BUYING A HOME? Get the Facts on HST...HST does not apply to resale homes!!!

NEWS FLASH!!!!!

Revenue Minister Sophia Aggelonitis and Ontario Real Estate Association immediate Past President, Dorthy Mason, today released a video explaining  to Buyers the facts about the HST and the housing market.

The Video highlights the fact that there is no HST on the purchase price of resale homes. Sales tax did not appy to the purchase price of resale homes under the previous PST and it DOES NOT apply under the HST.

For new housing, additional tax only applies to the portion of the price above $400,000.

The Ontario Enhanced New Housing Reate means that buyers of new homes receive a rebate of up to $24,000 regardless of the price of the new home.  Buyers of new homes priced up to  $400,000 on average pay no more - and possibly even less - tax than under the previous PST, where sales tax was hidden in the price.

QUICK FACTS:

- The HST DOES NOT apply to the purchase price of resale homes.

- Sales tax did not apply to the purchase price of resale homes under the previous PST.

- In Addition to not having HST on resale homes, a refund of land Transfer Tax of up to $2,000 is available to first-time home buyers of resale homes.

LEARN MORE

Watch the video www.ontario.ca/taxchange or www.youtube.com/oreagr

Hope you found this helpful!

Holly

 

 

Holly McIntyre

Holly McIntyre

Sales Representative
CENTURY 21 Heritage House Ltd., Brokerage*
Contact Me