RESCON pleased that measures to spur new housing reiterated in Throne Speech
Vaughan, Ont., May 27, 2025 (GLOBE NEWSWIRE) -- The Residential Construction Council of Ontario (RESCON) is pleased that the throne speech delivered today by King Charles III reiterated the government's commitment to building more housing and cutting the GST on new homes at or under $1 million for first-time buyers as well as pledging to reduce it on homes between $1 and $1.5 million.
'The tax burden on new housing is one of the critical factors that are stymieing new construction and driving up the cost of new housing,' says RESCON president Richard Lyall. 'Removing the federal sales tax on new homes at or under $1 million and reducing it for homes between $1 and $1.5 million is a step forward and we commend the government for its action.'
While the federal government has ruled out a full budget before the House of Commons rises June 17, we would hope that the proposed GST changes could be implemented before the session concludes. Housing starts were down 38 per cent in the first quarter of this year in Ontario, compared to the same period in 2024. In Toronto, starts in the first quarter were down 58 per cent from the same period in 2024. Should a GST change not be implemented before Parliament adjourns for the summer it will have a substantial impact on potential new home purchases over the summer and into the fall.
The speech also reiterated that the government is committed to investing in modular housing, providing financing to affordable homebuilders, and doubling the rate of homebuilding using Canadian technology, skilled workers and lumber, as well as cutting development charges in half for multi-unit housing.
'We look forward to working with the federal government to tackle the housing supply crisis and making homes more affordable for Canadians,' adds Lyall. 'The high tax burden and lengthy approvals processes hamper the ability of residential developers and builders to build new housing. We must prioritize lowering costs to make homes more affordable for Canadians.'
RESCON is the province's leading association of residential builders committed to providing leadership and fostering innovation in the industry.
CONTACT: Grant Cameron RESCON 905-638-1706 cameron@rescon.comSign in to access your portfolio
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