Province planning to remove HST on new homes for 1 year
CBC
The province is planning to temporarily remove Harmonized Sales Tax (HST) for buyers of new homes.
Premier Doug Ford announced the plan Wednesday at a news conference in Mississauga, saying the full 13 per cent tax will be removed for new homes valued up to $1 million from April 1, 2026 to March 31, 2027.
The release said eligible buyers could receive up to $130,000 from the rebate, which will be included in the upcoming provincial budget.
"[This] could stimulate an additional 8,000 housing starts in Ontario next year, supporting up to 21,000 jobs and boosting Ontario’s GDP growth by $2.7 billion," said the province.
The maximum rebate will be available for homes valued up to $1.5 million and then proportionally decrease to a rebate of $24,000 for homes valued at $1.85 million or more, said the release.
The federal government has agreed to split costs with Ontario until legislation passes to cover the federal five per cent HST portion for new homes.
This announcement comes after the provincial and federal government's existing HST rebate for first-time buyers of new homes valued up to $1 million.
The province is taking a "massive step forward" to get more shovels in the ground to build new homes faster, said Minister of Municipal Affairs and Housing Rob Flack in a news release.
"Homeownership is a cornerstone of Ontario’s economic success,” he said. “Ontario thrives only when its people thrive."
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