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While the details still need to be worked out, the Saskatoon & Region Home Builders’ Association was pleased to hear the provincial government wants to reinstate its PST rebate for new home construction.
The rebate ended on April 1 of this year.
“This is something we were very excited to learn of,” said association CEO Nicole Burgess, who added that the change will make home ownership more affordable and accessible in the province.
“These are some pretty important measures,” she said.
The provincial governments also has a plan to introduce a “Secondary Suite Program,” which is meant to help homeowners cover the costs of building rental suites in their homes. The goal for the province is to help homeowners with the mortgages, while also increasing the number of rental units available.
“It actually does address our need for more rental stock,” Burgess said. “We’re very excited about the news, and are super thankful for the government for this decision.”
The full details of the PST rebate program still need to be hashed out, but Burgess hopes it might work like the rebate program that was removed in April.
“(The rebate) could go directly to the homeowner or the homeowner could sign it over to the builder, and it comes off the price of their house,” she explained. “At the end of the day, it’s a benefit to the homeowner, the purchaser.”
“We’re also really happy to hear that the program is retroactive to April 1,” she added.
“What this does is provide a little bit of balance for the Saskatchewan market. Not only is it a key driver of wealth for families, but it also helps people form roots in Saskatchewan.”
Burgess said she’s hopeful the government’s moves will lead to more home owners in Saskatchewan and create a bit more balance in the market.