HST Update

A HST update from the Vancouver Real Estate Board!HST update

Your Board continues to work closely with BCREA, the Fraser Valley Real Estate Board and other partners to voice opposition to the proposed Harmonized Sales Tax (HST). We remain in daily contact with the media on the subject. Board President Scott Russell has been quoted regularly since the HST announcement-Page C7 of Thursday's Vancouver Sun, for example.

In early August, BCREA President John Tillie and senior BCREA staff will meet with BC Finance Minister Colin Hansen to express disappointment at the lack of consultation prior to the announcement, convey the detrimental impact the HST will have on the cost of shelter across our province and to make proposals to mitigate, to the fullest extent possible, the negative implications of this decision.

We will soon outline a strategy that will ask members to help get the message to clients, the media and our elected representatives about this issue.

Our Government Relations department, economists at BCREA and representatives from the accounting firm BDO Dunwoody are currently undertaking analysis to determine the true costs and financial implications that this decision will have on the re-sale and new housing markets, which are just beginning to recover. We will share this information with all members and the media as it becomes available.

I agree with the Board, I am not in favour of the new tax and think it is just another tax grab. Housing is already expensive in the Vancouver and Lower Mainland market place, this just ads to it. Even though it is on New construction...at some point these properties will become resale and that HST tax cost will hit those buyers too!

Michael La Prairie, CENTURY 21 In Town Realty 604 685 5951


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