Rebate Threshold and Transitional Rules For New Housing
The Province increased the threshold for the BC HST new-housing rebate from $400,000 to $525,000 to ensure that, on average, purchasers of new homes up to $525,000 pay no more tax due to harmonization than was currently embedded as PST.
The Province also has transitional rules for new housing. The provincial portion of the HST does not apply to sales of new homes where ownership or possession is transferred before July 1, 2010.
In addition, sales of new homes under written agreements of purchase and sale entered into on or before November 18, 2009, are generally not subject to the provincial portion of the HST, even if both ownership and possession are transferred on or after July 1, 2010.
Rebate threshold and transitional rules for new housing: