The Toronto Regional Real Estate Board (TRREB) applauds the Ontario government’s leadership in announcing a new rebate to provide much-needed relief to first-time homebuyers. By removing the full 8 per cent provincial portion of the HST on new homes valued up to $1 million, the province is taking critical steps to protect the dream of homeownership in Ontario.
TRREB has been among the strongest supporters of HST relief for new homebuyers and has called for this relief with partners in an Ontario Housing Coalition of builders, REALTORS®, business groups, trade associations, not-for-profit organizations, and rental providers. TRREB’s 2024 Fair Taxes on Ontario Homesreport also highlighted the need to lower the HST on new housing to save homebuyers tens of thousands of dollars in taxes. With homeownership increasingly out of reach for many Ontarians, this bold move signals a commitment to lower costs and stimulate the construction of more homes, ensuring that more Ontarians can access the housing they need and deserve.
TRREB thanks Finance Minister Peter Bethlenfalvy and Municipal Affairs and Housing Minister Rob Flack for their leadership in introducing this initiative. Their commitment to addressing the affordability crisis is clear. We strongly advocated for a similar recent relief of the 5 per cent GST recently announced by the federal government, which, paired with the 8 per cent provincial relief, will help first-time buyers save up to $130,000 on new homes.
We must prioritize measures that help more people achieve the dream of owning a home. This rebate is a vital step in the right direction and will resonate for years.
Elechia Barry-Sproule
TRREB President
To learn more, visit TRREB
