Harmonized Sale Tax (HST) and Vancouver Real Estate, Blog by Vancouver Realtor, Mike Stewart

Harmonized Sales Tax (HST) and Vancouver Real Estate by Mike Stewart Century 21 In Town Realty Vancouver BC

Hi All,

I have been getting A LOT of questions about The British Columbia Government’s new Harmonized Sales Tax and how it will affect Vancouver Real Estate.

4 Quick Facts on BC’s proposed new 12% HST effective July 1, 2010: 

  1. It only applies to BRAND NEW properties and is paid when the property completes at the Land Titles Office.  The HST is NOT PAYABLE on re-sale properties or used properties.
  2. Increase in the maximum threshold for rebates on HST from $400,000 to $525,000;
  3. The maximum rebate will be increased to $26,250;
  4. Transitional rules will apply – if you enter a contract before November 18, 2009, but complete after July 1, 2010, the provincial portion of HST will not be payable.  This means you will pay only 5% GST, as you do today.

I’ve included the Press Releases from the BC Gov’t below.

If you’re buying a Pre-Sale, and Assignment, or a Property that is completing after July 1, 2009 and you think HST may be payable – SPEAK TO YOUR ACCOUNTANT AND YOUR LAWYER!

HST New Housing Rebates

BC HST 2009 November Housing Threshold

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