Ontario's planned rebate targets buyers of newly built primary residences, with purchase agreements signed during the one-year eligibility window once it begins.
Eligible buyers can receive the provincial HST portion, ~8% of the purchase price, capped at $24K; federal HST remains unchanged under this measure.
For a $500K new home, maximum savings could reach $24K, with eligible buyers usually paying reduced HST upfront at purchase through builders.
The goal is broader affordability and more new construction, encouraging demand while helping increase housing supply through lower tax costs for purchasers.
Coverage includes detached homes, townhouses, and condos, but excludes resale, investment, vacation, and substantially renovated homes; confirm eligibility before signing with a Real Estate agent.
GTA single-family sales surpass 10-year average as HST rebate takes hold
Ontario's expanded HST rebate boosted GTA low-rise new home sales in April to 1,100 units, nearly triple last year and 21% above the 10-year average for single-family homes. However, condo sales lagged at 199 units,...