Home Builders Working to See that New HST Won't Hurt Industry
By 250 News
Friday, July 24, 2009 03:58 AM
Prince George, B.C.- The Canadian Home Builders Association of Northern B.C. is working with the the Provincial government to ensure the new Harmonized sales tax will not be a major financial burden for new home buyers.
For new home buyers, a partial rebate will ensure for homes up to $400,000 will bear no more tax than under the current PST system, however homes above $400,000 will receive a flat rebate of about $20,000, according the Province’s news release.
MLA Pat Bell informed the Association's Northern B.C. President the provincial government will work diligently with the local local association here in the north “Combining PST and GST will be a beneficial act for some small business owners and will, in some cases, ease the burden of too much paperwork. But new housing is unique from personal expenditures on goods and services and in a province that boasts the most expensive real estate in Canada, the price of housing will go up.”
“CHBA BC works very closely with our industry friendly government and we believe that discussions can be had that would encourage raising the ceiling to reflect the BC reality or indexing the $400,000 threshold to reflect the BC market place and to include renovations which are big ticket items and a huge business in British Columbia.
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Incidentally, for most working people the fact that BC has the most expensive housing in Canada is nothing to boast about, exactly the opposite.