GTA new home sales remained extremely low in April – Federal GST measures inadequate

Liberal Government Tables Motion on Tax Cut, Eliminating GST on New Homes up to $1M

The federal government has tabled a motion to provide a middle-class tax cut and eliminate the GST for first-time home buyers on new homes up to $1 million. Finance Minister François-Philippe Champagne tabled the ways and means motion in Parliament following the speech from the throne on May 27. The motion will reduce the lowest marginal personal income tax rate from 15 percent to 14 percent, effective July 1.  The government said the tax cut wi…

GTA new home sales remained extremely low in April – Federal GST measures inadequate

GlobeNewswire Press Release.

Toronto new home sales hit bottom; industry warns federal incentives fall short

New home sales were “extremely” low in April, new data shows, and Toronto builders say the federal government’s proposed relief for first-time buyers won’t be enough to revive the market. The Building Industry and Land Development Association, the voice of 1,000 member companies in building, land development and renovations in the Greater Toronto Area, said Wednesday that new home sales are at all-time lows, eclipsing the 1990 downturn. There we…