[caption id="attachment_676" align="alignleft" width="300"] (Photo credit: pnwra/Flickr)[/caption] The majority of home shoppers in Ontario looking to buy within two years are looking for a detached house.According to the Ontario Home Ownership Index, 28 per cent of Ontarians are looking to enter the housing market and of them, 59 per cent are shopping for a detached home. The next popular choice is condos with 23 per cent of Ontarians looking for them, but the majority of Torontonians account for this category with 41 per cent of them expressing interest in a condo/apartment. Meanwhile, Ontarians expressed greater confidence in their local real estate market with 57 per cent of residents saying it was favourable, 28 per cent saying it was very favourable and 20 per cent saying it was unfavourable. This optimism also applied to residents' perceptions of real estate with 82 per cent saying it's a good investment and 84 per cent saying that owning a home makes more sense than renting. Home ownership remains to be significant step for many Ontarians with 79 per saying it was important to them and 80 per cent saying it was a source of their pride. The main reasons behind purchasing a home include: long-term investment value (29 per cent), affordability/home availability (26 per cent) and a desire to own a home (26 per cent).How do you decide what you're looking for?Each person will have their own criteria when it comes to what they're looking for in a home. There are many different housing types including apartments, condos, townhouses, semi-detached or detached homes. You'll want to keep your future plans in mind when house shopping since you'll likely hold onto the property for at least five to ten years. Sizing is one key element which can easily help you narrow down your choices. Typically, if you need fewer rooms an apartment/condo will be a more likely choice, but once you start looking for multiple bathrooms, extra space for a home office, living room or a dining room, then you'll likely be looking for houses. How much parking you need will also affect your choice. Another step that will affect your decision is the stage of life you're in. If you're looking to start a family, then you might be looking for a house rather than a condo/apartment, unless the buildings offer enough space for all of you. But if you're looking to park your savings or you're an empty nester who doesn't want to deal with shovelling the snow, then an apartment/condo might be for you. Of course, you can't forget the price of housing which will have a huge effect on your decision. Thinking of buying a condo? While the cost is cheaper, don't forget to include those additional closing costs and regular condo fees into your budget. While houses don't have those fees, you'll likely want to save money to handle potential maintenance costs. You'll also need to decide when you buy a resale home or a newly built property. Buying a house is a big decision and it's important to mull over all your options before making a decision since it could turn into a very pricey mistake.What type of home do you plan to buy? Why?Rebate4U helps you file HST rebates properly, which helps you avoid potential issues with the CRA later down the road. Our priority is to provide our clients with the most professional and quality service in obtaining rebates for their new and renovated homes. We are proud to offer our clients the most personal and attentive service, and we make sure that all of our clients are 100% satisfied.

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Tips to Ensure Your Renovation is Substantial Enough for the HST Rebate on New Homes

The Harmonized Sales Tax (HST) Rebate on home renovations is a significant financial incentive for homeowners in Ontario, providing a golden opportunity to recoup a portion of the expenses involved in upgrading and enhancing their living spaces. This rebate is offered via Canada Revenue Agency, and it aims to encourage property owners to invest in their homes, not just for personal satisfaction...

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How to Claim the HST Rebate on Rental Properties

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How to Find a Tenant Ahead of Your HST Rental Rebate Application

If you’re renting out a new residential property, the HST Rebate in Ontario is a great opportunity to get back some of the money you’ve invested into purchasing the condo. Available via Canada Revenue Agency, the New Residential Rental Rebate Program can mean thousands of dollars back. To qualify for this rebate program in Ontario, you must meet the criteria set out by Canada Revenue...

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Renovations

10 February 2024

3 Stand-Out Benefits of Applying for HST Rebate on Home Renovations

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Renovations

31 January 2024

Why Turn Repairs into Renovations with the Home Renovation HST Rebate

Whether you’ve recently purchased a new home that needs a lot of work or are ready to upgrade your existing home, renovations and remodels can rack up quite the bill. But for homeowners in Ontario, the HST rebate on home renovations is a viable option that can help you get more return from your investment. Read on for more information!

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HST housing rebate

18 January 2024

Which Part of Your Home Renovations Are Subject to HST in Ontario?

Like with the transaction of any good or service in the province, there is a 13% tax (Harmonized Sales Tax) added to every purchase, including the sale properties. When buying a home, this tax can add up to a substantial amount. In Ontario, the HST Rebate program is offered to residential property buyers as a way to offset the cost of new home purchases.

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Condos

15 December 2023

What to Do When You're Not Ready to Move Into Your New Condo

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27 November 2023

So You Built a New Home, Now What?

If you’ve recently finished building your new property in the last two years, you may be eligible for money back with the HST rebate in Ontario. The program allows homeowners to recover a portion of their HST spent on construction.

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Rebate Blog

17 October 2023

Signs You'll Benefit from the HST Rebate in Ontario

The HST Rebate in Ontario is a valuable and beneficial program available to homeowners in Ontario. Unfortunately, many new home buyers or even long-time homeowners are unaware of the program’s existence or their eligibility. The new home HST Rebate can be nuanced, but with the guidance of an experienced, trusted, and knowledgeable professional like the team at Rebate4U,...

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29 September 2023

Benefits of Renting Your Newly Purchased Home

It’s not uncommon for property owners to purchase a new home or condo with the intention of making it their primary residence but then later change their minds to use the newly acquired or built property as a rental unit. Whether you build the home from the ground up or determine that you no longer want to use a newly purchased property from the builder as a home for yourself, there are...

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