GST Eliminated for First-Time Homebuyers: What It Means for You
The Canadian real estate market has only recently experienced a drastic shift! Prime Minister Mark Carney has announced that the Goods and Services Tax (GST) charge on first-time purchasers of new or substantially renovated homes costing $1 million or less will be eliminated to make buying a home more affordable. This project can save the purchasers up to $50,000, providing significant financial relief. Moreover, there will likely be increased incentives for further housing developments, resulting in increased home supplies in places with high demand, such as the Greater Toronto Hamilton Waterloo Area (GTHWA). Understanding the GST Elimination The removal of GST is a targeted plan to assist first-home buyers who are traditionally tight on money when buying their first home. With this action, the government aims to reduce the expense of entry into homeownership as an attainable reality. The policy focuses on newly built and comprehensively renovated houses worth $1 million or less. The ...