New First-Time Home Buyer Program!

The GST Rebate for First-Time Home Buyers has officially come into effect! After being announced last spring by the federal government, Bill C-4 received Royal Assent last Thursday.

What does this mean for first-time buyers? This law eliminates the Goods and Services Tax (GST) for first-time home buyers on new homes up to $1 million and reduces the GST on homes between $1 million and $1.5 million. The rebate applies to agreements of purchase and sale entered into on or after March 20, 2025, and before 2031. Here is a link to the federal government’s website with more information — click here.

Buying pre-construction has many pros and cons that buyers should be aware of, with the 5% GST being one of the major hurdles for first-time buyers, since this does not apply to used residential real estate. Buying pre-sale is not for everyone, but if you ever want to discuss the pros and cons, or any potential projects or opportunities, we’d be happy to chat.