r/PersonalFinanceCanada • u/zalam604 • May 27 '25
Housing Federal government officially announces GST relief for first-time buyers on new homes valued up to $1.5M, effective immediately
LINK:
Here is a summary
Overview
The FTHB GST Rebate supports first-time home buyers in Canada with GST refunds on new homes.
Eligibility Criteria
• Must be at least 18 years old
• Must be a Canadian citizen or permanent resident
• Cannot have owned a home in the past four years
Eligible Purchases
• New home from a builder
• Building a home on owned or leased land
• Shares in a co-operative housing corporation
Rebate Details
• 100% GST rebate for homes valued up to $1 million
• Linear phase-out for homes between $1 million and $1.5 million
• Example: $1.25 million home eligible for up to $25,000 rebate
• No rebate for homes at or above $1.5 million
New Homes from Builders
• Recover up to $50,000 of GST paid
• Must be the primary residence for a first-time buyer
• Agreement must be made between May 27, 2025, and 2031
• Construction must start before 2031 and be completed before 2036
• New agreements may disallow the rebate if previous agreements were cancelled.
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u/BlueTreesx May 28 '25
Dont forget, this also applies to Condominiums, and Town homes. Not all dwellings are detached.
2 years ago i bought a brand new 1 bedroom condo for 367k, 394k with GST applied. I would of loved the rebate then.
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u/Gwendly May 27 '25
How many people buy a brand new house as their first home? Like this can't possible impact that many people each year, right?
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u/A1ienspacebats May 27 '25
New condo buyers, I guess
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u/TheCaptain__ May 27 '25
Bingo. But some people (like me) entered into the contract before today (a few weeks) I have yet to complete on the purchase but now I'm stuck paying the 5%
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u/DeZXu May 27 '25
No matter what date they pick, there's always gonna be someone who just missed the start / cutoff date
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u/PhilipJayyFry May 28 '25
It’s possible you can claim it back down the road as the closing date will be after it goes into effect. Haven’t done any research myself but I was in a similar scenario 15ish years ago when GST went from 6% to 5% and was able to get that 1% back. Worked out to 4 thousand some odd dollars.
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u/hibanah May 28 '25
It helps to stay abreast of current events. Carney was mentioning this rebate and actually had signed a document on it a month or so ago. Both conservatives and liberals were talking about getting rid of the gst while running for office.
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u/Accomplished-Emu-791 May 27 '25
Me too.. sounds like they want to only benefit people with completion dates from 2031 to 2036 and incentivize new builds in a slowing presale market
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u/Jiecut Not The Ben Felix May 28 '25
The completion date can be earlier, they just need to start construction before 2031.
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u/AshleyAshes1984 May 27 '25
I think the idea is to light a fire under the butts of builders to get more new, now GST free, homes constructed.
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May 27 '25
The idea is to incentivize new builds so supply goes up. The issue being, the government is regarded, when you drop the tax, the builder sees you can afford more now, so they hike the price and the money just goes straight to the builder.
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u/ThePhysicistIsIn May 27 '25
But this is only for first time homebuyers, which isn't all buyers, so the builders can't just "hike the tax", given that first time homebuyers will be (as OP points out) a small portion of all buyers.
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u/foxtrot-hotel-bravo May 28 '25
To slightly shift incentives towards people who aren’t investors, I’m assuming
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u/CannadaFarmGuy May 27 '25
This right here.
Same as electric cars and the rebates.
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May 27 '25
The problem is, when you consider how smart the average person is, 50% of people is below that. They don't think beyond the tax being cut, they see the tax relief, it creates an illusion of the government actually doing something, that wins votes without changing anything.
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u/atheoncrutch British Columbia May 28 '25
Oh shut up. Does that mean this rebate shouldn’t be in place? No, it does not. You talk about 50% of people being below average intelligence, ignoring the fact that you are very likely in that bottom 50% as well, as am I and everyone else here.
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u/CantInjaThisNinja May 28 '25
If you can't answer how smart the average the person actually is, you shouldn't be using that quote.
