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Survey Shows HST Misconceptions Remain Among Ontarians and British Columbians Regarding Real Estate Transactions
HST having greater impact on housing market than rising interest rates
TORONTO / VANCOUVER, August 5, 2010 - A survey conducted by Royal LePage Real Estate Services revealed that Ontarians and British Columbians have misconceptions about how the Harmonized Sales Tax (HST) affects real estate transactions. When respondents were asked to provide examples of comments heard from buyers and sellers regarding the HST and its effect on the housing market, almost half of the comments (46.7 per cent) indicated that confusion about HST remains more than one month after its introduction. Among the most common responses to the survey's open-ended questions were that many home buyers incorrectly believe HST applies to the sale price of resale properties.
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Jay Richardson, Broker
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