Ontario's New Tax Break for New Homes

0:00It's March 25, you're listening to Canada News today, AI-powered local news. Ontario home buyers could soon get a big break on taxes for new builds. The Ford government plans to drop the provincial part of the harmonized sales tax on all newly constructed homes for one year only. This move aims to spark a sluggish housing market ahead of the spring budget. Earlier, the province offered $470 million over three years just for first time buyers matching a federal rebate that saved. Up to $130,000 on homes under $1 million, but sales stayed flat, so now the deal opens up to everyone to create quick demand. Officials like Premier Doug Ford and Finance Minister Peter Bethan Fowley have hinted at the change without confirming details. Ford stressed it will help construction workers and get more homes built while Bethan Fowley called the Fortability Key for dreamers and the industry, a LIGRA. Banking starts hit just 62,561 last year, far short of the 1.5 million homes targeted

1:04by 2000. 31. The wider tax waiver might cost $2 billion, adding to a record $236 billion budget and a $13.4 billion. Dollar deficit. The Finance Minister tables the budget on March 26, so keep an eye out for how this shakes up the market.