Justin Trudeau Drops GST From New Rental Builds

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.

This is the first agreement under the Housing Accelerator Fund — which is designed to help communities build more homes, faster. More on the work Minister @SeanFraserMP is doing with municipalities to get housing built for Canadians here:  https://t.co/SNCLQNiFjw

— Justin Trudeau (@JustinTrudeau) September 13, 2023

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.”

Also, it sounds like it is a lot, but it amounts to 37,000$ per unit, roughly covering the cost to build a 308sq.ft. space, using the the cheapest materials on the market. pic.twitter.com/pKNuXeqmRU

— Marc-Andre Lacas (@marcandrelacas) September 14, 2023

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.