Ottawa expected to remove GST on new rental apartment builds – National

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The federal government is expected to announce the removal of the GST on the construction of new rental apartment buildings, Global News has learned.

A senior government source speaking on background to discuss matters not yet announced said the announcement will be made later Thursday. The Canadian Press also reported on the news.

Housing Minister Sean Fraser signalled Wednesday that the government is exploring avenues to lower costs for builders due to the current high interest rates from the Bank of Canada.

“We will be looking at measures that change the financial equation for builders to build in light of the higher interest environment that they’re operating in,” Fraser said Wednesday.

Through the Liberal caucus retreat in London, Ont., the government has said that it will be announcing measures aimed at easing the current housing crisis.

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On Wednesday, it announced that London is the first city to receive money from the Housing Accelerator Fund. That city is receiving $74 million over the next three years to help build 2,000 units.

More to come…

— with files from Global News’ Mackenzie Gray

&copy 2023 Global News, a division of Corus Entertainment Inc.





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