HST Implications in Real Estate for Ontarians

There has been a lot of confusion about the implications that the new HST will have on the cost of housing in Ontario.

HST now applies to areas that were previously PST exempt, which will now, among other things, increase the amount it costs to buy a home.  Some fees which were previously PST exempt for home buyers include:

• Legal Fees
• Mortgage Insurance Premiums
• Home Inspection Fees
• Real Estate Fees
• Moving Fees
• Title Insurance

What does this all mean to the average home buyer?  A report by the Ontario Real Estate Association has estimated that someone buying a home for $360,000, will now pay an extra $1749 to $2325 (the variance comes from the variance in professional fees in the marketplace).

If you are thinking about buying or selling your home, call Derek Dunphy, Sales Representative at Johnson Associates Real Estate Ltd., Brokerage.  Phone (905)877-5165, email Derek@CallDerek.ca, or contact through the website: http://CallDerek.ca.