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In a significant move to ease the financial burden on first-time home buyers, Canadian Prime Minister Mark Carney announced today that the government will remove the Goods and Services Tax (GST) for homes priced up to CAD $1 million. This policy change is expected to save new homeowners up to CAD $50,000, helping more Canadians, particularly young people and families, enter the housing market.
The elimination of the GST will reduce upfront housing costs, making home ownership more accessible. With lower costs, more Canadians will be able to retain their savings, potentially accelerating their ability to purchase homes. Additionally, this policy is expected to stimulate the construction of new homes, increasing the overall housing supply in the country.
Carney emphasized the government’s commitment to affordability, stating, “Our government is laser-focused on lowering costs for Canadians and making home ownership a reality.” By removing the GST, the government is further promoting home ownership and demonstrating a strong commitment to addressing the country’s housing challenges.
This measure is part of broader efforts to reduce living costs and support Canadians in achieving their dreams of home ownership. As the housing market continues to face challenges, the policy aims to ease access to home ownership while simultaneously boosting the construction sector to meet demand.
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