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How much HST do I pay on my purchase?

I recently got questioned by one of my buyer who thought that they have to pay HST on all home purchases. I thought it would be a great idea to talk about HST and how it’s impacting the real estate market.

All standard residential purchases don’t require HST payment. HST is applicable to real estate when the property being purchased is:

1. New homes and condo purchases from the builder
2. Commercial or Industrial real estate
2. Multi family residential
3. Vacant Land Purchases

If you’re purchasing real estate, you don’t have to pay HST but you will be paying Land Transfer Tax. If you’re purchasing in Toronto, you will be paying Toronto Land Transfer Tax as well. You will be paying additional taxes on services that you will be getting while purchasing such as inspection, lawyer fees, etc…

You will be paying additional taxes when you’re selling your property on commissions payable, lawyers, stagging etc… Only GST was charged on services before and now we have to pay HST on it.

Hope this helps… If you have any questions, please feel free to contact me directly.

Thanks,

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4 comments

  1. HeyAddy
    August 21, 2010 at 12:42 pm

    [New Post] How much HST do I pay on my purchase? http://torontonianonline.com/?p=617 #fb

  2. Dave Chomitz
    August 22, 2010 at 4:13 pm

    Nice job Addy – very clear …. remember this at election time.

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