Posts Tagged ‘GST on new homes’
CHBA applauds federal action to adjust GST rebate on new construction homes for first-time buyers
CHBA applauds the government’s move to table legislative proposals to amend the Excise Tax Act to make good on its promise to introduce a new GST rebate for first-time home buyers (named the “FTHB GST Rebate”), which will remove the GST on new homes at or under $1 million and lower it on homes between $1 million and $1.5 million for all first-time home buyers, effective May 27, 2025.
Read MoreGovernment misses important opportunity to enact critical housing campaign promise in Throne Speech
Today, the federal government missed its opportunity to use the Speech from the Throne to make good on its election promise to immediately implement the removal of the GST on new homes at or under $1 million and lower it on homes between $1 million and $1.5 million. The lack of actual implementation of this measure is keeping would-be home buyers on the sidelines, which is negatively impacting the construction of new homes.
Read MoreCHBA welcomes Federal Government removing GST on new construction homes for first-time buyers
Today’s announcement by Prime Minister Mark Carney that the Government of Canada will eliminate the Goods and Services Tax (GST) for first-time homebuyers on homes at or under $1 million is a welcome move to help make housing more affordable for those looking to buy their first home. It will also help spur the creation of more housing supply, which is much needed. CHBA has also argued that while an important permanent move, GST relief is especially significant now as it will help to counter price increases due to tariffs.
Read More2024 CHBA Home Buyer Preference Survey results indicate what Canadians expect from their homes
The Canadian Home Builders’ Association (CHBA) has released the results from its ninth annual CHBA Home Buyer Preference Survey, a nationwide market research study powered by Avid Ratings Canada. The 2024 Canadian Home Buyer Preferences is a high-level summary publication that comes with the full study data set, allowing users to customize data splicing on more than 50 in-depth areas of home design, building features, buying preferences, and demographics, including age, location, household formation, purchase price, and more.
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