June 8th - 2009

Market Watch: HST squeezes middle-class homebuyers

A report, titled "Big Hit on GTA Middle-Class Homebuyers with the Ontario Budget's HST Proposals," reveals that middle-class families get hit the hardest by the $800 million tax increase on new homebuyers across the province under the Provincial government's planned harmonized sales tax (HST).

A report, titled "Big Hit on GTA Middle-Class Homebuyers with the Ontario Budget's HST Proposals," reveals that middle-class families get hit the hardest by the $800 million tax increase on new homebuyers across the province under the Provincial government's planned harmonized sales tax (HST). The Building Industry and Land Development Association (BILD) report also shows GTA new homebuyers will absorb $575 million or nearly three quarters (72%) of the $800 million tax increase while accounting for less than half (45%) of new home sales in Ontario. For further information, contact: Cynthia Malagerio, cmalagerio@bildgta.ca, (416) 391-3450.

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Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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