BC HST is Only Payable on BRAND NEW PROPERTIES!
BC HST and Vancouver Real Estate
There are A LOT of misconceptions about British Columbia’s Harmonized Goods and Services Tax and Vancouver Real Estate. The one I hear most is that HST will payable on all real estate transactions in BC. This is not true
HST in BC will
! These are properties that have never been registered at the ONLY BE PAYABLE ON BRAND NEW PROPERTIES Land or have never been transferred out of the ownership of the developer/builder. Titles Office
Quick Facts on BC’s HST
BC’s HST comes into effect on July 1, 2010 and is 12%.
Only payable on BRAND NEW PROPERTIES!
Will be payable on Pre-sales and Assignments that Complete after July 1, 2010.
HST is not payable on Re-Sale Properties!
HST Rebates for properties under $525K
What does this mean for the Vancouver Real Estate Market?
Brand new properties will get a lot more expensive and may be less attractive compared to re-sale properties. Will it be the end of the world? No. Will it be good for the sellers of re-sale Vancouver real estate? Most likely.
Looking for a great HST Calculator? Check out my video blog post on this great PTT/HST Calculator!
I’d love to hear your thoughts and questions in the form of a comment down below!
Filed under: For Buyers, For Sellers, Vancouver Condo Pre-Sales, Vancouver Real Estate and Taxation
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