Proposed GST rebate for some first-time homebuyers could reach $27,000, PBO says

Proposed GST rebate for some first-time homebuyers could reach $27,000, PBO says

A separate calculation by Desjardins this week found that a $50,000 GST subsidy on a $1-million home could save a homebuyer up to $240 a month in mortgage payments.

The federal government’s proposed GST rebate for first-time homebuyers will provide an average subsidy of roughly $27,000 to more than 71,000 buyers, an analysis from the Parliamentary Budget Officer says.

The government is proposing to cut its 5-per-cent GST entirely for first-time buyers that are purchasing a new or substantially renovated home valued at $1-million or less, and to partially cut the GST for new homes valued between $1-million and $1.5-million.

The projections were made for the life of the program, which is expected to start in