A Conservative plan to remove the federal sales tax on new homes under $1 million is welcomed by some local builders and contractors. Conservative leader, Pierre Poilievre’s, concept would come at the expense of current Liberal housing infrastructure plans. But some local builders believe the cost may be worth it.
Among them is Mason Sibley. On Tuesday, the owner of MKS Construction was busy sheathing the roof of a new home in southeast London. A familiar scene during the pandemic housing boom, it is a less common sight today.
“We're still going. But it's just the craziness that was two or three years ago has died down for sure," Sibley shared with CTV News London. Mason Sibley of MKS Construction, seen in London, Ont.
on Oct. 29, 2024. (Sean Irvine/CTV News London) As work slowed down, so did sales.
Houses are still moving, but some models sit on the market even with incentives. If elected in the next election, Pierre Poilievre’s plan to scrap the federal tax on new homes would drive more people into the market, according to the head of the London Home Builders' Association, Jared Zaifman. “Now people will be able to get back into the market,” said Zaifman.
“It's going enable our builders to start building again in a more substantial way.” Combined with lower interest rates, the Conservatives contend that a buyer of a $800,000 home would save $40,000. Jared Zaifman of the London Home Builders' Association seen in London, Ont.
on Oct. 29, 2024. (Sean Irvine/CTV .
