EDMONTON, Alberta – Canada is in a housing crisis – demand has gone up, supply has not kept pace, and prices are too high. The new government of Canada is taking immediate action to address this crisis.
Prime Minister Carney today announced that the government of Canada will eliminate the Goods and Services Tax (GST) for first-time homebuyers on homes at or under $1 million. This tax cut will save Canadians up to $50,000 – allowing more young people and families to enter the housing market and realize the dream of homeownership. By eliminating the GST, Canadians will face lower upfront housing costs and keep more money in their pocket. Eliminating the GST will also have a dynamic effect on increasing supply – spurring the construction of new homes across the country.
The prime minister is laser-focused on lowering costs and will continue to present serious solutions to ensure Canadians are better off. The government of Canada will confront the housing crisis head-on and build the strongest economy in the G7.
“Our government is laser-focused on lowering costs for Canadians and making homeownership a reality. Eliminating the GST will save first-time homebuyers up to $50,000 and spur housing construction across the country. We will announce a series of new measures to increase housing supply shortly. It’s time for focused action to solve the housing crisis, and it’s time to build a Canada you can afford,” said Carney, prime minister of Canada.
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