OTTAWA — A Toronto-based real estate company says it is planning to build 5,000 new rental units in urban centres across the country as a result of the federal government's decision to eliminate GST charges on rental developments.
The CEO of Dream Unlimited Corp., Michael Cooper, says high interest rates and construction costs had put many projects on pause.But the federal government's announcement that it would eliminate GST charges off rental developments — and the expectation that provinces would follow suit — has changed the calculation for Dream.
"When you build an apartment, the person paying the rent doesn't pay ," Cooper said."It makes a lot of apartments uneconomical." The two organizations were able to present the project together to the Canada Mortgage and Housing Corp. to take advantage of cheaper financing and provide more affordable housing units.
"What we're getting out of it is that ... we're able to build these units at a much lower cost per square foot than we could do it on our own," said Suzanne Le, executive director of the Multifaith Housing Initiative. Prime Minister Justin Trudeau's government has promised to unveil more measures aimed at increasing the housing stock in the country, with all eyes on the upcoming fall budget update.
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