Home and rental ownership has become infinitely more difficult over the last few years. And despite Saskatchewan’s population growing at record speed, high interest rates and a lack of available properties for purchase or rent has made finding a home increasingly difficult. But that might be a thing of the past. Owning a home and creating a new revenue stream is now easier for Saskatchewan residents thanks to two new programs.
What is the Provincial Sales Tax (PST) Rebate?
The PST Rebate for New Home Construction provides a rebate of up to 42% of the PST paid on new unoccupied home purchases. It is available for homes with a total price of less than $550,000 before taxes and a reduced rebate for homes between $450,000 and $550,000. The value of the land and most home décor and appliances are not considered as a part of the total price. Many new homeowners are eligible including home contracts signed prior to April 1, 2023, and occupied before March 31, 2026. See if you’re eligible here and apply today. All applications must be sent to the Ministry of Finance on or before March 21, 2027.
What is the Saskatchewan Secondary Suite Incentive (SSI) Grant Program?
Along with the new PST Rebate program is the SSI Grant Program. This new addition aims to increase the number of affordable rental units in Saskatchewan while providing an avenue for residents to create a secondary revenue stream for themselves. The program will supply a maximum of $35,000 or about 35% of the cost to build the secondary suite. See if you’re eligible!
What does this mean for you?
Over the past three years, the number of rental units and affordable housing options have been decreasing in Saskatchewan while the population continues to rise.
As a result, homeownership, and the ability to generate income through owning property has become increasingly more difficult for the average person. Not only that but newcomers to Saskatchewan are finding it hard to get off their feet and find a footing in Canada as they shell out enormous amounts of their paycheque towards overpriced rental units. As time pressed on, it seemed likely that Saskatchewan, like its eastern friends in Ontario, would be reserved only for the top earners while kicking out many locals. That is until these two latest programs.
The addition of the PST and SSI program signifies a change in the right direction and actual resources that will make a difference in the lives of Saskatchewan residents. Even more so, it shows that the province is listening to the clear and justified demands of its citizens. Hopefully, these programs are just the start for Saskatchewan.