The parliamentary budget officer pegs the cost of the proposal at $1.9 billion over six years, while the Liberals initially estimated it would be closer to $3.9 billion over five years. That’s because new homes are primarily going to investors who aren’t eligible for the rebate. (The Logic)
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The parliamentary budget officer pegs the cost of the proposal at $1.9 billion over six years, while the Liberals initially estimated it would be closer to $3.9 billion over five years. That’s because new homes are primarily going to investors who aren’t eligible for the rebate. (The Logic)
Talking point: The new tax policy for first-time buyers would eliminate the GST on new builds valued up to $1 million, and lower the tax on homes between $1 million and $1.5 million. The fiscal watchdog estimates it will apply to roughly 71,711 new home purchases over the next six years, and generate an average savings of $26,832. A report by Desjardins this week suggests the new policy could translate to mortgage savings of about $240 per month. It warns, however, that if the policy isn’t coupled with a surge in supply, it could inflate demand and drive up the cost of new homes.
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