- The FTHB GST Rebate is still NOT Law: Awaiting Royal Assent- The bill did not receive Royal Assent before the summer recess of Parliament. Parliament is expected to resume on September 15, 2025. The FTHB GST will allow a rebate of up to $50,000 of the GST (or the federal part of the HST). Together with the existing GST/HST New Housing Rebate this could provide for a rebate of 100% of the GST on new homes valued up to $1,000,000, with a sliding scale for homes up to $1,500, 000. No FTHB GST Rebate is available for new homes valued at or above $1,500,000.
- It will Only be available IF: at least one of the purchasers is a First Time Home Buyer (never owned anywhere in the world), at least 18 years of age, a Canadian Citizen or Permanent Resident of Canada, and the home is primary residence occupied.
- The Agreement Must to be signed on or after May 27, 2025 or before 2031 AND construction of the home must begin before 2031 with substantial completion before 2036. The Rebate IS NOT RETROACTIVE and not applicable for Assignments of original agreements signed before May 27, 2025. Agreements that are amended or cancelled and re-signed or reinstated in order to obtain the FTHB GST Rebate will also be disallowed.
Dig Deeper: https://www.canada.ca/en/department-finance/news/2025/05/gst-relief-for-first-time-home-buyers-on-new-homes-valued-up-to-15-million.html This initiative aims to alleviate the financial burden on first-time buyers, making homeownership more attainable in today’s market. Additionally, the program encourages the construction of new properties, which is vital for addressing housing supply shortages. By investing in new condominiums, individuals not only secure a place to live but also contribute to the revitalization of community growth and development. This initiative goes hand in hand with various firsttime home buyer tips that can guide potential homeowners through the purchasing process. By leveraging available resources and financial assistance, buyers can navigate the complexities of the housing market more effectively. Ultimately, this holistic approach not only supports individual buyers but also contributes to a more robust economy and sustainable communities.