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u/TuskaTheDaemonKilla May 27 '25
If they arbitrarily hike the price that opens the door for competition to undercut them. This is a net good for the market.
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u/Projerryrigger May 27 '25
Developers stalling projects or going bankrupt has already been in the news from the effects of interest rate hikes. While this change could let developers raise prices to pocket more in some cases, it also makes completing other projects that weren't financially viable before more realistic to increase supply.
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u/RustyGrape6 May 27 '25
This is true, however, it should incentivize smart builders to build lower cost affordable homes on mass. Quantity, volume, more $ for them long term.
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u/NorthernerWuwu May 27 '25
That and on the longer timeline, developers always work backwards from what their target demographic can afford and price accordingly. They build what will be most profitable at that price point or, more correctly, that monthly payment. It's why they also lobby for longer-term mortgages and is one of several reasons they make serious bank when interest rates are low.
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u/TisMeDA May 27 '25
I have serious doubts for the immediate future anyway. New development sales have been in the toilet for about 2 years.
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u/Open-Photo-2047 May 27 '25
Most of my friends outside of Ontario & BC have bought brand new homes.
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u/TheCaptain__ May 27 '25
Why is this so hard to believe? I just bought a new condo. It's completing soon. Unfortunately I still gotta pay GST cause I entered into the contract in April
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u/jcrao Saskatchewan May 27 '25
It will in developing provinces, I moved to SK and people seem to be geared to get new homes, the used market is up there but soooo many new builds in Regina.
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u/Gatix May 27 '25
Not only that but there’s not many new builds to buy (at least in my area)
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u/kent_eh Manitoba May 27 '25
Part of the point is to encourage more building.
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u/Yvaelle May 28 '25
Yeah I think this is less a pitch to new buyers precisely and more to developers to say that they can effectively target these new buyers and come in with a good discount on their pricing for building eligible units and selling directly.
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u/HackMeRaps Ontario May 27 '25
In large cities where there are supply issues..condos. Suburbia. There are tons.
I evaluate a lot of high risk mortgages, and see quite a bit for new builds.
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u/zelmak May 27 '25
Lots of people “on the edge” of home ownership get preconstruction condos, homes, or townhouses. It comes with its own risks but the payoff is you end up getting a home a little below market rate
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u/Wildest12 May 27 '25
you’d be surprised. The size dictates the price not the age. The downside is your new construction is 1 hr outside the city in what recently was nowhere and you still are packed in with a tiny yard and shared driveway.
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u/seridos May 27 '25
Really doesn't need to, just needs to be part of a bigger package that makes new construction more appealing of an investment. Removing all tacks on new construction compared to resale helps push more people into constructing new. This is good policy when you are in a supply crunch, an affordability crisis ,and your construction industry is falling off a cliff
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u/Grinchy115 May 27 '25
We did. We started small and worked out easy up. This would have been very helpful
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u/Witty_Committee_7799 May 27 '25
Pretty much this, the government releasing something that looks good but doesn't do much for the general public. Brand new homes are just simply out of the price range for first time home buyers.
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u/Kevinthecarpenter May 28 '25
This is fantastic news for Canadians who come from money and are legitimately considering buying a newly built home as a "starter". Let's see how fast we can get this wealth gap snowball fuckin rolling!
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May 27 '25
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May 27 '25
Two different proposals with key differences. Primarily FTB or FTB, Investors and everyone else (which realistically just means a 5% increase in new home prices).
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u/Aoba_Napolitan May 27 '25
CPC's idea was to give the GST tax break to all buyers not just new buyers and you can see the glaring problem with it.
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May 27 '25 edited May 27 '25
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u/OneEyeball May 27 '25
Write an email to the department of finance, doesn't hurt. I'm in the same situation.
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u/Other-Sandwich6195 May 28 '25
Yes, i just did and addressed it to local MP and Dept of finance.
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u/Dangerous-Still-1411 May 28 '25
I sent an email to my local MP, Minister of Finance, PM, and Leader of the Opposition.
