Incentives for GTA rental builders
December 29, 2017
Ontario home builders willing to build new rentals are being offered incentives under a $125 million provincial program—but eligibility of projects and the size of the incentives will be left to the discretion of municipal governments.
Housing Minister Peter Milczyn explained, “This [money] would be targeted at private developers who want to build market rental housing. It would be up to the municipality to work out the details project by project.”
Milczyn would not specify a target for the number of new homes the government wants to see built, only that the province has fallen far short of those levels in recent decades.
According to industry estimates, plans for at least 1,000 rental units were scrapped by developers after the province expanded rent controls to newer buildings in the spring of 2017.