A previously owned residential property being sold by an individual homeowner on the secondary market, as opposed to a newly constructed home sold by a builder. Resale homes in Ontario are typically exempt from HST (the sale of used residential property is an HST-exempt supply under the Excise Tax Act). Resale transactions follow the standard Ontario real estate process including OREA forms, conditions, and title transfer through a real estate lawyer.
Synonyms:
used home|existing home|resale property