Unlocking New Opportunities in Home Ownership: Saskatchewan’s Latest Rebates and Grants
We are thrilled to share some fantastic news for home buyers in Saskatchewan. On October 31, 2023, the Saskatchewan government announced two significant initiatives – the PST Rebate for New Home Construction and the Secondary Suite Incentive (SSI) Grant Program. These programs not only make home buying more affordable but also offer lucrative opportunities for creating additional living spaces in your property. Let’s dive into the details.
PST Rebate for New Home Construction
The Provincial Sales Tax (PST) Rebate for New Home Construction is a boon for those eyeing a new home. This rebate allows buyers to receive up to 42% back on the PST paid for new, previously unoccupied homes. Here’s what you need to know:
- Effective Period: This rebate is retroactive from April 1, 2023, and is available until March 31, 2026.
- Eligibility Shift: The maximum eligible home price has increased by $100,000, now capping at $550,000 (excluding land). The rebate gradually decreases for homes priced between $450,000 and $550,000.
For more details on this program, click here.
Our Role on The PST Rebate
At North Ridge, we are thrilled to pass on these cost savings directly to you, the homebuyer. This initiative allows us to reduce prices on some of our new builds, making your dream home more attainable than ever. Browse our exciting selection of qualifying properties that benefit from this rebate in our sought-after communities:
- Trailsedge in Greens on Gardiner: Luxurious townhomes blending modern design with tranquil living, steps away from Yellow Rail Park and Acre 21 Shopping Centre. Explore Trailsedge here.
- The Village in Greens on Gardiner: Offering stylish, affordable townhomes with open-plan living and contemporary features, ideally situated near local schools and Acre-21 amenities. Discover The Village here.
- Ventura in Eastbrook: an exclusive gated community, offering luxurious bungalow and two-storey homes adjacent to a stunning natural reserve. Experience Ventura here.
- Discovery Ridge in Pilot Butte: this idyllic community offers move-in ready homes with generous lots and a natural pond, combining small-town charm with affordability and the convenience of city proximity. Begin your journey to Discovery Ridge here.
Secondary Suite Incentive (SSI) Grant Program
The SSI Grant Program is an innovative way to add value to your property. It offers a 35% cost coverage, up to $35,000, for building a new secondary suite in your primary residence. Here’s what makes this program so appealing:
- Diverse Options: Eligible suites include basement, garden, laneway, and garage suites. They must have separate entrances, full kitchens, and bathrooms and comply with all relevant bylaws and standards.
- Conversion Eligibility: Converting existing spaces in your home into a secondary suite is also covered under this program.
- Program Duration: This opportunity lasts until March 31, 2026, with the full guidelines and application forms available from January 2024.
Learn more about the SSI Grant Program here.
North Ridge Developments and the SSI Grant
The flexibility and potential income from a secondary suite make this grant an attractive option for new homeowners.
Discovery Ridge, one of our premier developments, presents an excellent opportunity to build a secondary suite and leverage this grant. Situated in Pilot Butte, just outside Regina, Discovery Ridge offers spacious, affordable single-family homes in a serene setting with large lots, a naturalized pond, and a close-knit community feel. Explore Properties at Discovery Ridge here.
At North Ridge Developments, we are committed to providing value and quality to our clients. These new government initiatives align perfectly with our mission, enabling us to offer more affordable housing options and flexible living solutions. Whether you’re a first-time homebuyer, a growing family, or an investor, these rebates and grants open doors to new possibilities. Join us in exploring these exciting opportunities and take the first step towards your dream home in Regina. Click here to get in touch today!