- In BC, GST at 5% applies to new or substantially renovated homes; resale homes are usually exempt, and BC does not add PST on real property purchases.
- New-home buyers should budget for GST unless they qualify for rebates or exemptions.
- GST generally applies to brand-new homes, presale units, substantial renovations, some owner-built homes, certain conversions, and some contract assignments.
- A “substantial renovation” usually means about 90% or more of the existing building has been removed or replaced, creating a effectively “new” residential complex.
- The GST is 5% of the purchase price (or fair market value in some cases), so buyers should confirm whether contracts quote prices “plus GST” or “GST included.”
Source: mykelownahomesearch.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
