HOME BUILDERS’ ASSOCIATIONS’ APPLAUD ANNOUNCEMENT OF REVITALIZED PST REBATE PROGRAM FOR SASKATCHEWAN
REGINA, SK (Oct 25, 2023) – The Regina & Region and Saskatoon & Region Home Builders’ Associations’ applaud the Saskatchewan government’s announcement in today’s Throne Speech regarding a new multi-year program that rebates a portion of the PST paid on a new home, while adding a program that includes secondary and backyard suites into the mix. While this program is an important investment in homeownership, it also provides additional support to homeowners looking to add secondary or backyard suites. It is a made in Saskatchewan approach designed to help address housing affordability and inventory challenges.
This announcement comes after the federal government’s recent move to eliminate GST on purpose-built rental this past September, which represented a significant win for a segment of the residential construction sector. While this measure is poised to augment the market’s available rental supply, it does not address the challenges associated with homeownership, which have become more pronounced in recent years. The Saskatchewan government’s program aims to restore balance by also addressing the diverse housing needs of the population, creating homeownership opportunities and providing individual homeowners and families more choice to invest in their own property with a secondary or backyard suite.
“We acknowledge it is a challenging time for the Government of Saskatchewan to create such a program, with so many demands on resources. We are very appreciative of the Minister of Finance, Donna Harpauer, and her team at the Ministry who have been very welcoming to our professional associations over the past years, listening to our concerns and allowing us to work with them on the development of a solution that will bring value to the economy,” says Nicole Burgess, CEO of the Saskatoon & Region Home Builders’ Association.
“What our Provincial Government has achieved by introducing this PST Rebate on newly built homes is much needed balance for the Saskatchewan housing market. The PST Rebate on newly built homes, secondary and backyard suites is an investment into the diverse needs of the population, from renters to aspiring homeowners. A balanced approach that fosters both rental affordability and homeownership opportunities may be the key to addressing the province’s housing challenges effectively,” says Burgess.
“In Canada and Saskatchewan, homeownership has historically been a key driver of wealth accumulation for many families. One might go as far as saying, homeownership at best is a great investment and at worst is forced savings,” explains Stu Niebergall, President & CEO of the Regina & Region Home Builders’ Association. Niebergall goes on to say, “Restricting access to homeownership or favouring one type of housing form over another will exacerbate wealth disparities, as renters find it difficult to build equity over time.”
The Government of Saskatchewan made it clear today that they understand that homeownership and a healthy housing continuum are key components to a vibrant, growing and successful society. To have a healthy housing continuum, Saskatchewan needs a housing industry that can function at its intended potential and be a strong sector that creates jobs and opportunities for our residents.
For more information and comments, please contact:
Saskatoon & Region Home Builders’ Association
Nicole Burgess, CEO
Regina & Region Home Builders’ Association
Stu Niebergall, President & CEO
The Saskatoon & Region Home Builders’ Association (SRHBA) and the Regina & Region Home Builders’ Association (RRHBA) are the professional associations that represent residential construction in Saskatchewan. Together, we serve businesses involved in the housing sector and provide the only certifications available for professional home builders and renovators. We are the expert voices invested in bringing insight to public policy makers on matters that affect affordability, quality, and choice of housing in our province, and work collaboratively with stakeholders and governments to get us there.