It’s like Kevin Falcon flicked the real-estate switch back on.
Following the finance minister’s announcement of new government rebates for homebuyers as the province transitions away from the HST, one developer says interest in his properties has reignited literally overnight.
David Steele, developer of beachfront Qualicum Landing on Vancouver Island, says his sales centre has seen more activity in the days following Friday’s announcement than in the last three months.
Three buyers have put holds on the property until April, when the rebates kick in.
“You can hear the sigh of relief throughout the development community,” said Steele. “We were one of the best-selling developments in B.C. and all of a sudden the HST came and everything died down. Now it’s like business is back to normal.”
Steele said the price difference post-HST compared to now isn’t that great because developers give incentives to offset the price.
The major difference is that the rebates do away with much of the fear and the confusion buyers have over the HST and its impending demise.
“No one wants to be that last person that pays the tax,” he said.
Local news from metronews.ca/vancouver
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