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HST in B.C, How it will affect your Condo Sale in Crosstown Vancouver

So I have been getting asked by a number of account managers from RBC what the details behind the new HST are in B.C & how it is going to affect Buyers & Sellers?

For Sellers: 
After July 1 2010 when selling your product you are applicable to pay HST(12%) in place of GST(5%) ontop of Real Estate Commissions payed out to the Realtors for the sale of the property.

For Buyers:
After July 1 2010 Buying in new Construction you will be applicable to now paying HST(12%) in place of GST(5%). If you have purchased in new construction before July 1 2010 & the project completes after July 1 2010 you are Grandfathered and will not be eligible to pay HST(12%) in this situation, only GST(5%). 

If you are buying used product before or after July 1 2010 you are not applicable to HST(12%) or GST(5%).

This is the core of it. There is also a very good article giving all of the detail to date (as not everything is in stone yet) attached to the link below:

http://www.bcrelinks.com/articles/dtd10.htm

If you are interested in buying a Condo or Loft ion Crosstown vancouver please contact me direct at jay@jaymcinnes.com / 604 771 4606 for any further details.

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