Yesterday, the Province of Saskatchewan announced a new 3 year PST rebate program for newly built homes. In some circumstances up to 42% of the PST paid on a new home, providing some level of rebate up to a construction value of $450,000.
This was likely not an easy decision for the Provincial Government that has significant demands on their financial resources by every sector of the economy. This is why we are very appreciative the Minister of Finance, Donna Harpauer and her team at the Ministry have been very welcoming to Chris Guerette (CEO of SRHBA) and Stu Niebergall (CEO of RRHBA) over the past year and a half, listening to our concerns on behalf of the industry and allowing us to work with them on the development of this rebate program.
There is no doubt, with the Canadian economy almost shutting down due to COVID-19 that the new housing sector in Saskatchewan just can’t get a break. The timing of this rebate is welcome news and may be the kick start the new home construction sector needs when the COVID-19 crisis is behind us.
We believe this is very significant for our industry in the province, demonstrates a commitment by the province on the value of homeownership and supports the Saskatchewan Growth Plan.