Prime Minister Mark Carney has announced his government will eliminate the federal sales tax (GST) for first-time homebuyers on all new and “substantially renovated” homes under $1 million, mirroring a policy first announced by the Conservatives back in October.
“This is a big deal, because first-time homebuyers are the major purchasers of new and substantially renovated homes,” Carney said during a March 20 announcement in Edmonton, adding that the measure could give up to $50,000 in savings for families entering the housing market.
