HUGE NEWS for first-time home buyers in Canada!

The Canadian government has made good on their promise and introduced a new GST relief plan for people looking to enter the housing market for the first time. This is a welcome step towards reducing the financial burden of purchasing a home and will stimulate housing developments across the country.

Here’s what you need to know if you’re looking to give up your rent and get into the housing market:

• 100% GST Rebate for first-time home buyers purchasing a newly built home valued up to $1 million, saving potentially up to $50,000.
• Partial GST Rebate for new homes priced between $1-1.5 million with savings decreasing as they near the $1.5 million mark. Homes valued at more than $1.5 million do not qualify for the GST rebate.
• Rebate applies only to first-time homebuyers who are 18+ and only to deals signed on or after May 27, 2025.
• The Rebate is limited to newly built homes only – either from a builder, an owner-built home, or co-operative housing units. Resale homes do not qualify.
• In Ontario, the Ontario New Housing Rebate is also still in effect which can provide a partial refund on the provincial part of the HST paid on new homes as well. Partnered with this newly announced GST Rebate, entering the housing market in Ontario is finally getting a little easier.

The GST Rebate will be available until 2031 and is expected to gross $3.9 billion in tax savings for Canadians over the next five years.

For more detailed information and to access the necessary application forms, please visit the Canada Revenue Agency’s official page on the GST/HST New Housing Rebate.

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