It seems that many people have been miss informed on HST and how it will impact their purchases and or sales of property.  I will break this down below for the Buyer and for the Seller.  I have also kept it very simple and straight forward.  At anytime if you have any further questions or would just like to speak to a member of the PRESSWOOD TEAM about your home, purchasing or selling please contact them via email presswoodteam@sympatico.ca or phone 905-877-5165 or toll free 1-888-877-5165.

The most critical point about HST is that it is not applied to the entire price of the home, but is only applied to the service part of the transaction.  For example if you sell your home for the HST will be applied to the real estate commission only, and your lawyer's fee, not the on the amount that your home is sold for.

Example of a typical Buyer's HST Costs: 

If the Buyer purchases a home for $400,000 here are the HST cost  

Lawyer Fee Estimated $750:                                      $  97.50  

Home Inspection Estimated $400;                              $  52.00

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Total Cost to Buyer:                                                   $ 149.50*

*There maybe other  services you require that the 13% HST tax will apply too, and they would simply be aplied where ever GST is currently being applied.            

Example of a Typical Seller's HST Costs: 

If the Seller Resells a home for $400,000 here are the HST cost

 Real Estate Fees of 5%:                                            $2600

 Lawyer Fee Estimated $750:                                      $  97.50

 Home Staging Fee Estimated $1000:                          $130.00

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 Total Cost to Seller:                                                  $2827.50*

*There maybe other services you require or do not reuire that the 13% HST tax will apply too, and they would simply be aplied where ever GST is currently being applied.