Carney announces GST elimination for first-time buyers under $1M

The Canadian government, led by Prime Minister Mark Carney, has announced the elimination of the Goods and Services Tax (GST) on new homes priced at or below $1 million for first-time homebuyers, a move expected to save buyers up to $50,000. This initiative aims to address housing affordability, particularly for younger Canadians facing rising prices and limited supply. The Toronto Regional Real Estate Board (TRREB) supports the decision, highlighting its potential to encourage new construction and increase housing supply. Carney emphasized that this policy aligns with addressing the needs of first-time buyers, who are crucial in the market for new and renovated homes. The announcement comes amid growing concerns about housing challenges across the country, particularly as population growth continues to outpace housing development. TRREB expresses commitment to working with all levels of government to enhance affordability and support a balanced housing market.