Toronto New Home Sales Hit Historic Low: Worse Than 1990s Housing Crash

The Greater Toronto Area (GTA) housing market is experiencing an unprecedented downturn. New home sales have fallen to levels even lower than those seen during the 1990s housing crash, signalling serious implications for supply, affordability, and construction activity in the years ahead.

Sales at Record Lows

In April 2025, only 310 new homes were sold in the GTA — a 72 percent decline compared to April 2024, and 89 percent below the 10-year average for the month, which typically sees around 2,750 sales. By comparison, even at the lowest point of the 1990s housing downturn, monthly sales were nearly double what we are seeing today.

Market Breakdown by Housing Type

• Condominiums: 105 units sold
  

• 80% lower year-over-year

• 94% below the 10-year average

• Single-Family Homes: 205 units sold
  

• 66% lower year-over-year

• 77% below the 10-year average

Condo sales include units in low, medium, and high-rise buildings. Single-family homes include detached, semi-detached, linked houses, and townhomes.

Price Trends

• Condos:
  

• Benchmark price: $1.019 million

• Down 3.6% year-over-year

• Single-Family Homes:
  

• Benchmark price: $1.53 million

• Down 5.4% year-over-year

Market Sentiment and Buyer Behaviour

Buyers are hesitating amid economic uncertainty and speculation about new tariffs. Edward Jegg, research manager at Altus Group, noted, “Buyers crave predictability and the swirling uncertainty around the impact of possible tariffs is depriving would-be purchasers of the confidence they need to move ahead.”

This hesitancy is slowing both transactions and the launch of new housing projects.

Warning Signs of a Future Supply Crisis

BILD warns that the public may not yet realize how serious the slowdown is due to the lag between sales and construction. Justin Sherwood, Senior VP at BILD, noted that the industry is “decelerating quickly” and that a significant housing supply shortfall is forming.

• 2025 condo completions: 30,793 units

• 2028 forecasted completions: 9,561 units

This projected 69 percent drop in completions could lead to a housing shortage by the late 2020s.

Inventory Levels and Market Balance

Currently, the GTA’s new home inventory would take 15 months to sell at the current rate — well above the healthy range of 9 to 12 months. While inventory decreased slightly month-over-month, low sales are the main reason inventory remains elevated.

Government Policy and Industry Response

The federal government recently proposed a GST rebate for first-time buyers purchasing homes under $1 million. However, BILD argues this is insufficient.

Sherwood stated, “Very few new home buyers are first-time buyers. It will not substantially help address affordability, nor will it help significantly stimulate sales and construction.”

BILD is calling for GST relief to be extended to all new home purchasers.

Toronto’s new home market is currently enduring the most prolonged sales slump on record. With demand down sharply, prices sliding, and completions projected to fall dramatically, the GTA faces the dual threat of short-term instability and long-term housing shortages.

As this market continues to evolve, staying informed is essential for buyers, sellers, and developers alike.

A Market in Motion: Smart Insights for Spring 2025

Spring is traditionally the most active season in real estate, but 2025 hasn't followed the usual script. Political uncertainty surrounding the upcoming Canadian federal election and ongoing instability south of the border have kept many buyers and sellers on the sidelines. As a result, this spring began slower than expected. But the tide is turning.

Let’s talk specifics.

The cottage and recreational property market north of the city has come to a near standstill. Showings are sparse—even on premium listings. In uncertain economic times, lifestyle properties are the first to feel the pinch. Buyers are prioritizing value and stability, not weekend getaways.

That said, the Greater Toronto Area (GTA) is telling a different story. Across the Golden Horseshoe, we’re seeing renewed momentum. Listings are increasing, and so is buyer engagement—at nearly every price point. This shift marks a clear change from the sluggish pace we saw earlier in the year.

What’s Happening with Prices?

Let’s cut through the noise. On average, detached home prices are down approximately 5–7% year-over-year. Condos—particularly smaller, non-family oriented units - are feeling a deeper correction, down around 15%.

This isn’t surprising. The condo segment, especially in the investor-heavy downtown core, has been oversupplied since last summer. Inventory levels remain high, and that’s putting ongoing pressure on prices. Unless those units are attractively priced or uniquely positioned, they’re struggling to move.

On the other hand, well-located, family-sized homes in the 416 and desirable 905 pockets are starting to attract serious attention again—especially if they're priced with today’s market in mind.

