A Toronto developer is crediting the federal government’s plan to remove GST from new rental buildings for its plan to bring 5,000 new housing units across the country.
Dream Unlimited Corp. announced plans to bring housing projects to urban centres in Ottawa, Saskatoon, Calgary and Toronto totalling more than 5,000 units.
Earlier this month, Ottawa announced it would remove the GST from new rental builds as part of its plan to boost the housing supply in Canada and address housing prices. Developers have largely applauded the move, as it represents about a 10 per cent savings on new projects.
“This legislation is a game changer for the development industry, and more importantly for Canadians,” Michael J. Cooper, president and chief responsible officer of Dream Unlimited, wrote in a news release Monday. “The housing crisis has impacted every urban centre from coast to coast. What this legislation unlocks is our ability to get shovels into the ground quickly at a time when it’s never been more critical to build new homes.”
Dream said it already has all the approvals needed to begin construction on its new projects, including its Ottawa development, which includes 438 affordable units.
The Ottawa development is being built in partnership with the Multifaith Housing Initiative of Ottawa and is near transit in the city’s Lebreton Flats area.