Category: Useful Information

TARION Warranty Corp. (formerly known as Ontario New Home Warranty Program) provides a warranty on all new homes and condominiums constructed in Ontario. Hyde Park Homes is proud to be licensed as a new home builder by TARION Warranty Corp., and all of our projects are fully covered by the TARION Warranty Corp. warranties. Purchasers […]

The Harmonized Sales Tax (“HST”) is a combination of the 5% Federal Goods and Service Tax (GST) and the 8% Ontario Retail Sales Tax (PST). Under the HST rules, individuals will be eligible for a New Housing Rebate which is in addition to the existing GST New Housing Rebate. The Ontario HST New Housing Rebate […]

The Home Buyer’s Plan is a program which permits qualified individuals to withdraw up to $25,000 without penalty from a registered retirement saving plan to be used towards the purchase of a home. The program is limited to first time buyers and non-homeowners. You are considered a first time buyer if, in the previous four […]

With the tremendous growth in the housing market over the past several years, mortgage providers have developed new products and services to meet the varied needs of borrowers. In a rising housing price market, more mortgage products help Canadians buy their homes sooner. While not all products suit all borrowers, the variety provides for more […]

In Ontario, purchasers of new and resale residential homes must pay a tax at the time of the closing of the purchase known as the Land Transfer Tax.The tax is calculated upon a sliding scale that increases with the purchase price of the house (excluding any GST). The rate of tax as of January 1st, […]

If your down payment is less than twenty percent of the purchase price you are required by Canadian law to purchase mortgage insurance from Canadian Mortgage and Housing Corp. (“CMHC”) or a private insurer (Genworth Financial or Canada Guaranty). For all insured mortgage loans, the maximum purchase price must be below $1,000,000. If the purchase […]