Tax incentives likely for builders in Canada to ease housing crisis

Robert Besser
15 Sep 2023, 01:40 GMT+10

CBC reported on September 10 that Sean Fraser, Housing Minister of Canada, is assessing various options to ease the national housing crisis
The report added that Fraser could also remove the Goods and Services Tax (GST) on affordable housing projects and allocate more federal land to rental housing
Canada's housing affordability crisis, blamed on the rising number of migrants and international students, has increased the demand for homes amid a slowdown in construction

OTTAWA, Canada: CBC reported on September 10 that Sean Fraser, Housing Minister of Canada, is assessing various options to ease the national housing crisis.

In an interview with CBC, Fraser said, "There is a range of incentives we are considering right now. Some could include potential tax incentives for builders to build. Some could include other low-cost financing arrangements."

The report added that Fraser could also remove the Goods and Services Tax (GST) on affordable housing projects and allocate more federal land to rental housing.

Fraser added that the government aims to use funds allocated for existing programs more effectively, facilitate the use of available construction workforce, and support relatively underdeveloped industries, such as factory-built homes.

Canada's housing affordability crisis, blamed on the rising number of migrants and international students, has increased the demand for homes amid a slowdown in construction.

The Canadian economy's unexpected contraction in the second quarter of this year pointed toward declining housing investment, smaller inventories, slower international exports, and household spending.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Breaking Property News.

More Information

26 ℃

Mostly Cloudy in Seletar

International Business

Section

Adidas launches newest running shoes costing $500

LONDON, UK: This week, Adidas' newest running shoes, the Adizero Adios Pro Evo 1, went on sale for US$500. Worn ...

Pakistan notifies hike in LPG price by PKR 20 per kg, domestic cylinder price touches PKR 3079

Islamabad [Pakistan], September 30 (ANI): Dealing a further blow to the people already saddled with mounting inflation, Pakistan's Oil and ...

Pakistan: PIA service hit as five aircraft with no engines grounded

Islamabad [Pakistan], September 30 (ANI): Flight services of the Pakistan International Airlines' (PIA) were disrupted after five three Boing 777 ...

RBI extends deadline to exchange Rs 2,000 banknotes till October 7

Mumbai (Maharashtra) [India], September 30 (ANI): The Reserve Bank of India (RBI) has announced an extension of the deadline for ...

IMF Executive Board approves USD 1.3 bn for Morocco under Resilience and Sustainability Facility Arrangement

Washington DC [US], September 30 (ANI/WAM): The International Monetary Fund (IMF) Executive Board approved a Resilience and Sustainability Facility (RSF) ...

World Bank approves USD 365 mn for advancing girls, women empowerment in Western, Central Africa

Washington DC [US], September 30 (ANI/WAM): The World Bank Board of Directors today approved USD 365 million in International Development ...

Construction

Section