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The HST has been around for some time now, and most 'Oakville home' buyers are aware that the HST does not apply to resale home purchases, however, there is still a little confusion with some in the 'Oakville Real Estate' market about the HST.

The Ontario  Real Estate Association, in partnership with Ontario Revenue Minister Sophia Aggelonitis, released a video yesterday to clarify the rules for those looking to purchase a home and to eliminate confusion around HST as it applies to resale and new home purchases.

The video aims to educate Ontarians that there is no HST on resale homes, maintaining similar taxation rules to those under the old provincial tax. In addition, HST is only applied to the portion of new home purchases above $400,000. For first time homebuyers, a refund of Land Transfer Tax of up to $2,000 is available on resale homes.

Analysts feel that there has been less material impact for consumers than anticipated; there is also a common belief that consumers are not fully aware of how the HST is applied to specific purchases—in particular with home buying.

Also, it is important for homebuyers to know about the Ontario Enhanced New Housing Rebate, which “means that buyers of new homes receive a rebate of up to $24,000 regardless of the price of the new home. Buyers of new 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 previous PST, where sales tax was hidden in the price.”

Click the link to watch the video produced by the Ontario Real Estate Association to help educate Ontario Home buyers about the HST.  www.youtube.com/oreagr

03/26/2011 – Posted by Ryan Crane, an 'Oakville Real Estate agent' that specializes in the Milton, Burlington, Mississauga and 'Oakville Real Estate' markets. You can find him at www.oakvillerealestate4sale.ca

This Oakville Real Estate Agents website has MLS tools that will provide you with all of the Oakville MLS Listings for Oakville Homes for Sale and all of the Sold Prices for Oakville Sold Properties.

Tags: Oakville Homes, Oakville Real Estate, Oakville MLS Listings, Oakville Real Estate Agent, Mortgage Rates
 

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