Exciting News for First-Time Home Buyers in Canada!

On May 27, 2025, the Canadian government announced a significant initiative to make homeownership more accessible for first-time buyers. The new First-Time Home Buyers' GST Rebate aims to reduce the financial burden by offering substantial tax relief on new home purchases.

Key Highlights:

• Full GST Rebate: First-time buyers can receive a 100% rebate on the GST for new homes priced up to $1 million, potentially saving up to $50,000.

• Partial GST Rebate: For new homes priced between $1 million and $1.5 million, the rebate is phased out linearly. For instance, a home priced at $1.25 million would be eligible for a 50% GST rebate.

• Eligibility Criteria:

  • Must be at least 18 years old.

  • Must be a Canadian citizen or permanent resident.

  • Must not have owned a home in the current or past four calendar years.

• Applicable Purchases:

  • New homes purchased from builders.

  • Owner-built homes.

  • Shares in co-operative housing corporations.

• Timeframe:

  • Purchase agreements must be signed between May 27, 2025, and before 2031.

  • Construction must begin before 2031 and be substantially completed before 2036.

For detailed information, visit the official announcement: GST Relief for First-Time Home Buyers

Additional Resources:

• Canada Mortgage and Housing Corporation (CMHC)

• First-Time Home Buyer Incentive

• Home Buyers' Plan (HBP)

Need Guidance? Contact Jared Gibbons

Navigating the complexities of home buying and understanding new tax incentives can be challenging. Jared Gibbons, a seasoned real estate agent with over 10 years of experience, is here to help you make informed decisions and find the perfect home that fits your needs and budget.

📞 Contact Jared today to explore your options and take advantage of the new GST rebate for first-time home buyers.