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China’s latest housing initiative is aimed at vacant properties, a major pain point in a crisis that’s dragged on for almost three years. But analysts say the package of measures is still too small to end the rout.
Across Europe, banks are trying to figure out how to handle a growing risk lurking in residential mortgage portfolios: energy consumption.
South Korea’s top financial watchdog attempted to revive optimism over the nation’s corporate reform initiatives to investors in New York while soothing concerns over the short-selling ban.
Inflation-related releases across the Group of Seven will prime central bankers for crucial June interest-rate decisions, just as they meet in Italy to discuss the state of the world economy.
Big US bond investors have been aggressively shifting money into long-dated notes, betting that the unloved asset class will be one of the winners from eventual interest rate cuts.
Sep 18, 2023
, BNN Bloomberg
A Toronto housing developer is praising the federal government’s decision to remove the GST from new rental projects as a way to address Canada’s housing crisis.
Last week, Ottawa announced it would remove the goods and services tax on new rental developments as part of new measures aimed at reducing the cost of living.
Adrian Rocca, CEO of the rental development firm Fitzrovia, believes the tax removal amounts to savings of about 10 per cent of development costs after rebates.
“(The announcement) was really the bold, decisive action that we needed,” he told BNN Bloomberg in a television interview. “It was really well-received by our industry. We’d love to get a little bit more help, but it was a very good first step.”
Rocca suggested property tax abatements from municipalities and development charge rebates would further help the industry.
“It’s going to be a continued partnership across all three levels of government, so it’s the federal government (and) the province stepping in to help municipalities,” he said.
Rocca said he is also hoping the GST rebate expands to developments already under construction.
“Margins of existing projects are under significant duress and those projects have the ability to flip to condos, which we don’t want. We want to keep those as a purposeful rental,” he said.
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