Wednesday July 6, 2011

HST News

Crunching Numbers

On average, new home buyers in Chilliwack save $1300 with Harmonized Sales Tax

Released by Marc Wang, BC Liberal Gov't

 

uyers looking to purchase a new home in Chilliwack are getting a helping hand from the Harmonized Sales Tax. According to Jake Siemens of Landmark Realty in Chilliwack, credit rebates have made new homes more affordable under the HST than with the previous PST+GST system.

 

"In the Chilliwack area, the HST has lowered the cost of the average new home we are selling at Jinkerson Vistas by between $900 and $2,200," says Siemens.

"This may be surprising news for some home buyers," says Chilliwack-Hope MLA Barry Penner, "but it's what economists predicted. By removing the embedded PST that used to apply to every can of paint, all the nails and every piece of lumber that goes into a new house, the HST has resulted in the final price being lower for these new homes. And of course, the HST doesn't apply at all to the price of used homes."

With the average house price in Chilliwack starting at about $445,000, Siemens says HST rebates for this price range would reduce the final sale price by nearly $1,300 when compared to the PST+GST.

"This is great news for home buyers. Not only does the HST lower the hard costs for builders, but it's now easier for first-time home owners to enter the housing market," says Chilliwack MLA John Les.
 

Related Links
Visit John's website at: www.johnlesmla.bc.ca
Visit Barry's website at: www.barrypenner.com
For more information visit: www.jinkersonvistas.ca
 

 

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