News Release Archive

Finance Minister Bill Gillis has announced some rule changes for
the province's First Time Home Buyers Program to protect the
rebate for those who have already had their applications

"There has been some concern that people who had made a
commitment to buy a home, and been pre-approved for the rebate,
would have been hurt by the changes to the program. The new rules
ensure that where the province has approved a rebate amount, that
money will be paid, whether the house sale is completed by March
31, 1997 or not."

All applicants who have received pre-approval for the First Time
Home Buyers rebate will, in all instances, be rebated the amount
pre-approved up to the limit of $3,000. Recent pre-approvals
contained the stipulation that a house sale must be closed on or
before March 31, 1997. That stipulation will no longer be in

The First Time Home Buyers Program will continue.  However, the
province has, as of midnight yesterday, ended its practice of
offering pre-approved rebates.


Contact: Steve Warburton 902-424-3522

jlw                       Feb. 28, 1997        6:00 p.m.