The provincial government is offering some relief to homebuyers.
<p. Starting on April 1st, a tax break that was previously just for first-time buyers will now be available to all buyers of new homes.
Premier Doug Ford believes this move will help increase sales and make home ownership more achievable for many individuals.
“This rebate will deliver nearly $2.2 billion in tax relief, kick start the construction of 8,000 additional homes, support up to 21,000 jobs, boost Ontario’s GDP by up to $2.7 billion and bring the dream of home ownership in reach for thousands of Ontario families,” says Ford.
The province states that eligible buyers purchasing new homes valued between $1 million and $1.5 million will receive a rebate of $130,000.
This rebate decreases for homes priced over $1.5 million.
Last October, the province announced its plans to eliminate the provincial sales tax for first-time buyers on homes costing $1 million or less.
The Premier mentioned that talks with the federal government allowed them to broaden the program and provide the full tax rebate.
“In the face of tariffs and economic uncertainty, our government is working closely with the federal government to do everything we can to lower costs for families, keep workers on the job and build the most competitive, resilient and self-reliant economy in the G7,” says Ford.
This rebate will only last temporarily-just one year.
The Ford government plans to share more details following Thursday’s budget release.
Randy Thoms is a veteran news broadcaster with over 40 years’ experience. He is based in Fort Frances and covers stories across northwestern Ontario. Contact Randy at thoms. randy@radioabl. ca.
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