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Internet Edition   Vol. 18  Week of Jul 30 - Aug 5, 2010

 
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VACATION MARKET: High-end vacation homes, such as the Waterfront in West Kelowna by Trasolini-Chetner of Vancouver, saw a rush of buyers before the HST came in this month. Two homes sold before July 1 for close to $1.8 million each. Inset: Waterfront cottages at Qualicum Landing have reduced prices to attract buyers. Photo: Trasolini-Chetner/Qualicum Landing
 
 
 
HST caused spike in high-end vacation homes
When the harmonized sales tax (HST) came into effect July 1, it added to the cost of a typical new vacation home in B.C. The new tax also led to short burst in high-end sales as buyers tried to beat the harmonized sales tax. That is because the rebate provided under the HST for new home buyers - a flat rebate of $26,250 on new homes worth more than $525,000 - only applies to principal residences, not to second homes, such as new lakefront vacation cottages. Many resort developers have reduced prices in a bid to get
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