(Source: The Star)

“Every week we lose, we get closer to that July deadline.”

The new tax, which combines the PST and the GST, will have an impact on homes worth more than $400,000.

It would add, for example, $6,000 on a $500,000 home – enough money to upgrade to a better kitchen or floors, and a good incentive to close early for many consumers.

A $1 million dollar home gets hit with $36,000 in extra taxes.

Fears of the impact of the HST and continued low interest rates have been enough to jump-start the moribund new homes market.

Read Tony Wong’s full article “HST has builders sprinting” in the Toronto Star (November 10, 2009).

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