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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] 2 points 2 months ago

The issue is elasticity of supply

Housing is relatively inelastic, it’s expensive and takes a long time to build and is sensitive to interest rates.

Improving demand for the most flexible portion of the market might result in increased supply from developers.

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

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