Rates, Stability, and What Comes Next

The recent interest rate cut—and more importantly, the Bank of Canada’s decision to hold steady—has given the market a much-needed psychological boost. Inflation is trending in the right direction, and if we see another rate hold at the next meeting (as expected), confidence will continue to build.

That confidence is already showing up in the volume of calls I’m getting from clients. Many are asking for updated valuations and market positioning. That’s always a leading indicator of increased activity. When homeowners start reassessing their portfolios, they’re preparing to act.

We’re seeing that play out in real time - new listings are climbing, especially in Toronto proper and the surrounding GTA. Smart sellers are getting ahead of the curve.

Bottom Line

This is a market that rewards preparation and strategy. Whether you're buying, selling, or just evaluating your options, informed decisions matter more now than ever. The opportunities are real—but so are the risks if you’re not properly aligned with current conditions.

If you're unsure where you stand or how to navigate what's next, let’s talk. I’m tracking the trends daily and can help you see around corners before the rest of the market catches up.

GST Eliminated for first-time home purchasers

We welcome the Government of Canada’s decision to eliminate the Goods and Services Tax (GST) on homes priced at or under $1 million for first-time homebuyers. This policy is a positive step toward addressing housing affordability challenges and supporting Canadians in achieving homeownership.

The rising cost of housing has been a significant barrier for first-time buyers in the Greater Toronto Area and across the country. By eliminating the GST, the federal government is providing much-needed financial relief – reducing upfront costs and making homeownership more attainable for young families and new buyers entering the market.

Realistically, this will hardly move-the-needle on affordability around the Toronto area, with very limited housing options under that $1M threshold, but it is certainly a step in the right direction.

How Could U.S. Tariffs Impact the GTA Housing Market?

With the impending U.S. tariffs on Canadian exports, many are wondering what this could mean for the real estate market, particularly in the Greater Toronto Area. While it may seem like an issue confined to international trade, these tariffs could have a direct impact on housing costs, construction, and market trends.

Higher costs for key building materials such as steel, aluminum, and lumber could push up construction expenses, leading to increased home prices and potential delays in new developments. If suppliers redirect their products to the Canadian market to offset the effects of tariffs, this won’t necessarily drive prices down. Instead, material costs may rise due to continued demand and potential supply shortages.

Another factor to consider is the Canadian dollar. If tariffs weaken Canada’s export sector, the loonie could decline against the U.S. dollar, making imported materials and construction equipment more expensive. Higher costs, combined with potential supply chain disruptions, could further drive up the price of new homes.

Beyond materials and currency fluctuations, there’s also the broader economic impact. If key industries like manufacturing and forestry face setbacks due to trade restrictions, job losses and economic uncertainty could slow housing demand. At the same time, inflationary pressures may prompt the Bank of Canada to raise interest rates, making mortgages and construction loans more costly. Developers may delay or cancel projects in response, further constraining housing supply.

For buyers and sellers, this creates a complex landscape. If supply tightens and costs continue to rise, affordability could become an even greater challenge. However, economic uncertainty might also lead to a temporary slowdown in demand, which could present opportunities for those ready to make a move.

The real estate market is always evolving, and staying informed is key. If you’re considering buying, selling, or investing, now is the time to have a strategic conversation about your next steps. Reach out to discuss how these changes could impact your real estate goals.

Sales over $5 million jump 58.5% in the fourth quarter of 2024

TORONTO’S LUXURY HOME MARKET RECORDS DOUBLE-DIGIT GROWTH

AS WAVE OF HIGH-END BUYERS FLEX PURCHASING POWER AMID MORE FAVOURABLE OUTLOOK

The Greater Toronto Area’s (GTA) luxury housing market shifted into high gear in the final quarter of 2024, with sales over $3 million climbing more than 40 per cent ahead of year-ago levels for the same period. Just over 360 freehold and condominium properties sold in Q4 2024, up from the 259 sales reported in Q4 2023, according to RE/MAX Canada.

“The impact of the first and second 50-basis-point rate cuts by the Bank of Canada radiated throughout the GTA in the fourth quarter, jumpstarting demand for high-end properties both within the city and suburbs. We’ve been expecting a surge in top-tier sales activity as the economic climate and corresponding pause in buying intentions prompted a build-up in pent-up demand. The fourth quarter did not disappoint.”

