Ontario Construction News staff writer
LiUNA Local 183 supports Conservative Leader Pierre Poilievre’s proposal to raise the GST rebate threshold on new homes to $1.3 million. The Conservative Leader announced the plan this week.
The GST rebate was first introduced in 2010, initially applying to new homes priced up to $400,000, with the average cost of a new home in the Greater Toronto Area (GTA) at $443,000. However, with the average cost of new homes in the GTA now reaching $1.15 million, the rebate has failed to keep pace with the rising prices of homes.
Under Poilievre’s proposal, the rebate threshold would be raised to $1.3 million, a change he argues would help more homebuyers take advantage of the tax relief and make homeownership more attainable.
“Today, with new home prices averaging $1.15 million, the rebate has not kept pace with the cost of new home construction,” Jack Oliveira, business manager, LiUNA Local 183, said in a statement. “Raising the threshold to $1.3 million on new homes is a necessary adjustment that will make homeownership more attainable for all new homebuyers.
“This is a good policy proposal that will not only incentivize new homebuyers but also fuel new residential construction, creating tens of thousands of good-paying jobs for LiUNA Local 183 members.”
