Some much-needed relief is coming for developers looking to construct new rental housing in New Brunswick.
The Liberal government says it is working on a program to rebate the 10 per cent provincial portion of the HST.
It would apply to construction that began between Nov. 15, 2024, and Dec. 31, 2027, and has been substantially completed by Dec. 31, 2029.
“This will ensure our builders are on a level playing field with other Atlantic provinces and will encourage the development of multi-unit residential housing,” Finance Minister René Legacy said in a news release.
“We must take concrete action if we are to combat the housing crisis we face in our province.:
Legacy said the program will entice developers to build in New Brunswick and help reach his government’s goal of building 30,000 new homes by 2030.
Cutting the provincial sales tax on new multi-unit housing is something developers across the province have been calling for.
The province is working with its federal counterparts to bring the program forward. More information is expected to be released soon.
