Goods and Services Tax
The GST on a new home is 5% of the price. A GST rebate, equivalent to 36% of the GST paid, is available for new homes priced up to $350,000 and a partial rebate on new homes priced up to $450,000.
Buyers also pay the GST on fees for services from appraisers, home inspectors, lawyers, notary publics and REALTORS®.
The Disclosure Statement is a document detailing everything the developer intends to do on the project.
A developer may not enter into a purchase agreement with a purchaser for the sale or lease of a development unit unless a copy of the Disclosure Statement has been provided to the purchaser, the purchaser has been afforded an opportunity to read the Disclosure Statement, and the purchaser has signed a written statement acknowledging that the purchaser had an opportunity to read the Disclosure Statement.
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