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 Canada Standard.

More Information

12 ℃

Mostly Cloudy in Ottawa/Macdonald

International

Section

Famous Uyghur scholar gets life sentence from court in China

BEIJING, China: A respected Uyghur scholar, known for her extensive work in studying Uyghur folklore and traditions, has been sentenced ...

Coal mine fire in Guizhou province, China, kills 16 people

BEIJING, China: Local authorities said a fire at the Shanjiaoshu coal mine in Guizhou province, southern China, killed 16 people ...

Flamingos cause a flutter at Lake Michigan beach in Wisconsin

MADISON, Wisconsin: Last week, five flamingos were seen along a Lake Michigan beach in Wisconsin, attracting a large crowd of ...

UK government may truncate over-budget high-speed rail project

LONDON, UK: The UK government said over the weekend that it could downscale the scope of the High Speed 2 ...

Lahaina officials lift restrictions for residents to return after wildfire

LAHAINA, Hawaii: This week, officials are expected to begin lifting restrictions on entry to the burn zone in Lahaina, Hawaii, ...

Bus carrying high school band crashes in New York, two dead

LONG ISLAND, New York: On Thursday, a bus carrying members of a high school marching band traveling to a music ...

Sports

Section

Asian Games: Nepal shatters T20I records against Mongolia, smashes highest total, fastest 50 and century in format history

Hangzhou [China], September 27 (ANI): Nepal men's cricket team made history at the ongoing Asian Games cricket tournament in Hangzhou, ...