Canada Multifamily Tax Rebate

Housing affordability becoming a major topic. Historic immigration has pushed Canada’s population expansion forward at a rapid clip, significantly increasing demand for apartment rentals.  Supply has not been able to keep pace with this evolving demand tailwind, as rising construction costs and limited financing capital have curbed residential development. Consequently, Canada’s housing supply-demand imbalance has continued to grow, causing broad-based affordability challenges across the nation. This has raised calls for public authorities to take action. In September, the federal government took its first major step in addressing these housing affordability concerns by announcing the Enhanced GST Rental Rebate. This tax incentive will assist in minimizing costs for builders, intending to increase Canada’s housing supply.