As most of you know, as of July 1, 2010 British Columbia will adopt the new Harmonized Sales Tax. Instead of paying 5% GST and 7% PST, we will pay 12% HST. This new combined tax will only affect people buying new homes over $525,000. Just like today, it will not affect people buying previously owned ho mes. There will also be a transitional period where rebates of up to $26,250 will be provided to people buying new homes. That being said, it will affect all homes buyers in the fact that real estate agents, appraisers and home inspectors will now be required to collect and remit the full 12%. I have attached a link that outlines specifically what will be affected http://hst.blog.gov.bc.ca/wp-content/uploads/2010/05/GST_PST_HST_List_v04.pdf