Like it or not, the HST is just around the corner. There has been some confusion with respect to how the HST will impact the real estate market. Below are the key points you need to know.

1. The 13% HST will come into effect on July 1^st, 2010. Note that it will apply to payments made on or after May 1, 2010 for property and services provided on or after July 1, 2010.
2. HST will not apply on the purchase price of resale homes.
3. HST will apply on services such as moving costs, home  inspections, lawyers fees and real estate commissions.
4. HST will apply to the purchase of newly constructed homes.  Homes under $400,000 may be eligible for certain rebates from the province.

Refer to the Ontario Ministry of Revenue website here for additional information and stay tuned next week for a summary of how the HST will impact your wallet.

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