BC Provincial Government Increases the New Harmonzed SalesTax (HST) Threshold ReBate for New Homes
News..Victoria Real Estate industry welcomes a decision by the BC Provincial Government to increase the HST
threshold for rebates on new homes to a maximum purchase price of $525,000 and a maximum rebate
of $26,500. “This is certainly a ‘win’ for new home buyers,” said Victoria Real Estate Board President,
Chris Markham. “We’re very pleased that the government listened to the lobbying efforts by the real
estate profession and other groups including the Canadian Home Builders Association and the Greater
Victoria Chamber of Commerce."
The province aims to ensure that, on average, purchasers of new homes up to $525,000 pay no more tax due to harmonization. Purchasers of new homes would be eligible for a rebate of 71.43 per cent of the provincial portion of the HST paid on a new home, up to a maximum of $26,250. Homes above $525,000 would receive a flat rebate of $26,250. This is a 30 per cent increase in the threshold and maximum rebate available.
Source VREB