Finance Minister Kevin Falcon announced today that British Columbia will be returning to the PST system on April 1, 2013. He also announced the rules for how this transition will apply to the sale of new homes between now and then. 

As part of the transition process, starting April 1 of this year the government will significantly increase the threshold for its HST New Housing Rebate program. This means homes up to $850,000 will now be subject to the rebate. This is a signifcant increase from the former threshold of $525,000.

The government will ablso be introducing a rebate for new second and recreational homes costing up to $850,000. 

More information can be found at:

Today's  HST Transition Rules announcement  
Vancouver Sun - HST Transition Rules For New Homes

Complete information on the re-introduction of PST
PST in BC website- New Home Purchases