Zita Pais-Maben
Sales Representative

Royal LePage Signature Realty., Brokerage
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Thinking of selling your home?---- well there’s always ....later…………… Don’t be surprised………..

 

But wait, next year may be too late. Why one may ask. The new 13% harmonized sales tax (“HST”) comes into effect in Ontario on July 1, 2010. This will affect the whole housing market. If you have not sold by July 1, you may well be out of luck. And, if you have bought by then, well, may be you will want to change your mind. The most important thing hardly anyone seems to realize it. According to Jim Flood, Ontario Real Estate Association (“OREA”), come July 1, there are going to be a lot of surprised people on July 1 due to massive tax increase.
 
One may say, the resale houses will not be taxed, but everything to do with the sale will be---the house inspection, the agent’s commission, the moving costs, legal costs, etc. There is even tax on the home energy audit, all sellers are now compelled to carry out as per the Green Energy Act
 
How new tax adds to cost of a sale:
 
• Realtor Commission $1,100-$1,700
 
• Mortgage insurance $470
 
• Legal costs $80
 
• Home Inspect, $32
 
• Title Insurance $15
 
• Total $1,747-2,297
 
(Estimates based on house less than $400,000. Source: OREA)
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