HST Rebate On New Homes in Ontario New housing rebates are available to those who purchase a new home from a builder or hire a builder to construct it. This HST rebate on a new home in Ontario is assigned to the vendor at the time of closing – it allows them to lower the selling price by the amount that equals the rebate amount. This type of rebate is available to the condominium or home developer depending on the type of property.
New Residential Rental Property Rebate The new residential rental property rebate is for the new home or condominium purchasers who want to rent out the property. The rebate is applicable only for the buyer and not the vendor. This rebate is available only after closing, so purchasers apply for it immediately. The provincial government has introduced new home rebate program to help homeowners with increasing costs. As a portion of HST is reimbursed, it reduces the financial burden on those buying a property for the first time. Homebuyers need to meet certain eligibility pre-requisites to file New housing rebate application, these are: They have purchased a newly built condominium/ house They contracted a builder to construct a home They substantially renovated your condominium/ house