Eligible Ontario new-home buyers can receive up to $130K in HST relief, renewing interest in pre-construction condos, semis, and townhouses across today's new-build market.
The full rebate applies up to $1M, remains available to $1.5M, then tapers to $24K for homes at $1.85M+ under current framework rules.
Tax savings do not change lender valuations; if the closing appraisal trails the contract price, buyers must cover any cash shortfall directly.
A federal banking regulator warned old blanket appraisals tied to purchase agreements may become outdated when new-build mortgage originations occur much later.
Buyers can reduce surprises by engaging a mortgage broker early, updating documents, reviewing contracts, budgeting cash reserves, and confirming assignment options with counsel.
Is moving from Toronto to Vancouver actually more expensive for homeowners?
Moving from the GTA to Langley, BC, may increase monthly non-recoverable expenses by about 10-20%. Groceries and dining out cost more in BC, with grocery bills rising around 10%. Utilities are cheaper due to lower...
