Victoria home buyers to receive clarity on provincial HST transition plans

February 15, 2012

Victoria homes buyers, builders, owners and realtors will find out this Friday how the province will move away from the harmonized sales tax.
Finance Minister Kevin Falcon confirmed that the transition rules for housing will be revealed on Feb. 17.
Homebuilders, and real estate and construction industry representatives have been urging the province to unveil a strategy to help in the months before the province moves back to the provincial sales tax, in March 2013.
Some realtors have even demanded the province immediately drop the provincial portion of the HST on new homes. Critics have suggested people may hold off buying new homes until 2013, because they will be subject to HST on new houses worth more than $525,000 (despite also receiving an exemption). The returning GST/PST system does not charge provincial tax on new home purchases. B.C. voters chose to reject the HST and revert back to the GST/PST system during a referendum last August.
 

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