Oct 29, 2024
Conservatives’ tax cut proposal gains praise from homebuilders
Ontario homebuilders are praising the federal Conservative party’s proposal to eliminate the GST on new homes priced below $1 million. The Residential Construction Council of Ontario (RESCON) expressed support for the plan, emphasizing its potential to save homebuyers up to $50,000, particularly benefiting first-time buyers. RESCON president Richard Lyall highlighted the high tax burden on housing, which has made homes in the Greater Toronto Area among the least affordable in North America.
Under the proposed plan, the removal of the five-percent sales tax could not only make home purchases more affordable but also stimulate the construction of an estimated 30,000 new homes annually, generating substantial revenue for the government.
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