CHRISTOPHER ALEXANDER, PRESIDENT OF RE/MAX CANADA

Luxury home sales were almost equally split in the last three months of the year, with Toronto proper enjoying a slight edge (53 per cent), as buyers took advantage of suppressed housing values, particularly at uber-luxe price points between $5 million and $7.5 million. Sales over $5 million reported the strongest percentage gains, with more than 80 properties changing hands in the fourth quarter of 2024 – an increase of almost 59 per cent over the same period in 2023, according to MLS data from the Toronto Regional Real Estate Board (TRREB). A 41.2-per-cent increase was posted in home sales over $7.5 million (24 versus 17), while the number of homes sold over $10 million were on par with year-ago levels. “The momentum in the luxury segment has outpaced the overall market in 2024,” says Alexander.

“Affluent buyers appear to have acclimatized to Toronto’s higher land transfer tax structure, which went into effect on January 1, 2024. The initial shock of the tax hike has likely subsided, and purchasers are simply treating it as the cost of doing business. That said, nearly half of the high-end sales over $5 million reported by TRREB occurred on the outskirts of the city. Last year, sales in the 905 represented just 36 per cent of luxury homebuying activity.” While ideal market conditions – including pent-up demand, softer housing values and increased inventory levels – existed through much of 2024, the 100-basis-point drop in the overnight rate was the primary catalyst beyond stronger buyer enthusiasm. Secondary drivers such as growing consumer confidence levels, coupled with near-record highs in the stock market in 2024 also played a role, given that the NASDAQ closed the year up 30 per cent; S&P 500 was up 24 per cent; the Dow Jones was up 13 per cent; while closer to home, the S&P/TSX composite index rose 18 per cent. Along with the strong performance of financial markets, the easing of inflationary pressures was another factor that contributed to the rising fortunes of wealthy investors. “Profit-taking was widespread at year end, with many stakeholders converting paper wealth to material wealth,” explains Alexander, noting the scenario was playing out south of the border as well. Luxury real estate has bounced back in top tier U.S. markets including Miami, New York, Los Angeles and San Francisco in the final quarter of 2024.

“The uptick in home-buying activity sets the stage for a strong luxury market in 2025,” says Alexander. “After several years of softer sales at higher price points, affluent buyers have the confidence to move forward once again. Supply has been a considerable factor hampering strong buyer intentions and we expect that to continue. While we do expect to see more listings come on stream, they’re being offset by the increase in buyers moving off the sidelines.”

SUPPLY IMPACTING VALUE AT UPPER PRICE POINTS

While market conditions varied by neighbourhood in the fourth quarter, pockets with the tightest supply saw values hold steady, while those with greater selection experienced a five- to 10-per-cent decline, especially at the $5 million to $7.5 million price point. To illustrate, the average price of the 84 homes sold over $5 million hovered at $7.56 million in the fourth quarter of 2024, down almost seven per cent from the $8.1-million average price tag on sales during Q4 of 2023. Toronto’s Rosedale-Moore Park area experienced the strongest activity, with 13 sales in Q4, followed by Forest Hill South (7), Bridle Path-Sunnybrook-York Mills (5), and St. Andrews-Winfields (5). In suburban markets, Oakville (8) led the 905 in terms of sales over $5 million, followed by Richmond Hill (6), Vaughan (4), King (4) and Milton (4).

On a year-over-year basis, the fourth quarter swell pushed overall luxury home-buying activity ahead of 2023 levels. Sales over the $3-million price point were up almost four per cent in 2024, with 1,514 sales occurring throughout the Greater Toronto Area, up from 1,456 one year earlier. A 21-per-cent increase was realized in luxury sales over $5 million, with 298 sales reported in 2024, compared to 246 in 2023. Sales over $7.5 million climbed 18 per cent, with 72 properties changing hands in 2024, compared to 61 in 2023. Sales over $10 million were up 17.4 per cent, with 27 homes sold in 2024, compared to 23 sales one year earlier. Q4 sales represented 24 per cent of overall luxury homes sales in 2024, compared to 17.7 per cent in 2023. Single-detached luxury homes remained in high demand, while condominiums experienced a turbulent 2024 across all price points, with a serious influx of inventory evident in the city’s downtown core. However, luxury homebuyers are slowly re-entering the top end of the market, with recovery expected to result in a turnaround by year-end 2025 and in early 2026, as aging sellers make lateral moves to luxury condos. The primary reasons behind the move to condos in the GTA this year is opportunity, followed by safety and security. Some luxury condo developments are attracting interest—a sign of the changing tide. For example, a new luxury condo project in the Bridle Path with large units is selling well in pre-sales. While domestic buyers have been most active in the market this year, there has been a resurgence in luxury home-buying activity among young, landed Chinese immigrants, many of whom seek assistance from their parents abroad. China continues to grow in affluence, with significant purchasing power in all categories of luxury goods globally and real estate remains no exception, despite stricter policies on foreign ownership in several countries. The transfer of wealth from baby boomers will also continue to empower Gen X, Millennials and some Gen Z buyers, with billions of dollars poised to change hands in Canada over the next decade. In many cases, this is happening sooner in life in the form of an early inheritance gifted by living relatives. Statistics Canada reports that nearly one-third of all first-time buyers in Canada cover their down payment—in whole or in part—by money from parents or relatives. Wealth transfer is propping up home-buying activity across all segments, including the luxe and uber-luxe segment. In the World’s Wealthiest Cities Report released in mid-2024 by London-based Henley & Partners, Toronto was ranked 13th in the world for the number of high-net-worth individuals. Despite an expected slowdown in population growth, overall demand for properties in Toronto is expected to remain solid, especially for single-detached homes, particularly as that category comprises a smaller percentage of overall sales in the years to come and as price growth and limited supply push more detached homes in luxe price points.

