August 9, 2010
HST Has Some Consumers Confused
A recent Royal LePage survey found that consumers have misconceptions about how the HST affects real estate transactions. A proportion of homebuyers incorrectly believes HST applies to the sale price of resale properties. The HST applies to the purchase price of a newly-built home, and to the fees for services and commissions associated with real estate transactions, but it does not apply to the purchase price of resale homes. “We found is that there is a need to better educate home buyers and sellers to ensure they understand when the HST is applicable,” says Phil Soper, CEO of Royal LePage Real Estate Services.
