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.
Home sales data for 1st month of the HST rebate window is out. Here’s what the numbers show
In April, 1,100 new homes sold in the GTA, nearly triple last year's 384, driven mainly by a rise in single-family home sales (901 vs. 241). Condo sales increased to 199 from 143. The HST...