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Investing.com -- Today, Prime Minister Carney of Canada announced a significant policy change that will remove the Goods and Services Tax (GST) for first-time homebuyers on homes priced at or under CAD$1 million. This tax cut is expected to save Canadians up to CAD$50,000, enabling a larger number of young people and families to enter the housing market and achieve homeownership.
The elimination of the GST will result in lower upfront housing costs, allowing Canadians to retain more money. The policy change is also predicted to stimulate the construction of new homes across the country, effectively increasing the housing supply.
In his statement, Carney said, "Our government is laser-focused on lowering costs for Canadians and making homeownership a reality." This policy change underscores the government’s commitment to reducing costs for its citizens and promoting homeownership.
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