Social Media Evolution

It is interesting to note how consumption of our marketing materials slowly changes over time — and as should be no surprise to anyone, social media platform engagement evolves as our ‘new buyer’ demographic slowly changes. It’s been interesting to see how longer-form video and marketing material has started to give way to shorter-form ‘quick hits’ — YouTube engagement is a bit lower, while Instagram Reels / Facebook Stories are on the rise.

We are experimenting with doing more short form videos to engage with our audience - and we would love to hear your feedback! We’re starting to create some non-listing-specific video content that is much more general info on the marketplace, with great results so far. Have an idea or suggestion for a video, let us know in comments on any of the platforms you connect with us!

If you didn’t know - check us out on Instagram - @homesresource - https://www.instagram.com/homesresouce

https://www.facebook.com/homesresource

Canada’s New Tax Law on Home Sales: What You Need to Know

A recent Canadian tax law aims to curb speculative real estate sales by penalizing homeowners who sell a property within 365 days of purchase. Introduced in the 2022 federal budget and effective from January 2023, this law requires that any profit from such a sale be reported as business income, making it ineligible for the primary residence exemption. This could result in significant taxes, ranging from 28% to 53% of profits, depending on the seller's income bracket.

Exemptions to the Law

The Canada Revenue Agency (CRA) offers exemptions for homeowners forced to sell due to one of nine specified circumstances, including:

• Death, illness, or disability

• Marriage breakdown

• Job relocation or involuntary job loss

• Safety concerns or property expropriation

These exemptions are intended to support Canadians facing unavoidable challenges.

Additional Impact on Pre-Sale Condos and Assignments

The new rules also apply to pre-sale condos, where assignment sales are now subject to HST. Under the new policy, the CRA no longer needs to prove the seller intended to flip the property; any sale within a year automatically qualifies as business income unless an exemption applies.

CRA Monitoring and Penalties

The CRA has four real estate audit teams focused on high-risk areas in Ontario and British Columbia to ensure compliance. Non-compliance can lead to steep penalties, including a 50% surcharge on the tax owed and interest if false information is filed.

Tips for Homeowners

To avoid being taxed as a business, homeowners who want to sell should wait until after the 365-day mark to benefit from the primary residence exemption. Selling on day 366 could save substantial tax costs.

New Mortgage Rules Coming December 20234

Starting December 15, 2024, new mortgage rules in Canada should significantly impact many first-time homebuyers, making it easier to enter the market.  These reforms, described as the boldest mortgage changes in decades by the federal government, are intended to help more Canadians, especially first-time homebuyers and younger generations, secure homeownership. The changes will also impact investors in pre-construction properties, making mortgages more accessible. 

Here's what you need to know:

1. Longer Amortization Periods: First-time buyers will now have the option of a 30-year amortization period instead of the traditional 25 years. This means your monthly payments could be around 9% lower, making it easier to afford a home. However, keep in mind that spreading payments over a longer period means paying more in total interest over the life of the mortgage​.

2. Higher Insured Mortgage Cap: The insured mortgage limit is increasing from $1 million to $1.5 million. This is crucial for buyers in high-cost cities like Toronto and Vancouver, where home prices frequently exceed $1 million. Now, you can qualify for an insured mortgage with a down payment as low as 5% on the first $500,000, and 10% on the remainder​.

3. Easier to Switch Lenders: One big change is that you can switch mortgage lenders without having to pass the stress test again at renewal. This increases competition among lenders, giving you a better chance to find more favorable rates​.