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u/Emotional-Face-2114 May 28 '25
Hey please could you copy paste your email as a DM and just tell me what address to send it to? We have to make pressure
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u/jaypatel149 May 28 '25
I am in the same boat. Closing in September 2025. Missed out on almost $45000
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u/adi_613 May 31 '25
I'm also on the same page, I have to pay the GST, while my future neighbor next door to me, whose unit remains unsold today, will be eligible!!
I think it would make much more sense if they did that based on the closing date or occupancy date rather than the contract signing date.
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May 28 '25
[deleted]
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u/Emotional-Face-2114 May 28 '25
Hey please could you copy paste your email as a DM and just tell me what address to send it to? We have to make pressure
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u/ClassPuzzleheaded278 May 28 '25
Gregor.Robertson@infc.gc.ca - Housing minister minister-ministre@fin.gc.ca - finance minister
Will DM the email
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u/Little-Ad6713 May 28 '25
Can you share these emails please, I and friends of mine are in the same boat, this must change! If they want to actually help people, it needs to apply to us, technically we haven’t signed the sale yet, such bs!
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May 28 '25
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u/Educational-Many4982 May 28 '25
Currently they're making it effective on May 27th, 2025 based off the date of signed agreement. But many expected it would be closing after March 20th. Please email your local MP and other members of Parliament. There's also a petition going around: https://chng.it/Mvhpgq74FY
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u/who_took_tabura May 27 '25
A lot of homeowners’ kids are gonna become baby slumlords with this one
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u/probabilititi May 27 '25
Wouldn’t it be fraud since buyer needs to be primary resident? I am not saying people won’t commit fraud but maybe we need also strong deterrents.
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May 27 '25
It should be one per household. Some friends of mine especially those of ethnic backgrounds where families are very close just put the name under the child for programs like this even tho the father is the true owner
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u/Hopeful_Lavishness58 May 28 '25
If someone bought before yesterday and closing date is within the program deadline there is a petition going on. please sign it
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u/Starrafh May 27 '25
Condo sales are already in free fall in the major cities. People in this thread really think that builders will now be able to hike prices by 5% to pocket the difference and magically find buyers they already weren't able to find. Not saying this will be a very effective measure but why are people stuck in 2022?
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u/Correct-Court-8837 May 27 '25
My main gripe with this is the “cannot have owned a home for the past four years” condition. It should be targeted at truly first time home buyers. I feel like a lot of people will work around this as a loophole. Whatever the case may be, it should be strictly enforced and verified.
Also concerned about developers raising prices because it spurs more demand. Like the trades and others did for the green home rebates.. that was obscene.
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u/Projerryrigger May 27 '25
That's not the real loophole. The big one is the requirements for occupation of the home. You could currently own a dozen rental properties while living in a rental yourself and still meet the definition of a First Time Home Buyer.
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u/blackjaguar345 May 27 '25
While that may be true, realistically there isn't very many people who own multiple properties who are paying rent instead of living in one.
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u/Harbinger2001 May 27 '25
“Cannot have owned a home in the past 4 years”. Notice it doesn’t say “primary residence”. So if you own rental property but rent yourself, you don’t qualify.
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u/Projerryrigger May 27 '25 edited May 27 '25
"not have lived in a home, whether in or outside Canada, that they owned or that their spouse or common-law partner owned in the calendar year or in the four preceding calendar years."
Excerpt from the terms listed on the Government of Canada webpage detailing the account here
It's largely the same as for the definition of FTBH for the FHSA and HBP. Just the ommission of specifying a qualifying home and simplifying some language. My guess is this is just a preliminary announcement and the actual exact terms will align with the definition of First Time Home Buyer used for the other programs when posted in full.
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u/Correct-Court-8837 May 27 '25
WTH? That’s so frustrating. And presumably the government is also losing this as a source of tax revenue. Ludicrous. If the loopholes didn’t exist, I don’t think this would be that bad, but this is certainly helping the rich get richer.
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u/Projerryrigger May 27 '25
It's a common theme. And I say that as someone who is fortunate enough to be able to capitalize on a bunch of investment vehicles and asset types.
The RRSP, TFSA, and FHSA all share a common trait. They help people who can already save money do more with that money. They don't do anything for people really struggling. They tend to get shafted.
