June 19, 2009 — The provincial government has announced some proposed changes to the way it would apply the proposed Harmonized Sales Tax (HST) to the purchase price of newly constructed housing. The provincial government has also announced proposed transitional details for newly constructed properties.

Background
The provincial government has announced that it intends to combine the eight percent Provincial Sales Tax with the five percent federal Goods and Services Tax, creating a 13 percent Harmonized Sales Tax (HST).
• The HST is NOT YET IN EFFECT. The provincial government has indicated that it intends to bring the HST into effect beginning on July 1, 2010.
• HST will not apply on the purchase price of re-sale homes.
• HST would apply to services such as moving cost, legal fees, home inspection fees, and REALTOR® commissions.

Proposed Changes for New Housing Rebate
HST will apply to the purchase price of newly constructed homes. Originally, the provincial government indicated that it would provide a rebate to ensure that, on average, new homes under $400,000 would not be subject to an additional tax burden. Homes priced between $400,000 and $500,000 would be eligible for a portion of the rebate, and homes priced above $500,000 would be subject to the full HST. However, the provincial government is proposing some significant enhancements to these rebates, as follows:
• Enhanced new housing rebate - The province is proposing to enhance the new housing rebate so that new homes across all price ranges would receive a 75 per cent rebate of the provincial portion of the single sales tax on the first $400,000. For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system.
• New rental housing rebate - Similar to the enhanced new housing rebate, the province is proposing a rebate for new residential rental properties. This proposed rebate would support affordable rental housing across Ontario.

Proposed Transitional Rules for New Housing
The province is also proposing transitional rules for new housing. Generally, as part of the transitional rules, sales of new homes under written agreements of purchase and sale entered into on or before June 18, 2009 would not be subject to the provincial portion of the single sales tax, even if both ownership and possession are transferred on or after July 1, 2010. The tax would also not apply to sales of new homes under written agreements of purchase and sale entered into after June 18, 2009 where ownership or possession is transferred before July 1, 2010.

More Detail
Additional detail on the proposed enhancements to the new housing rebate, rental housing rebate, and new housing transition rules is available from the Provincial Government here. (http://www.rev.gov.on.ca/english/notices/str/02.html)
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Spacious 1 Plus Den And Balcony, In Fabulous Sought After Location, Intimate Building. Overlooks Courtyard, Parking Right Beside Elevator! Granite Counters, Modern Fixtures, Walk To Fin./Ent. Districts, Rogers Centre, Cn Tower, 30,000 Sq.Ft. Of Amenities, Concierge, Close To All The Action.

Bedrooms: 1+1
Washrooms: 1
Rooms: 4
Dir/Cross St: Spadina/Front




























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Located at the intersection of Dundas and Parliament, One Cole is really unlike any other condo in the city. One Cole's aim is to revitalize Regent Park. Regent Park was Canada’s largest social housing project, built back in the 1940s. At the time it was heralded as a solution to the area’s many urban and social problems, but 60 years later it is widely regarded as a failure and probably exasperated the social problems it was trying to address.

One Cole is nearly finished construction with occupancy set for the end of this year. Unlike most condo projects in the city, One Cole have not started to take sales and they are nearly finished construction.

The VIP broker’s sales event is set for May 30Th, with the public opening June 13Th. Contact me @ info@jasonrjohnson.com now for more information about how you can hire me me as your exclusive buyer’s agent for this event. Baker is limiting agents to just 2 buyer clients each for this event. Floor plans and pricing now available.



One Cole Benefits/ Floor Plans

Gradual Deposit Payment Plan:

Only $3,000 on signing the Agreement of Purchase and Sale, and $1,000 per month until your move-in date, or until 5% of the purchase price has been paid.

If you qualify for a 95% first mortgage your 5% Deposit is all you'll need. Of course, if you have the cash, you may choose a higher Down Payment in order to lower your monthly mortgage payments.

DOWN PAYMENTS & CAPPED MORTGAGE INTEREST RATE

Whether you choose a 5% or 20% Down Payment, or anything in between, rest assured that Daniel's and The Royal Bank of Canada (RBC) have capped your mortgage interest rate at an incredibly low level. For example, if you choose a five year term your interest rate is guaranteed to be no higher than 4.2%. And remember, if interest rates continue to decrease you benefit from an even lower rate!

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Floor Plans: (Click On Image to Enlarge)

The Megaffin (Studio)




The Oak (One Bedroom)




The Trinity (One Bedroom+Den)




The Regent (Two Bedroom)




The Victorian (2 Bedroom+ Den)




The Lesliville (Three Bedroom Townhouse)







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