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PM Mark Carney Announces Elimination of GST on New Homes (www.cpac.ca)
submitted 2 months ago* (last edited 2 months ago) by [email protected] to c/[email protected]
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First time home buyers will not be charged GST (5%) when buying a home, as long as the place they're buying costs less than $1M. This means that people buying a home for the first time will save up to $50k on their purchase.

Edit: Note, GST is mostly only charged when buying newly built homes, so this won't have any effect for people buying used homes.

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[-] [email protected] 1 points 2 months ago

That’s why you begin by taking advantage of the incoming boomer drop off. They’re gonna start dropping fast. Unfortunately, that’s what most of the wealthy and powerful want to take advantage of too.

[-] [email protected] 3 points 2 months ago

As long as our population is growing, the death of boomers isn't going to make a difference.

[-] [email protected] 1 points 2 months ago

I don't know if the baby boomers dying is going to be a big sudden event. If you look at the population pyramid, many boomers are already gone. The rest are going to trickle out over several decades.

[-] [email protected] 6 points 2 months ago

Boomers are ‘46-‘64, the oldest boomers are just now turning 80.

[-] [email protected] 1 points 2 months ago

Right, and a lot of boomers never made it to 80. If you look at that population pyramid, the deaths really start once people hit 60, which was 2 decades ago for the first people in the baby boom generation. It looks like roughly 1/3 of the oldest boomers are already gone. The youngest boomers are 60, so about 1/3 of them will die in the next 20 years or so.

It's not going to be a big, sudden event.

this post was submitted on 21 Mar 2025
180 points (99.5% liked)

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