National housing sales slowed in July, with the decline almost entirely the result of fewer sales in B.C. and Ontario, real-estate body says
As the battle over British Columbia’s harmonized sales tax moved in to the courtroom, a real estate industry association cited the HST as a prime suspect behind tumbling home sales in B.C. and Ontario.
But while some homebuyers may have timed their purchases to avoid the HST, it’s not possible to quantify how much of the downturn is a result of the tax.
“There are a number of things going on in the market right now – and the introduction of the HST is just one of them,” said Cameron Muir, chief economist with the British Columbia Real Estate Association.
Homebuyers who fuelled brisk sales earlier this year were bracing for the HST at the same time as rising interest rates and tighter lending conditions were also coming in to play, he added…
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Written by: Wendy Stueck
Date: August 16, 2010