Repealing the General Sales Tax (GST) on certain new home purchases, a policy proposed by both the Liberals and the Conservatives, would cost $400 million to $2 billion annually, according to the Parliamentary Budget Office (PBO).
The Liberal Party has said it would get rid of the GST on new and “substantially renovated” homes costing under $1 million for first-time homebuyers, while the Conservative Party has proposed to get rid of the GST on new homes costing up to $1.3 million, up from the $1 million initially announced in October 2024.
According to the PBO, the Liberals’ plan would cost $383 million in 2025, $378 million in 2026, $391 million in 2027, $413 million in 2028, and $429 million in 2029, for a five-year total of nearly $2 billion, as first reported by Blacklock’s Reporter….