Report on the Budget 2012 Consultations
On November 15, the BC Finance and Government Services Committee released the Report on the Budget 2012 Consultations outlining 75 recommendations as a result of consultations across the province. For the first time in several years, no mention was made of the Property Transfer Tax.
Of particular note among the committee's recommendations:
- 55. Complete the transition from HST to PST as soon as responsibly possible (BCREA CEO Robert Laing quoted on page 36—in late November, Minister of Finance Kevin Falcon indicated the transitional rules may be published by March 31, 2012).
56. Make HST transitional rules available to industry as soon as possible; remove the PST portion of the HST immediately on all new homes, including second homes (Victoria Real Estate Board President Dennis Fimrite quoted on page 36).
57. Strike a stakeholder working group to look at the advisability of mid-term opportunities to modernize and streamline the PST (Real Estate Board of Greater Vancouver Manager of Government Relations Harriet Permut quoted on page 37).
