Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeReal EstateFirst-Time HomebuyersHST rebate helps drive Toronto new home sales in May, report saysProgram provides maximum rebate of $130,000 on new homes valued at up to $1 million You can save this article by registering for free here. Or sign-in if you have an account.New homes under construction by Reid’s Heritage Homes in Cambridge, Ont., on Tuesday, June 16, 2026. BILD said new home buyers in the Greater Toronto Area are responding positively to the HST new housing rebate. Photo by Peter Power /Postmedia NewsNew sales of low-rise homes beat its 10-year average in May and the enhanced Harmonized Sales Tax (HST) rebate program might have something to do with it, at least according to the Building Industry and Land Development Association (BILD).Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorIts report said new home buyers in the Greater Toronto Area (GTA) are responding positively to the HST new housing rebate as the program remains a historic buying opportunity for those looking to purchase a new home.May was the second consecutive month such sales outperformed, as a total of 1,023 new home sales were recorded that month, up significantly from the record low in May 2025, according to Altus Group, where BILD gets its data.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try again“GTA new home sales in May continued to respond positively to the HST rebate program, led by the single-family sector which surpassed its 10-year average for the second consecutive month,” said Edward Jegg, research manager at Altus Group.However, May’s numbers were 57 per cent below the 10-year average. Historically, total new home sales for a typical May in the GTA would be 2,353 units based on the previous 10-year average, BILD said.BILD added the need for clarity on how rebates are administered contributed to some potential buyers delaying purchasing decisions in May.On March 25, Ontario, in partnership with the federal government, announced the expansion of the HST rebate, which removes the full 13 per cent of the tax for eligible buyers of new homes valued up to $1 million, for a maximum rebate of $130,000.The program, which aims to lower the cost of new homes, is part of the 2026 Budget and builds on Ontario’s proposal in October to rebate the provincial portion of the HST for first-time home buyers of most new homes.Meanwhile, Altus Group’s Jegg said condominium apartment sales have not to date benefitted from the rebate program. He listed two main reasons: first, much of the existing product is locked into legacy pricing with higher costs; and second, any new high-rise projects are unlikely to be able to meet the “substantially completed” requirement of the HST rebate program.Condominium apartments, including units in low, medium and high-rise buildings and stacked townhouses, accounted for 193 units sold in the GTA in May, 89 per cent below the 10-year average, BILD said. There were 830 single-family home sales in the GTA in May, a significant year-over-year increase and 26 per cent above the 10-year average.Total new home remaining inventory in the GTA dipped below the 20,000 mark for the third time in 24 months with 18,763 units for May, it said. This includes 13,138 condominium apartment units and 5,625 single-family dwellings, representing a combined inventory level of 32 months, based on average sales for the last 12 months.BILD said that it anticipates that as sales increase, the months of inventory statistics will decrease rapidly.Its chief operating officer, Justin Sherwood said that while new single-family home sales surpassed the 10-year average for a second straight month, they did slightly decrease from the sales levels seen in April 2026 – the first month that the HST rebate program was introduced.He said this decrease is largely due to potential new homebuyers still waiting on the sidelines for clarity on how the HST rebate will be administered.“Providing clarity on these details will ensure that the momentum experienced since April continues,” said Sherwood. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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