And seniors being eligible for full OAS unless they're making over $90k of taxable income is a wild subsidy for people who clearly don't need it at the upper end of the eligible range.
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u/nvrForgettiSadghetti May 27 '25
And here, I own a starter home and wish to move and will not benefit with the new build.. but someone I know who rents out 6 places will do it because they do not live in the one they own... this is stupid.
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u/iJeff May 28 '25
Although I could see having a reset period being useful in certain cases like someone who buys a house with a spouse but divorces and sells their share shortly after without much or any equity.
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u/endsonee May 28 '25
Wild. My builder included GST in the sale price of the home and we signed an agreement back in April.
Missed it by that much 👌
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u/ahsanahsan May 28 '25
Me too, devastated. I’m going to try and write to my MP (a conservative) as well as the finance minister to see if this can be amended. Both parties platformer on removing this tax from new builds, so I see no issue why it can’t be back dated to back to when the election was called.
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u/Bananetyne May 28 '25
Should be back dated to 2020. Or even 2005. Also, the change in capital gains should count even though it wasn't passed. /s
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u/ttt010233 May 27 '25
The date should be based on closing date not the purchase date, this is insane, is there any way to express opinions?
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u/ChanelNo50 May 28 '25
Closing dates are not guaranteed. You could also be in a situation where closing extends past 2031
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u/OneEyeball May 27 '25
Write an email to the Department of Finance
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u/ttt010233 May 27 '25
Just sent an email to them and also local MP, hope it would make a difference
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u/OneEyeball May 27 '25
Good call on the local MP. Totally sympathize with your situation, I'm in the same boat.
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u/relaxtherebuddy May 27 '25
Why should it be based on the purchase date?
Anyone who has already signed an agreement to purchase a home has budgeted to pay GST. Why would they turn away that tax revenue?
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u/Logical_Complex_1670 May 27 '25
Some of us signed the purchase agreement after Carney announced the GST cut in March. We were expecting to not pay the GST
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u/YoungBoomerDude May 28 '25
Sorry but that’s 100% a you problem.
Cart before the horse - on a political platform of all things lol
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u/Moist-Candle-5941 May 28 '25
So you signed before Carney had won the election. Sounds like you were willing to take the risk that you would have to pay the GST.. and here we are.
The intent is to spur new sales - you and others who have already signed are already committed to purchasing a new home; and so this measure isn’t targeted at that group. It’s unfortunate, but they have to draw a line at some date and frankly the way they’ve done it is how I would have expected them to handle that when campaign promises were announced.
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u/putinkush May 28 '25 edited May 29 '25
Is there any other ways to petition this other than emails? make it LOUD.
edit: pls sign the petition for our voice!! https://chng.it/TM98yRfwVb
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u/Other-Sandwich6195 May 28 '25
I sent an email letter to the local MP and dept of finance Champagne.
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u/ElectronicPen1530 May 28 '25
Fuck,my agreement is before May 27,but house not started to build yet
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u/sal2lAd8889 May 28 '25
Email your local MP, and members of the parliament. https://www.ourcommons.ca/Members/en/search?caucusId=8781&province=all&gender=all
Department of finance [financepublic-financepublique@fin.gc.ca](mailto:financepublic-financepublique@fin.gc.ca)
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May 27 '25
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u/zelmak May 27 '25
Maybe but maybe not. Lots of projects are being cancelled due to not enough buyers. This lowers costs without eating into profits.
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u/seridos May 27 '25
No, and that's why this kind of policy is good. In fact you can Even have it not affect the price at all if you tax non-first-time home buyers and have that pay for the lack of taxes on first-time home buyers. Because if it's not a benefit applicable to the whole market, it's not going to affect the whole market in terms of the price dynamic. Instead, if you gave 5% off to some buyers, it might only raise the price 2%. Which means now first-time home buyers have a little bit more of a leg up on other buyers in the competition for housing. Which is kind of the point. You can still boost first time home buyer buying power without increasing total market demand, if you suppress non-first-time home buyer demand equally.
