It took little time to introduce the 12-per-cent HST which was imposed on dozens of items not previously subject to the PST, including new homes, although a rebate is available to offset the extra tax on homes worth up to $525,000.
Phasing it however will take another 13 months. The losers are the consumers looking to buy a new home in the middle of the transition between the harmonized sales tax and the provincial sales tax. Many builders and developers have been offering full rebates to attract buyers, further diminishing their bottom line.
Excerpt from The Globe and Mail:
With the next B.C. budget just a week away, Finance Minister Kevin Falcon says he is almost ready to roll out the tax rules for new home construction.
This could delay home purchases until the HST is phased out, as buyers wait for lower prices when the PST is put back in place in March 2013.
Mr. Falcon said he wants the transition plan made public before his budget, which he introduces on Feb. 21. But he said it is not ready. ?We?re still finalizing a few details,? Mr. Falcon told reporters in Victoria.
He said he wants to ease uncertainty around the home buying market during the long transition back to the PST system. ?For example, you may have a house being constructed in an HST world? But they may be selling that house in the PST world. You have to have rules for cases like that.?
Source: The Globe and Mail
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Source: http://soldbynam.com/2012/02/finalizing-the-post-hst-plan-for-home-building-industry/
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