Vancouver homeowners delaying renovations due to HST and end of tax credit
A recent survey by Harris/Decima for the BMO reports that with the end of the popular federal renovation tax credit many Canadians have little left in their budgets to do home renovations. The report also states that one in three will have to delay renovation plans.
To make matters worse with implementation of the HST this July costs to homeowners will increase by 7 percent on labour and materials specualting an increase in black market activity. Contractors and renovation companies are preparing for the worst.
The tax credit was part of the government's economic stimulus plan and returned up to $1,350 to homeowners on work completed by February 1st , 2010.
