Canada�s Parliamentary Budget Officer (PBO) has confirmed that a new federal housing measure could save eligible first-time homebuyers an average of $26,832 in GST on newly built homes.

? How It Works:

Full federal GST rebate on new homes priced up to $1 million

Rebate phases out for homes between $1 million and $1.5 million

Available for purchases made from May 27, 2024, through 2031

Homes must be new builds, with construction started before 2031 and completed by 2036

Only first-time buyers qualify (not current homeowners or investors)

Maximum rebate of $50,000 on a $1M home

Could reduce mortgage payments by up to $240/month if GST is included in financing

📊 Program Outlook:

Estimated 71,700 homes expected to qualify

PBO forecasts a $1.9 billion program cost

Government estimates $3.9 billion in tax savings

Could drive new construction, but may also increase demand and prices

This rebate is part of broader legislation that also includes a federal income tax cut starting July 1.

📞 Want to Know If You Qualify?

Whether you're planning to build or buy a new home, this rebate could significantly reduce your costs.

rn👉 To learn more, contact Eagle Homes today.

We'll help you understand your eligibility and make the most of your first home purchase.