TRREB Statement on the Elimination of GST for First-Time Homebuyers

TORONTO, March 20, 2025 (GLOBE NEWSWIRE) -- The Toronto Regional Real Estate Board (TRREB) welcomes the Government of Canada's decision to eliminate the Goods and Services Tax (GST) on homes priced at or under $1 million for first-time homebuyers. This policy is a positive step toward addressing housing affordability challenges and supporting Canadians in achieving homeownership.

The rising cost of housing has been a significant barrier for first-time buyers in the Greater Toronto Area and across the country. By eliminating the GST, the federal government is providing much-needed financial relief - reducing upfront costs and making homeownership more attainable for young families and new buyers entering the market.

Additionally, TRREB is encouraged by the government's recognition that housing supply is key to long-term affordability. Eliminating the GST could help spur new housing construction to meet demand and we encourage the provinces to match this announcement. We look forward to further announcements to increase Canada's housing supply and support sustainable real estate market growth.

We remain committed to working with all levels of government to advance policies that enhance affordability, streamline development, increase supply and create a balanced and attainable housing market. TRREB will continue advocating for solutions that support all homebuyers, stimulate supply growth, and strengthen the housing sector for all Canadians.

Elechia Barry-Sproule