GST Removed from Purpose-Built Rentals
SASKATOON, SK (SEPT 14, 2023) – In an effort to tackle the rising cost of living, the federal government announced today that GST will be removed from new purpose-built rentals, although more details are still to come. This measure was made in an effort to address Canada’s housing affordability crisis.
“We commend the federal government’s decision to remove GST on multi-unit rental construction as a positive step towards tackling the pressing issue of housing affordability,” said Nicole Burgess, CEO of the Saskatoon & Region Home Builders’ Association, “This move demonstrates a commitment to supporting Canadians in accessing safe and affordable housing.”
The federal government originally proposed this idea in 2015 and it was finally enacted as of today. Overall, this action will reduce the cost of materials and labour for home builders providing new purpose-built rentals. The federal government is also encouraging each province to remove sales tax building costs on new rental builds. While this is a step in the right direction, much more is needed.
“We urge the provincial government to take an even bolder step by eliminating PST on all new residential construction, whether it be for rental or homeownership” said Burgess, “Such a measure will not only help stimulate the housing sector but also alleviate some of the undue financial burden faced by prospective homeowners amidst ongoing inflation and interest rate pressures.”
If you have any questions, please email Saskatoon & Region Home Builders’ Association CEO Nicole Burgess at ceo@saskatoonhomebuilders.com.
Read the CHBA release here: Removal of GST on Purpose-Built Rental Addresses Long-Standing Barrier (chba.ca)
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Media Contact:
Kirsten Szwydky | Marketing & Communications Coordinator
306-955-5188
marketing@saskatoonhomebuilders.com
The Saskatoon & Region Home Builders’ Association (SRHBA) is the professional association representing approximately 245 companies involved in the housing industry and provides the only certifications available for professional home builders and renovators.
It is the expert voice focused on improving affordability, quality and choice of housing in Saskatoon and Region, and works collaboratively with stakeholders and governments to get there.
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