Carney Promises to Eliminate GST for First-Time Homebuyers on Homes Under $1M

Prime Minister Mark Carney has announced a major housing affordability measure: the elimination of the Goods and Services Tax (GST) on homes priced under $1 million for first-time buyers. This initiative is aimed at helping more Canadians enter the housing market amidst a growing affordability crisis.

The policy would apply to newly built homes and is expected to significantly reduce the upfront costs of home ownership for first-time buyers. By removing the federal sales tax, which currently adds thousands of dollars to the price of a home, the government hopes to ease the financial burden on young Canadians and families trying to buy their first home.

Carney’s announcement is part of a broader plan to tackle Canada’s housing challenges, including increasing housing supply and reforming zoning and development policies. More details are expected to be released as the policy is developed further.