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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] 0 points 2 months ago

New homes means newly built, right? So if a model sells for 300k the company building it can't just increase the price to 315k to compensate as it would mean losing the non-first-time home buyers who are willing to pay 300k as customers.

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

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