“I think people are smarter than that,” said the president and CEO of the Greater Vancouver Home Builders’ Association.
In a phone interview with the Georgia Straight, Simpson related that his group has been encouraging buyers to make the leap because rising property values and a likely increase in interest rates down the road may cost them more than having to pay the HST.
“If they are in the market for a home for their family now, I think they’re kind of looking at the HST as being an annoyance,” Simpson said.
The 12-percent HST applies only to new homes and not to previously occupied houses being resold. However, the provincial government apparently hasn’t done a good job informing people about this. “I had somebody, who’s a very smart person, tell me the other day or at least expressed surprise that the HST did not apply to resale homes,” Simpson said.
I remember when there were no applicable taxes on a real estate purchase!