News

Developer drops the HST on new condos in New Westminster

New Westminster mayor Wayne Wright checks out the display suite for Eight West New West, a new townhouse development being built on Eighth Avenue. The builder, Wanson Development, says it will not be charging the HST on new unit sales because they
New Westminster mayor Wayne Wright checks out the display suite for Eight West New West, a new townhouse development being built on Eighth Avenue. The builder, Wanson Development, says it will not be charging the HST on new unit sales because they're confident the tax will be voted down in an upcoming referendum.
— image credit: MARIO BARTEL/NEWSLEADER

One development company is so confident the harmonized sales tax (HST) will be overturned in the June referendum, it has promised to pay the tax on its New Westminster condos if British Columbians don’t vote it out.

At a press conference Tuesday, Wanson Development announced it is refusing to charge HST on 160 condominiums and townhomes at Eight West, located on Eighth Avenue and First Street near McBride Boulevard.

“We are putting hundreds of thousands of dollars of our own money up as collateral because we believe the HST will be overturned,” said project spokesman Bill Morrison.

Morrison said in areas like New Westminster the sales tax has discouraged new home buyers, while driving the price of resale homes higher than the cost of new homes.

He said at Eight West, homes are priced less than comparable seven-year-old resale homes across the street and throughout the city.

“As a result, the decision to buy new or used is determined by the requirement to pay HST,” he said.

He said the HST has ultimately damaged one of B.C.’s largest economic drivers, the home industry.

“The HST is not an issue that’s going away,” said New West Mayor Wayne Wright, who attended the press conference, held at the Eight West sales centre.

“My bottom line is, it’s a great development for the city and it’s in a terrific location,” Wright said, noting its proximity to schools, parks, shopping and transportation. He said Wanson’s move to drop the HST is “pretty encouraging.”

“As far as for the public, if it helps them to be able to get into a home in our city I’d be happy,” he said. “It looks like it’s going to be a very positive thing.”

When complete, Eight West will consist of two buildings covering a full city block. It is expected to be finished in November 2012.

 

 

 

 

 

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

Election 2014: Wright, McIntosh to get $70K for saying bye
 
Operation Red Nose ready to hit the road for another season
 
Two police officers hospitalized after being rammed by stolen truck in Surrey
Pipeline protesters dig in as survey work begins
 
Set to serve another four years
 
Rooftop deck raises concern for neighbours of planned White Rock duplex
Luck eyes 2018 election
 
VIDEO: Police, protestors clash at Burnaby Mountain survey site
 
ELECTION 2014: Malcolm Brodie won all polls, councillors split

Community Events, November 2014

Add an Event