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Stop the HST – Cost of buying, owning and selling a home to go up by 8%

What will HST mean for you when Owning, Selling or Buying a home in Georgetown or the Surrounding area next year?
Recently, the Government of Ontario formally launched its latest assault on homeowners, purchasers and sellers with the introduction of Bill 218, the Ontario Tax Plan for More Jobs and Growth Act, 2009 which implements the HST, harmonizing the provincial sales tax and the goods and services tax.

Although a resale home will continue to be exempt from PST, Real Estate transaction fees will be affected.  Homebuyers and Sellers will pay 8 per cent more on legal fees, appraisals, real estate commissions, home inspection fees, and moving costs.  Currently only 5% is charged on these services.  For an average house price in Georgetown and the surrounding area of $345,000, the HST could add close to $2000 in new taxes to this transaction.  

Purchasers of new homes directly from the builder will also be affected, however only for homes over $400,000.  Currently new home sales are only subject to GST.
 
For homeowners in Georgetown and the surrounding areas, who aren’t wishing to buy or sell, the HST will also add hundreds of dollars in additional tax on utility bills (gas, electricity and home heating fuel), on home renovation labour, the cost of lawn upkeep or landscaping and the cost of snow removal.  All in all, our cost of living will be increasing if we don’t try to fight this change.

Please help Ontario REALTORS® fight this tax. Send an email to your MPP asking them to vote against sales tax harmonization legislation.  Visit: http://bit.ly/stopthehst
This Tax is to be implemented July 1, 2010, so if you are thinking of selling or buying this year, perhaps you want to consider getting a jump on things and take advantage of a great spring market. Not to mention taking advantage of the reduced costs that will be associated with moving. 

Please feel free to contact me to discuss this further or find out how this could impact you and your family. Bringing Real Estate Value to Your Door.