The federal government is expected to announce the removal of the GST on the construction of new rental apartment buildings, PKBNEWS has learned.
A senior government source speaking on background to discuss matters not yet announced said the announcement would be made later on Thursday. The Canadian Press also reported the news.
Housing Minister Sean Fraser said Wednesday the government is exploring ways to reduce costs for builders due to the Bank of Canada’s current high interest rates.
“We will look at measures that will change the financial equation for builders to build in light of the higher interest environment in which they operate,” Fraser said Wednesday.
At the Liberal caucus retreat in London, Ontario, the government announced it would announce measures to alleviate the ongoing housing crisis.
On Wednesday, she announced that London would be the first city to receive money from the Housing Accelerator Fund. This city will receive $74 million over the next three years to help it build 2,000 homes.
– with files from Mackenzie Gray of PKBNEWS
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