Housing Renovation Refunds up to $16,080 for homes valued at more than $450,000 in Ontario only
Many homeowners in Ontario do not claim the $16,080 Housing Rebate associated with building a Custom Home or Substantially Renovating a home because they have been misinformed that Housing Rebates only apply to homes valued at under $450,000. This is not true. Anyone building a new Custom Home which will be their Principal Residence or Substantially Renovating a Principal Residence regardless of the Fair Market Value of the property when it is complete are able to apply for the Housing Rebate of up to $16,080. This applies equally to homes with a Fair Market Value of $800,000 or $8,000,000. The Housing Rebate is available for homes of any value as long as it is your Principal Residence or the Principal Residence of your next-of-kin.
While in Ontario the Fair Market Value of a home may exceed $450,000 and still qualify for the Housing Rebate Program, this is not the case in the rest of Canada. In all other Provinces and Territories in Canada to claim the Housing Rebate the Fair Market Value of the newly built Custom Home or Substantially Renovated home must be below $450,000.
Housing Rebates are incentive programs available to homeowners and do not trigger any audits with CRA. Housing Rebates are meant to stimulate the economy by encouraging and rewarding homeowners for taking on home construction projects that have high dollar amounts and keep many people employed in several industries including hardware stores, lumber yards, building material suppliers, and tradespeople.
Housing Rebates are:
In order to apply for a Housing Rebate: