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A new analysis says first-time Canadian homebuyers could save up to $240 on their monthly mortgage payments through the federal government’s proposal to waive the sales tax on new builds.
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Desjardins Economics says in a new report that the impact on housing affordability will be “particularly strong” for buyers in Canada’s more expensive markets, like Toronto and Vancouver.
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The Liberal government has tabled legislation to eliminate the GST portion from new home sales of up to $1 million for first-time buyers, which works out to as much as $50,000 off the cost of a new build or substantially renovated unit.
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For homes sold above $1 million, the GST relief is phased out as the price tag nears $1.5 million.
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But Desjardins also cautions that the policy could drive up demand for housing, which in the near-term could push up home prices if not coupled with other efforts to boost supply.
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Parliament has yet to pass the legislation, which the Liberals introduced alongside the government’s pledge to cut income taxes starting July 1.
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