The HST (7% PST plus 5% GST) is charged on all newly constructed homes, condos and townhomes. Once this tax has been paid once, it does not get charged again. In other words, if you buy a condo and pay the HST and 2 months later you decide to sell it, the buyer will benefit because they are getting a brand new property that comes without HST.
You may apply for a full GST rebate (the 5% portion of the HST) if the property is $350,000 and under. Between $350,000 to $450,000, there is a gradual pro-rated reduction of the rebate.
The other rebate you can apply for is the BC HST portion. This would be 5% of the purchase price up to a maximum rebate amount of $26,250.
For more information and accurate up to date information regarding HST on properties, contact: Cassady & Co, Barristers & Solicitors (604) 523-7090 or email: cass@cassadylaw.com
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