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Top 10 Closing Costs When Buying a Home – #6

August 13, 2009

Number 6 – Costs For Newly Constructed Homes

If you’re buying a brand-new home, be prepared to settle any items not quoted in the original price, including upgrades or paving and landscaping fees. New homes are also subject to 5% GST or 13% HST, although this is often included in your purchase price. A federal rebate reduces the GST or the federal part of the HST to about 3.5% for homes valued at $350,000 or less.