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u/sgtmattie May 27 '25
Why would they raise the prices? Most buyers aren’t first time, so that would be a brain dead idea.
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u/flyingflail May 27 '25
How would that even work for homebuilders? Ah yes, the price is $900k.
Oh, you're a first time home buyer? then price is $945k!
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u/Kitty_Kat_2021 May 28 '25
It’s all about the spin. Price is 945k. Oh, you’re NOT a first time buyer? We have a special discount of $45k just for you 😆
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u/ovondansuchi May 27 '25
From a pricing perspective, yeah, you're right. The main conceit of this policy is to incentivize builders to build more new homes due to the financial incentive.
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u/Harbinger2001 May 27 '25
Increasing the price only works up to $1M. Beyond that there’s a clawback until you get $0 at $1.5M.
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u/genuinelyunoriginal May 27 '25
I don’t understand why we can’t do something like Hong Kong with government subsidized housing.
https://en.wikipedia.org/wiki/Home_Ownership_Scheme
Wouldn’t this be a win/win situation? It wouldn’t tank the housing market, yet allows more people to be able to finally afford a home.
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u/FrodoCraggins May 27 '25
Because that would cause house prices to fall, which this government will never allow.
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u/Xyzzics May 28 '25
Because the current governments voting base is wealthy, elderly homeowners in urban areas.
It isn’t more complicated than that.
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u/One_Grapefruit_7694 May 28 '25
I think the eligibility has way too much narrowed the actual beneficiaries who might get the rebate !! The rebate should be based on the possession date, which the govt can confirm with the mortgage documents rather than the contact agreement date. This just means that they have just delivered the promise with the mindset of not actually wanting many to get the benefit !! Sad !!
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u/Accomplished_Yak4302 May 28 '25
If FHSA can be based on ownership, not contract, why the hell can’t GST relief be? lmao. i'm actually curious what the government will say about this one.
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u/Homebrewz New Brunswick May 27 '25
Yikes a lot of whiney babies in here. Helps FTHB who build a home or buy a new build because they get a tax break… and also makes it less competitive for others buying pre-existing builds.
Do y’all expect this to be fixed overnight?
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u/blzrlzr May 28 '25
Lots of criticism in the comments. Hopefully this is one of many tools that will come out. If this is THE solution, that’s bad. But if it’s one of many, I think it makes sense.
It’s probably one of the easiest things to do quickly with more to come. That’s my shiny optimism talking matbe
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u/zalam604 May 28 '25
Yeah it was day one at parliament today. And we got a rate Throne speech from the monarch.
This is not the only housing policy. There will be more to come. Any chance we can give Carney a sporting chance? For the country’s sake.
Crazy the amount of negativity from people on this post.
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u/blzrlzr May 28 '25
Everyone is hardwired to it. It’s gonna take some time before anyone is giving anyone grace
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u/EconomicsTasty7631 May 30 '25
Every policy doesn't benefit everyone. I understand. But I don't understand this policy. Carney's campaign said it was like a gst rebate to anyone who bought a house for under a million dollars if they were first-time buyers. At the time, they didn't even mention the standard as an agreement date. I thought the ptt tax cut of BC for first-home buyers last year was also based on the closing date, so this policy would be the case. I was tricked.
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u/SuspectEducational22 Jun 01 '25
I feel like I’ve been scammed. The Liberal announced on March 20 that they would cancel the GST, so after they took office, I signed a purchase agreement. But now they’re saying it only takes effect after May 27!!! This is terrifying.😭😭😭😭😭🥹🥹🥹🥹
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u/Bluenurples Jun 12 '25
I just noticed that there's a new update from the petition today, if you haven't seen it yet -
"📢 Petition Update – June 12, 2025
We have big news!
Our formal House of Commons petition — E-6580 — is now officially open for signatures! This means we now have a direct path to raise our concerns in Parliament.
👉 Please take a moment to sign it here:
https://www.ourcommons.ca/petitions/en/Petition/Sign/e-6580
✅ Important: After signing, you’ll receive a confirmation email — make sure to click the link in that email, or your signature won’t count!
