🏠 April Market Update: Major HST Savings & Spring Trend

Happy April! The spring market is officially here, and it has arrived with some of the most significant real estate news we’ve seen in years.

The Market at a Glance The March data shows a shifting landscape. While sales are up slightly (5,039 homes sold), the supply side has tightened considerably, with new listings dropping by 16.7%. With only 21,596 homes currently on the market, buyers should expect increased competition and fewer choices as we head into the peak spring season.

The Big News: The "13% Off" HST Holiday The headline story this month is the Ontario government’s bold move to jumpstart the housing sector. As of April 1, 2024, the 13% HST on eligible new home purchases has been eliminatedfor one year.

Here is what you need to know about this "window of opportunity":

• The Savings: Up to $130,000 in savings for homes under $1M, with partial relief for homes up to $1.85M.

• The Timeline: Purchase agreements must be signed between April 1, 2026, and March 31, 2027.

• The Fine Print: Construction must start by Dec 2028 and be completed by Dec 2031.

• Who Qualifies? Not just first-time buyers! It applies to primary residences and qualifying rentals across all home types (detached, condos, townhouses).

Why Now? This measure is a direct response to the low housing starts seen in early 2026. By removing the HST burden, the province aims to restore builder confidence and help buyers move off the sidelines.

My Take: This is a much-needed boost for consumer confidence. As demand begins to outpace the shrinking inventory, I anticipate prices will begin their upward trend once again.

If you’ve been waiting for the right moment to enter the market or upgrade your portfolio, there are some unique opportunities I’d love to discuss with you.

Feel free to reply to this email or give me a call at 647-962-9789—let’s chat about your goals.