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Is The HST Rebate Working?
HST boosted house sales, Prices are falling and condos are still stuck.
Today, we’re covering
🤔 Is The HST Rebate Working?
📉Home Prices Fell 20% And It’s Still Not Enough
🤫Developers Hiding The Real Price
💰 Banks Won’t Fund Condos
🤔 WTF of The Week
Read Time: 4 minutes
🤔 Is The HST Rebate Working?
Source: CBC
The 411: The first month of Ontario’s HST rebate saw GTA new home sales nearly triple, but condos are still struggling.
GTA new home sales reached 1,100 units in April, up from 384 a year earlier.
Single-family home sales surged to 901 units, nearly four times higher than last year's 241 sales.
Condo sales increased too, but only to 199 units from 143 a year ago.
The rebate removes the full 13% HST on eligible new homes valued up to $1 million.
Industry groups say the rebate is having its intended effect by bringing buyers back into the market.
Despite the jump, condo sales remain far below the historical April average of 1,673 units.
Single-family sales are now above their 10-year April average of 744 units.
The federal portion of the rebate still requires legislation to fully pass through Parliament.
Why This Matters: The HST rebate appears to be doing exactly what it was designed to do: get buyers off the sidelines. But the split between houses and condos tells a bigger story. Buyers are jumping on family-sized homes, while the condo market remains stuck in neutral, suggesting affordability isn't the only problem facing Toronto's condo sector.
