Ontario planned a temporary HST rebate expansion to support a struggling home construction sector.
The plan removed the full 13% HST for eligible new homes priced up to $1M.
Max rebate: $130K up to $1M
$130K maintained up to $1.5M
Then tapers to $24K at $1.85M+
The rebate changes followed a provincial-federal move rebating HST for first-time new-home buyers up to $1M.
Ontario said the federal government agreed to cost-share, pending legislation, for nearly $2.2B in joint housing tax relief.
I’m seeing Ontario lean on temporary tax relief to encourage new home buying and support home construction. The plan expands HST rebates, with federal cost-sharing tied to legislation, aiming to make new builds more affordable.
Sales are up and listings are shrinking. Is now the time to buy a home in Toronto?
Canadian home sales rose 5.5% month-over-month in May, marking the first significant increase this year. In the Greater Toronto Area, sales increased 6.3% year-over-year, while average home prices fell 4.6% to about $1.07 million. Buyers...
