Buying a new house in Ontario (tax)
May 30th 2011, 9:53 pm
#16
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Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Buying a new house in Ontario (tax)
No problem. As Auld Yin says the net GST/HST is part of the sale price for mortgage purposes. If you are putting 5% down and borrowing 95% the amounts will be $13,150 and $249,850.
May 30th 2011, 11:19 pm
#17
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Location: Windsor, ON
Posts: 3,374
Re: Buying a new house in Ontario (tax)
Thanks - had assumed you had to cough up the tax directly, adding it on to the mortgage makes it (slightly) more palatable....
May 30th 2011, 11:31 pm
#19
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May 30th 2011, 11:31 pm
#20
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Re: Buying a new house in Ontario (tax)
hi, we purchased a new house 2 weeks ago..hst is 13%...then there is land tax ours is $4500 but will go up next year cos of the house being built so will probably be around $6400..and wqe are living in ontario...the builder can get the hst back..all i know to do with buying a new house..we bought for $358000 thats without any of the upgrades (be aware of this as when we looked at the show home we were not made aware everything was upgraded)
