Last month when BC govt. announced the plans to implement new tax system HST (harmonized sales tax) in 2010, I wrote a blog post about how it would affect the real estate industry and new home buyers.
Starting July 2010 consumers will have to pay a higher tax on new houses, renovations, REALTORS®' fees and other real estate transaction fees such as notary services, home inspections and appraisals. All of those are currently exempt from the PST and are only subject to the GST.
Just like me most other REALTORS® are concerned that home buyers and sellers, particularly buyers of new homes, will bear most of the burden associated with the proposed Harmonized Sales Tax.
The BC Real Estate Association has launched a new website to provide REALTORS® and members of the public with a >> Read MOre >>
Comments(3)