Royal Assent Enables Expanded Hst Rebate On New Homes In Ontario!

On June 18, Bill C-26 received royal assent, providing $1.7 billion to provinces and territories to help them increase housing supply. This paved the way for the expanded HST rebate on new Ontario homes to launch on the 22^nd, after a three-month wait. The expanded program offers the rebate to all buyers, not just first-time purchasers. The Province of Ontario requested that the federal government rebate its five per cent portion of the 13 per cent HST through Canada Revenue Agency, which apparently led to the delay. Although it was announced on March 25 for new home purchases taking place on April 1 or after, the past three months have left builders in somewhat of a quandary. Now, it is full steam ahead, which is bound to give confidence to potential buyers who have held back.

Certainly, this news is great for new home buyers, as Ontario’s expanded HST relief will save eligible buyers up to $130,000. Then consider the fact that development fees are being lowered, and these new measures could save upwards of $200,000 on new homes. This applies to both owner-occupied primary residences and residential rental properties. Other qualifications apply. Check out the Government of Ontario’s HST rebate details at https://bit.ly/44pwWZk.

Adding to the good news, especially for residential developers, the Office of the Superintendent of Financial Institutions (OSF) has made it possible for Canada’s biggest lenders to provide more capital for economic growth and investment. This includes freeing up additional capital for loans for infrastructure and real estate development projects. Things are indeed looking up!