HST Clarifications – What the gov forgot to mention.

After discussing the HST with many of my clients, and other buyers and sellers that I have been encountering, I realized that there are many false views of the HST and its impact on the purchase and sale of homes. So I’d like to take the time to clarify two major things.

1. HST does NOT impact the sale price of a RESALE home. HST only affects the price of new construction homes, or homes that have not had a final occupancy permit.(ie no one has lived in the home yet)

So Buyers don’t be scared that the price you see will have an extra 13% tacked on after July 1st.
Do be aware that HST will be charged on other services such as realtor fees and legal fees.

2. The minimum downpayment required was NOT pushed up to 10%. There was talk that that was going to be the case, however the government decided not to impliment that so the downpayment required for home buyers is still only 5%.

They did however change the downpayment required for investment properties to a minimum of %20. Also, don’t let that intimidate you too much, as I have some lenders that can look past this new rule and find ways around it.

If you or anyone you know are thinking of buying or selling, please don’t hesitate to contact me immediately to get started. I am your one stop shop for real estate needs and I have all of the contacts you will need in your home purchase, lawyers, inspectors, contractors, mortgage specialists, and movers. You name it, I got it. I look forward to helping you find your dream home soon.