Exciting news! The federal government has officially passed legislation that removes the GST on many newly built homes for first-time homebuyers. The new program allows eligible buyers to recover up to $50,000 in GST, helping reduce the upfront cost of purchasing a newly built home. The goal is simple. Help more Canadians enter the housing market while encouraging the construction of new homes across the country.
Learn more from the Government of Canada.
Who Qualifies?
To qualify for the new First-Time Home Buyers’ GST Rebate, purchasers must meet several eligibility requirements established by the Government of Canada. This rebate is designed to help make homeownership more attainable for Canadians entering the housing market for the first time. To be eligible, you must meet the following criteria:
· Be 18 years or older
· Be a Canadian citizen or permanent resident
· Not have owned and lived in a home in the current year or the previous four calendar years
The rebate applies only to newly built homes. Previously owned or resale homes are not eligible under this program. Qualifying properties include several types of new housing, such as:
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New homes purchased directly from a builder, including newly constructed townhomes, condominiums, or detached homes.
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Homes built on land you own or lease, where you hire a builder to construct a brand-new home.
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Shares in a co-operative housing corporation, where purchasing a share provides the right to occupy a newly built unit.
This program is specifically intended to support the construction and purchase of brand-new housing, helping first-time buyers enter the market while encouraging the development of more homes across Canada.
How Much Could You Save?
The rebate covers 100% of the federal GST on homes priced up to $1 million, with the savings capped at $50,000. Homes priced between $1 million and $1.5 million receive a reduced rebate, while homes above $1.5 million do not qualify.
Here is what that could look like:
· $425,000 home (GST = $21,250 in potential savings)
· $500,000 home (GST = $25,000 in potential savings
For many buyers, that amount can help offset closing costs, increase a down payment, or simply make the monthly payment more manageable.
What This Means for StreetSide Buyers
Because all StreetSide homes are new construction, many of our homes may qualify for this rebate if you are a first-time buyer.
Most of our pricing already includes GST, which means the rebate can effectively lower the total cost of your home once applied.
For buyers considering a townhome or condominium, this new incentive could make stepping into homeownership a lot more achievable.
If you have been thinking about buying your first home, this program is worth exploring.
Browse our communities and available homes to see what might work for you.
