In line with its commitment to advance economic prosperity and support potential homeowners, the newly elected Liberal Government has made a key campaign promise: the elimination of the Goods and Services Tax (GST) on homes priced at or under $1 million for first-time homebuyers. This initiative, expected to take effect soon, aims to save buyers up to $50,000, making homeownership more attainable for those seeking to step onto the property ladder.
While we eagerly await the implementation of this campaign promise, StreetSide is ahead of the game and offering several promotions to assist with your homeownership journey. Read on to learn more.
Additional StreetSide Promos Right Now
We understand that waiting for policy changes can be challenging, so to support you even further, StreetSide is excited to offer additional promotions, available right now. As part of our commitment to easing your pathway to homeownership, enjoy:
- Complimentary Basements
- No Condo Fees for Two Years
These special offers are available now, providing immediate financial relief and making your homeownership dream even more achievable. Visit our promos page for more details.
A Welcome Relief for Aspiring Homeowners
The proposed tax measure is anticipated to address the significant barrier of high upfront costs. By eliminating the GST on qualifying home purchases, the
government aims to reduce the financial burden on first-time homebuyers. This tax cut could be the key factor in turning homeownership into a reality.
With rising living costs, this proposed initiative is expected to offer substantial financial relief, allowing more individuals to build equity and invest in their future.
Who Qualifies as a First-Time Homebuyer?
To be considered a first-time homebuyer, you must meet one of the following criteria:
- You have never purchased a home before.
- In the last four years, you have not occupied a home as a principal place of residence that either you or your current spouse or common-law partner owned.
- You recently experienced the breakdown of a marriage or common-law partnership & are now buying your first home on your own..
Key Benefits for Home Purchasers
Key benefits of this anticipated measure for first-time home buyers include:
- Significant Savings: One of the most immediate benefits is the potential to save up to $50,000, considerably reducing the initial financial burden and making homeownership more attainable.
- Lower Upfront Costs: Lower upfront costs, allows individuals to allocate their money towards other essentials such as down payments, moving costs, and other living expenses.
- Easier Access to Homeownership: With reduced overall costs, more Canadians will find it feasible to enter the housing market earlier, helping them to build equity and financial stability sooner.
- Improved Financial Planning: Eliminating the GST helps first-time homebuyers plan their finances more effectively, paving the way for more secure and predictable budgeting.
- Increased Opportunities: The tax savings could also enable buyers to explore better housing options within their budget, potentially choosing homes that better meet their needs and future growth.
By potentially eliminating the GST for first-time homebuyers on homes priced at or under $1 million, the government aims to make homeownership more attainable and promote long-term economic prosperity. If implemented, this policy could allow more people to achieve homeownership, fostering stability and community nationwide.
Ready to take the next step toward owning your dream home? Discover our additional promotions or contact our team for more information.
Please note: This basement and no-condo fee promotion is due to end on May 31, 2025.
