There has been (a bit more than) a little upset in Ontario with regards to the HST (Harmonized Sales Tax) implementation that is coming into effect on July 1st, 2010. While there is strong evidence that it will actually reduce business costs over the long run, very few people are actually believing the consumer will see any of these increased efficiencies. Actually, the general consensus is that as consumers, we will be paying more for everything from basic services, to our homes. As a result, there is expected to be a surge of home sales before July 1st by those looking to purchase within the next year – to avoid the additional 8% home owners will need to pay. Factor in the lowest-interest-rates-we-will-see-in-years, and you can expect it to be a very busy spring for anyone involved in the real estate market.
EIFS (Exterior Insulation Finish Systems, or “synthetic stucco”) renovations are one such service that will be affected by the HST implementation. Currently, because the renovation is a service, it is only subject to the GST (Government Sales Tax). As of July 1st of this year, this service will fall under the all-encompassing HST, effectively adding 8% to the cost of making your home more energy efficient.
Don’t risk delaying your project any further – typically it takes anywhere from 4-5 weeks to solicit quotes, qualify them and award the contract, then another 2-3 for the project to begin because of the contractor’s other projects. Seeing as there are only 13 weeks left until the HST is implemented and your costs rise 8% – we would recommend that anyone considering renovating their home this year register right now to get the process underway.
Go on over to the home owner stucco estimate request page.