTHB buying new builds:
30 Year Mortgages for First-Time Buyers of New Builds – Canada.ca

 

Here is the information on the property tax exemption on new builds:  the fair market value threshold for a full exemption for newly built homes is increased from $750,000 to $1,100,000.

 

Here is the information on Energy Efficient requirements for new builds in BC:  BC Energy Step Code