On May 27, 2025, the federal government announced a new GST rebate to help first‑time buyers get into new homes (and co‑ops). Basically, if you’re a first‑timer, here’s the scoop:✅ Buying a new place under $1M? You’ll get a full GST rebate (up to $50,000!)
✅ Buying between $1M–$1.5M? You’ll get a partial rebate — the closer you get to $1.5M, the smaller the rebate.
(Example: At $1.4M, you’d still get about 20% of the rebate — roughly $10,000.)Here’s how it works:
- You still have to pay the GST when you close on your new place.
- After that, you can apply for a rebate (or, if your builder is feeling generous, they might give you a credit right at closing!).
▶️ You must sign the Purchase Agreement on or after May 27, 2025 (and before 2031).
▶️ Construction has to start before 2031 and be substantially done before 2036.
▶️ Sorry, this isn’t retroactive — it doesn’t apply to any contract signed before May 27, 2025.
▶️ Buying a resale within its first year (and still subject to GST)? Nope, that doesn’t qualify.Bottom Line:
If you’re a first‑timer dreaming of a brand‑new place, this is great news! There are still some unanswered questions until the legislation is passed, but it’s a promising step to make that first home a little more affordable.
