question about PST on new homes

[ajay]

I understand that new homes greater than $400,000 will be subject to the PST effective July 1/10. So if i purchase a new home today that closes after that date would I have to pay the PST? Or does the PST only apply to people who get into an agreement of purchase after July 1, 2010?

 

[JohnHenry]

The short answer is that taxes are applied and effective on the closing date.
The long answer is that the HST is going to be implemented July 1/10, and this will change the amount of sales tax, and who pays the tax.

 

[landscaper]

it will also affect legal fees realestate commisions and closing costs