Alot changed as GST was changed to a new term HST - what is really happening . How does HST affect buying a home ?
The answer to this question depends on what type of home you are buying.
Homes are divided into two types for HST
Newly Constructed Homes (“New”) and Resale Homes (“Resale”).
New homes are those that have never been lived in and are being bought from the developer. These homes are the only homes that attract HST on the purchase price. However, there is a rebate available to Buyers purchasing the home as their principal residence.
The Rebate is available for all New homes under $525,000. After $525,000 you will still receive a rebate for $26,500 but all HST over this amount will be payable.
There is no HST on Resale homes
For further information contact Lucky Gill - firstname.lastname@example.org