What are the Costs of Home Ownership

First-time home buyer GST rebate 2025

BREAKING: New GST Rebate Saves First-Time Buyers Up to $50,000 on New Homes

The Canadian government just unveiled an exciting new program to help first-time buyers afford their dream homes! As of May 27, 2025, eligible purchasers can qualify for significant GST savings on new construction. Here’s what you need to know:

To lower the upfront cost of buying a new home for young Canadians and spur the construction of new homes across the country, the government is eliminating the Goods and Services Tax (GST) for first-time home buyers on new homes up to $1 million and reducing the GST for first-time home buyers on new homes between $1 million and $1.5 million.

This measure is expected to deliver $3.9 billion in tax savings to Canadians over five years, starting in 2025-26.

💰 Key Savings

  • 100% GST rebate on new homes under $1M (max $50,000 savings)
  • Partial rebate for homes $1M-$1.5M (phased out linearly)
  • No rebate for homes $1.5M+

✅ Who Qualifies?

You may be eligible if you:
✔ Are a first-time home buyer (no ownership in last 5 years)
✔ Are 18+ and a Canadian citizen/permanent resident
✔ Will use the home as your primary residence
✔ Purchase through:

  • Builder (new construction)
  • Owner-built home
  • Co-op housing share

📅 Important Deadlines

  • Purchase agreements must be signed between May 27, 2025 – 2030
  • Construction must begin before 2031
  • Home must be completed before 2036

🚫 Key Limitations

  • One-time use per lifetime
  • Spouses can’t double-dip (if one claims, partner is ineligible)
  • No assignment sales from pre-May 27 agreements

Why This Matters

This $3.9 billion initiative aims to:

  • Reduce upfront costs for young Canadians
  • Stimulate new home construction nationwide
  • Help more families achieve homeownership

How Upstate Realty Can Help

Navigating new programs can be tricky – that’s where we come in! Our team can:
🔑 Help you find qualifying new construction properties
📝 Guide you through the rebate application process
💡 Explain how this works with other first-time buyer programs

Ready to claim your savings?

📞 Call/Text: 416.581.8000
📧 Email: info@upstaterealty.ca
🌐 Browse Listings: www.upstaterealty.ca

Don’t miss this limited-time opportunity to save thousands on your first home!

Source: Department of Finance Canada

Real Estate Market Report

GTA Real Estate Market Report

Key Trends & What It Means for Buyers & Sellers

The GTA housing market showed mixed trends in April 2025, with some areas experiencing price drops while others saw strong gains. Whether you’re a buyer looking for a deal or a seller aiming to maximize value, understanding these shifts is crucial.

Let’s break down the numbers and what they mean for you.

April 2025 vs March 2025 Price Comparison

 

City March 2025 Price April 2025 Price Change (%)
Toronto $1,110,924 $1,144,977 ↑ 3.1%
Mississauga $1,046,145 $993,959 ↓ 5.0%
Brampton $954,144 $944,297 ↓ 1.0%
Ajax $916,037 $945,603 ↑ 3.2%
Whitby $1,008,786 $941,442 ↓ 6.7%
Milton $989,662 $1,049,129 ↑ 6.0%
Oshawa $769,748 $796,574 ↑ 3.5%
Caledon $1,311,587 $1,373,595 ↑ 4.7%
Markham $1,213,744 $1,239,967 ↑ 2.2%
Pickering $964,971 $1,016,851 ↑ 5.4%
Orangeville $767,833 $726,037 ↓ 5.4%
Vaughan $1,259,490 $1,327,790 ↑ 5.4%

📉 Key Takeaways

  • Biggest Gains: Milton (+6.0%), Vaughan (+5.4%), Pickering (+5.4%)
  • Biggest Declines: Whitby (-6.7%), Orangeville (-5.4%), Mississauga (-5.0%)
  • Most Expensive: Caledon ($1,373,595), Vaughan ($1,327,790), Markham ($1,239,967)
  • Most Affordable: Orangeville ($726,037), Oshawa ($796,574), Ajax ($945,603)

Why? Cooling demand, higher inventory, or seasonal adjustments could be factors.

📈 Key Rising Markets (Seller Opportunities)

  • Vaughan (+5.4%) & Caledon (+4.7%) – Strong demand in these premium areas.
  • Milton (+6.0%) & Pickering (+5.4%) – Suburban appeal driving growth.
  • Toronto (+3.1%) – Steady demand keeps prices climbing.

Why? Low inventory, desirable neighborhoods, and investor interest may be pushing prices up.

💡 What Should Buyers & Sellers Do?

For Buyers:
✅ Target cooling markets like Mississauga, Brampton, and Orangeville for better pricing.
✅ Watch Whitby – a sharp drop could mean great value.
✅ Lock in rates if prices are stabilizing in desired areas.

For Sellers:
✅ List in hot markets (Vaughan, Caledon, Milton) to maximize returns.
✅ Price competitively in slower areas to attract buyers.
✅ Consider timing – spring/summer markets may bring more activity.

🔮 Future Outlook

The GTA market remains uneven, with some areas still growing while others correct. Experts suggest:

  • Interest rates will play a big role in mid-2025 trends.
  • Toronto & 905 suburbs may continue diverging in performance.
  • Affordability will keep driving demand in Oshawa, Orangeville, and Brampton.

📌 Need Help Navigating the Market?

Whether you’re buying, selling, or investing, our team provides data-driven strategies tailored to your goals. What’s your next move? Let’s discuss how to make the most of this shifting market with Upstate Realty! 🏡💡

📞 Call: 416-581-8000
📧 Email: info@upstaterealty.ca
🌐 Visit: https://www.upstaterealty.ca