A Toronto Star investigation found that the Ontario and federal governments’ removal of the HST and some development fees from new home construction is not lowering most single-family and condo prices, at least so far. The Star used industry data on 1,000 homes in more than 100 active projects and found in the first couple of weeks since the tax breaks were announced, 69 per cent of prices were unchanged, 8 per cent went up and 22 per cent went down. Single-family homes were more likely to see price decreases—40 per cent of them decreased. It is a short time since the tax breaks were announced, in late March, so the impacts may change.
Read the Star article at https://www.thestar.com/real-estate/most-toronto-developers-have-not-changed-homes-prices-following-hst-announcement-early-data-shows/article_d9a318f3-2f73-4f1d-b280-8e3e1092c403.html