The new harmonized sales tax , HST is coming to Toronto Condos July 1, 2010. Resale Condominiums and Homes will not be taxed but everything to do with the sale of the home will incur extra taxes.
The HST will increase the price of the following Real Estate services:
- Home inspection
- Real Estate Agents commission
- Moving Costs
- Legal Fees
- Home energy audit
The extra tax on a resale Toronto Condo or Home will be approximately $2,000 more on a resale home of $369,000
The Ontario Real Estate Association estimate the following extra cost based on a home less than $400,000
- Mortgage Insurance $470.00
- Commission $1,150-$1,700
- Legal costs $80
- Home Inspection $32
- Title insurance $15
- Total $1,747 - $2,297
The new HST will impact many more services and consumer goods we have not even thought of yet but housing-related taxes will be the biggest tax affecting the average Ontario consumer.