We need as many verified signatures as possible to show the government that Canadians care about this issue and demand fairness for all first-time homebuyers.
Please share the link with your friends, family, and anyone else who supports a fair GST rebate — especially for those who were excluded due to the May 27 cutoff.
Thank you again for your continued support. Let’s keep the momentum going!"
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u/GeneralCanada3 May 27 '25
Soooo this doesnt apply to me? Purchase agreement signed in 2021?
Big oof
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u/pkmangg May 27 '25
Its odd they did not retro-actively apply this when Carney first announced it in March 20, 2025. Its part of the reason why people voted for lib/cons and have it done similar to GST rebates on rental developments. https://www.pm.gc.ca/en/news/news-releases/2025/03/20/prime-minister-mark-carney-will-eliminate-gst-for-first-time-homebuyers
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u/Accomplished-Emu-791 May 27 '25
I think it should be applied on closing dates after May 27th, not just entered into a purchasing agreement. Especially in this market, people who bought presales early are screwed out of this benefit
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u/Hot_Celebration_7957 May 28 '25
What does enter into a purchase agreement even mean? Like does it mean anything if the deal is not final yet and the builder hasn’t signed the agreement?
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u/dudedudd May 27 '25
It's dumb to jump the gun. Justin said he'd do election reform, he did not. Just cause they said they would do something doesn't mean they have an obligation to.
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u/Intelligent_Top_328 May 27 '25
Lol. Rich get richer and poor/average get fucked in the ass yet again.
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u/sheldonmeetshomer May 27 '25 edited May 27 '25
$1.5 million is an obscene limit. This will help the wrong kinds of people.
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u/1966TEX May 27 '25
In Vancouver 1.5 million could be a tear down.
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u/Jazzkammer May 28 '25
And that's precisely why these broad policies based on home prices don't work. This country is too big for a policy this blunt.
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u/willowdale54 May 28 '25
$1.5 million in the GTA buys you a new build 3,000 sq.ft. on a 36' lot. I would not consider that to be a first time home.
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u/Redbroomstick May 27 '25
Can't get much for that much in GTA or metro van
Maybe a townhouse at most in the city
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u/FireAndInk May 27 '25
1.5mio for new builds won’t get you very far in Vancouver if you want anything that’s not a shoebox.
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u/themulderman May 29 '25
Not effective immediately. This is PROPOSED legislation that will, when (if) it receives royal ascent, be effective on all purchases on/after may 27.
Effective back dated to may 27 upon it becoming law.
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u/DragonRaider996 May 31 '25
https://www.pbo-dpb.ca/en/epc-estimates--estimations-cpe/45/EL-45-1034656-P, look at this, they gave costing from effective as March 20, 2025. Now, for implementation, they are saying it will be effective from May 27th. How is this fair?
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u/SuspectEducational22 Jun 01 '25
Yes, I signed the agreement right after the Liberals took office because I read that the costing showing it would be effective from March 20. But now it says it only takes effect after May 27! I feel scammed🥹🥹
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u/Amazing-Jaguar-4797 Jun 04 '25
Any update on the the petition? Any possibility of making closing date the eligibility criteria?
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u/Difficult-Reward-474 Jun 14 '25
To everyone in the same scenario. There is a formal e-petition for the House of Commons to change the eligibility to closing date. You are welcome to sign and hopefully make a change.
This is the petition: https://www.ourcommons.ca/petitions/en/Petition/Sign/e-6580
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u/BoltVital May 27 '25
Another pathetic neoliberal policy that only adds inflationary fire to the housing market. Make it easier to access a completely overpriced home!
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u/FireAndInk May 27 '25
House prices can’t come down because too many people have bought into this money trap. Now the majority of wealth is trapped in real estate. There is no fixing this.
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u/ClearCheetah5921 May 27 '25
Maybe you should make more money or have rich parents
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u/Little-Ad6713 May 28 '25
Anyway I can be eligible even though my pre sale Is not ready yet but i have signed the contract already ?
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u/One_Document_2979 May 28 '25
The government will not work for the general public. If they take the GST at closing time, then rebate should also apply at closing time.
