Murray Wood: Who's hot... and who's not
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The provincial sales tax rebate for construction of new homes is being expanded to include even more homes, as the province aims to make ownership more affordable.
“The rebate now includes homes where a contract has been signed and the property meets new housing start criteria prior to April 1, 2023,” Saskatchewan’s Ministry of Finance said in a statement.
Previously, the home had to be occupied before April 1, 2023 to be eligible.
The rebate returns 42 per cent of PST paid, which the ministry said equates to about 2.5 per cent of the total house price, not counting land value. Buyers can qualify, the ministry said, buy signing a contract for the purchase before the cutoff date in 2023 as long as the housing start is complete by that date and the buyer takes possession before April 1, 2024.
Donna Harpauer, Saskatchewan’s finance minister, said urban housing starts have increased significantly in the province in recent months, and the government wants to ensure homes remain affordable and support the construction industry.
“We want to ensure the rebate helps Saskatchewan families and individuals afford new homes and helps keep the residential construction industry and our economy strong,” Harpauer said in a statement.
The full rebate applies to newly-built homes with a total price less than $350,000, the ministry noted, excluding taxes and land value. A reduced rebate amount is available on homes costing up to $450,000.
The expansion of the rebate was requested by home builder associations, the ministry said, largely due to delays in construction caused by supply chain issues.
Full details of the PST rebate program are available online.
