July 27, 2009

 
President's message to media on HST
REBGV President Scott Russell has been asked by the media for the Real Estate Board of Greater Vancouver’s position on the newly proposed HST, which will result in a harmonized sales tax of 12 per cent as of July 1, 2010. We are searching for more detail at this writing, and will keep you updated as we learn more.

Mr. Russell has shared with the media that we don’t yet know all the implications, but we do know that the proposed HST will affect the buying public. Consumers will have to pay a higher tax on new houses, a higher tax on renovations, and a higher tax on REALTORS’® fees and other real estate related fees like notary services, home inspections and appraisals.

“We have shared with the media our belief that the HST will result in a significant increase in cost to the real estate buying public. And we are opposed to that,” Mr. Russell says.

Right now, there’s confusion and uncertainty. We, and many other industries, would have appreciated an opportunity to talk with the government before they rolled out the decision. Right now, we’re conducting research to try to help members understand the impact of the HST.

In the meantime, the BC Real Estate Association has also been working with the media on this issue. Look for an article on the topic from BCREA in the editorial pages of tomorrow’s Vancouver Sun.