newbuyer
Active Member
if that is the case, then sorry about it.
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I think the person is saying you're saving 30k because builder's price has gone up and the seller is selling at cost+interest. However I think that will be offset by HST the buyer has to pay depending on the price of the unit.
Agreements signed before June 18, 2009 will avoid the HST. However assignments signed after June 18, 2009 and building is built after July 1, 2010 is subject to HST. So basically, if you wanted to buy an assignment, you should have signed it before June 18. Otherwise you have to pay HST. Unless the building is finished by July next year.
Grandfathering rules
Under the proposed grandfathering rules, sales of new homes under written agreements of purchase and sale entered into on or before June 18, 2009 (i.e., grandfathered homes) will not be subject to the provincial portion of the HST where both ownership and possession of the homes are transferred after June 2010.
Agreements signed before June 18, 2009 will avoid the HST. However assignments signed after June 18, 2009 and building is built after July 1, 2010 is subject to HST. So basically, if you wanted to buy an assignment, you should have signed it before June 18. Otherwise you have to pay HST. Unless the building is finished by July next year.
interesting ... i will have to confirm that.
does the building 'finished' by July 2010 mean registration, or does occupancy qualify as 'finished' ... ie. one's occupancy date is June 2010 but the condo doesn't register months later.