The HST, like the GST before it, is only ever paid ONCE on a property, in other words just on new home construction.
So while you may get googly-eyed looking at display suites and glossy brochures of the latest developments in the lower mainland, keep in mind the price "starting in the low $_00,000's" is not the final cost of your purchase.
There are many other purchasing expenses, forms and information you need to be aware of before making your New Home purchase and I would love to share them with you when I assist you with your purchase. The biggest "add-on" though will be HST.
One of the best calculators I've seen is courtesy Rosborough and Company, legal services provider in the Fraser Valley. Their BC Real Estate New Home HST Calculator allows you to type in the purchase price before HST and it will calculate exactly how much you can expect to pay whether it is your principal residence, a home you are renting out, or a 2nd home such as a vacation property.
This Calculator was created by Conrad Warkentin, a Real Estate Lawyer at Rosborough & Co., and is for entertainment purposes only, and is not to be relied upon for making actual HST calculations or determinations.
The snapshot below is an example of what a typical "$500,000" property would cost, or the reverse calculator of the property if $500,000 was your maximum. Try your own numbers but before you go in to sign papers, give me a call!
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