Ontario dangles rebates to rental developers
December 8, 2017
The Ontario government will provide incentives of up to $125 million in development fees to developers who build rental units in areas with low vacancy rates, according to a November announcement from Peter Milczyn, Minister of Housing.
The rebates, paid out over five years, are meant to encourage the construction of purpose-built rental projects. Milcsyn’s office noted that only 6 per cent of Ontario housing built over the last 20 years was aimed at the rental market.
“Providing rebates for development charges for new purpose-built rental housing is one of 16 measures under Ontario's Fair Housing Plan,” the province said in a release.