Prime Minister Mark Carney has announced that his government will eliminate the federal sales tax (GST) for first-time home buyers of all new “substantially renovated” homes under $1 million, reflecting the policies first announced by the Conservatives in October.
“This is a big deal because first-time home buyers are the main buyers of new, essentially renovated homes,” Carney said in a March 20 announcement in Edmonton, adding that the measure could give up to $50,000 in savings for families entering the housing market.
Carney said the Liberal Party will allocate money for modular and pre-made homes to speed up construction times, eliminate housing barriers by reducing paperwork, taxes and development fees, and promote training for more construction workers.
He also highlighted the liberal housing accelerator fund, saying his government will “strengthen what is working.” The $4 billion fund launched in 2023 is Encourage local governments to remove barriers to new housing.
During the Liberal Leadership Campaign, Carney I swear Until it was possible to “recharge” Canada’s housing plans and “return immigrants to a pre-pandemic trend.” Liberals The country’s immigration has increased rapidly We assessed and increased the population of Canada 38 million Estimated in 2020 41.7 million in the second half of 2024, Before we announced small immigration restrictions.
Pierre Poilierble, a conservative leader Similar housing pledges In Last October, Carney vowed to remove GST from his new home, which is less than $1 million, if his party formed a government. He said the measure would save $40,000 a year on mortgage payments for $800,000, and encourage the construction of 30,000 homes per year.
Conservatives also suggest By removing “gatekeepers” into new homes and rewarding cities that meet their home building goals, we will correct the housing crisis in Canada, withholding transportation and infrastructure funds from cities that do not build sufficiently high density homes around transport, list 15% of the 37,000 federal buildings, and properly list federal land to convert into homes.
“Just a few months ago, the Liberal Party unanimously voted for my idea of taking the GST out of its new home,” Polyebre said on March 20th.
“Now, a few days before I call for an election – they’re plagiarizing me again. The Liberal Party never does this policy. They’re trying to trick people into giving them a fourth term.”
Home Affordable Prices are projected to be a problem for Canadians in December 2024 Report From the Assembly Budget Officer I predict that 2.6 million Canadian households will need new homes by 2027. He said 2.4 million households are already “needing core housing” because the housing requires extensive repairs, insufficient bedrooms, or income of more than 30% before taxes are considered.
