15.01°C Vancouver

Jun 9, 2025 7:52 PM - The Canadian Press

GST relief on new homes could save 1st-time buyers up to $240 on mortgages: report

Share On
gst-relief-on-new-homes-could-save-1st-time-buyers-up-to-240-on-mortgages-report
For homes sold above $1 million, the GST relief is phased out as the price tag nears $1.5 million.(Photo: The Canadian Press)

A new analysis says first-time Canadian homebuyers could save up to $240 on their monthly mortgage payments through the federal government's proposal to waive the sales tax on new builds.

Desjardins Economics says in a new report that the impact on housing affordability will be "particularly strong" for buyers in Canada's more expensive markets, like Toronto and Vancouver.

The Liberal government has tabled legislation to eliminate the GST portion from new home sales of up to $1 million for first-time buyers, which works out to as much as $50,000 off the cost of a new build or substantially renovated unit.

For homes sold above $1 million, the GST relief is phased out as the price tag nears $1.5 million.

But Desjardins also cautions that the policy could drive up demand for housing, which in the near-term could push up home prices if not coupled with other efforts to boost supply.

Parliament has yet to pass the legislation, which the Liberals introduced alongside the government's pledge to cut income taxes starting July 1.

Latest news

bc-govt-recognizes-significant-concern-regarding-the-ongoing-extortion-attempts
BCJun 13, 2025

BC govt. recognizes significant concern regarding the ongoing extortion attempts

Minister of Public Safety and Solicitor General, Garry Begg has released the following statement amid community concerns about public safety while extortion threats and organized crime stories are making headlines. “We recognize the significant concern within the South Asian community regarding the ongoing extortion attempts by organized criminals. “Recently, the Delta Police Department, with assistance from the Lower Mainland Emergency Response Team and the Peel Regional Police arrested two suspects in the murder case of an individual in Brampton, who was a victim of extortion. This ser
vancouver-police-seek-suspect-in-west-side-break-ins
CanadaJun 13, 2025

Vancouver Police seek suspect in West-side break-ins

Vancouver Police are sharing images of a suspect in multiple early-morning break-ins on the city’s west-side, and encourage people to lock their doors and windows to prevent additional crimes. “We are actively working to identify and arrest this suspect, who is linked to break-ins throughout Marpole, Kerrisdale, Arbutus Ridge, Oakridge and Shaunghnessey,” says Constable Tania Visintin. “Until we find him, we’re asking people to take extra precautions and to call police immediately if you encounter him.” The suspect, believed to be an Asian man in his 30s, has struck 16 times since
over-the-past-six-months-there-have-been-10-reports-of-extortion-in-surrey
CanadaJun 13, 2025

Over the past six months, there have been 10 reports of extortion in Surrey

Following a number of extortions being reported to police in Surrey, Surrey Police Service (SPS) and the RCMP Surrey Provincial Operations Support Unit (SPOSU) are working to advance these investigations and determine any linkages. SPS and SPOSU are also meeting regularly with other regional police agencies who have similar investigations and they are in contact with the RCMP National Coordination and Support Team (NCST), which is providing national coordination and tools to help advance extortion investigations. Numerous police agencies in Canada have reported that individuals or businesse
jagmeet-singhs-brother-says-canadians-warned-about-risk-to-their-life-deserve-protection
CanadaJun 13, 2025

Jagmeet Singh's brother says Canadians warned about risk to their life deserve protection

The brother of former federal NDP leader Jagmeet Singh, who has been active in Canadian politics for many years, has demanded that Canadians who have been warned of a threat to their lives should be provided with security. Gurrattan Singh raised this issue after Sikh Organization of Canada spokesperson Balpreet Singh told a press conference yesterday that dozens of Sikh Canadians are currently on active duty to warm. This notice is given by the police to alert a person when they suspect a credible threat. Gurrattan Singh said that immediate steps should be taken to provide security to those
police-seeking-witnesses-after-uptown-assault
CanadaJun 13, 2025

Police seeking witnesses after Uptown assault

The New Westminster Police Department is seeking witnesses and encouraging victims to come forward following an incident in the Uptown neighbourhood on the evening of Saturday, June 7 at approximately 6:20pm. Officers responded to reports of a man chasing people and throwing objects at members of the public. Witnesses shared the man ripped off a tree branch and struck several people with it. The suspect was located by officers near the New Westminster Public Library and arrested. “This may have been a frightening experience for those who witnessed it or were directly impacted,” stated Serg

Related News