Canada's Bout to Slide Into Your DMs With a GST Rebate, No Cap 🏡💸

The Deets

Aight, fam, listen up! The Canadian government's like, "We see you struggling, first-time home buyers," and they're throwing a GST rebate into the mix. Basically, if you're copping a new build, you could save some serious coin – we're talkin' an average of $26,832! That's a whole lotta avocado toast you can now afford. 🥑

But here's the tea: there's a catch. The PBO (aka the Parliamentary Budget Officer, they keepin' tabs on the government's spending) says this whole thing is gonna cost the government $1.9 billion over six years. That's less than what the government originally thought, but still, it's a hefty price tag. 🤔

Now, who gets to cash in? This rebate is for first-time buyers only, and it's only for new homes priced up to C$1 million. If you're buying a boujee mansion for, like, C$1.5 million, the rebate starts to dip. And if you're going even higher than that, forget about it, fam. No rebate for you. The max you can get back is C$50,000.

Peep the timeline: if you buy a crib between now and 2031, you're good to go, as long as construction starts before 2031 and finishes by 2036. So, get on it! 🏃‍♀️💨

Economists are saying this could make more people wanna build, which is a W. But some are also worried that all this demand could make house prices go even higher. So, it's a bit of a mixed bag, tbh. 🤷‍♀️

Also, the PBO and the government are throwing different numbers around about how much this is gonna cost. Apparently, they have different ideas about who's gonna qualify. Shady? Maybe. Just gotta keep our eyes peeled, bestie.

Bottom line: if you're tryna become a homeowner, this GST rebate could be a major key 🔑. But remember, it's not a free ride. Do your research, know the deets, and don't get played!

One economist estimates that 85% of newly built homes during the program period will qualify for the full GST break. For buyers who finance the GST portion through a mortgage, this could translate to $240 in monthly savings. That is, if you can get your hands on a house.