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The End of HST as of April 1, 2013

Posted on January 18, 2013 by Carmen Leal

In April 1, 2012, the government raised the HST rebate threshold for new home buyers

to $850,000, up from the current $525,000, meaning more than 90 per cent of newly

built homes were and are eligible for a provincial HST rebate of up to $42,500.

After the HST end date, those who buy a home built before April 1, 2013,

will pay a two per cent transition tax on the full house price, he said.

Business picking up

B.C. home builders and renovators expect business will pick up

after the HST disappears in 2013.

New rules could mean good news for the home renovation business.

PST-GST system now coming into play may have those people that

were sitting on the fence before all of a sudden start thinking seriously

about that renovation again.

Business will pick up during the transitional year, but the real push will

come when the HST actually disappears as of April 1, 2013.

This will spark the economy because construction is — and home

renovation and new home construction — is one of the biggest drivers

in the economy.

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http://www.cbc.ca/player/Embedded-Only/News/BC/ID/2198518737/

Give me a call with more details.

Carmen Leal Direct Line: 604-218-4846

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Carmen Leal Realtor®