On February 21st, the BC government announced the 2012/13 Provincial Budget.
Death of HST on new housing good news – With the new rules, anyone about to buy a newly built home or condo will want their completion date to be on or after April 2, 2012
Every sector of the economy needs certainty to function efficiently and real estate is no exception. The recent HST debacle has affected real estate more than any other sector.
Information about the new HST / PST housing transitional rules – New Housing and Rental Rebate – Vancouver Real Estate News
The province will transition back to the Provincial Sales Tax (PST), which will replace the Harmonized Sales Tax (HST), on April 1, 2013. Until then, the province has announced transitional rules for new homes which take effect April 1, 2012.
HST to drop on more new homes to help the shift back to the PST – British Columbia will return to the PST on April 1, 2013 – Vancouver Real Estate Market Update February 2012
The provincial portion of the Harmonized Sales Tax is about to drop to two per cent on all new homes sold for $850,000 or less, a move widely praised by those in the beleaguered home building industry.
New housing transition measures give certainty to an important economic sector and help to keep taxes equitable throughout the transition as the province returns to the PST
British Columbia to outline post-HST plan for home building industry – Vancouver Real Estate News February 2012
Consumers looking to buy a new home in the middle of the transition between the harmonized sales tax and the provincial sales tax will have answers on Friday about what their tax bill will look like.
Metro Vancouverâ€™s new home industry is hurting badly over the absence of any transition rules to the return of the provincial sales tax since the harmonized sales tax was defeated in a referendum Aug. 26, three property experts to The Vancouver Board of Trade Friday.