Many people may not know the 12-percent HST applies only to new homes and not to previously occupied houses being resold. However, the provincial government apparently hasn’t done a good job informing people about this. A client told me he think he can save a lot if he buys a house after the HST is cancelled. I smiled and said, "you know what sire, actually not too many home buyers are waiting until the referendum on the harmonized sales tax is finished before making their purchase." He bacame puzzled & curious and asked why, then I told him the price is getting higher and higher, it is wise to invest now because it may cost you more when the HST has been cancelled. You can read the article "HST affects home sales in B.C.", which is very detailed record of the reasoning behind it.
Reference:
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