HST Facts When Buying A Home
What You Need To Know If You Are Buying a Home
- The HST does not applyto 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 PSTsystem
- 93 per cent of all homes sold in Ontario, on average, are not subject to an additional tax amount under the HST
- Since December 14, 2007, the Ontario government has extended a land transfer tax refund of up to $2,000 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
