Ontario HST rebate gives developers an ‘edge’ over investors seeking to offload new homes
Ontario's new HST rebate on newly built homes is benefiting developers more than individual investors looking to sell preconstruction properties. The rebate allows buyers to receive up to 13 percent off the home price, but many preconstruction buyers are excluded from this benefit. As a result, developers can sell unsold units more easily, creating a disparity in the housing market.
- ▪The Ontario HST rebate aims to stimulate new construction and make homes more affordable.
- ▪Developers can offer discounts due to the rebate, while preconstruction buyers face restrictions that limit their ability to sell.
- ▪Many preconstruction buyers are struggling to close on homes as they face financing issues and market changes.
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Open this photo in gallery:A housing development near the Jackson Heights area of Peterborough, Ont. in June, 2024.Laura Proctor/The Globe and MailShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountOntario’s promised HST rebate on new housing is creating an uneven playing field between developers, who are offloading unsold homes faster thanks to the tax cut, and preconstruction buyers who would also like to sell but are largely excluded from the government relief, some industry watchers say.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Globe and Mail.
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