Effective August 29,2011.
The HST has been over turned in BC and the Government has promised to revert to the old GST and PST system over the next 18 months . Currently, the HST rebate will stand, however we cannot say how long they will remain in place, nor what the new tax structure will look like .
Q. When will my home be complete?
The time it takes to complete construction depends on the weather conditions and the time of year, typically around 8 months.Q. Who are the builders of Fintrey Park?
We have two well-known builders on site that will build all of the Fintrey Park’s homes. They are both highly reputable local companies, who have a sterling reputation for quality and customer service. Both our builders are profiled in our Team section.
Q. Can I buy a lot and build my own home?
Yes you can, as long as you meet all of the design specifications for the development and completion timetables for construction
Q. Can I make customizations to the homes being offered?
Yes, at the time of purchase we can review your requested changes.
Q. How does Fintrey Park’s available Construction Mortgage financing affect me?
Simply put, a Construction Mortgage allows you to keep your monthly payment to a minimum while you wait for your home to be built. Once you’re ready to move in, it converts to a regular mortgage. You can find more information on Construction Mortgages on our Financing page.
Q. What taxes are due and when?
Because of Fintrey Park’s unique purchasing structure, you will save about $6,000 in property transfer taxes by buying the land and then the house separately. There are two different taxes associated with buying a home at Fintrey Park. Both the sale of the land and the construction value on your new home is subject to 12% HST, which the banks take into consideration in your mortgage. The second is the Property Transfer Tax, which is based on the stage of completion of your home. In this case you would only pay this tax on the land. The tax is based on 1% of the first $100,000 and 2% on the remaining.
Q. How much HST do I actual pay?
Not as much as you think. Right now anyone purchasing a new single family home qualifies for a significant rebate. This amounts to 71.43% of the additional 7% tax over the 5% GST, up to $26,250.00. This caps out at a purchase price $525,000, but even homes priced over $525,000 qualify for the maximum rebate. You apply for this rebate after you have taken possession of your new home. It should be noted here that this rebate program has been introduced for new construction and there is no guarantee how long the BC Government will leave it in place. Our representative will be happy to take you through the calculation, so you know exactly how it will affect you. The banks include this in your purchase costs and will include the HST in your mortgage, so when you get your rebate you will have windfall, to do with as you see fit. Pay it on your mortgage, furnish your new home, or take a trip, your choice.