The Globe and Mail reports in its Friday edition that wider tax breaks on newly built homes in Ontario are driving sales in Toronto's beleaguered market, according to new data from Altus Group. The Globe's Salmaan Farooqui writes there were 901 single-family home sales in the Toronto region in April, more than triple the number from the same period a year prior, and 21 per cent higher than the 10-year rolling average. "The market is responding heavily in single family homes at the moment," said Justin Sherwood at the Building Industry and Land Development Association, which published the data. BILD represents builders, developers and renovators in the Greater Toronto Area. The increase in sales comes as Ontario and the federal government announced that developers could be eligible for up to $130,000 in tax breaks on new builds worth up to $1.5-million. Developers are able to pass savings onto buyers. The rebate came into effect April 1. The new rebate extends an earlier sales tax break, which was only available to first-time buyers, to everyone. However, the tax breaks aren't enough to revive Toronto's condo market. In April, only 199 condos sold in the Toronto area, down 88 per cent from the 10-year rolling average.
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