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How moving from the HST to GST/PST could affect Whistler real estate sales
Blog by Nick Swinburne | January 15th, 2013
April 1 2013 marks the transition from the Harmonized Sales Tax or HST (12%), back to the Goods and Services Tax (5% ...last time we checked...) & the Provincial Sales Tax (7% ...ditto). Overall I feel the HST was a unfair tax on Whistler real estate and in particular Phase I properties. As a Phase I property has the ability to offer nightly rental or personal usage, the buyer has the option to pay or defer the HST depending on the required use. Buyers who prefer to use these properties more for residential use than for rental, are subject to paying the federal portion of the Tax. The move back to the two seperate taxes should mean a reduction in the amount of federal tax a buyer would pay at the time of purchase. Certainly from most Buyers perspective, 5% looks much more appealing than 12%.
Contact me for answers and direction on Whistler real estate questions. I look forward to helping.
Nick Swinburne REALTOR®
Sutton Group WestCoast Realty - Canada's #1 Real Estate Broker