RESCON pleased Ontario budget scraps sales taxes on new homes up to certain amount

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Postmedia has not reviewed the content. by GlobeNewswire Article contentVaughan, Ont., March 26, 2026 (GLOBE NEWSWIRE) — The Residential Construction Council of Ontario (RESCON) is pleased that in today’s provincial budget the Ontario government reiterated its commitment to provide HST relief to buyers of new homes up to certain amounts.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe initiative will remove the provincial portion of the HST on new homes valued up to $1 million, with graduating amounts from $1 million to $1.5 million, and a lesser amount up to $1.85 million.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentWhen combined with the five-per-cent reduction in taxes promised by the federal government, scrapping the eight-per-cent provincial portion of the HST will bring the total savings to 13 per cent on the new home purchases, helping to lift the industry at a critical time.Article contentArticle content“Premier Doug Ford and his team, and Prime Minister Mark Carney are to be commended for taking this vital step forward as it will spur construction of new homes and boost the building industry,” said RESCON president Richard Lyall. “For consumers, the tax relief helps address affordability concerns as it will result in a rebate of $130,000 on a $1-million home.”Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentDetails in the provincial budget indicate the rebate will be from one year, from April 1, 2026, to March 31, 2027. The governments say the initiative will stimulate an additional 8,000 housing starts in Ontario next year, supporting up to 21,000 jobs and boosting Ontario’s GDP growth by $2.7 billion.Article contentReports done earlier by the Canadian Centre for Economic Analysis for RESCON showed that taxes, fees and levies account for 36 per cent of the cost of a new home and a three-year HST holiday on new homes would help preserve skilled trade jobs and lead to construction of more homes, incentivize buyers to purchase new homes and be revenue neutral for governments, as the increased economic activity would offset foregone tax revenues.Article contentArticle contentRESCON has been advocating for the tax cut for some time as the high cost of building has made it difficult for builders to build homes people can afford. The tax burden is a big reason for that.Article content“Now that the measures have been announced it is imperative that both the Ontario and federal governments pass legislation quickly to make the changes happen,” added Lyall. “It’s crucial that the adjustments occur as soon as possible. Homebuilding has stalled and the outlook for the industry is grim. Builders and the public need certainty in order to make plans.”Article contentRESCON is the province’s leading association of residential builders committed to providing leadership and fostering innovation in the industry.Article contentArticle contentArticle contentArticle contentArticle contentArticle contentGrant Cameron RESCON 905-638-1706 cameron@rescon.com Article contentTrending Iran oil revenue soars as it's the only exporter out of Hormuz Oil & Gas Meet the Canadian e-bike maker who is redefining the factory floor Electric Vehicles Quebec demands Air Canada’s CEO resignation in 92 to 0 vote Airlines Markets could be making the wrong call on interest rates Investor LNG Canada signs key pipeline agreement required for phase two expansion Energy Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. 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