GST break arrives at the same time as several provincial announcements.
Recognizing that somebody needed to come up with a solution to the housing crisis, a group of for-profit and non-profit housing experts locked themselves in a room in Ottawa and came up with a solution to the affordable housing crisis.
The other authors are Tim Richter, president and CEO of the Canadian Alliance to End Homelessness, and Dr. Mike P. Moffatt, economist and founding director of the University of Ottawa think tank Smart Prosperity Institute. Mr. Brooks said the group’s non-partisan, all-hands-on-deck approach is what’s needed to triple housing production needed to accommodate immigration numbers.
Industry experts say more needs to be done at all three levels of government, considering the capital required to build purpose-built rental. Mr. Brooks said units in major cities can cost more than $400,000 per unit to build. Wendy Waters, vice-president of research and strategy at GWL Realty Advisers, believes that, depending on the location, midmarket rental units will benefit most from the GST elimination. Her calculations show that there is a shortfall of about 90,000 purpose-built rental units in B.C., based on year-end CMHC data over the past 30 years.
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