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PORT PERRY STAR & CLASSIFIED ADVERTISING VOL. 1 No. 12 - FIRST CIOICE REAL ESTATE - TUESDAY, DECEMBER 5, 1989 Published weekly by the Port Perry Star CENTURY 21 GERRY MEHARG LTD. "THE E PAST AND THE PRESENT" « can be yours in this beautiful Victorian style home. Large kitchien, main floor family room-with fireplace, plus 4 bedrooms! Perfect for family living in a pleasant area, within walking distance ~ to schools. $262,900. For further details call John Tait 985-7371 or 985-8630. CONVENIENT LOCATION - "DECORATED T0 PERFECTION! This im- maculate bungalow features an eat-in kitchen, 3 bedrooms, Central air, finished rec room with airtight stove. Just move in and relax. $229,900. For more information call Carolyn Wilbur 985-7371 or 852-9577. TO VIEW THESE PROPERTIES CALL we 986-7371 @he Dovf Peery Shar An Award Winning Community Newspaper Serving Port Perry & Scugog Township since 1866 go rn agite Present and future homeowners will be victimizedby GST recommendations A recommendation made last week by the federal government's Finance Committee will victimize . Durham Region's present and future homeowners, says the Oshawa and District Real Estate Board (ODREB). : The Committee has suggested imposing the Goods and Services -. Tax (GST) at a rate of 5 percent 'on "increased consumption" every time a homeowner moves "from one residence to another at - a higher price, regardless of the ~ circumstances surrounding the changes in taxation - land transfer tax; lot levy-increases: »and - the ability of municipal k governments to impose further lot levies to raise funding for such move, "moving Bowmanville to Pickering. in order to be closer to a job in "Toronto," says ODREB President " Dave Tonkin, "The homeowner may move from a house costing $160,000 to a $220,000 home, pay- ing 5 percent tax on the $60,000 dif- ference. The federal government "has labelled this price difference "increased consumption." The 'GST is supposed to be a tax on consumption that rejects the no- tion of taxing savings. We, in organized real estate, believe that equity in homes is a form of sav- {ings for most Canadians," argues Tonkin. Furthermore, the first-time buyers will be hardest hit, since they have no current consumption from which to trade up and will be required to pay an additional 5 percent on the entire house price. "Taxing housing for first-time buyers could preclude any oppor- tunity for them to. get into the market," asserts Tonkin. "What happened to Finance Minister hael Wilson's s early commit- "from + ment that the GST would not be allowed to prejudice the reasonable opportunity for homeownership that Canadians would otherwise have enjoyed?' The Oshawa and District Real Estate Board is concerned about the long term effect of this trade- up tax as the same homes in Durham Region will be taxed over and over again - most likely with the rate of the tax increasing as the GST rate increases. Board officials point to the layered effect of higher costs and other recent concerns as education and development. In October, delegates from ODREB attended the annual - meeting of the Canadian Real Estate Association. The Associa- tion passed a resolution urging the government not to introduce the GST until its current deficit reduction program is revamped to place greater emphasis on ex- penditure control rather than in- creased taxation. The Oshawa Board firmly supports this resolu- tion by the national real estate organization. The Oshawa and District Real Estate Board represents 1,500 licensed real estate practitioners in Ajax/Pickering, Whitby, Oshawa, Bowmanville and Port Perry. O.D.R.E.B., a member of the Ontario Real Estate Associa- tion and the Canadian Real Estate Association, is celebrating its 35th year of service to the real estate industry. LOOKING FOR A NEW HOME? Your search should start right here in the pages of the Port Perry Star REAL ESTATE SECTION Best Choice! Best Homes! Best Price! l rate ra aia hell Gag re Tk Wag A