🏡 Canada’s New GST Break for First-Time Home Buyers (Starting May 2025!) 🇨🇦
Big news for first-time home buyers in Canada — the federal government has introduced a new GST rebate program that could save buyers up to $50,000 on a new home purchase! 💰
Here’s what you need to know 👇
✨ How the program works:
• Homes priced up to $1,000,000 → Up to 100% of the GST rebated (maximum savings of $50,000)
• Homes between $1,000,000 – $1,500,000 → Partial rebate (phased out gradually)
• Homes over $1,500,000 → Not eligible for the rebate
👨👩👧 Who qualifies?
To be eligible you generally must:
✔️ Be 18 years or older
✔️ Be a Canadian citizen or permanent resident
✔️ Be a first-time home buyer (you haven’t owned or lived in a home you owned in the past 4 years)
✔️ Purchase the home as your primary residence
🏗️ What homes qualify?
This rebate applies to:
• Brand new homes from a builder
• Newly built or substantially renovated homes
• Owner-built homes
• New cooperative housing units
📅 Important timeline:
To qualify, the purchase agreement must be signed on or after May 27, 2025 and before 2031.
💡 Why this matters:
This program is designed to help first-time buyers enter the housing market while also encouraging more new housing construction across Canada.
For many buyers, this could mean tens of thousands of dollars saved on a brand-new home. 🙌
📲 Thinking about buying your first home in Calgary or anywhere in Canada? Let’s talk about the programs and incentives that may help you get into the market sooner.
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