The Ontario government is set to assist those in the market for a new home.
On Wednesday, the province revealed that all home buyers will soon qualify for a rebate as it plans to reduce the 13 per cent harmonized sales tax (HST) on new homes. Previously, only first-time home buyers could take advantage of the rebate under the federal GST/HST First-Time Home Buyers Rebate program.
The rebate might be as high as $130,000 for homes priced up to $1.5 million. For properties valued at $1.85 million or more, the rebate would be significantly lower at about $24,000.
“Ontarians have seen costs increase as a result of ongoing economic uncertainty, so it is more important than ever that we continue to keep costs down to make life more affordable for families and individuals,” said Peter Bethlenfalvy, Ontario’s Minister of Finance.
The province anticipates that this rebate could spark around 8,000 new housing projects over the next year while supporting up to 21,000 jobs.
“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,” said Ontario Premier Doug Ford.
The federal government has also agreed to share costs with Ontario, with this collaboration expected to deliver nearly $2.2 billion in combined tax relief for housing within the province.
“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,” said Ford.
The full details regarding Ontario’s HST plans are expected to be unveiled alongside its budget on Thursday.
***This story was written by Logan Bueckert-Charlebois. Logan is a student in Fanshawe College’s journalism program and is currently interning with CKNews Today. ca
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