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Financing, Mortgages and Insurance What options are best for you and your situation?


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  #101  
Old 2009-06-19, 12:27 PM
SoNgMaN SoNgMaN is offline
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this will put a lot of people at ease:

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Another change would exempt new homes from the provincial portion of the single sales tax if the purchase agreement was signed before today, even if ownership is not transferred before July 1, 2010.
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  #102  
Old 2009-06-19, 12:39 PM
zzricezz zzricezz is offline
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So going from paying no extra tax for $400,000 under, to paying 25% of the new tax for home buyer that will buy under $400,000.

How is that a win-win situation for people that was not suppose to be effected with the new tax.
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  #103  
Old 2009-06-19, 12:43 PM
oakvillehomeowner oakvillehomeowner is offline
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New announcement - everyone gets the 75% cut in the provincial portion of the HST up to $400K, even if they buy a house worth more than $500K. Hopefully this helps quiet the masses...

http://www.thestar.com/business/article/653524
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  #104  
Old 2009-06-19, 12:45 PM
saw_mui saw_mui is offline
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Quote:
Originally Posted by zzricezz View Post
So going from paying no extra tax for $400,000 under, to paying 25% of the new tax for home buyer that will buy under $400,000.

How is that a win-win situation for people that was not suppose to be effected with the new tax.

you will still be affective before even if your house was under 400k but ppl keep reading the information wrong.

the government was saying not affected assuming the builders would drop prices 2%
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  #105  
Old 2009-06-19, 01:56 PM
YukonA180 YukonA180 is offline
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also annouced that if you would have signed your contract BEFORE today and possession after July 2010, you will be grandfathered and will be under the old rule.. GREAT NEWS for us..as most of us have already signed.. thus no change to our pricing.
thanks for the clarification Mr. Mcguintty.
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  #106  
Old 2009-06-19, 01:58 PM
YukonA180 YukonA180 is offline
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Another change to the rebate program would exempt new homes from the provincial portion of the HST if the purchase agreement was signed before June 18, 2009, even if ownership is not transferred before July 1, 2010.


YAHOOOO!!!!!!!!!!!!! am I reading it correct--- no impact to our current contract, closing costs and pricing...!! YES!
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  #107  
Old 2009-06-19, 02:09 PM
SoNgMaN SoNgMaN is offline
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Originally Posted by YukonA180 View Post
Another change to the rebate program would exempt new homes from the provincial portion of the HST if the purchase agreement was signed before June 18, 2009, even if ownership is not transferred before July 1, 2010.


YAHOOOO!!!!!!!!!!!!! am I reading it correct--- no impact to our current contract, closing costs and pricing...!! YES!
no just the purchase price the others will still be affected I believe.
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  #108  
Old 2009-06-19, 03:01 PM
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gerapau gerapau is offline
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Quote:
Originally Posted by zzricezz View Post
So going from paying no extra tax for $400,000 under, to paying 25% of the new tax for home buyer that will buy under $400,000.

How is that a win-win situation for people that was not suppose to be effected with the new tax.
You were going to have to pay the 25% all along. It is just that the cost to the developer is supposed to be going down by that same amount so the net change to you was supposed to be 0 (again, assuming that the developer passed along their saving to you). This hasn't changed. What has changed is that now everyone will pay the same amount of tax on the first $400,000. So houses less than $400,000 haven't changed (they will see a 6% rebate as was the case before this announcement) and houses more than $400,000 will see a $24,000 rebate. This is very welcome news.
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  #109  
Old 2009-06-19, 10:18 PM
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Praline Praline is offline
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I'm a bit embarassed to admit that I'm lost. If I signed a purchase agreement in March and I'm closing this week, how am I impacted??? Thank you for your patience
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  #110  
Old 2009-06-19, 10:48 PM
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gerapau gerapau is offline
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Quote:
Originally Posted by Praline View Post
I'm a bit embarassed to admit that I'm lost. If I signed a purchase agreement in March and I'm closing this week, how am I impacted??? Thank you for your patience
The new harmonized tax doesn't come into effect until July 1, 2010 so anything closed before then will not be affected.
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