The Ontario government announced Wednesday that they are removing the full provincial portion of the Harmonized Sales Tax on new rental housing developments in order to increase housing supply. The move is part of a policy expansion of the New Residential Rental Property Rebate program and will apply to projects that start construction between September 14, 2023 and December 31, 2030 and must be completed by December 31, 2035. This announcement has been welcomed by the private sector, with the CEO of a Toronto-based development firm noting that it is "bold, decisive action, exactly what the industry needed" and will create more confidence in the rental asset class.
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