What you need to know if you are buying a home ?
â€¢Â The HST does not apply to resale homes.
â€¢ An Enhanced New Housing Rebate means thatÂ buyers of new homes receive a rebate of up toÂ $24,000 regardless of the price of the new home.
â€¢ Buyers of homes priced up to $400,000 (aboutÂ three-quarters of new homes built in Ontario) onÂ average, pay no more â€“ and possibly even less â€“Â tax than under the PST system.
â€¢ 93 per cent of all homes sold in Ontario, onÂ average, are not subject to an additional tax
amount under the HST.
â€¢ Since December 14, 2007, the OntarioÂ government has extended a land transfer taxÂ refund of up to $2,000 to first time buyers ofÂ resale homes.
â€¢ On new homes over $400,000, additional taxÂ only applies to the portion of the price aboveÂ $400,000. For example, if a new house wasÂ priced at $450,000, additional tax would only beÂ applicable on $50,000.
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