SRHBA Welcomes Campaign Promises Addressing Housing Affordability

by SRHBA Marketing

SASKATOON, SK (OCT 4, 2024) – The Saskatoon & Region Home Builders’ Association (SRHBA) welcomes the announcement made today that a re-elected Saskatchewan Party government will introduce a permanent Saskatchewan Home Renovation Tax Credit and increase the Saskatchewan First-Time Homebuyers Tax Credit. These proposed initiatives are positive steps towards addressing housing affordability and supporting homeowners across the province.

These commitments reflect key recommendations from the Secure Homes, Strong Future: Housing Policy Blueprint for Saskatchewan, which SRHBA and other housing leaders across the province released in September ahead of the 2024 provincial election. Built on grassroots consultations and expert research, the blueprint offers insights and recommendations to strengthen Saskatchewan’s housing continuum.

“We are pleased to see housing affordability take a prominent place in the election discussions. A permanent home renovation tax credit and an increase to the first-time homebuyer’s credit are valuable tools that can provide financial relief to Saskatchewan homeowners and prospective buyers. These proposals align with recommendations from our Housing Policy Blueprint, which outlines steps to ensure a secure and strong future for housing in the province.”

Under the proposed changes:

Homeowners will be able to claim a provincial tax credit of up to $4,000 in renovation expenses annually, resulting in savings of up to $420 per year. Seniors will be able to claim an additional $1,000, resulting in savings of up to $525 a year.
The Saskatchewan First-Time Homebuyers Tax Credit will increase from $10,000 to $15,000. Combined with the existing federal credit, first-time homebuyers will be eligible for a total benefit of $2,325.

Burgess added, “We hope to see continued commitment from all parties toward innovative solutions that address the housing needs of Saskatchewan residents. Policies like these have the potential to bring long-term benefits to our housing market.”

To view today’s Saskatchewan Party announcement, click here.

For more information, or to schedule an interview, please contact
Nicole Burgess
Chief Executive Officer
Saskatoon & Region Home Builders’ Association
ceo@saskatoonhomebuilders.com
(306)-955-5188

The post SRHBA Welcomes Campaign Promises Addressing Housing Affordability first appeared on Saskatoon & Region Home Builders' Association.