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 International Technology.

More Information

27 ℃

Mostly Cloudy in Seletar

Computers

Section

Company says, ChatGPT will hear and speak with users

SAN FRANCISCO, California: In a major update that will move it closer to popular artificial intelligence (AI) assistants, such as ...

Dell explores fresh investment in Bengaluru's Research and Development Centre

Bengaluru (Karnataka) [India], September 30 (ANI): Dell, the Texas-based technology giant valued at USD 50 billion, is considering a significant ...

Border FTZs boost China-ASEAN regional development

Polling officer and team attacked in Karnataka's Ramanagara, ballot papers stolen

Ramanagara (Karnataka) [India], September 28 (ANI): An election official and his team who were on their way to the polling ...

Indian diaspora in New Zealand welcomes MoS Rajkumar Ranjan at Mahatma Gandhi Centre in Auckland

Auckland [New Zealand], September 28 (ANI): The Indian diaspora in Auckland received the Minister of State (MoS) for External Affairs ...

C.J. Stroud, Texans take on Steelers looking for 2nd straight win

(Photo credit: Morgan Tencza-USA TODAY Sports) DeMeco Ryans knows defensive talent when he sees it, and the Pittsburgh Steelers have ...

Internet

Section