Thank you.
I have a question regarding GST on new homes. I've had correspondence from a lot of Canadians who simply don't believe the GST reduction from 7% to 6% will be passed on to home buyers; they believe the GST cut will somehow be absorbed by the home builders and the industry. I'm wondering what assurances you can send to new home buyers that they will actually see a 1% reduction in the price. Of course, with the average price of a new home in the Toronto area running around $500,000, there should be a reduction somewhere in the neighbourhood of $5,000 on the price of a new home.
What assurance can you give these folks that that's going to happen?