hst

The provincial government is giving homebuyers a break.

A tax break afforded to first-time buyers is being extended to all buyers of new homes beginning on April 1st.

Premier Doug Ford says it will help boost sales and bring the reality of home ownership closer to many people.

“This rebate will deliver nearly $2.2 billion in tax relief, kick start the construction of 8,000 additional homes, support up to 21,000 jobs, boost Ontario’s GDP by up to $2.7 billion and bring the dream of home ownership in reach for thousands of Ontario families,” says Ford.

According to the province, eligible buyers of new homes valued between $1 million and $1.5 million will receive a rebate of $130,000.

The rebate decreases on homes greater than $1.5 million.

Last October, the province announced plans to remove the provincial sales tax for first-time buyers on homes costing $1 million or lower.

The Premier says discussions with the federal government enabled the province to expand the program and offer the full tax rebate.

“In the face of tariffs and economic uncertainty, our government is working closely with the federal government to do everything we can to lower costs for families, keep workers on the job and build the most competitive, resilient and self-reliant economy in the G7,” says Ford.

The rebate will only be a temporary measure, lasting for one year.

The Ford government intends to reveal further details following the release of Thursday’s budget.