Bifalgorithm post

The federal election is heating up and in an effort to win over voters, the two major political parties are making big promises that could lead to even bigger savings for Canadian homebuyers. So back on March 20th right at the start of their campaign, Mark Carney and the Liberals announced that they'd be cutting GST for all first-time homebuyers buying a brand new home up to $1 million. Meaning if you were a first-time homebuyer, you hadn't owned real estate in Canada before and you were buying a brand new home, you could save up to $50,000 in GST costs. But this wasn't exactly a fresh idea. In fact, the Conservatives proposed this very thing back in October of last year. I'm sure the Conservatives didn't appreciate having their homework stolen, so yesterday they came out with a new proposal removing GST on new builds up to $1.3 million for everyone you're a first-time home buyer or not That's a potential savings of $65,000. But here's the thing according to CMHC's own internal data as of 2024 only 10% of home buyers were first-time buyers and from my own industry experience I can tell you that most first-time buyers aren't buying new homes. It's simply an affordability thing. So between the two, I think the conservative proposal will help many more people. But frankly, I'm just glad that taxes are on the table because Canadian homebuyers pay way too much. See my videos about property transfer tax. I don't like them. But let me know your thoughts. Would you go with the conservative or the liberal platform? Or are there other taxes you think that we should cut out altogether? Drop a comment. Let me know. Thanks.

The federal election is heating up and in an effort to win over voters, the two major political parties are making big promises that could lead to even bigger…