News Releases
BC Chamber of Commerce Praises Increased Housing Rebate Threshold
November 19, 2009 – The BC Chamber of Commerce is congratulating the Province today upon the announcement that the HST new housing rebate threshold will be increased from $400,000 to $525,000.
“This is great news,” said John Winter, President and CEO of the BC Chamber of Commerce. “And an encouraging demonstration that the Provincial Government is hearing industry’s concerns and acting on them.”
With this increase, purchasers of new homes will now be eligible to receive a rebate of 71.43% of the provincial portion of the HST up to a maximum of $26,250 – the highest maximum provincial rebate in Canada. The Chamber is also pleased to note the newly introduced transitional rules surrounding the purchase of residential property over the period of transition from PST to HST. These rules provide a new degree of certainty for homebuyers going forward.
“Residential real estate and home building are key economic drivers for this province,” Winter pointed out. “We are glad to see that the government is committed to carry out the HST transition as smoothly as possible for these sectors, and look forward to seeing the continued implementation of mitigation strategies in the coming months.”
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For more information on this issue please contact;
John Winter
President & CEO
BC Chamber of Commerce
D 604 638 8110
C 604.376.3577
E jwinter@bcchamber.org
