There is positive news for Canadians looking to enter the housing market. The federal government has announced that new affordability legislation has received Royal Assent, officially bringing into effect an enhanced GST rebate for first-time homebuyers purchasing newly built homes.
Under the updated program, eligible buyers can now receive a full federal GST rebate on new homes priced up to $1,000,000, along with a partial rebate on homes priced between $1,000,000 and $1,500,000. This measure is part of a broader effort to improve housing affordability, support homeownership, and encourage the construction of new housing across Canada.
For first-time buyers, these changes may result in significant savings at closing, helping make the transition into homeownership more attainable.
If you are considering purchasing a newly built home, this new rebate program is an important opportunity to explore.
