In addition, HST is an extra expense for new-build condo purchasers. While buyers may be eligible for rebates, if you are not occupying the unit, the full amount is typically payable upfront.
Even with condo resales and regular freehold purchases, buyers will still need to have extra cash on hand for closing costs not covered by their mortgage lender – including provincial and municipal land transfer taxes, title insurance and other expenses they may not have accounted for.
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Big changes could be on the way for Ontario’s estate laws if the provincial government gets its way. The Ford administration recently introduced Bill 245 the Accelerating Access to Justice Act at Queen’s Park.