Ontario's HST Rebate Sparks Sales Boom, But Renewal Wave Threatens Budgets

New home sales in Ontario skyrocketed 130% in the second quarter, jumping from 3,645 to 8,410 units, directly attributed to the enhanced HST rebate that took full effect in late June. The program removes federal and provincial portions of the HST on eligible new homes priced up to $1 million, providing buyers up to $130,000 in tax relief. Industry groups confirm the 4,765 additional sales were "incremental" and "directly attributable" to the tax program,...