The Harmonized Sales Tax (HST) New Housing Rebate is available for qualified owner-occupant purchasers of new homes and new condominiums. What is the catch? Well, there are several cases where the HST New Housing Rebate has been denied by the courts or the Minister of National Revenue has attempted to claw-back a rebate received by a purchaser or purchasers.
The Ontario Provincial Government gives a credit of a maximum of $4,000 to first time home buyers, who are Canadian citizens or permanent residents of Canada, purchasing an eligible residential property in Ontario. The credit is available whether you are purchasing a new or used eligible residential dwelling.
It is becoming increasingly popular for a buyer to request that a seller sign a Seller Property Information Statement (“SPIS”) as part of a residential real estate transaction. The Ontario Real Estate Association (“OREA”) developed a SPIS form for both freehold and condominium residential properties.