It may soon be a lot cheaper to buy your first home.
The government plans to scrap the federal tax on homes for first-time buyers. Any houses valued at $1 million or less will qualify, which could save people thousands of dollars, according to a news release.
Prime Minister Mark Carney says he’s laser-focused on lowering costs for Canadians and the government is taking “immediate action” to address the housing crisis.
In the fall, Pierre Poilievre promised something similar. He said a Conservative government would eliminate the tax on newly built homes, if he became prime minister.
The news comes as many expect Prime Minister Mark Carney to call an election in just a few days.
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