Developer Commends Plan to Remove GST from 5,000 Rental Units

Toronto based real estate development company Dream Unlimited Corp. (TSE: DRM) is giving credit to the plan by the federal government of removing GST from new rental buildings to bring 5,000 new housing units across the country.

The Goods and Services Tax (GST) credit is a government initiative designed to provide financial assistance to low and moderate-income individuals and families. Provision of this credit, will help the developer to actively work towards reducing the overall cost of living for their future tenants.

This developer’s vision extends beyond mere profit-making. Their commitment to constructing 5,000 rental units comes with an added promise to provide a GST credit that will significantly reduce the financial burden on tenants.

This initiative not only promotes economic accessibility but also aims to improve the quality of life for thousands of residents who will soon call these units home.

The developer announced plans to bring housing projects to urban centres in Ottawa, Saskatoon, Calgary and Toronto totalling more than 5,000 units. Earlier in the month, the federal government announced removal of GST from new rental units as an initiative to boost housing supply in Canada and address housing prices.

Developers in the real estate industry have applauded this move as it will save them around 10% on new projects.

“This legislation is a game changer for the development industry, and more importantly for Canadians. The housing crisis has impacted every urban centre from coast to coast. What this legislation unlocks is our ability to get shovels into the ground quickly at a time when it’s never been more critical to build new homes,” said the president and chief responsible officer of Dream Unlimited, Michael J. Cooper.