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With the new Harmonized Sales Tax now in place in B.C. there have been a lot of questions regarding the effect it will have on the price of new homes. The answer is, it depends on the home you buy. To qualify for the rebate in place for new homes it must be your principle residence. The rebate is 71.43% of the provincial component of the HST to a maximum of $26,500.00 The maximum rebate of $26,500 is based on the maximum house price of $525,000. So in other words if you purchase a home over $525,000 you will still only get the $26,500.
The rules around the rebate are somewhat complicated and as with most legislation not easy to understand. However the short version is the new housing rebates are administered by the Federal Government. Individuals file an application for the rebate directly with the Canada Revenue Agency. However in cases of homes sold by the builder, the builder would have the option of paying or crediting the new housing rebate to the purchaser at the time of the purchase.
