PRIME Minister Carney on Thursday announced that the federal government will eliminate the Goods and Services Tax (GST) for first-time homebuyers on homes at or under $1 million.

This tax cut will save Canadians up to $50,000 – allowing more young people and families to enter the housing market and realize the dream of homeownership. By eliminating the GST, Canadians will face lower upfront housing costs and keep more money in their pocket.

Carney said: “Our government is laser-focused on lowering costs for Canadians and making homeownership a reality. Eliminating the GST will save first-time homebuyers up to $50,000 and spur housing construction across the country.”

He added: “We will announce a series of new measures to increase housing supply shortly. It’s time for focused action to solve the housing crisis, and it’s time to build a Canada you can afford.”