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The Newly Built Home Exemption is a program that reduces or eliminates the property transfer tax on new homes. The amount is limited to $13,000 for qualifying individuals who must be either a Canadian citizen or a permanent resident.
BC Housing is currently under the Ministry of Attorney General and Minister responsible for Housing and located in Burnaby, British Columbia, Canada. They license residential builders, administer owner builder authorizations and carry out research and education that benefits the residential construction industry, consumers and the affordable ...
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The second alternative is to buy a newly built home, condo or townhome. Some newly built homes are complete and ready for their new owner. Others are still under construction and weeks or months ...
Exemptions exist where the Government is the landlord and the rent is tied to the tenant's income. Fixed term leases are permitted by the Act, but if the landlord allows the tenant to stay longer without entering into a new fixed term lease, the lease turns into a month-to-month lease that only the tenant can cancel without cause.
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The definition of affordable housing may change depending on the country and context. For example, in Australia, the National Affordable Housing Summit Group developed their definition of affordable housing as housing that is "...reasonably adequate in standard and location for lower or middle income households and does not cost so much that a household is unlikely to be able to meet other ...