HST in High-End vacation homes
When the harmonized sales tax (HST) came into effect July 1, it added to the cost of a typical new vacation home in B.C. The new tax also led to short burst in high-end sales as buyers tried to beat the harmonized sales tax. That is because the rebate provided under the HST for new home buyers - a flat rebate of $26,250 on new homes worth more than $525,000 - only applies to principal residences, not to second homes, such as new lakefront vacation cottages. Many resort developers have reduced prices in a bid to get buyers into the market. At Qualicum Landing on Vancouver Island, for instance, prices were reduced by 60 per cent on some waterfront cottages. If you are looking to buy a new vacation home in B.C., it may be wise to shop this summer!
- Real Estate Weekly, July 30, 2010
Contact Jay at 604.765.1090 for more information
- Real Estate Weekly, July 30, 2010
Contact Jay at 604.765.1090 for more information