On May 27, 2025 The Federal Government of Canada announced an initiative to help first time homebuyers purchase a new home. This program is a GST rebate program that eliminates the GST charged on a newly built home with a purchase price of up to $1.5 million dollars! If you, or one of the co-purchasers of the home, are a first time buyer then you will qualify for this once in a life time savings. A full rebate of the GST will be refunded on homes priced up to $1 million, totaling a rebate of $50,000 and a partial refund of GST on a purchase price between $1 million and 1.5 million.
To qualify for the First Time Home Buyers (FTHB) GST Rebate you, or one of the co-purchasers, must meet the following criteria:
- Be 18 years of age.
- Be a Canadian citizen or permanent resident
- Not have lived in a home you own, or that was owned by a spouse or common-law partner, in the current or 4 previous calendar years.
- Be purchasing a newly constructed home that you are the first occupant of.
- Intend to use the new home as your, or your co-purchasers, primary residence.
- Enter into the Purchase Agreement for the new home after May 27, 2025 and before 2031
Renova’s Eligble Communities include; Precedence in Riversong, Freestone Townhomes, Greystone, Osprey Hill and River Pointe Villas By The Bow.
Contact Us For More Information on Eligible Homes.
Click the link below for more information from the Government of Canada.
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