Government Launches Five-Point Plan to Improve Affordable Housing

The Provincial Government has introduced a five-point plan designed to increase the availability of affordable housing.

Through the targeted actions, valued at more than $65 million, there will be upwards of 500 new housing options added to the market.

The new initiatives will incentivize the rapid construction of housing that is affordable and support the transition to home ownership. They include:

Removal of the GST/HST on new purpose-built rental housing. This could potentially save developers hundreds of thousands of dollars depending on the size of the build.
A low interest financing program that will provide financing to assist in constructing purpose-built rental housing, including modular, or converting non-residential buildings into purpose-built rentals.
Use of available Provincial Government-owned land and buildings for construction or conversion for purpose-built rental housing, including modular.
A home ownership assistance program for first-time homebuyers with lower-to-moderate incomes who qualify for a mortgage to access the required downpayment to purchase a home. The program will also assist with closing costs of up to $1,500 to match the Federal First-Time Home Buyers’ Tax Credit.
A Secondary and Basement Suite Incentive, which will be a pilot project, whereby homeowners will be able to access a forgivable loan of 50 per cent of the cost of renovations, up to a maximum of $40,000 over five years.