REGINA — The provincial government has announced it is expanding the provincial sale tax rebate to even more homes.
According to a news release from the province, the rebate now includes homes where a contract has been signed and the property meets new housing start criteria prior to April 1, 2023. Previously, it was required there had to be occupancy before April 1, 2023.
The rebate is 42 per cent of PST paid or about 2.5 per cent of the total house price, excluding the land value, for a new, previously unoccupied house excluding rental properties, where the buyer takes possession of the house after March 31, 2020, and before April 1, 2023. Buyers qualify by signing a contract for the purchase of the home before April 1, 2023, for which the new housing start is complete before April 1, 2023. Under the expanded criteria, the buyer must take possession of the home before April 1, 2024.
According to the province’s news release, the rebate is available on newly constructed homes with a total price of less than $450,000, before taxes and excluding the value of the land. It is reduced for homes with a total price between $350,000 and $450,000, with no rebate for newly built homes with a total price of $450,000, or more. The full rebate is available on newly built homes with a total price of $350,000 and under.
"Saskatchewan has seen urban housing starts increase by 35.6 per cent in August 2022, compared to August 2021 — the second highest increase among provinces," Deputy Premier and Finance Minister Donna Harpauer said in a news release.
"We want to ensure the rebate helps Saskatchewan families and individuals afford new homes and helps keep the residential construction industry and our economy strong."
