The introduction of the HST on July 1, 2010, will result in Ontarians paying a harmonized sales tax of 13 per cent on a long list goods and services that were previously exempt from the eight per cent provincial sales tax.
The dream of homeownership will become more expensive starting next July 1st. Every residential real estate transaction will face a significant tax increase. Home buyers and sellers can expect to pay eight per cent more on:
- legal fees
- real estate commissions
- home inspection fees
- moving costs and many more items associated with buying or selling a home.
According to the Ontario Real Estate Association, Ontarians will pay, on average, an additional $1,449 in new taxes on their next residential real estate transaction. In addition, homeowners who are purchasing new construction homes above $ 400,000 will face pay more as a result of this new tax. To learn more about how the HST will impact you and your family, please contact visit the Ontario Ministry of Finance at http://www.rev.gov.on.ca/en/taxchange/consumers.html or contact our local MPP Kevin Flynn http://www.kevinflynn.onmpp.ca/
If you are considering buying or selling your home, I would recommend doing so in advance of this new tax. For more information on buying your home, please do not hesitate to contact me at 905-693-9575
BRIAN BELL - MBA
Realty Executives Plus Ltd., Brokerage