The median price of a Toronto Condo now stands at $500,000 and someone buying a new Condo after July, 2010, will pay an additional $40,000 in taxes.

 These additional taxes should see the Toronto housing industry suffer huge job losses as Ontario will suffer long-term economic hardships and undermine the housing industry.

 Toronto builders will curtail certain projects and go after new construction below $400,000 using cheaper materials or go after the higher end luxury market where buyers will reluctantly pay these increased  taxes.

 Resale Toronto Homes and Condos will now become more attractive as they will avoid the tax. For someone downsizing from a larger home and considering a new resale Condo, the additional tax would be an additional $94,950.

 These new taxes will also apply to many Real Estate services that currently do not have both taxes applied, creating unseen additional expenses for the unknowing purchasers.

 Toronto Real Estate choices at affordable prices will become a thing of the past in this new Ontario Harmonization Tax world.