Zoe Demarco is a Staff Writer at STOREYS and was formerly the Urbanized Editor at Daily Hive. Born and raised in Toronto, she has a passion for the city's ever-changing urban landscape.
In an effort to build more rental housing, the Government of Ontario plans to remove the full provincial portion of the Harmonized Sales Tax on new purpose-built rentals.
Projects must begin construction between September 14, 2023, and December 31, 2030, and be completed by December 31, 2035 in order to qualify for the full HST rebate. Buildings must have at least four private apartment units or 10 private rooms or suites, and at least 90% of the units must be designated for long-term rental.
"This is a significant step that builds on the comprehensive measures in our government’s Housing Supply Action Plans to get shovels in the ground faster and help more Ontarians find a home that meets their needs and budget."Currently, the Ontario HST New Residential Rental Property Rebate is equal to 75% of the provincial portion of the HST paid, up to a maximum rebate of $24,000.
The move was applauded by industry leaders, including Dave Depencier, President of the Ontario Home Builders’ Association, and Tony Irwin, the President and CEO of the Federation of Rental-housing Providers of Ontario and the Interim President of the Canadian Federation of Apartment Association, who noted it will get more "desperately needed" rental homes built faster.
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