(Source: The Globe and Mail)
After a burst of outrage when it was first announced, home builders and high-rise developers across the province have reluctantly accepted that the new harmonized sales tax is here to stay come July 1.
Most affected are those operating within the GTA. With a $400,000 starting point for application of the HST, new homes in smaller centres will – in the main – be exempt.
“I think maybe just 5 per cent of our homes are affected,” says Sid Kerrigan, president of Brookfield Homes (Ontario) Ltd. “We have projects in Oshawa, Bradford, Brantford and Niagara-on-the-Lake. In all of them almost everything comes in well below $400,000.”
Read the full article, “Builders tinker to fit the HST” in the Globe and Mail (Feb 12, 2010).