Markham’s mayor praises the provincial budget for its support of home buyers and businesses

By Gene Pereira, Local Journalism Initiative reporter

Mayor Frank Scarpitti believes Markham residents interested in purchasing homes or operating businesses have plenty of reasons to appreciate the 2026 provincial budget.

Aimed at what the province says is protecting workers and businesses from economic uncertainty and tariffs, the $266 billion spending plan, tabled on March 26, includes “relief” for those looking to purchase new homes.

Teaming up with the federal government, the province has committed to temporarily removing the full 13 per cent of the Harmonized Sales Tax (HST) for eligible buyers of new homes valued up to $1 million, for a maximum rebate of $130,000.

The maximum rebate will also continue for homes valued up to $1.5 million and would decrease proportionally from $130,000 at $1.5 million to a maximum of $24,000 for homes valued at $1.85 million and above.

The rebate applies to homes used as a primary residence or as rental housing and will be available from April 1, 2026, to March 31, 2027.

“Initially proposed to help first-time homebuyers, this expanded approach aims to stimulate new home construction and create jobs,” said the Markham mayor in a statement shortly released after the budget announcement.

Scarpitti also expressed strong support for the province’s decision to reduce the small business corporate income tax rate from 3.2 per cent to 2.2 per cent, effective July 1, 2026.

“While Markham is Canada’s High-Tech Capital with hundreds of head offices for multinational companies, most of our employment is generated by small and medium-sized businesses,” he said.

The mayor welcomed renewal grants for youth and new entrepreneurs in the budget.  The Summer Company and Starter Company Plus programs will once again receive $9.4 million over three years.

Additional funding, totalling $3 million over three years, is also being provided by the province to Small Business Enterprise Centres for expanded advisory services and new initiatives.

“The City of Markham has an excellent track record with these programs supporting local entrepreneurs,” said Scarpitti. “Just in 2025 alone, Markham Small Business Centre supported 3180 small businesses through 58 training sessions and consultations.”

The provincial government is also investing $4 billion to start a Protect Ontario Investment Fund.

Partnering with a private sector investment manager, the fund will leverage provincial capital to attract additional investors. The focus will be on developing the “new economy,” including artificial intelligence, defence, advanced manufacturing, life sciences, and critical minerals.

“Many of these industries are thriving in Markham, and this initiative will support their growth and increase employment,” said Scarpitti. “Through this program, the province will serve as a limited partner to strengthen economic resilience, support job creation, and enhance Ontario’s long-term competitiveness and sustainable growth.”

The Markham mayor was also pleased to see transportation infrastructure prioritized in this year’s budget by the province.

Over the next 10 years, $63 billion will be allocated to enhance public transportation, which includes significant subway initiatives like the Yonge North Subway Extension.

The province is expanding key light rail transit projects and enhancing regional connectivity.

“As Chair of the York Region Rapid Transit Corporation, I urge the provincial government to advance the extension of the Highway 7 BRT line to the Cornell Bus Terminal,” said the Markham mayor. “I have been a strong advocate of the One Fare program, which has been extended for two years but needs to be made permanent.”

Scarpitti also sees the rise in funding for community infrastructure as a welcome aspect of the budget.

The Health and Safety Water Stream of the Municipal Housing Infrastructure Program will receive an additional $700 million to $875 million to support critical water, wastewater, and flood projects in 127 municipalities.

The Community Sport and Recreation Infrastructure Fund will also get a $300 million boost over six years from the province to repair, upgrade, or construct new sports and recreational facilities.

“Another positive step,” praised the Markham mayor.

The province is also working with the federal government to provide the necessary funding to municipalities that would “substantially” reduce development charges.

The aim would not only be lower housing costs, but to accelerate home construction.

Discussions to finalize the program’s details are ongoing between the province and the federal government.

“I continue to emphasize that funding must match the reduction of development charges to prevent future charges increasing, or to avoid a significant impact on property taxpayers,” said Scarpitti.