So it is official, we have scrapped the HST. Hailed as a saving grace among many business and government leaders, the HST failed to attract strong support from many people around the province. Many saw the new tax as another way for the government to take more from their wallets. And to a large extent I agree. After a delicious brunch at "Subeez" in Yaletown, I was shocked at how low the tax was on my bill (I usually double the HST for a tip). Realizing that the HST had been eliminated, I had a moment of inner excitement and freedom that my dollar could go just that little bit further.
Im sure many homeowners agree that they may be able to afford a little more house than they could have under the HST. We still have the new "Transitional tax" until 2015, however it is the thought that counts, right? So, if you're looking for a new home, how will this affect your buying decisions? Will you be frugal and save the extra percentage for a rainy day? Or will you take what you can and try to squeeze your dollar and get as much house as you can? These are many of the questions we Realtors ask ourselves in determining our local trends. It will be interesting to see what the market does in the coming weeks and months. Stay tuned ;-)
What are your thoughts on the current market and how this new Tax transition will affect it? Are you even happy that the HST was scrapped? Why or why not? Feel free to respond and give us your ideas.
Travis R. Mako