Ontario PC Leader Tim Hudak Discusses Impact of HST with the Kitchener-Waterloo Real Estate Board

18 Jun

Ontario PC Leader Tim Hudak today participated in a roundtable discussion with members of the Kitchener Waterloo Real Estate Board about the issues facing homebuyers and home-sellers in the Kitchener-Waterloo region.

Hudak asked roundtable participants to share their thoughts on the upcoming implementation of Dalton McGuinty’s $3 billion HST tax grab. According to the Ontario Real Estate Association (OREA), the HST will add $1,500 to the cost of a real estate transaction, hurting the resale-home market and prolonging the housing industry’s recovery from the recession.

OREA also estimates that the HST will add $480 a year in new family taxes for items such as electricity and home-heating costs, lawn care, landscaping and snow removal.

Quotes:

“Dalton McGuinty’s $3 billion HST tax grab is a tax on the dream of home ownership. Today family budgets are already stretched to the limit and the HST will make it more expensive than ever for Ontario families to buy their dream home.” Ontario PC Leader Tim Hudak

“Only someone as out-of-touch as Dalton McGuinty would force young families pursuing the dream of homeownership to pay more to cover for his runaway spending, scandals and debt.” Ontario PC Leader Tim Hudak

Quick Facts:

The OREA estimates that the HST will add $1,500 to the cost of a real-estate transaction, hurting the resale-home market and prolonging the housing industry’s recovery from the current economic downturn and an additional $480 per year in expenses tied to home ownership.
A poll by the Association of Condominium Managers of Ontario (ACMO) found that the HST would result in an estimated 6% increase in the operational budget of the average residential condo.
Altus Group Economic Consulting estimates that the renovation sector will be forced to pay $765 million in new tax to the McGuinty Government due to the HST.