The HAVAN has concerns over the retroactive nature of the proposed PTT. In new housing construction, pre-sale and custom build contracts are agreed to months, if not years in advance of completion.
These contracts are entered into in good faith, and on full disclosure of costs, fees and taxes. The retroactive nature of the new tax will create an unfair and punitive burden to purchasers holding presale and custom-build contracts that close after August 2nd.
We would urge the provincial government to amend the proposed policy to exempt all contracts signed prior to August 2nd.
