Residential New Home Construction/Renovation Rebate Program
The NL Provincial Government today announced a Residential Construction and Renovation rebate program. Qualifying consumers can receive up to $10,000 as a rebate on new home construction or renovation projects.
Homeowners may qualify and apply for the Residential Construction Rebate in one of two ways:
Renovation Projects
A 25 per cent rebate is available for renovation projects for principal residences, up to a maximum rebate of $10,000 (based on a $40,000 project).
New Home Construction
A rebate of $10,000 is available for new home construction on homes valued up to $350,000 before HST.
The rebate will apply to work on a primary residence contracted within a 60-day period from the start of COVID-19 Alert Level 3, and the project must be substantially complete by March 31, 2021. To qualify, homeowners must use an eligible contractor, which includes those who have general liability insurance and are registered (i.e., HST registered, valid Business Number or Workers Compensation registered).
Reach out with questions on the details of this program if you are considering a new build.
While we congratulate and support the government for today's announcement, details of the program are still being worked out. We do know that projects have to be completed by a contractor registered with the program through the Canadian Homebuilders Association (CHBA). Details of that registration process will be available on the CHBA website. This program is aimed at stimulating much-needed construction once the province moves to COVID-19 Alert Level 3, currently planned for June 8.
Visit www.chbanl.ca for details, applications, and project timelines as they become available.
The full text of the province's announcement is at https://www.gov.nl.ca/
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