Real Estate Developer to Build 5,000 Rental Units Following GST Break  

The news is trending about a Toronto real estate company named Dream Unlimited Corp is planning to build 5,000 new rental units in urban centres nationwide following the temporary removal of GST charges on rental developments.

Last week, Finance Minister Chrystia Freeland established legislation which seeks to offer 100% GST rebate for new rental developments. 

While the legislation is pending parliamentary approval, it will impact new rental developments starting September 14 to the end of 2035.

Michael Cooper, the CEO of Dream Unlimited Corp recalled how “a lot of projects that we had hoped to be able to start haven’t penciled out” due to high interest rates and construction costs.

The 100% federal GST rebate and the expectation of similar action by provincial governments will be a significant boost 

Real estate developers, housing experts, and advocates are calling for more incentives to beat the current housing crisis.

Source: National News Watch

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