These changes aim to make homeownership more accessible, especially for those struggling with high property prices and rising interest rates.  However, as these changes are implemented, the long-term impact on the housing market remains to be seen - ultimately, the increased buying-power could drive up pricing, and once again increase competition. 

An extra $30,000 in your pocket?

I'm sure if you are on our mailing list, you already are well tuned into what has been happening at the Bank Of Canada recently, and we are happy to see that they have continued the downward trend on interest rates, with their additional 0.25% reduction this Wednesday.   Bond rates also almost dropped a full point on Tuesday, likely in anticipation of Wednesday's rate drop - not a 52 week low, but within 0.75 points of it, which should have a direct impact on fixed-rate mortgages most directly. 

August 2024 market statistics

The Toronto real estate market experienced a modest increase in home sales in August 2024, with transactions rising by 0.6% compared to the previous month. However, the market remains well-supplied, as new listings increased by 1.5% year-over-year. The total number of active listings was 46% higher than in August 2023, which has helped keep price growth moderate. The MLS® Home Price Index Composite benchmark fell by 4.6% compared to a year ago, while the average selling price decreased slightly by 0.8% to $1,074,425 

“The Bank of Canada’s rate cut announced on September 4 will lead to a further improvement in affordability, especially for those using variable rate mortgages. First-time buyers are especially sensitive to changes in borrowing costs. As mortgage rates continue to trend lower this year and next, we should experience an uptick in first-time buying activity, including in the condo market” predicts Toronto Regional Real Estate Board President Jennifer Pearce.

TRREB reported 4,975 home sales in August 2024 – down by 5.3 per cent compared to 5,251 sales reported in August 2023. New listings entered into the MLS® system amounted to 12,547 – up by 1.5 per cent year-over-year. On a seasonally adjusted basis, August sales edged up on a monthly basis compared to July, whereas new listings were down slightly compared to the previous month.

Looking ahead, while more buyers may enter the market as rates continue to decrease, it may take time for the existing inventory to be absorbed, suggesting a gradual recovery phase.
 

Monthly Discussion - Pricing Strategies

Setting an accurate asking price for a resale home is crucial, especially in a market that is leaning from more or less balanced market, toward a Buyer's market. In such conditions, Buyers have more options and greater leverage, so pricing a property correctly from the start can make all the difference. An overly ambitious asking price can deter potential buyers, causing the property to sit on the market longer. When a home remains unsold for an extended period, it can create the impression that there is something wrong with the property, further diminishing its appeal (often considered a phantom stigma!). This often forces sellers to make price reductions, which can weaken their negotiating position and reduce their overall return. 

➤ We've been watching a couple of improperly priced properties through to their ultimate sale, and can easily say these Sellers have lost between $25,000-$30,000 of value, due to ill-advised marketing foolery 🤯!   We aren't in a market where you can just guess at a price - do the homework, and price to what the market will bear.

In the Toronto market today, we are seeing around 25% of listings are getting 're-listed' within 30 days with a new price & strategy.  A poorly priced home can quickly become stale and extend its days on the market unnecessarily, not only increasing carrying costs for the Seller but also decreasing Buyer interest - properties that have been on the market longer are often perceived as less desirable.

➤ To avoid this cycle, setting a competitive and realistic asking price based on comparable sales and current market trends is essential. Coupled with a strong marketing strategy, accurate pricing helps attract serious buyers quickly, reduces the time on the market, and ultimately leads to a more successful sale, and hopefully, an extra $30,000 in your pocket! 

New Listings vs. Re-Listings - August 2024
 

A few samples of listing data from around the GTA for the month of August:

The average days-on-market fluctuates with the area, but we are typically seeing around 26-35 days for 'well priced' properties, and 46-65 days for ones with what we would call 'creative pricing'.  Generally speaking, the marketing strategy of marketing at a very reduced (under-market value) price point, and 'holding of offers' for a specific day, has had limited success -- most Buyers are simply waiting-out the Sellers, and hence why we see such a significant number of re-listings around the GTA. 
 

Moral of the story - get it priced right, right from the beginning!

York Region Housing Report (Markham / Unionville)

The Toronto Regional Real Estate Board has released the most recent sales statistics for York Region including Markham and Unionville. See included charts below.

Click to download the detailed York Region Housing Report - (PDF) - with local regional breakdowns (i.e. markham, vaughan etc.)

Homeowner Protection Act 2024 Announced

Yesterday, the Government of Ontario announced the Homeowner Protection Act, 2024 – with several major wins for Ontario REALTORS® and hardworking families across the province, which OREA has advocated for in recent months and years.

