What You Need to Know If You Are Buying a Property
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 14th 2007, the Ontario govenment has extended a land transfer tax refund of up to $2000 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.
More Facts of HST
