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It’s here and we have to swallow it! The HST, that is.

By Robert Hof

I have to admit to being derelict in keeping up with my blog recently. It’s not that there’s nothing to talk about for sure, what with the arrival of the HST in our lives and the questions that it has inevitably generated.

One question that I thought was particularly relevant was received from a buyer who had listed her property in June and received and accepted an offer before July 1st. The closing was not until July 30th.  Is she liable to pay HST on the real estate commissions due? Hmmm!

This situation is termed “straddling” and for a very straightforward explanation of this and other real estate HST information, I suggest you watch this video clip from CTV on July 4th. Top real estate lawyer Alan Silverstein is the expert.

http://watch.ctv.ca/news/latest/hst-confusion/#clip321418

As I’m sure you are aware as the weather has heated up, the resale real estate market in Ottawa has cooled slightly. The advent of the HST will take a little time to be accepted by buyers and sellers but I am confident that a brisk fall market will begin on schedule in September

The 2nd quarter Royal LePage Survey of Canadian House Prices has been published. Click  https://www.roberthof.ca/HomeSurvey2010Q2.htm and it will provide you with the whole picture.

If you have any requests – questions that you would like me to address, please leave it as a comment and I will do my best to answer your concerns.

Meanwhile, whether you are spending lazy summer days at the lake or the cottage, off on a vacation or just working hard in the city, please enjoy our lovely summer weather. It won’t last forever – we all know that!

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