NEWS
First Home: A Valuable Tax Incentive to Know When Buying a New Condo
A new tax measure could offer a meaningful advantage to certain first-time homebuyers. At Aura on the Square, several units are priced below the $1M threshold, which may allow eligible buyers to benefit from GST being eliminated on their purchase.
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This measure is aimed at certain first-time homebuyers and can improve the financing terms for a new home purchase, depending on the value of the unit and the buyer’s eligibility.
Key Takeaways
For certain eligible buyers, this new measure may fully eliminate GST, or the federal portion of the HST, when purchasing an eligible newly built home. In practical terms, this can significantly reduce the acquisition cost and make homeownership more accessible.
For an eligible first-time homebuyer, this may represent a real opportunity to purchase a new condo in a more favourable financial context.
Why this measure is drawing attention
New homes priced up to $1 million
The measure provides for the elimination of the GST, or the federal component of the HST, on certain new homes valued at up to $1 million.
Homes priced between $1 million and $1.5 million
For certain new properties valued between $1 million and $1.5 million, the tax may be phased out gradually rather than eliminated entirely.
Can be combined with an existing refund
Depending on the buyer’s circumstances, this new rebate could be added to the existing rebate for new homes, making the analysis of the application even more relevant.
What this might mean for a shopper at Aura on the Square
Buying a new condo in Bois-Franc, in a development like Aura sur le Square, means choosing a well-designed, contemporary, and sustainable living environment. With a tax incentive like this, some buyers could also benefit from more favorable financial terms when they’re ready to move forward with their purchase.
This possibility is worth exploring carefully, particularly for first-time buyers who want to better understand the costs associated with the purchase, the applicable tax, and the programs that can support their path to homeownership.
A simple approach: get informed early
Tax incentives for new homes are subject to specific criteria. Eligibility depends, in particular, on the buyer’s profile, the type of transaction, and the property’s value. Before making a decision, it’s best to confirm your eligibility and fully understand the applicable terms and conditions.
At Aura sur le Square, our team can help you better assess your purchase plan and take the right steps at the right time, in addition to the checks you should perform with your professional advisors.
Key points
- Measure for certain first-time homebuyers
- GST may be eliminated on certain new homes valued up to $1M
- May have a tangible impact on the acquisition budget
- It remains essential to verify the criteria before moving forward
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Check whether this measure could support your purchase plan
If you’re considering buying a new condo in Bois-Franc, our team can show you the available units and guide you through the next steps.
Are you looking to buy a new condo in Bois-Franc?
Come discover Aura sur le Square, its available units, and the benefits of this distinctive residential project in Montreal. Our team is here to help you explore your options.
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5350 Henri Bourassa O.
Montreal (Quebec) H4R 0R4
David Langevin
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