Liberals vow to cut GST for first-time homebuyers purchasing homes for $1M or less
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Hey there, time traveller!
This article was published 20/03/2025 (212 days ago), so information in it may no longer be current.
OTTAWA – Prime Minister Mark Carney says his government will scrap the GST for first-time homebuyers who purchase a home with a sale price at or below $1 million.
Carney promised the measure during his leadership campaign and it also matches a similar promise made by Conservative Leader Pierre Poilievre last fall.
Carney made the announcement in Edmonton just three days before he is widely expected to call a federal election.
Carney says the commitment will save Canadians up to $50,000 on the cost of a home.
He says it also will increase the supply of homes by spurring on new construction.
Housing has become a key issue for Canadians in recent years, particularly younger voters, as population growth outstripped housing construction and prices soared.
This report by The Canadian Press was first published March 20, 2025.
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