THINKING OF BUYING A NEW HOME?
GST/HST NEW HOUSING REBATE
The GST/HST New Housing Rebate
program provides a rebate on part of the GST
or the federal part of the HST
paid on the construction or purchase of most newly constructed or
substantially renovated houses used as a primary place of residence.
HOME WARRANTY REQUIREMENTS
CMHC requires that a newly built home comes with a New Home Warranty when sold to a buyer with less than 20% down; this is not a bank's rule but the insurer's rule. The exception to this rule is if the buyer builds the home themselves or if they purchase a new home from a private individual who lives in the home.
For many of the smaller contractors who are building and selling spec homes that do not have a New Home Warranty, they are marketing to a cliental that have 20% down or more.
There are 2 main New Home Warranty provideders in Manitoba, the National New Home Warranty
as well as the New Home Warranty of Manitoba
. There is a third provider called Blanket New Home Warranty
. This provider allows a builder to provide a New Home Warranty without being a member of a New Home Warranty program such as the frist two mentioned; however it comes at a higher cost. The purchaser is not allowed to get the New Home Warranty; it must be purchased by the builder.