BC HST-HARMONIZED SALES TAX: PURCHASERS of NEW HOUSING IN BC.
BC HST-HARMONIZED SALES TAX: PURCHASERS of NEW HOUSING IN BC.
July 1, 2010
The NEW HST Harmonized Sales Tax for Purchasers of New Housing in BC kicks in and all New Housing in BC is Subject to a NEW 12% HST Tax when purchasing a New Home.
For Further Details Read the Federal Government GST/HST INFO SHEET
The Cost of New homes in BC with now be 12% higher for Consumers Buying a New Home.
For Example a New home at $650,000 will cost an additional 12% =$78,000.
In addition to the HST, in BC there is also a PPT-Property Purchase Tax of 1% on the 1st $200,000, 2% over $200,000
Example on home $650,000, PPT = 1% on $200,000= $2,000, 2% on $450,000 = $9,000
Total Taxes on a $650,000 New home
HST = $78,000
PPT = $11,000
Total Purchase Price with Taxes for a BC New Home at $650,000
$739,000 !!!
Plus legal and other closing and moving costs.
Talk About The Government Taking The Shirt Off Your Back, just for Buying a Home in BC.