The Toronto Regional Real Estate Board (TRREB) welcomes today’s announcement from the Government of Ontario and Federal Government to extend the elimination of the 13 per cent HST from first-time buyers to now include all buyers of new homes valued up to $1.5 million. The rebate will be capped at $130,000 and reduced further for homes valued above $1.5 million starting April 1, 2026, until March 31, 2027.
Today’s announcement represents an important step toward addressing housing affordability challenges. TRREB strongly supports the decision to extend the elimination of the HST. Removing this tax burden will help lower the cost of new housing, improve the feasibility of bringing new projects to market, and support greater housing supply across Ontario, especially supply of missing middle housing, including multiplexes and mid-rise development units.
Housing affordability remains one of the defining economic and social challenges facing Ontario. Across the Greater Toronto Area (GTA) and Simcoe County, young families, first-time buyers, and middle-income earners are finding it increasingly difficult to achieve the dream of home ownership. At the same time, broader economic uncertainty and borrowing costs have added pressure to an already strained housing market. One of the key drivers of housing affordability is the rising cost of building new homes. Over the past decade, development-related costs, including taxes, fees, and charges imposed throughout the development process, have increased significantly. These costs ultimately get passed on to homebuyers and renters, contributing to higher housing prices and reducing much-needed supply.
TRREB has consistently advocated for this type of reform. Through leadership of a TRREB-led Housing Advancement Coalition, we joined local, provincial and federal builders, innovators, trade and labour associations, rental providers, not-for-profit organizations and other industry partners in calling on governments to expand the HST rebate on new homes to all buyers.
TRREB looks forward to continuing to work with Premier Ford, Minister Bethlenfalvy, Minister Flack and the Federal Government to ensure that policies translate into more homes being built, greater affordability for consumers, and a stronger housing market that supports communities across Ontario.
John DiMichele
Chief Executive Officer
Toronto Regional Real Estate Board
SOURCE, TRREB TORONTO REAL REAL ESTATE BOARD
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