Scrapping GST: A Game Changer for First-Time Homebuyers

Source: Western Investor

In a major pre-election announcement, Prime Minister Mark Carney has unveiled a new housing policy aimed at making homeownership more accessible to first-time buyers. Speaking in Edmonton just days before a widely anticipated federal election call, Carney confirmed that a Liberal government would scrap the GST for first-time homebuyers purchasing homes valued at $1 million or less.
The proposed measure, originally promised during Carney’s leadership campaign, echoes a similar commitment made by Conservative Leader Pierre Poilievre in fall 2024. The GST exemption could result in savings of up to $50,000 for eligible buyers, providing much-needed financial relief amid Canada’s ongoing housing affordability crisis.
Beyond cost savings, Carney emphasized that the policy would also help boost housing supply by encouraging new residential construction. With population growth outpacing the development of new homes, affordability has become a central concern for voters—particularly young Canadians trying to enter the housing market.
As housing emerges as a defining issue for the 2025 election, this GST-cut proposal signals that both major parties are under pressure to offer bold solutions to address the housing crunch.

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