Our government is focused on building more homes, faster. That’s why we’re implementing new measures to accelerate the rental housing supply.
We’re increasing the annual limit for Canada Mortgage Bonds from $40 billion to up to $60 billion, which will unlock low-cost financing for multi-unit rental construction and help build up to 30,000 more rental apartments per year.
In addition, we’ve introduced the Affordable Housing and Groceries Act, which proposes to remove the Goods and Service Tax (GST) on the construction of new rental apartment buildings. This rebate will apply to new purpose-built rental housing, such as apartment buildings, student housing, and senior residences.
The elimination of the GST on these rental units will save builders thousands of dollars and incentivize the construction of much-needed rental homes. Alongside this, we’re calling on the provinces and territories to remove the Harmonized Sales Tax (HST) on the construction of new rental builds.
All Canadians should have a safe, affordable place to call home.
