Hey Saskatoon homebuyers, we've got some news for you! With real estate prices on the rise and rental units hard to come by, the Government of Saskatchewan is stepping in to lend a hand. They've rolled out a couple of cool initiatives to make homes more affordable and up the number of rental options available, which is great news for the Saskatoon housing market. Let's dive in!
Saskatchewan Introduces Financial Support for Housing
To address the challenges faced by homebuyers and renters, the province has launched the Provincial Sales Tax (PST) Rebate for New Home Construction and the Secondary Suite Incentive (SSI) grant program.
PST Rebate for New Home Construction:
Snag a rebate of up to 42% of the PST on a brand-new home.
This applies to homes priced under $550,000 (land and furnishings excluded) and deals signed or started after April 1, 2023.
Homes should be occupied by April 1, 2026, and rebate applications are due by March 31, 2027.
For more details, visit the PST Rebate on New Home Construction webpage.
Secondary Suite Incentive (SSI) Grant Program:
Get a grant covering 35% of the cost to build a new secondary suite (like a basement or garden suite) at your place, capped at $35,000.
The suite must have a separate entrance, full kitchen, and bathroom, and comply with rental regulations.
Costs incurred between April 1, 2023, and March 31, 2026, are eligible, with applications accepted until March 31, 2027.
Keep an eye on the Secondary Suite Incentive (SSI) webpage in January 2024 for more info.
If you combine the benefits of these two new programs in Saskatoon, and you could save up to $46,340! With such incentives, the decision to buy a home in Saskatoon becomes even more enticing.
Need More Info?
Need more info on these new programs? Tait Real Estate, one of the best realtors in Saskatoon, is here to help you figure out how these opportunities can work for you. Whether you're looking to sell a home in Saskatoon or perusing Saskatoon real estate listings on MLS Saskatoon, we've got you covered. As your trustworthy home buying agents in Saskatoon, we're equipped to guide you through these exciting times. Let's chat about your next home or investment!
🏡 Tait Real Estate - Realty Executives Saskatoon 🌟
Saskatoon's Premier Real Estate Experts
📞 Phone: 306-203-0004
📧 Email: firstname.lastname@example.org
Reach out today and let's make your property dreams a reality in the heart of Canada!