HST New Housing Rebate
The HST New Housing Rebate program allows you to claim a rebate on the part of the HST you pay on the purchase price of a newly constructed home or the cost of building the house.
You can claim the HST New Housing Rebate on a newly renovated home, a purchase of a new mobile home, or when you rebuild your home after it has been destroyed in a fire.
The purchase price of resale homes is exempted from the HST, whereas the purchase price of newly constructed homes is subject to HST. New Home Buyers can apply for a 36% rebate on the federal portion of the HST of the purchase price to a maximum of $6,300 for homes costing $350,000 or less. The New Housing Rebate will be reduced proportionately for new homes priced at $350,000 to $450,000. Homes priced over $450,000 would not receive a rebate on the federal portion of the HST. For the provincial portion of the HST, new home buyers can apply for a 75% rebate applicable to the purchase price to a maximum of $24,000.
For more information on the HST New Housing Rebate and guidance on buying a Toronto Condo, contact the real-estate team at Toronto Condo Team. Check out our condo buyers guide to learn more.