In an upcoming announcement, Prime Minister Justin Trudeau is set to declare the removal of the GST on the construction of new rental apartment buildings.
According to a source familiar with the matter cited by CTV News, the idea is to make labour and materials cheaper for homebuilders, and is part of Trudeau’s forthcoming statement on affordability. The announcement will be made in London, Ontario, alongside Trudeau’s dream team of Finance Minister Chrystia Freeland, Housing Minister Sean Fraser, and Industry Minister Francois-Philippe Champagne. This city has been the hub of discussions for the 158 Liberal MPs, engaged in a three-day retreat that Trudeau himself almost missed thanks to a two-day delay in India.
Trudeau’s primary chat has been on affordability and the Liberals’ efforts to manage soaring living costs. And oh, they’re also going green, with climate change being a recurrent theme with two more national caucus meetings scheduled for Thursday.
Given the Liberals’ declining popularity in the polls, especially concerning housing and affordability matters, Trudeau’s desperation to save face is mounting. Quebec’s MP Steve MacKinnon dropped a truth bomb that they’re in “adjustment mode” to save an economy crumbling under escalating costs and high interest rates. On the other hand, Champagne brushed off accusations that the Liberals hit the snooze button on inflation concerns, stating that “it’s always a good time to fight.”
Foreign Affairs Minister Melanie Joly, diving into damage control, insisted they’re not in London just to throw shade at Trudeau’s sinking poll ratings. She refuted claims of any internal strife and highlighted that the challenges posed by the COVID-19 pandemic were much more colossal than the Liberals’ slumping popularity amongst Canadians.
Information for this story was found via CTV News. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.