Residents of Ontario and B.C. are unsure about how the harmonized sales tax (HST) affects real estate transactions, a new study finds, and the confusion is being blamed for a slide in home sales.
Home sales in Toronto fell 34 per cent in July, according to the Toronto Real Estate Board.
TREB reported that there were 6,564 sales last month, down from 9,967 in the same month in 2009. Home sales were at the lowest level since 2002.
“The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring,” said board president Bill Johnston, in a release…
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Date: August 5th, 2010
Published by: CBC News