August 12th, 2009
New Oakville Homes Could Become A Lot More Expensive
A few months ago news came from the Ontario government regarding a change in the way sales taxes will be paid by consumers. It’s called harmonization an it will combine the GST with the PST to create one sales tax totaling thirteen percent. For most purchases this not a big deal but it will have a huge impact on new Oakville homes. New home purchases are usually subject to the five percent GST but the harmonized tax of thirteen percent will be a substantial amount of money for buyers especially since most Oakville properties are over five hundred thousand dollars and could result in fewer homes being built.
