HST and Real Estate on Vancouver Island & Nanaimo, BC
As a real estate agent working on Vancouver Island, I am receiving a number of inquiries about the HST’s impact on home sales on the island. There is a lot of ambiguous information floating around amongst the general public, so I wanted to take the opportunity to provide some more concise information from some of the more reputable sources. HST will have an impact on the Vancouver Island real estate market. It is already having a major impact on new home sales, a very positive impact I might add. New home builders on Vancouver Island building in areas like Nanaimo where the average home price is under $400,000 are seeing a major increase in sales, as buyers flock to the negotiating tables to take advantage of attractive interest rates, and pre-HST priced homes. We are seeing new projects sell out in record time with builders unable to keep up with the demand. My general impression is that this will last up until HST implemenatation, after which I expect to see a drastic slowdown in new home sales, a modest increase in used home sales, but an overall cooling of the market place while consumers interpret exactly how their lives will be affected by the tax.
If you would like to speak to me directly about the HST and its impact on Real Estate on Vancouver Island, please email me at john@islandlife.tv or call me toll free at 1.866.956.6228. John Cooper, BBA, RE/MAX of Nanaimo.
Here is a variety of links to help you become an HST expert.
Real Estate Legal Group Clark Wilson explains the finer details of the HST and its impact on home sales: http://www.bcrelinks.com/articles/dtd10.htm
BC Real Estate Association (BCREA) & the HST:
What does it mean for Buyers? http://www.bcrea.bc.ca/hst/hstaction.htm
How does it affect you: http://www.bcrea.bc.ca/hst/howitaffectsyou.htm
BCREA’s Frequently Asked Questions (FAQ) about the HST: http://www.bcrea.bc.ca/hst/faq.htm
Real Estate Guru Ozzie Jurock talks about the HST:
BC Government’s explanation for the HST.
HST Explained: http://www.gov.bc.ca/hst/
View endorsements from a variety of sectors on the BC Government website here: http://www.gov.bc.ca/hst/support.html
Benefits for Business: http://www.gov.bc.ca/hst/benefits_business.html
Benefits for Consumers: http://www.gov.bc.ca/hst/benefits_consumers.html
HST Exemptions & Rebates: http://www.gov.bc.ca/hst/rebates_exemptions.html
HST & Provincial Competitive Advantage: http://www.gov.bc.ca/hst/competitve_advantage.html
HST & Housing Discussion in Government
Tags: HST BC Real Estate
