Prince Edward Island introduces HST rebate on new rental builds
A rental housing development in Vancouver is shown on Monday, Feb. 11, 2019. THE CANADIAN PRESS/Jonathan Hayward
Prince Edward Island has announced a HST rebate program for new rental builds.
The province says qualified housing projects will be eligible for a full rebate of the provincial portion of the HST (10 per cent), up to a maximum of $35,000 per unit.
In order to qualify for the full rebate, construction must have started on or after Sept. 14, 2023 and be completed by the end of 2028.
“Projects that reach completion after 2028 will qualify for only a portion of the rebate until 2035. The tax rebate will be capped on the first $350,000 in value per unit,” reads a news release from the province.
The HST rebate is eligible to be used in combination with other programs to support housing developments, according to the province.
“Our population in P.E.I. continues to grow, increasing demand for housing, plus interest and rental rates continue to climb,” said Minister of Finance Jill Burridge.
“Our goal is to try and address some of these challenges quickly and efficiently, to benefit Islanders, and this program is one way of supporting that goal.”
The goal of the program is to assist in adding new inventory to the housing market by reducing the cost of new construction. After three years, the program will be reviewed to determine if it has been a success.
“The cost to build has become a significant roadblock to new housing developments that are affordable for residents,” said Minister of Housing, Land and Communities Rob Lantz.
“This rebate will help get new housing developments off the ground. We need to work together, and work quickly, to address our vacancy rates and create more housing options.”
The Prince Edward Island government says they plan on working with the federal government to streamline the application and administration process for both the provincial and federal rebate programs.
For more P.E.I. news visit our dedicated provincial page.
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