Big News for First-Time Home Buyers: Full GST Rebate on New Homes Under $1M
If you're a first-time home buyer looking at new homes in North Vancouver, there's good news. On May 27, 2025, the Federal Government announced a major update that could make homeownership more attainable for many Canadians.
What’s Changing?
As part of amendments to the Excise Tax Act, first-time home buyers purchasing new homes or co-operative housing units may now qualify for a full GST rebate—up to $50,000—on homes priced under $1 million. Homes priced between $1 million and $1.5 million will still be eligible for a partial rebate, which phases out on a sliding scale.
Example:
If you're buying a new home in North Vancouver priced at $1.4 million, you'd still receive a 20% rebate, or $10,000, on the GST paid at closing.
Why It Matters
With real estate prices remaining high—especially in desirable communities like North Vancouver—this rebate can significantly reduce the upfront cost of buying a home. It’s expected to boost activity in the pre-sale and new construction market, which could create more opportunities for first-time buyers to get a foot in the door.
Is North Vancouver Real Estate Eligible?
Yes—North Vancouver has a variety of new developments and pre-sale homes that may fall under this new rebate program. Whether you're eyeing a modern condo, townhome, or a unit in a new co-op, this rebate could offer substantial savings.
Thinking of buying your first home in North Vancouver? Let’s talk about which properties might qualify for the GST rebate and how you can take advantage of it.
Contact us today at northshorerealty.ca/contact.php to get started.
Posted by Kerri Demski - PREC on
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