By Lars Osberg The Houston government has decided to forgo provincial HST collection on the construction of new rental housing units, which is anticipated ...
A busy construction day at a Halifax residential project in 2022. - Ryan TaplinNS child killer Penny Boudreau and the path to eventual release | SaltWireThe Houston government has decided to forgo provincial HST collection on the construction of new rental housing units, which is anticipated to cost between $80 million and $100 million annually in foregone revenue.
For sure, there will be an incentive to divert newly constructed condominiums from the “for sale” market to the rental market . That reduction in the supply of housing for sale will tend to push up the price of new homes sold. For sure, the boost to developer profits will be bigger, the larger the amount of HST that is saved; i.e. the larger and more expensive the rental unit is. As the reward for building luxury apartments increases, we can expect such units to be a larger percentage of the rental housing supply.
There was an alternative possible use of $80 million to $100 million of public revenues. In bygone days, Canadian governments were less ideological and more pragmatic. Canada has had housing crises before, and when the private sector was not getting the job done, Canadian governments used to build affordable public housing. Most countries still do.
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