Canada intends to implement housing-related financial incentives in the near future.
CBC reported on Sunday that Canada’s Housing Minister, Sean Fraser, is looking at many ways to solve the country’s housing problem.
“We’re thinking about a variety of rewards right now. Some of these could be tax breaks for builders who want to build. According to the story, Fraser told CBC some of them could involve other low-cost ways to borrow money.
The story also said that Fraser is considering getting rid of the Goods and Services Tax (GST) on low-cost housing projects and giving federal land to rental housing.
Fraser told CBC that the main goals were to use money already set aside for current programmes more quickly and effectively, to ensure that Canada could use its construction workers, and to help industries like factory-built homes that needed to be more well-developed.
Canada is having trouble finding affordable housing; this is because the number of immigrants and international students has gone up, which has increased the demand for homes at the same time that rising costs have slowed construction.
The economy unexpectedly shrank in the second quarter, primarily due to a drop in home investment, a minor inventory increase, and slower household exports and spending.
