HST and REAL ESTATE 

The provincial government has announced that it intends to combine the eight percent Provincial Sales Tax with the five percent federal Goods and Services Tax, creating a 13 percent Harmonized Sales Tax (HST).

Here is an Overview of the Application of the New Tax:
 • The provincial government has indicated that it intends to bring the HST
    into effect beginning on July 1, 2010. 
 • HST will NOT apply on the purchase or sale of re-sale homes.
 • HST would apply to services such as moving cost, legal fees, home inspection
   fees and REALTOR®  commissions.
 • HST will apply to the purchase price of NEWLY constructed homes. However,
   the Province is proposing a rebate so that new homes across all price ranges
    would receive a 75 per cent rebate of the provincial portion of the single sales
    tax on the first $400,000. For new homes under $400,000, this would mean,
    on average, no additional tax amount compared to the current system. 

If you are ready to commence your search for your new home, please click on Richmond Hill Homes for Sale or Richmond Hill Condos for Sale.