Getting the facts straight about First Time Buyer's tax credits

A number of my clients have asked me to clarify the situation regarding the BC Budget announcement concerning incentives of up to $10,000 to first time buyers.
The full government announcement can be accessed by following this link

http://www.bcbudget.gov.bc.ca/2012/homebuyers/2012_First_Time_Home_Buyers_Fact_Sheet.pdf

The highlights are:
1. Only applicable to first time buyers who are buying new build homes or building their own homes. If not a new build, you do not qualify.
2. This is not an income tax credit. You have to apply separately.
3. You are not guaranteed $10,000. It is 5% of the purchase price up to a maximum of $10,000.
4. You must be first time buyers. If you have previousl owned a home you are not eligible.
5. You must intend to use the home as your primary residence.