Great news for anyone looking to buy their first home in Toronto! The federal government has announced that first-time homebuyers won’t have to pay the Goods and Services Tax (GST) on homes priced at or under $1 million. This is a huge win for buyers struggling with affordability and could make a real difference in helping more people enter the housing market.
What This Means for You
Buying your first home is a big financial step, and the costs can add up quickly. With this new change, you’ll save thousands of dollars upfront—making homeownership more achievable for young families, professionals, and anyone hoping to put down roots in Toronto.
More Homes Could Be on the Way
Beyond helping buyers, this move could also push developers to build more homes in this price range, easing some of the supply issues we’ve been facing. If the provincial government follows suit with similar incentives, we could see even more positive changes in the market.
What’s Next?
This is a great step, but there’s still work to do when it comes to making housing more affordable. We need faster development approvals, more housing supply, and policies that support both buyers and sellers. I’ll be keeping an eye on how this unfolds and sharing updates as we learn more.
If you’re a first-time homebuyer wondering how this change could benefit you, let’s chat! I’m here to help you navigate the market and find the right home for you.
Stay tuned for more real estate insights, and reach out if you have any questions!