The chief executive of Mattamy Homes says the HST rebate for new homes in Ontario was an important step, but Canada needs long-term structural reforms rather than stopgap measures. National home sales fell 7% year over year in August, and housing starts slowed modestly. He proposes permanently raising the rebate threshold and eliminating HST on the first $1-million of a new home's cost, with a two-year review mechanism, and allowing homeowners to deduct mortgage interest from taxable income. He notes that home building employs about 880,000 people across Canada each year, arguing that a stronger housing sector is needed to build more homes faster.
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