this post was submitted on 21 Mar 2025
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PM Mark Carney Announces Elimination of GST on New Homes (www.cpac.ca)
submitted 6 days ago* (last edited 6 days ago) by merc@sh.itjust.works to c/canada@lemmy.ca
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First time home buyers will not be charged GST (5%) when buying a home, as long as the place they're buying costs less than $1M. This means that people buying a home for the first time will save up to $50k on their purchase.

Edit: Note, GST is mostly only charged when buying newly built homes, so this won't have any effect for people buying used homes.

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[–] UraniumBlazer@lemm.ee 1 points 6 days ago (1 children)

It's still a step in the right direction tho, eh? Of course, it needs other policies in addition to it like:

  • MANY preapproved house designs to spend less time in bureaucracy. I think Carney's already doing that, right?
  • Removing single family zoning. This comes under provincial/municipal governments from what I know. My municipality has already done this.
  • The big tax thing you suggested. I would go ahead and say that there should be an outright ban on owning more than 2/3 properties by private individuals/corporations (this excluded non profit housing coops). But yeah, it'll be wildly unpopular. See how the carbon tax turned out.
[–] merc@sh.itjust.works 4 points 6 days ago

Yeah, it will help a bit. But it's a really, really big problem. I think it's going to take decades to fix. But, if they can at least make it so house prices stabilize and only increase at the same rate as everything else in the economy, that would be a big step in the right direction.