Buying a brand new house often comes with questions, especially when it comes to costs. One of the biggest factors has always been HST, and that is where a recent update may change the conversation for many buyers.
In this video, I walk through a recent update to the HST rebate on new home construction and what it could mean for buyers considering a brand new home.
What Has Changed
- The HST rebate on new home construction has been expanded for a limited time.
- This expanded rebate now applies to all buyers, not only first-time buyers.
- The goal is to help reduce upfront costs and improve affordability for those entering the market.
How The Rebate Works
- On homes priced around $1,000,000, buyers may recover the full HST amount through the rebate.
- The maximum rebate is approximately $130,000.
- That maximum can still apply on homes up to about $1,500,000.
- Above that price, the rebate is reduced as the purchase price increases.
One important point to understand is that while you may hear that HST is removed on lower price points, the same level of savings does not carry all the way through higher price ranges. The rebate is capped and gradually reduced
More information is still coming, and we’ll be keeping a close eye on how this actually plays out.