How will HST affect Real Estate in Ottawa

With so much talk about the new HST tax in the news how will the HST affect real estate in Ottawa?

Homebuyers and sellers will have to pay an additional 8% more on legal fees, appraisals, real estate commissions, home inspection fees and moving costs. What does this mean? That the average family will be adding approx. $1,500 in new taxes to their residential real estate transactions in Ottawa.

Above the added costs on the actual home sale or purchase transaction the HST will also add 8% on a series of home related costs, more specifically on your utility bills ie: gas, electricity and home heating fuel, home renovation labour, snow removal, lawn/landscaping upkeep, etc. Moreover, your whole family's cost of living with increase ie: gas, personal/professional services, dry cleaning, cab fares, magazine subscription, plane tickets and cell phone charges!

When we take a step back and really evaluate the new HST, the impact it will have on our disposable income will be considerable. While the Government of Ontario has tried to compensate by offering sales tax transition cheques and a modest income tax reduction, these measures (in my opinioin) will in no way offset this new tax which will increase your cost of living year after year.

Please take a moment to help Ontario REALTORS® fight this tax. In less than 30 seconds you can send an email to your MPP asking them to vote against sales tax harmonization legislation, by clicking here: http://bit.ly/stopthehst

For more information on how HST will affect real estate in Ottawa please call or email me anytime: (613) 859-0809 or christianelafleur@rogers.com. You can also visit www.christianelafleur.com to contact me at your convenience.