Ontario will move forward with waiving its portion of the Harmonized Sales Tax (HST) on new homes priced at $1 million or less purchased by first-time buyers, a measure expected to cost the province roughly $470 million and save purchasers up to $80,000 on a new build.
But the province's new plan might be too narrowly targeted to make much difference in the province’s housing crisis.
The Ford government will move forward with removing the eight per cent provincial share of the HST on new homes priced at $1 million or less purchased by first-time buyers. The measure, expected to cost the province roughly $470 million, could save eligible purchasers up to $80,000 on a new build.