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What will be the impact on the Canadian housing market if GST is abolished on new homes under C$1 million?
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Story
Pierre Poilievre Pledges to Abolish GST on New Homes Under C$1 Million, Promising C$50,000 Savings and C$8 Billion Savings
Oct 28, 2024, 02:10 PM
Conservative Leader Pierre Poilievre has announced a significant housing policy, pledging to abolish the federal Goods and Services Tax (GST) on new homes sold for under C$1 million (approximately $719,700) if his party wins the next election. This policy aims to provide substantial savings for homebuyers, with Poilievre stating that it could save up to $50,000 on a new home. He also emphasized that this initiative would help lower mortgage costs and expedite homebuilding, while proposing to save C$8 billion by cutting ineffective housing programs and increasing the construction of affordable housing by 30,000 new units annually. The announcement has garnered attention, with various political figures and media outlets speculating on the implications for the upcoming election and potential reactions from the Liberal Party.
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