As we all know by now, the new HST (Harmonized Sales Tax) will be taking effect as of July 1st, 2010. But now purchasing a newly build second home will cost a lot more then it has in the past with the new tax. Any type of home purchased, for example cottages, weekend condo's etc will be subject to HST, which means ten of thousands of dollars will be added onto the cost of your second home. This means a definite change for the buyers that are looking into investing in a second property.
Visit the Ministry of Revenue's website for more information on this topic.