GST Removed on New Homes: Why Now Is the Best Time to Buy

No GST on New Homes? Yep, It’s Happening! That means big savings for first-time buyers—like up to $50K! If you’ve been waiting to buy, now’s the time to jump in before everyone else does!

Real Estate News | 6-minute read | March 21, 2025

Let’s be honest—the housing market in Canada hasn’t been easy these past few years. Between rising interest rates, taxes, and high home prices, many buyers have been stuck on the sidelines, waiting for the right moment.

Well, this is it.

The government just announced the removal of the 5% GST on new and substantially renovated homes under $1 million. This isn’t just another policy change—it’s a massive opportunity to save tens of thousands of dollars and finally make your move before the market catches up.

What This Means for You

1. More Buying Power: Before, if you bought a $900,000 home, you’d have to pay an extra $45,000 in taxes. Now? That cost is gone. That’s money you can use toward a bigger down payment, home upgrades, or even lowering your monthly mortgage.

   
   

2. Builders Are Still Negotiating—For Now: Developers have been offering discounts and incentives to attract buyers. But with this tax break, demand is about to surge. The deals we’re seeing today? They won’t last much longer.

   
   

3. Once the Market Reacts, Prices Will Shift: History has shown that when a financial incentive like this is introduced, the market follows. If you wait too long, prices may rise as more buyers jump in. Acting now means getting ahead of the rush.

How to Make the Most of This Opportunity

1. Start Looking—TodayThe sooner you start your search, the better deals you’ll find. Some builders still don’t realize how quickly things will change.

   
   

2. Work With a ProNot every property qualifies for the tax break. A real estate expert can help you find the best options before competition heats up.

   
   

3. Lock in a Deal Before Rates ShiftInterest rates are unpredictable. Locking in a home now with today’s financing options could save you even more in the long run.

This Window Won’t Stay Open Forever

We’ve all seen what happens when the market reacts to new policies. Sellers adjust, prices rise, and incentives disappear.

The GST removal is a game-changer—but only for those who act fast.

Thinking about making a move? Let’s talk before this opportunity passes.

📩 Contact me today and let’s find your new home before the market shifts!

Sources:

• Government of Canada: GST Removal on New Housing (2025)

• Toronto Real Estate Board (TREB): Market Data