HARMONIZED SALES TAX HST WILL TAKE EFFECT ON JULY 1, 2010. Under the Ontario Governments' new Harmonized Sales Tax HST, homebuyers and sellers will pay an additional eight per cent on legal fees, appraisals, real estate commisions, home inspection fees, moving costs, as well as condominium fees, adding about $1,550 in new taxes to the average* residential real estate transaction in Ontario. HST will not apply on the purchase price of re-sale homes. HST will apply to the purchase price of Newly constructed homes. Note: The province is proposing a rebate on the first $400,000. Please visit their website for complete details.
Please contact us for further information. *The average price for transactions in the first two weeks of January was $395,307. Source: Toronto Real Estate Board |