Toronto Condos
New Toronto Condos costing more than $400,00 will have a significant amount of extra taxes applied with the introduction of the new HST, that will combine the 8-per-cent provincial sales tax with the 5-per-cent federal goods and service tax on July 1, 2010.
According to BILD, GTA home builders it is really a back-door way to raise taxes and will certainly deeply affect the GTA’s growth.
The average selling price of a new Toronto Condowas $344 a square foot at the end of February and it was more than $500 in eight of 18 submarkets according to Realnet Canada Inc.
If the new HST was introduced immediately the increase in priceof new Condos would range from $8,400 on the average Etobicoke waterfront Condo to $72,000 more in the Bloor-Yorkville area.
Even Toronto Condo rentals will be impacted by investors unwilling to buy more expensive Condos and then try and rent them out with rents to cover higher mortgage costs and maintenance fees.
The proposed HST Tax will have a negative impact on Toronto Real Estate and affect larger family sized Condos and Homes and increase the rents, City wide in the very near future.
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