Last Updated on October 25, 2023 by CREW Editorial
Builders in Prince Edward Island are concerned that the 1 per cent rise in the HST due in the fall will have an impact on the already-tough market for new homes. The local division of the Canadian Home Builders’ Association had actively opposed the increase but the finance department says HST will rise to 15 per cent at the start of October.
“The HST, when it was implemented, had catastrophic effects on the residential construction industry on Prince Edward Island,” association president Martin Hilchie told the CBC.
Hilchie said that the rise will have an impact as the building industry in PEI is under pressure. The province rejected the association’s calls for a rebate on the HST increase for news homes and renos but there is a waiver of the 1 per cent property transfer tax for first-time buyers.
Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand.
