Exciting news for aspiring homeowners! The Government of Canada has just announced a major policy shift that will make homeownership more affordable for first-time buyers. Prime Minister Mark Carney will eliminate the Goods and Services Tax (GST) on homes priced at or under $1 million for first-time buyers. This is a significant move that will have a profound impact on the real estate market and the dream of homeownership.
This policy change brings substantial benefits for first-time buyers, making it easier than ever to step into the housing market:
-
Huge Savings: With GST eliminated, you could save up to $50,000 on your home purchase, making that down payment far more achievable.
-
Increased Affordability: Lower upfront costs mean that homeownership is now within reach for many who previously found it out of budget.
-
Boost to Housing Supply: The elimination of GST is expected to encourage new home construction, increasing housing options for buyers across Canada.
Who Will Benefit:
This policy is specifically designed to assist first-time homebuyers. If you’ve been considering purchasing your first home, now is the perfect time to make your move. With reduced costs and increased affordability, you could finally turn your homeownership dreams into reality.
Industry experts and real estate professionals, including the Toronto Regional Real Estate Board (TRREB), have welcomed this decision as a positive step toward tackling housing affordability. The policy is expected to stimulate the real estate market, particularly in the pre-construction and newly renovated home sectors, creating more opportunities for buyers.
If you’re a first-time homebuyer, this is an opportunity you don’t want to miss. The elimination of GST could be the push you need to finally secure your own home. But as we all know, in real estate, timing is everything.
As your trusted realtor, I’m here to help you navigate this exciting new landscape. Whether you’re just starting to explore your options or are ready to take advantage of this incredible opportunity, I’m here to guide you every step of the way.
Source: https://www.pm.gc.ca/en/news/news-releases/2025/03/20/prime-minister-carney-will-eliminate-gst-first-time-homebuyers