We've all been reading about the new HST Rebate on a daily basis. However the program needs the cooperation of both the Ontario and Federal governments and it has not yet been passed into law.
The article in the link at the bottom of this email is a good summary. In addition to this information I'd suggest that any buyer have a legal review done of any APS from a new home builder prior to going unconditional.
The program can benefit buyers of new homes, builders of new homes and drive down pricing of resale properties. Some neighbourhoods will be impacted to a greater degree than others, particularly those in suburban areas that are near new housing developments.
Below are key dates as understood so far:
According to the Ontario government’s backgrounder on the rebate, if you plan to a buy a new home that isn’t built yet, you will get the rebate based on the following conditions:
- You sign an agreement of purchase and sale for the home within the HST rebate window, which is from April 1, 2026 to March 31, 2027.
- Construction begins on or before Dec. 31, 2028, and “the home is substantially completed" on or before Dec. 31, 2031.