The Act includes several REALTOR®-led advocacy priorities, most notably a 10-day cooling-off period for buyers of newly built freehold homes. This will allow purchasers 10 days to review and cancel an agreement without penalty, a protection that is already in place for pre-construction condo sales in Ontario. Extending this protection to newly constructed homes will enhance consumer protection and level the playing field between hardworking families and corporate developers.

Notably the Government will not be extending this protection to resale homes, which would have negatively impact both buyers and sellers.

The new legislation also bans the registration of Notices of Security Interest (NOSIs), reducing unnecessary fees from being tacked onto the price tag of a home. Too many Ontarians, when selling their home, have been surprised by one or more NOSIs – fine print in contracts for water coolers, furnaces, or security systems that include exorbitant buyout charges to be paid before the home can be sold.

Additionally, the Act will modernize zoning rules to allow for more homes to be built near public transit, making it easier and faster to increase Ontario’s housing supply in urban areas – a change that OREA has long-advocated for, including in their recent report, Analysis of Ontario’s Efforts to Boost Housing Supply.

The Homeowner Protection Act, 2024 is a significant step toward enhancing consumer protection for Ontarians making one of the largest transactions in their lives, all while building much-needed housing supply across the province.

Homebuyer's Guide

Follow the link below to download our new Home Buyer’s Guide - a great resource to help guide you through the home buying experience.

Download PDF Here

Bank of Canada maintains overnight rate

Wednesday April 10, 2024 - OTTAWA The Bank of Canada has maintained its overnight rate target at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank expects the global economy to continue growing at a rate of about 3%, with inflation in most advanced economies easing gradually. The US economy has proven stronger than anticipated, buoyed by resilient consumption and robust business and government spending.

One key cause for concern is a housing market that's showing signs of heating up. The benchmark average home price in Canada is down more than 17 per cent from its peak in 2022. But the numbers for December and January indicate the market may have bottomed out and started to rebound.

The Bank has revised its forecast for global GDP growth to 2.7% in 2024 and about 3% in 2025 and 2026. Inflation rates are projected to reach central bank targets in 2025. In Canada, economic growth stalled in the second half of last year and the economy moved into excess supply.

2024 Budget: Changes to the Non-Resident Speculation Tax (NRST)

With the recent release of the 2024 Ontario budget, the province is making some changes to the Non-Resident Speculation Tax (NRST). The NRST is the tax on the purchase or acquisition of an interest in residential property located anywhere in Ontario by individuals who are not Canadian citizens or permanent residents of Canada or by foreign corporations or taxable trustees.

Effective March 27, 2024, the following changes include:

• The rebate application deadline for foreign nationals who become permanent residents of Canada has been extended from 90 to 180 days.

• The NRST will now apply to the standalone purchase of a parking space or storage unit. Previously this only applied if the spaces were coupled with the purchase of a residential unit.

Changes were made to the qualifying rules for rebates and exemptions under the NRST:

• A purchaser must intend to occupy the home as their principal residence within 60 days of their purchase date.

• A purchaser must occupy the home as their principal residence until a rebate application is filed to remain eligible for a rebate.

• Enrolment or Employment for the international student/worker rebates must begin within 30 days of home purchase. (The rebates have been eliminated but transitional provisions allow applications until March 31, 2025).

• Spousal status must be obtained on or before the date of home purchase to be eligible for the exemption or rebate.

• Exemptions and rebates are not available if a foreign entity who is not on title acquires a beneficial interest in the home.

View the Ministry of Finance Letter on Changes to the NRST for more details. For further information on the Non-Resident Speculation Tax, click here.

BOLD Action Builds Homes

The housing supply and affordability crisis are pushing the dream of homeownership further out of reach for Ontario families.

Last month, OREA released their latest policy report, Analysis of Ontario’s Efforts to Boost Housing Supply. The report outlines 10 action items, based on the recommendations of Ontario’s Housing Affordability Task Force, that will increase housing supply and address the housing affordability crisis. Actions include:

• Allowing water and wastewater services to be provided through a municipal services corporation, lowering up front costs of purchasing a new home by up to $50,000;

• Supporting commercial-to-residential conversions with greater density along transit corridors; and

• Ending exclusionary zoning to unlock more housing supply in existing communities.

Together, all 10 action items would improve affordability and create future generations of homeowners. Read more in last week's Toronto Star op-ed by OREA CEO Tim Hudak.

Please encourage your MPP to take bold action to build more homes.