Category: Useful Information

Tarion Warranty Corporation

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 […]

Harmonized Sales Tax (HST)

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 […]

Home Buyers Plan

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 […]

Mortgage Information

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 […]

Land Transfer Tax

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, […]

Downpayment Rules

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 […]