HST and Real Estate
There is quite a bit of confusion currently in regards to what HST applies to when buying a property.
HST applies to NEW properties only . The is no HST on the purchase of a home that has been previously lived in.
There is HST payable on the purchase of a building lot at 12% and a rebate can be claimed when the house is complete if the final value qualifies.
On the purchase of a NEW home in the $350,000 range the HST after rebates is about 5.2% and for a property in the $465,000 range it is about 7% after rebates.
There is HST payable on service fees for lawyer/notary, building inspectors fee and also on real estate commisions when you are selling. These are all at 12%
It appears the HST will be with us until the second quarter of 2013 and the goverment has not provided anyone with a transitional plan.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.