Table 34 – New Restaurant coming March 5th to Burlington. Table 34 resto bar is a new Burlington restaurant set to open next week in Burlington. Table 34 will be opening March 5th. The restaurant is in a prime location by the Lake, downtown Burlington & Burlington’s Waterfront at 1455 Lakeshore Road, Burlington. According to Table 34’s […]
The Craftsman Condos Mississauga – Final Days VIP Pricing! The Craftsman Condos Mississauga opens its doors to the public on February 21, 2015. What are you waiting for? The prices at The Craftsman to go up? Seriously… the VIP Preview sale for The Craftsman Condominiums is in its last few days. Don’t wait – Register […]
Kids Camp Expo – FREE this weekend in Toronto! Kids Camp Expo – February 22, 2015 12-4pm COME SEE 50+ MARCH BREAK & SUMMER CAMPS Looking for things to do with kids this March Break & Summer? Look no further… Explore the best kids camps and program offerings throughout Ontario. All in one day, in one place, […]
Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported a 14.9 per cent increase in the number of sales entered into the TorontoMLS system during the first two weeks of February 2015 compared to the same period in 2014.
January Housing Market Charts Available
Toronto Real Estate Board President Paul Etherington announced a strong start to 2015, with robust year-over-year sales and average price growth in January. Greater Toronto Area REALTORS® reported 4,355 home sales through the TorontoMLS system during the first month of the year. This result represented a 6.1 per cent increase over January 2014. During the same period, new listings were up by 9.5 per cent.
While monthly condo maintenance fees won’t directly be subject to Ontario’s new HST (harmonized sales tax), many condo owners have already felt the impact of the HST.
If you’re a condo owner in Oakville, Mississauga or the Greater Toronto Area, you should know that much of what is currently covered by a condominium’s monthly common element fee will be subject to HST. Everything from utilities (water, heat & hydro), service contracts for cleaning, interior maintenance or renovations to common areas and elements, exterior maintenance like lawn/garden care and snow removal will all be subject to HST.
With less than a week to go until the July 1st d-day for HST in Ontario, many condo owners are still unaware of exactly how the HST will affect them. If you’re one of them, you’re not alone – the government has been less than transparent about the details of HST and potential rebates that may help Real Estate buyers.
Many condominium corporations have already had to budget for the HST’s anticipated impact on their expenses for the condominium. Some of the condo buildings I’m involved in have seen increases in common expenses as a result. One building in Mississauga sent out their budget and notices of increase for condo fees this month and ironically the increase for the condo fees is exactly 8%.
Much of the nitty gritty of the HST is still in a heavy grey area.
This much is clear – the purchase price of new condos in Ontario over $400,000 will be subject to HST. So all you condo lovers drooling over the new condos in Toronto, Mississauga & Oakville pay attention and budget wisely! The purchase price isn’t the only part of buying a condo that will be affected. Associated costs of buying a condo including Real Estate commissions, legal fees, movers, status certificates and home inspections will all be subject to HST as well. The Ontario Real Estate Association says these associated costs could add more than $2,000 in new tax for a resale house priced at $360,000.
Condo buyers opting for a re-sale condo will benefit from not having to pay HST directly on the purchase price.
How is your condo board preparing for the HST? Comment below & let’s share information…
If you have a question about the HST and how it will impact you as a condo owner, buyer or seller email me or call me at 416-254-8468 to discuss your situation.
Ryan is a licensed Real Estate Broker with Town-City Realty Limited, Brokerage and has been listing and selling condominium properties in Oakville, Mississauga & throughout the GTA for more than 10 years
Marketing Manager – Member Segments (fulltime 12 month contract position)
Function: The Marketing Manager – Member Segments, will be responsible for assisting the Director of Marketing to grow the adoption and use of CREA products and services by developing and implementing marketing strategies and related activities targeted at specific needs-based segments of the CREA membership.
Function: The Assistant Marketing Manager is responsible for assisting the Marketing Manager to grow member awareness of and use of CREA products and services. Key deliverables include managing CREA’s member engagement strategy for events and tradeshows; supporting the Meetings & Events team by generating sponsorship for CREA hosted events; and executing various marketing strategies as per the plan.