HST - The Facts
What You Need To Know If
You Are Buying a Home
- The HST does not apply to 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 PST system.
- 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 fi rst time buyers of
- 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.