Ontario Scrapping HST on New Homes

0:00It's March 25, Toronto News Today starts now, AI-powered and ready. I'm Corey, with the story. Ontario has some great news for people saving up to buy a new home. The province is scrapping the full 13% harmonized sales tax on eligible purchases of new homes worth up to $1.5 million. That means buyers can give back as much as $130,000 with the rebate tapering down to $24,000 for. This bill is valued at $1.85 million or higher. This billed on a plan from last year that targeted first-time buyers of homes up to $1 million by removing the provincial 8% portion of the tax. Now, with federal support covering the 5% federal share, the rebate stack up for even more relief. Families across the province stand to benefit big time, as this move aims to make home ownership more reachable amid rising costs and economic pressures. This say it will pump $2.7 billion into the economy and help keep construction jobs

1:03going strong. Eligibility stays straight forward. Buyers need to use the home as their main residence or a rental property. The enhanced rebates kick-in for one year starting April 1, 2026 through March 31, 2027 and apply to deals. Signed between March 20, 2025 and December 31, 2030. Keep an eye out for full roll out details and next year's provincial budget, as this partnership with Ottawa promises to ease the path to owning a piece of the housing market.