HST:What you need to know if you are buying ?

Toronto Real Estate : Market insight

What you need to know if you are buying a home ?

• The HST does not apply to resale homes.
• An Enhanced New Housing Rebate means that buyers of new homes receive a rebate of up to $24,000 regardless of the price of the new home.
• Buyers of homes priced up to $400,000 (about three-quarters of new homes built in Ontario) on average, pay no more – and possibly even less – tax than under the PST system.
• 93 per cent of all homes sold in Ontario, on average, are not subject to an additional tax
amount under the HST.
• Since December 14, 2007, the Ontario government has extended a land transfer tax refund of up to $2,000 to first time buyers of resale homes.
• On new homes over $400,000, additional tax only applies to the portion of the price above $400,000. For example, if a new house was priced at $450,000, additional tax would only be applicable on $50,000.
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