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