Ontario HST rebate spurs new-construction house sales but condos continue to languish
The Ontario HST rebate has led to a significant increase in sales of single-family homes, but has not positively impacted the condominium market. In April, single-family home sales tripled compared to last year, while condo sales remained low despite a slight year-over-year increase. The high prices and mismatch between available condos and buyer preferences continue to hinder the condo market's recovery.
- ▪The HST rebate on new homes was introduced in March to stimulate the homebuilding industry.
- ▪Single-family home sales in the Toronto region reached 901 in April, more than triple last year's volume.
- ▪Condo sales totaled 199 in April, which is down 88 percent from the 10-year average for the month.
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Open this photo in gallery:Ottawa and the Ontario government announced the HST rebate on new homes in March in a bid to help revive the homebuilding industry and clear out the thousands of newly built condos that are unsold in the Toronto region.Fred Lum/The Globe and MailShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountThe Harmonized Sales Tax rebate on new homes in Ontario helped spur sales of single-family homes in April, but it did little to help revive the beleaguered condominium market. There were 901 new single-family home sales in the Toronto region in April, the first month the rebate was in effect, according to Altus Group data.
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