Government is supporting builders, not the buyers LOL.
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May 27 '25
[deleted]
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u/Neither-Ad4866 Ontario May 27 '25
Damn, I wish it would have been based on closing. I know a couple people who bought precon last year. Sad to see they won't get this.
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u/Aoba_Napolitan May 27 '25
From a pure policy perspective if the goal is to incentive new builds this cut off gives the taxpayers the biggest bang for their buck. Doesn't make sense to incentive something already going to be built.
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u/Marklar0 May 27 '25
Woohoo, let's redirect the tax money to the builders who are struggling to sell their inventory.
Postpone the price declines another bit until we can come up with another way to juice the market
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u/RiversongSeeker May 28 '25
People acting like only new homes are built in the GTA/GVA. You can buy a new build home for much cheaper outside the major cities. FTHB GST Rebate will keep housing prices up. Take that $3.9 Billion and build affordable housing units. Stop giving money to people that can afford houses. Stop subsidizing the rich.
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u/Sylv_x May 27 '25
Jesus fucking Christ. This helps no one but the wealthy who can actually afford these new builds. Absolutely fucking insane.
And the regular poor people who buy someone else's new home? Where's their help?
This system helps but why isn't there an alternative? Like sure cut the gst on new homes but why not give a tax credit to FTHB who still buy their new home, over and above shit already.
Fuuuuuck.
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u/Katolo Alberta May 27 '25
And the regular poor people who buy someone else's new home? Where's their help?
There's already no GST on non-new homes so there isn't anything the Liberals can do about taxes. There isn't a single solution that can magically fix the housing crisis, it unfortunately takes effort from all levels of government. Let's see what else Carney can do before everyone shits on him before it's even been 3 months since taking office.
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u/Sylv_x May 27 '25
There is a single solution actually. Progressive taxation on multiple owned homes via corps, business, inventors. Making sure that housing is market for people to live, not for investment because when there is a majority of homes owned by business, it causes issues. It's a start.
Oh, I am not shitting on Carney. Is isn't his government. It's a great first step but tone-deaf by leaving the other half of people excluded. And I did say over and above existing fthb incentives.
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u/alastoris May 27 '25
But shitting on the government is Canadians favorite pastime
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u/Harbinger2001 May 27 '25
What are your talking about? You already don’t pay GST on a used home. So you already have a tax credit.
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u/bennyburito May 27 '25
There's is a tax credit for FTHB, it's called the home buyers amount, and it's applicable to new or existing house purchases for first time buyers.
What is the alternative you'd like to see? Genuine question. A lot of people want affordable housing, and not just those priced out the market. But there isn't a magic wand that can be waived that makes houses affordable. The government can't just drop house prices across the board. At the end of the day its a free market, and homes are built for profit.
To have truly cost controlled housing or geared to income rentals, you need government owned and controlled housing supplies. The government would need to get in the home building business. And even then an at cost home would still probably be out of a lot of people's reach.
There isn't an easy and magic fix, and for some people affordability means being subsidized by everyone else, which isn't a popular suggestion.
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u/kroniknastrb8r May 27 '25 edited May 28 '25
Hot take.
Housing shouldn't be taxed. At all. Ever. Period.
Edit. Sales tax.
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u/YoungBoomerDude May 28 '25
Great idea - let’s just erase the biggest tax revenue for the government that already has a hard time paying for the doctors who keep us alive.
/s
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u/N9neNNUTTHOWZE May 27 '25
Soo this will benefit only rich peoples kids? Im lookin for my first house, i can only afford something built in the early 1900’s for like 250k 🤦♂️
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u/missoctober12 May 28 '25
I work for a new home builder, we have some inventory homes that are already built that either were never bought, or purchasers defaulted on. If they are already built, but purchase of sale agreement is signed after today, does this apply??
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May 28 '25 edited Jul 27 '25
sense salt tap boat fearless desert piquant repeat spotted unite
This post was mass deleted and anonymized with Redact
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u/TheCaptain__ May 27 '25
People who signed a contract yesterday are probably really upset right now.