Good news from the Real Estate Board of Vancouver!
Effective JULY 1, 2006, there will be a reduction to 6% from 7% in GST.
Where ownership and possession transfer to the buyer on or after July 1, 2006:
Effective JULY 1, 2006, there will be a reduction to 6% from 7% in GST.
Where ownership and possession transfer to the buyer on or after July 1, 2006:
- The 6% rate applies if the Agreement of Purchase and Sale is signed after budget day,
May 2, 2006.
- Buyers who signed the purchase agreement on or before May 2, 2006 and whose GST is based on the 7% rate, will be able to claim a transitional adjustment from the Canada Revenue Agency.
*Average new home prices. Real Estate Board of Greater Vancouver. Sales Summary as of April 30, 2006. Note: there is a GST rebate of 36% or a maximum of $8,750 for new homes priced up to $350,000. A partial rebate is available on homes priced up to $450,000.
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