A provincial tax rebate on the Harmonized Sales Tax for new homes up to $1 million is saving buyers up to $130,000 and has led to a surge in new single-family home sales in the Greater Toronto Area. Prices are down about 20% from their peak, making buying more attractive. Demand for single-family homes has increased, while condo sales remain weak but are slightly improving. Full implementation of the rebate depends on federal regulatory changes.
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