In an effort to raise more awareness about how the HST affects homebuyers, Ontario Revenue Minister Sophia Aggelonitis and Toronto Real Estate Board President Bill Johnston released an educational video on March 21.
The video highlights the fact that the HST does not apply to the purchase price of a resale home.
The video goes on to inform viewers that the HST is only levied on the portion of the price for new homes that exceeds $400,000.
However, buyers of new properties can apply for the Ontario Enhanced New Housing Rebate and receive up to $24,000, regardless of the price of the new home.
“Buyers of new 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 previous PST, where sales tax was hidden in the price,” TREB said in a news release.
To see the video, visit http://www.youtube.com/trebchannel or
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