British Columbia Provincial Government announces HST/PST transition rules for housing

By
Real Estate Agent with Coast Realty Group, (Powell River) Ltd

This just in from the British Columbia Real Estate Association:

The Provincial Government of British Columbia today announced the HST/PST transition rules for housing during the return to the PST on April 1, 2013. You can find the government’s announcement here: http://www.newsroom.gov.bc.ca/2012/02/transition-measures-support-new-home-buyers-builders.html

Some of the key elements include:

-          The B.C. new housing rebate threshold will be increased to $850,000, effective April 1, 2012 with a maximum rebate of $42,500.

-          A provincial grant of up to $ 42,500 will be available for purchasers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital regional districts priced up to $850,000, effective April 1, 2012.

-          For newly built homes where construction begins before April 1, 2013, but ownership and possession occur after, purchasers will not pay the seven per cent provincial portion of the HST. Instead, purchasers will pay a temporary, transitional provincial tax of two per cent on the full house price.

-          The temporary housing transition measures will be in place for two years, until March 31, 2015. The tax only applies to homes where construction begins before the transition date and ownership and possession occur after.

What does all of this mean? We are going to be starting the slow and painful process of changing from Harmonized Sales Tax back to the Provincial Sales Tax in British Columbia real estate transactions. It will be a learning experience in patience and math for everyone involved.

Draft contract language as well as frequently asked questions will be available on the BCREA website this week. This will be a great resource for REALTORS® and clients.

Happy Springtime Everyone!

Posted by

Call your Mazurek and Frost Powell River Real Estate Team now & get moving!

 Neil Frost 604.483.6345 - neil@prhomefinder.com

  Aaron Mazurek 604.414.8699 - aaron@aaronmazurek.ca

 

We are your Powell River Real Estate Professionals, ready to help ... making your next move easy!

Visit our website at MazurekandFrost.com for latest listing in Powell River, BC on the Sunshine Coast of Canada

 go to my facebook page go to my blog go to my Twitter page YouTube icon go to my LinkedIn profile email icon

HomeFinder Banner

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the cloud to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Real Estate General Information
Location:
British Columbia
Groups:
Beautiful British Columbia
Vancouver Island Real Estate Agents
Tags:
tax
british columbia
hst
pst
real estate

Comments 0 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the eye to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tshirt to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
25,120

Aaron Mazurek

Powell River Property For Sale (BC)
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the balloons to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information


Aaron Mazurek