Use these GVR resources to make sure you’re up to speed on GST in real estate

Use these GVR resources to make sure you’re up to speed on GST in real estate

The Goods and Services Tax (GST) is a key factor in real estate transactions, applying to commissions, fees, and even some housing.

It’s important for Greater Vancouver REALTORS® (GVR) members to understand how GST is applied so you can properly guide your clients.

Here’s a collection of resources you can use to ensure you’re up to speed on GST.

GST on housing fact sheet for Realtors

GST applies to the purchase of a new residential home in BC – but what exactly does the government consider a “new” home? And are there any rebates or exemptions?

To help you understand the rules around GST, we’ve compiled all this information and more into a fact sheet for Realtors.

You can also download a PDF version.

Need to know more? Take our course

Our GST for Realtors and Real Estate Transactions course provides you with a basic understanding of how the GST applies to your business. You’ll learn how it applies to both commercial and residential real estate transactions, and how you can determine if you have a GST situation that needs action.

You’ll also learn about risks and liabilities associated with the GST and when you should advise your client(s) to seek legal or professional tax advice.

This course also complements BCREA’s Tax Tips for Selling Real Estate course.

The next available date for our course:
June 25, 9:30 am – 3:30 pm via Zoom webinar

Register today.

MLS® rules around GST

Residential listings on the MLS® have an optional field for GST. This yes-or-no field gives you the option to let other members know if the listing price includes GST or not.

If you have a listing that GST applies to and you want to include GST in the listing price, we encourage you to use this field.

Note that all sales prices must be reported to GVR without the tax included even if your original listing included the GST in its price.

When in doubt, ask an expert

If you’re in doubt about GST, we recommend you ask an expert like an accountant, or ask your managing broker for advice.

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.