How Does HST Effect Buying a New House in BC - Condoguys Real Estate Marketing Experts
Buying a new house got more expensive when the HST was introduced. As a buyer said to me the other day - when it comes to buying a sandwich it doesn't make much difference but a million dollar house is a bit of a 'sting'
Below is an excerpt from the Spagnuolo and Company Real Estate Lawyers website:
Much like G.S.T., H.S.T. is payable on the purchase price of newly constructed or substantially renovated residential homes. Substantially renovated is defined in the legislation as the removal or replacement of most of the house construction components except for the foundation, external walls, interior supporting walls, floor, roof and staircase. This means that, without considering transitional rules and rebates, the price of a new home will increase by 7%. Don’t forget, all of the other services, such as appraisals, home inspections and real estate commissions also increase by 7%.
There are also rebates that you may be eligible for depending on whether the property is your principal residence or an investment property. Check out http://www.bcrealestatelawyers.com/hst/basicinformationhst.htm
If you need more information or to discuss how HST may effect your next purchase or sale, email us at connect@condoguys.com
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